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WARRANT LIABILITIES
6 Months Ended
Jun. 30, 2026
Warrants and Rights Note Disclosure [Abstract]  
WARRANT LIABILITIES
8. WARRANT LIABILITIES
On January 23, 2024, the Company entered into a warrant agreement (the “Warrant Agreement”) providing for the issuance of 98,313,313 warrants, each exercisable for one share of common stock at an exercise price of $6.81 per share (the “Tranche 1 Warrants”), and 81,927,898 warrants, each exercisable for one share of common stock at an exercise price of $0.01 per share (the “Tranche 2 Warrants” and, together with the Tranche 1 Warrants, the “Warrants”). The Tranche 1 Warrants expire on January 23, 2027, and the Tranche 2 Warrants expire on January 23, 2029.
During the three and six months ended June 30, 2026, 0.3 million Tranche 1 Warrants were exercised, which resulted in cash receipts of $1.2 million. As of June 30, 2026, there were 96.4 million unexercised Tranche 1 Warrants.
During the three and six months ended June 30, 2026, 1.2 million and 1.6 million Tranche 2 Warrants were exercised, respectively, which resulted in immaterial cash receipts. As of June 30, 2026, there were 6.6 million unexercised Tranche 2 Warrants.