Warrants |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Warrants [Abstract] | |
| Warrants | 14. WARRANTS Prefunded and Private Warrants In October 2025, the Company issued 5,005,400 Series B prefunded warrants and 43,010,800 Series B private warrants. Each Series B prefunded warrant and Series B private warrant entitles the holder to purchase one share of Company common stock at a price of $0.0001 per share and $155.00 per share, respectively. The Series B private warrants are exercisable immediately upon issuance and from time to time thereafter through and including October 14, 2032. As of September 30, 2026, there were no Series B prefunded warrants outstanding and there were 43,010,800 Series B private warrants outstanding. The Series B private warrants are classified as liabilities and remeasured at each reporting period. In July 2025, the Company issued 3,855,557 Series A prefunded warrants and 36,042,530 Series A private warrants. Each Series A prefunded warrant and Series A private warrant entitles the holder to purchase one share of common stock at a price of $0.0001 per share and $99.88 per share, respectively. The Series A private warrants are exercisable immediately upon issuance and from time to time thereafter through and including July 9, 2032. As of September 30, 2026, there were no Series A prefunded warrants outstanding and there were 36,042,530 Series A private warrants outstanding. The Series A private warrants are classified as liabilities and remeasured at each reporting period. Public Warrants In September 2021, the Company assumed 7,500,000 public warrants. In September 2026, the public warrants expired and as of September 30, 2026, there were no public warrants outstanding. Immediately prior to the time of expiration, there were 46,366 public warrants unexercised. The public warrants were classified as liabilities and remeasured at each reporting period. Warrants Held by a Customer In November 2019, contemporaneously with a revenue arrangement, the Company entered into a contract, pursuant to which the Company agreed to issue warrants to a customer (the “Warrant Shares”), subject to certain vesting events. In August 2020, 543,152 of the Warrant Shares vested and became immediately exercisable. The exercise price for the vested Warrant Shares is $1.38 per share and the warrant is exercisable through November 2029. Effective November 2024, no additional Warrant Shares can vest pursuant to the terms of the warrant agreement. |