WARRANT LIABILITIES

6 Months Ended

Jun. 30, 2025

Warrants and Rights Note Disclosure [Abstract]

WARRANT LIABILITIES

8. WARRANT LIABILITIES

Warrant Agreement

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 New 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 New 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, 2025, 0.1 million and 0.1 million Tranche 1 Warrants were exercised, respectively, which resulted in cash receipts of $0.3 million and $0.6 million. As of June 30, 2025, there were 97.5 million unexercised Tranche 1 Warrants.

During the three and six months ended June 30, 2025, 2.5 million and 5.9 million Tranche 2 Warrants were exercised, respectively, which resulted in immaterial cash receipts. As of June 30, 2025, there were 15.1 million unexercised Tranche 2 Warrants.