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WARRANT LIABILITIES
9 Months Ended
Sep. 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 nine months ended September 30, 2025, 0.1 million and 0.3 million Tranche 1 Warrants were exercised, respectively, which resulted in cash receipts of $1.1 million and $1.7 million. As of September 30, 2025, there were 97.4 million unexercised Tranche 1 Warrants.
During the three and nine months ended September 30, 2025, 4.0 million and 10.0 million Tranche 2 Warrants were exercised, respectively, which resulted in immaterial cash receipts. As of September 30, 2025, there were 11.0 million unexercised Tranche 2 Warrants.