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INVESTMENT IN JOINT VENTURE
6 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENT IN JOINT VENTURE INVESTMENT IN JOINT VENTURE

The Company, through one of its wholly-owned subsidiaries, has a 50% interest of the joint venture entity, RE Ventures I, LLC, a limited liability company (“REV-I”). For the three months ended June 30, 2024, the Company funded $0.8 million, associated with the Company's commitment and its share of REV-I development and did not provide funding to REV-I during the three months ended June 30, 2023. For the six months ended June 30, 2024 and 2023, the Company funded $1.5 million and $0.8 million, respectively, associated with the Company's commitment and its share of REV-I development. The Company did not provide any additional financial support outside of capital contributions to REV-I during the three and six months ended June 30, 2024 and 2023. While the Company held a 50% interest in the joint venture as of June 30, 2024, based on management’s analysis, the Company is not the primary beneficiary of REV-I and accordingly, the entity is not consolidated in the Company's condensed consolidated financial statements.
For the three and six months ended June 30, 2024, the Company recorded its allocable share of REV-I’s losses, which totaled $0.5 million and $1.2 million, respectively. For the three and six months ended June 30, 2023, the Company recorded its allocable share of REV-1's losses which totaled $0.2 million and $0.8 million respectively. These losses were recorded as a loss on investment in joint venture within the condensed consolidated statements of operations and comprehensive loss. After recognition of its share of losses for the period, the carrying value and maximum exposure to risk of the REV-I investment as of June 30, 2024 and December 31, 2023 was $0.6 million and $0.2 million, respectively, which was recorded in investment in joint venture in the accompanying condensed consolidated balance sheets.