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Redeemable Interests
12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Redeemable Interests

7. Redeemable Interests

Pursuant to a side letter with a stockholder, the stockholder had the right to require the Company to repurchase the stockholder’s 7,306,984 shares of common stock between January 8, 2020 and February 7, 2020 and on each subsequent anniversary of this period. If this option had been exercised, the Company would have been required to repurchase such shares at a price based on the book value per share of all the outstanding common shares of the Company, including the common shares subject to this redemption feature, within the following 18 months, which may have been extended an additional six months if the Company’s board of directors determined that making such repurchase could not be accomplished due to material and adverse market conditions. This redemption right expired upon the completion of the Company’s initial public offering and at December 31, 2021 the shares are presented as common stock.

Prior to the completion of the Company’s initial public offering, the shares were presented as redeemable common stock on the consolidated balance sheets at the redemption value, as the stockholder’s right is outside the control of the Company. Prior to the expiration, the Company had determined that the redemption was exercisable and at each reporting period recognized an adjustment to the additional paid in capital through accretion of redeemable common stock to record the redeemable common stock at its redemption value.