Mandatorily Redeemable Preferred Shares, net (Tables)

6 Months Ended

Jun. 30, 2022

Series A preferred shares

Mandatorily Redeemable Preferred Shares

Schedule of activity within the preferred share liability

The following table shows the activity within the Series A preferred share liability for the six months ended June 30, 2022 and 2021, respectively:

	Carrying Value
Gross balance at December 31, 2021	$	141,740
Interest expense recognized, excluding transaction cost amortization	12,553
Redemption of Series A preferred shares	(31,250)
Gross balance at June 30, 2022	$	123,043
Less: unamortized transaction costs	(109)
Net balance at June 30, 2022	$	122,934
Gross balance at December 31, 2020	$	174,264
Interest expense recognized, including transaction cost amortization	15,599
Redemption of Series A preferred shares	(31,250)
Gross balance at June 30, 2021	$	158,613
Less: unamortized transaction costs	(152)
Net balance at June 30, 2021	$	158,461

Series B preferred shares

Mandatorily Redeemable Preferred Shares

Schedule of activity within the preferred share liability

The following table shows the activity within the Series B preferred share liability for the six months ended June 30, 2022 and 2021, respectively:

	Carrying Value
Balance at December 31, 2021	$	76,627
Interest expense recognized	3,419
Issuance of Series B preferred shares at fair value	39,733
Balance at June 30, 2022	$	119,779
Balance at December 31, 2020	$	—
Interest expense recognized	365
Issuance of Series B preferred shares at fair value	36,765
Balance at June 30, 2021	$	37,130

Pfizer Merger Agreement

On May 9, 2022, the Company, Pfizer and Merger Sub, entered into the Merger Agreement, see Note 1 for details. Pursuant to the terms set forth in the Merger Agreement, the Company shall (i) issue the remaining unissued Series B Preferred Shares pursuant to the Put Closing (as defined in the RPI Series B Preferred Share Agreement) and (ii) cause each Series A Preferred Shares and Series B Preferred Shares that are issued and outstanding to be redeemed by the Company. At the Closing (as defined in the Merger Agreement), Pfizer shall pay to the holders of Company's Series A Preferred Shares and Series B Preferred Shares, the redemption amount in immediately available funds. In connection with the early redemption of the Series A Preferred Shares and Series B Preferred Shares pursuant to the Merger Agreement, the Company recorded a derivative liability, see Note 4 for details.