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Redeemable Convertible Preferred Stock | 12 Months Ended
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Dec. 31, 2021
Stockholders' Equity Note [Abstract] |
Redeemable Convertible Preferred Stock | 8. REDEEMABLE CONVERTIBLE PREFERRED STOCK In connection with the closing of the Company’s IPO on March 30, 2021, all issued and outstanding Redeemable Convertible Preferred Stock of 169,396,576 were converted to 23,678,568 shares of the Company’s common stock and are no longer issued. As of December 31, 2020, the authorized capital stock of the Company included 169,396,576 shares of redeemable convertible preferred stock. As of December 31, 2020, redeemable convertible preferred stock consisted of the following:
|  | As of December 31, 2020 |
|  | Shares Authorized |  |  | Shares Issued and Outstanding |  |  | Carrying Value |  |  | Aggregate Liquidation Preference |
Series A |  |  | 28,000,000 |  |  |  | 28,000,000 |  |  | $ | 27,832 |  |  | $ | 28,000 |
Series A-1 |  |  | 47,727,268 |  |  |  | 47,727,268 |  |  |  | 51,035 |  |  |  | 47,727 |
Series A-2 |  |  | 7,863,094 |  |  |  | 7,863,094 |  |  |  | 10,924 |  |  |  | 6,500 |
Series B |  |  | 85,806,214 |  |  |  | 85,806,214 |  |  |  | 116,188 |  |  |  | 120,000 |
Total |  |  | 169,396,576 |  |  |  | 169,396,576 |  |  | $ | 205,979 |  |  | $ | 202,227 |
The Preferred Stock had the following characteristics as of December 31, 2020: (a) Voting On any matter presented to the stockholders of the Company for their action or consideration at any meeting of stockholders of the Company (or by written consent of stockholders in lieu of meeting), each holder of outstanding shares of Preferred Stock shall be entitled to cast the number of votes equal to the number of whole shares of Common Stock into which the shares of Preferred Stock held by such holder are convertible as of the record date for determining stockholders entitled to vote on such matter. Except as provided by law or by the other provisions of the Company’s Amended and Restated Certificate of Incorporation, holders of Preferred Stock shall vote together with the holders of Common Stock as a single class and have other special voting rights. The holders of outstanding shares of Preferred Stock shall be entitled to elect three directors of the Company. The investors have agreed that two of the directors are to be named by one investor and the other director is to be named by a separate investor. (b) Dividends The holders of Preferred Stock are entitled to an 8% non-cumulative dividend. Dividends are payable only when, as and if declared by the Board. No dividends are payable to the common stockholders unless a dividend is also paid to Preferred Stockholders equal to at least the amount that would be received if the shares of Preferred Stock were converted into common stock. Through December 31, 2020 and the completion of the IPO, no dividends have been declared or paid by the Company. (c) Liquidation Preference In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, or upon the event of certain other deemed liquidation events, holders of shares of Preferred Stock then outstanding shall be entitled to receive the greater of (i) an amount per share equal to the Preferred Stock original issue price, plus any dividends declared but unpaid thereon or (ii) the amount that would be received if the Preferred Stock was converted into common stock just prior to the liquidation event. (d) Conversion Each share of Preferred Stock shall be convertible into shares of common stock at the option of the stockholder, at any time, at a rate of one for one and are automatically converted upon a qualified initial public offering or upon written consent of at least 75% of the holders of the outstanding shares of Preferred Stock. The conversion ratio is initially set at one for one, but may be adjusted for certain issuances of additional shares of Common Stock, stock splits, stock combinations, certain dividends and distributions, and mergers and reorganizations. The conversion ratio was changed to 7.154 for one upon the Company’s filing of its amendment to its Amended and Restated Certificate of Incorporation on March 22, 2021.

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