☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Cayman Islands | 98-1586137 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Class A ordinary shares, $0.0001 par value per share | DNAB | Nasdaq Capital Market |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
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March 31, 2022 | December 31, 2021 | |||||||||||
(Unaudited) | ||||||||||||
ASSETS | ||||||||||||
Current assets | ||||||||||||
Cash | $ | 534,762 | $ | 337,845 | $ | 435,846 | ||||||
Prepaid expenses | 899,811 | 539,332 | 504,184 | |||||||||
Total Current Assets | 1,434,573 | 877,177 | 940,030 | |||||||||
Marketable Securities held in Trust Account | 250,003,042 | |||||||||||
Non-current prepaid insurance | 123,750 | 247,500 | ||||||||||
Marketable securities held in Trust Account | 250,033,500 | 250,008,324 | ||||||||||
TOTAL ASSETS | $ | 251,437,615 | $251,034,427 | $251,195,854 | ||||||||
LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT | ||||||||||||
Current liabilities | ||||||||||||
Accrued expenses | $ | 17,008 | ||||||||||
Advances from related party | 38,207 | |||||||||||
Accounts payable and accrued expenses | $ | 97,986 | $ | 86,016 | ||||||||
Due to related party | 43,593 | 10,000 | ||||||||||
55,215 | ||||||||||||
Total current liabilities | 141,579 | 96,016 | ||||||||||
Deferred underwriting fee payable | 7,700,000 | 7,700,000 | 7,700,000 | |||||||||
Total Liabilities | 7,755,215 | 7,841,579 | 7,796,016 | |||||||||
Commitments and Contingencies (Note 7) | 0 | |||||||||||
Commitments and Contingencies (see Note 6) | 0 | 0 | ||||||||||
Temporary Equity | ||||||||||||
Class A ordinary shares subject to possible redemption, 25,000,000 shares at redemption value | 250,003,042 | |||||||||||
Class A ordinary shares subject to possible redemption, 25,000,000 shares at redemption value as of March 31, 2022 and December 31, 2021 | 250,000,000 | 250,008,324 | ||||||||||
Permanent Deficit | ||||||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding | 0 | |||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 640,000 shares issued and outstanding (excluding 25,000,000 shares subject to possible redemption) | 64 | |||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 6,250,000 shares issued and outstanding | 625 | |||||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; NaNissued and outstanding as of March 31, 2022 and December 31, 2021 | 0 | 0 | ||||||||||
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized, 640,000 shares issued and outstanding (excluding 25,000,000 shares subject to possible redemption) as of March 31, 2022 and December 31, 2021 | 64 | 64 | ||||||||||
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 6,250,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 625 | 625 | ||||||||||
Additional paid-in capital | 0 | 0 | 0 | |||||||||
Accumulated deficit | (6,321,331 | ) | (6,807,841 | ) | (6,609,175 | ) | ||||||
Total Permanent Deficit | (6,320,642 | ) | (6,807,152 | ) | (6,608,486 | ) | ||||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT | $ | 251,437,615 | $ | 251,034,427 | $ | 251,195,854 | ||||||
Three Months Ended September 30, | For the Period from February 25, 2021 (Inception) Through September 30, | |||||||
2021 | 2021 | |||||||
Operating and formation costs | $ | 260,172 | $ | 265,497 | ||||
Loss from operations | (260,172 | ) | (265,497 | ) | ||||
Other income: | ||||||||
Interest earned on marketable securities held in Trust Account | 3,042 | 3,042 | ||||||
Net loss | $ | (257,130 | ) | $ | (262,455 | ) | ||
Basic and diluted weighted average shares outstanding, Class A ordinary shares | 25,358,242 | 10,884,906 | ||||||
Basic and diluted net loss per share, Class A ordinary shares | $ | (0.01 | ) | $ | (0.02 | ) | ||
Basic and diluted weighted average shares outstanding, Class B ordinary shares | 6,241,758 | 5,818,396 | ||||||
Basic and diluted net loss per share, Non-redeemable Class B ordinary shares | $ | (0.01 | ) | $ | (0.02 | ) | ||
For the Three Months Ended March 31, | For the Period from February 25, 2021 (Inception) Through March 31, | |||||||
2022 | 2021 | |||||||
Operating and formation costs | $ | 232,166 | $ | 5,182 | ||||
Loss from operations | (232,166 | ) | (5,182 | ) | ||||
Other income: | ||||||||
Interest earned on marketable securities held in Trust Account | 25,176 | 0 | ||||||
Net loss | $ | (206,990 | ) | $ | (5,182 | ) | ||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 25,640,000 | 0 | ||||||
Basic and diluted net loss per share, Class A ordinary shares subject to possible redemption | $ | (0.01 | ) | $ | 0 | |||
Basic and diluted weighted average shares outstanding, Class B ordinary shares not subject to possible redemptions | 6,250,000 | 5,500,000 | ||||||
Basic and diluted net loss per share, Class B ordinary shares | $ | (0.01 | ) | $ | 0 | |||
Temporary Equity | Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Permanent Equity (Deficit) | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance — January 1, 2022 | 25,000,000 | $ | 250,008,324 | 640,000 | $ | 64 | 6,250,000 | $ | 625 | $ | 0 | $ | (6,609,175 | ) | $ | (6,608,486 | ) | |||||||||||||||||||
Remeasurement for Class A ordinary shares to redemption amount | — | (8,324 | ) | — | — | — | — | 0 | 8,324 | 8,324 | ||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (206,990 | ) | (206,990 | ) | |||||||||||||||||||||||||
Balance — March 31, 2022 | 25,000,000 | $ | 250,000,000 | 640,000 | $ | 64 | 6,250,000 | $ | 625 | $ | 0 | $ | (6,807,841 | ) | $ | (6,807,152 | ) | |||||||||||||||||||
Temporary Equity | Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Permanent Equity (Deficit) | |||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||
Balance — February 25, ( inception ) | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | — | — | — | — | 6,325,000 | 633 | 24,367 | — | 25,000 | |||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (5,182 | ) | (5,182 | ) | |||||||||||||||||||||||||||||
Balance — March 31, 2021 | 0 | $ | 0 | 0 | $ | 0 | 6,325,000 | 633 | $ | 24,367 | $ | (5,182 | ) | $ | 19,818 | |||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (143 | ) | (143 | ) | |||||||||||||||||||||||||||||
Balance — June 30, 2021 | 0 | $ | 0 | 0 | $ | 0 | 6,325,000 | 633 | $ | 24,367 | $ | (5,325 | ) | $ | 19,675 | |||||||||||||||||||||||||
Sale of 25,000,000 Public Shares, net ofunderwriting discounts and offering expenses | 25,000,000 | 237,519,855 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Accretion of Class A ordinary shares to redemption value | — | 12,483,187 | — | — | — | — | (6,424,311 | ) | (6,058,876 | ) | (12,483,187 | ) | ||||||||||||||||||||||||||||
Sale of 640,000 Private Placement Shares | — | — | 640,000 | 64 | — | — | 6,399,936 | — | 6,400,000 | |||||||||||||||||||||||||||||||
Forfeiture of Founder Shares | — | — | — | — | (75,000 | ) | (8 | ) | 8 | — | — | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (257,130 | ) | (257,130 | ) | |||||||||||||||||||||||||||||
Balance — September 30, 2021 | 25,000,000 | $ | 250,003,042 | 640,000 | $ | 64 | 6,250,000 | $ | 625 | $ | 0 | $ | (6,321,331 | ) | $ | (6,320,642 | ) | |||||||||||||||||||||||
Temporary Equity | Class A Ordinary Shares | Class B Ordinary Shares | Additional Paid-in Capital | Accumulated Deficit | Total Permanent Equity | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance — February 25, 2021 (inception) | 0 | $ | 0 | — | $ | 0 | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||||||
Issuance of Class B ordinary shares to Sponsor | — | — | — | — | 6,325,000 | 633 | 24,367 | 0 | 25,000 | |||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (5,182 | ) | (5,182 | ) | |||||||||||||||||||||||||
Balance — March 31, 2021 | 0 | $ | 0 | 0 | $ | 0 | 6,325,000 | 633 | $ | 24,367 | $ | (5,182 | ) | $ | 19,818 | |||||||||||||||||||||
Three Months Ended March 31, | For the Period from February 25, 2021 (Inception) through March 31, | |||||||||||
2022 | 2021 | |||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net loss | $ | (262,455 | ) | $ | (206,990 | ) | $ | (5,182 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||
Formation costs paid by Sponsor in exchange for issuance of Founder Shares | 5,000 | 0 | 5,000 | |||||||||
Interest earned on marketable securities held in Trust Account | (3,042 | ) | (25,176 | ) | — | |||||||
Changes in operating assets and liabilities: | ||||||||||||
Prepaid expenses | (899,811 | ) | (35,148 | ) | — | |||||||
Non-current prepaid insurance | 123,750 | — | ||||||||||
Accrued expenses | 17,008 | 11,970 | 44 | |||||||||
Advances from related party | 33,593 | — | ||||||||||
Net cash used in operating activities | $ | (1,143,300 | ) | (98,001 | ) | (138 | ) | |||||
Cash Flows from Investing Activities: | ||||||||||||
Investment of cash in Trust Account | $ | (250,000,000 | ) | |||||||||
Net cash used in investing activities | $ | (250,000,000 | ) | |||||||||
Cash Flows from Financing Activities: | ||||||||||||
Proceeds from sale of Public Shares, net of underwriting discounts paid | $ | 245,600,000 | ||||||||||
Proceeds from sale of Private Placement Shares | 6,400,000 | |||||||||||
Advances from re l ated party | 63,899 | |||||||||||
Repayment of advances from related party | (25,692 | ) | ||||||||||
Proceeds from promissory note – related party | 300,000 | 0 | 255 | |||||||||
Repayment of promissory note – related party | (300,000 | ) | ||||||||||
Payment of offering costs | (360,145 | ) | 0 | (117 | ) | |||||||
Net cash provided by financing activities | $ | 251,678,062 | 0 | 138 | ||||||||
Net Change in Cash | $ | 534,762 | (98,001 | ) | — | |||||||
Cash – Beginning of period ( inception ) | 0 | |||||||||||
Cash – Beginning of Period | 435,846 | — | ||||||||||
Cash – End of period | $ | 534,762 | ||||||||||
Cash – End of Period | $ | 337,845 | $ | 0 | ||||||||
Non-Cash investing and financing activities: | ||||||||||||
Offering costs paid by Sponsor in exchange for issuance of Founder Shares | $ | 20,000 | ||||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||
Offering costs paid by Sponsor in exchange for issuance of founder shares | $ | 0 | $ | 20,000 | ||||||||
Deferred underwriting fee payable | $ | 7,700,000 | ||||||||||
Offering costs included in accrued offering costs | $ | — | $ | 5,000 | ||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ | (8,324 | ) | $ | — | |||||||
Balance Sheet as of July 2, 2021 | As Previously Reported | Adjustment | As Restated | |||||||||
Class A ordinary shares subject to possible redemption | $ | 238,939,520 | $ | 11,060,480 | $ | 250,000,000 | ||||||
Class A ordinary shares | $ | 175 | $ | (111 | ) | $ | 64 | |||||
Additional paid-in capital | $ | 5,004,527 | $ | (5,004,527 | ) | $ | 0 | |||||
Accumulated deficit | $ | (5,325 | ) | $ | (6,055,842 | ) | $ | (6,061,167 | ) | |||
Total Permanent Equity (Deficit) | $ | 5,000,010 | $ | (11,060,480 | ) | $ | (6,060,470 | ) | ||||
Number of Class A ordinary shares subject to possible redemption | 23,893,952 | 1,106,048 | 25,000,000 |
Gross proceeds | $ | 250,000,000 | ||
Less: | ||||
Class A ordinary shares issuance costs | (12,480,145 | ) | ||
Plus: | ||||
Accretion of carrying value to redemption value | 12,488,469 | |||
Class A ordinary shares subject to redemption, December 31, 2021 | $ | 25,008,324 | ||
Remeasurement of carrying value to redemption value | (8,324 | ) | ||
Class A ordinary shares subject to possible redemption, March 31, 2022 | $ | 250,000,000 | ||
For the Three Months Ended March 31, 2022 | For the Period from February 25, 2021 (Inception) Through March 31, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net loss per ordinary share | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net loss | $ | (166,423 | ) | $ | (40,567 | ) | $ | 0 | $ | (5,182 | ) | |||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 25,640,000 | 6,250,000 | 0 | 5,500,000 | ||||||||||||
Basic and diluted net loss per ordinary share | $ | (0.01 | ) | $ | (0.01 | ) | $ | 0 | $ | (0.00 | ) |
Three Months Ended September 30, 2021 | For the Period from February 25, 2021 (Inception) Through September 30, 2021 | |||||||||||||||
Class A | Class B | Class A | Class B | |||||||||||||
Basic and diluted net loss per ordinary share | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of net loss | $ | (206,341 | ) | $ | (50,789 | ) | $ | (171,032 | ) | $ | (91,423 | ) | ||||
Denominator: | ||||||||||||||||
Basic and diluted weighted average shares outstanding | 25,358,242 | 6,241,758 | 10,884,906 | 5,818,396 | ||||||||||||
Basic and diluted net loss per ordinary share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.02 | ) |
Level 1: | Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. | |
Level 2: | Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. | |
Level 3: | Unobservable inputs based on |
Description | Level | September 30, 2021 | Level | March 31, 2022 | December 31, 2021 | |||||||||||||||
Assets: | ||||||||||||||||||||
Marketable securities held in Trust Account | 1 | $ | 250,003,042 | 1 | $ | 250,033,500 | $ | 250,008,324 |
No. | Description of Exhibit | |
3.1(1) | ||
XBRL Instance Document | ||
XBRL Taxonomy Extension Schema Document | ||
XBRL Taxonomy Extension Calculation Linkbase Document | ||
XBRL Taxonomy Extension Definition Linkbase Document | ||
XBRL Taxonomy Extension Labels Linkbase Document | ||
XBRL Taxonomy Extension Presentation Linkbase Document | ||
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
(1) | Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on July 2, 2021. |
SOCIAL CAPITAL SUVRETTA HOLDINGS CORP. II | ||||||
Date: May 16 , 2022 | By: | /s/ Chamath Palihapitiya | ||||
Name: | Chamath Palihapitiya | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: May 16 , 2022 | By: | /s/ James Ryans | ||||
Name: | James Ryans | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |