☒ | 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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June 30, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 285,695 | $ | 435,846 | ||||
Prepaid expenses | 522,250 | 504,184 | ||||||
Total Current Assets | 807,945 | 940,030 | ||||||
Non-current prepaid insurance | — | 247,500 | ||||||
Marketable securities held in Trust Account | 250,371,095 | 250,008,324 | ||||||
TOTAL ASSETS | $ | 251,179,040 | $ | 251,195,854 | ||||
LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 85,195 | $ | 86,016 | ||||
Advances from related party | 78,543 | 10,000 | ||||||
Total current liabilities | 163,738 | 96,016 | ||||||
Deferred underwriting fee payable | 7,700,000 | 7,700,000 | ||||||
Total Liabilities | 7,863,738 | 7,796,016 | ||||||
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 as of June 30, 2022 and December 31, 2021 | 250,371,095 | 250,008,324 | ||||||
Permanent Deficit | ||||||||
Preference shares, $0.0001 par value; 5,000,000 shares authorized; 0ne issued and outstanding as of June 30, 2022 and December 31, 2021 | — | — | ||||||
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 June 30, 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 June 30, 2022 and December 31, 2021 | 625 | 625 | ||||||
Additional paid-in capital | — | — | ||||||
Accumulated deficit | (7,056,482 | ) | (6,609,175 | ) | ||||
Total Permanent Deficit | (7,055,793 | ) | (6,608,486 | ) | ||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT | $ | 251,179,040 | $ | 251,195,854 | ||||
March 31, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 337,845 | $ | 435,846 | ||||
Prepaid expenses | 539,332 | 504,184 | ||||||
Total Current Assets | 877,177 | 940,030 | ||||||
Non-current prepaid insurance | 123,750 | 247,500 | ||||||
Marketable securities held in Trust Account | 250,033,500 | 250,008,324 | ||||||
TOTAL ASSETS | $251,034,427 | $251,195,854 | ||||||
LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued expenses | $ | 97,986 | $ | 86,016 | ||||
Due to related party | 43,593 | 10,000 | ||||||
Total current liabilities | 141,579 | 96,016 | ||||||
Deferred underwriting fee payable | 7,700,000 | 7,700,000 | ||||||
Total Liabilities | 7,841,579 | 7,796,016 | ||||||
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 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; 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 | ||||||
Accumulated deficit | (6,807,841 | ) | (6,609,175 | ) | ||||
Total Permanent Deficit | (6,807,152 | ) | (6,608,486 | ) | ||||
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT | $ | 251,034,427 | $ | 251,195,854 | ||||
Three Months ended June 30, | Six Months ended June 30, | For the period from February 25, 2021 (inception) through June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Formation and operational costs | $ | 215,141 | $ | 143 | $ | 447,307 | $ | 5,325 | ||||||||
Loss from operations | (215,141 | ) | (143 | ) | (447,307 | ) | (5,325 | ) | ||||||||
Other income: | ||||||||||||||||
Interest earned on marketable securities held in Trust Account | 337,595 | — | 362,771 | — | ||||||||||||
Net income (loss) | $ | 122,454 | $ | (143 | ) | $ | (84,536 | ) | $ | (5,325 | ) | |||||
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption | 25,640,000 | — | 25,640,000 | — | ||||||||||||
Basic and diluted net income per share, Class A ordinary shares subject to possible redemption | $ | 0.00 | $ | — | $ | (0.00 | ) | $ | — | |||||||
Basic and diluted weighted average shares outstanding, Class B ordinary shares subject to possible redemption | 6,250,000 | 5,500,000 | 6,250,000 | 5,500,000 | ||||||||||||
Basic and diluted net income (loss) per share, Class B ordinary shares subject to possible redemption | $ | 0.00 | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | |||||
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 Deficit | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance — January 1, 2022 | 25,000,000 | $ | 250,008,324 | 640,000 | $ | 64 | 6,250,000 | $ | 625 | $ | — | $ | (6,609,175 | ) | $ | (6,608,486 | ) | |||||||||||||||||||
Remeasurement for Class A ordinary shares to redemption amount | — | (8,324 | ) | — | — | — | — | — | 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 | $ | — | $ | (6,807,841 | ) | $ | (6,807,152 | ) | |||||||||||||||||||
Remeasurement for Class A ordinary shares to redemption amount | — | 371,095 | — | — | — | — | — | (371,095 | ) | (371,095 | ) | |||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 122,454 | 122,454 | |||||||||||||||||||||||||||
Balance — June 30, 2022 | 25,000,000 | $ | 250,371,095 | 640,000 | $ | 64 | 6,250,000 | $ | 625 | $ | — | $ | (7,056,482 | ) | $ | (7,055,793 | ) | |||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||
Balance — February 25, 2021 (inception) | — | $ | — | — | $ | — | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
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 | — | $ | — | — | $ | — | 6,325,000 | $ | 633 | $ | 24,367 | $ | (5,182 | ) | $ | 19,818 | ||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | (143 | ) | (143 | ) | |||||||||||||||||||||||||
Balance — June 30, 2021 | — | $ | — | — | $ | — | 6,325,000 | $ | 633 | $ | 24,367 | $ | (5,325 | ) | $ | 19,675 | ||||||||||||||||||||
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, | Six months ended June 30, | For the period from February 25, 2021 (inception) through June 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net loss | $ | (206,990 | ) | $ | (5,182 | ) | $ | (84,536 | ) | $ | (5,325 | ) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | — | |||||||||||||||
Formation costs paid by Sponsor in exchange for issuance of Founder Shares | 0 | 5,000 | — | 5,000 | ||||||||||||
Interest earned on marketable securities held in Trust Account | (25,176 | ) | — | (362,771 | ) | — | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||
Prepaid expenses | (35,148 | ) | — | (18,066 | ) | (19,600 | ) | |||||||||
Non-current prepaid insurance | 123,750 | — | 247,500 | — | ||||||||||||
Accrued expenses | 11,970 | 44 | ||||||||||||||
Accounts payable and accrued expenses | (821 | ) | 88 | |||||||||||||
Advances from related party | 33,593 | — | 68,543 | — | ||||||||||||
Net cash used in operating activities | (98,001 | ) | (138 | ) | (150,151 | ) | (19,837 | ) | ||||||||
Cash Flows from Financing Activities: | ||||||||||||||||
Proceeds from promissory note – related party | 0 | 255 | — | 300,000 | ||||||||||||
Advances from related party | — | 25,692 | ||||||||||||||
Payment of offering costs | 0 | (117 | ) | — | (82,317 | ) | ||||||||||
Net cash provided by financing activities | 0 | 138 | — | 243,375 | ||||||||||||
Net Change in Cash | (98,001 | ) | — | (150,151 | ) | 223,538 | ||||||||||
Cash – Beginning of Period | 435,846 | — | 435,846 | — | ||||||||||||
Cash – End of Period | $ | 337,845 | $ | 0 | $ | 285,695 | $ | 223,538 | ||||||||
Non-Cash Investing and Financing Activities: | ||||||||||||||||
Offering costs paid by Sponsor in exchange for issuance of founder shares | $ | 0 | $ | 20,000 | $ | — | $ | 20,000 | ||||||||
Offering costs included in accrued offering costs | $ | — | $ | 5,000 | $ | — | $ | 277,828 | ||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ | (8,324 | ) | $ | — | $ | 362,771 | $ | — | |||||||
Gross proceeds | $ | 250,000,000 | $ | 250,000,000 | ||||
Less: | ||||||||
Class A ordinary shares issuance costs | (12,480,145 | ) | (12,480,145 | ) | ||||
Plus: | ||||||||
Accretion of carrying value to redemption value | 12,488,469 | 12,488,469 | ||||||
Class A ordinary shares subject to redemption, December 31, 2021 | $ | 25,008,324 | $ | 250,008,324 | ||||
Less: | ||||||||
Remeasurement of carrying value to redemption value | (8,324 | ) | (8,324 | ) | ||||
Class A ordinary shares subject to possible redemption, March 31, 2022 | $ | 250,000,000 | $ | 250,000,000 | ||||
Plus : | ||||||||
Remeasurement of carrying value to redemption value | 371,095 | |||||||
Class A ordinary shares subject to possible redemption, June 30, 2022 | $ | 250,371,095 | ||||||
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 June 30, | Six Months Ended June 30, 2022 | For the Period from February 25, 2021 (Inception) through June 30, 2021 | ||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | Class A | Class B | Class A | Class B | |||||||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share | ||||||||||||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||||||||
Allocation of net income (loss) | $ | 98,455 | $ | 23,999 | $ | — | $ | (143 | ) | $ | (67,968 | ) | $ | (16,568 | ) | $ | — | $ | (5,325 | ) | ||||||||||||
Denominator: | ||||||||||||||||||||||||||||||||
Basic and diluted weighted average shares outstanding | 25,640,000 | 6,250,000 | — | 5,500,000 | 25,640,000 | 6,250,000 | — | 5,500,000 | ||||||||||||||||||||||||
Basic and diluted net income (loss) per ordinary share | $ | 0.00 | $ | 0.00 | $ | — | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | — | $ | (0.00 | ) |
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 the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. |
Description | Level | March 31, 2022 | December 31, 2021 | Level | June 30, 2022 | December 31, 2021 | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Marketable securities held in Trust Account | 1 | $ | 250,033,500 | $ | 250,008,324 | 1 | $ | 250,371,095 | $ | 250,008,324 |
SOCIAL CAPITAL SUVRETTA HOLDINGS CORP. II | ||||||
Date: | By: | /s/ Chamath Palihapitiya | ||||
Name: | Chamath Palihapitiya | |||||
Title: | Chief Executive Officer | |||||
(Principal Executive Officer) | ||||||
Date: | By: | /s/ James Ryans | ||||
Name: | James Ryans | |||||
Title: | Chief Financial Officer | |||||
(Principal Financial and Accounting Officer) |