Description of Organization, Business Operations and Basis of Presentation | 1 . Description of Organization, Business Operations and Basis of Presentation. Lux Health Tech Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on September 1, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies. As of September 30 , 2021 , 2021 , and the search for a target for its initial Business Combination The Company non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering and placed in Trust Account (as defined below). The Company’s sponsor is Lux Encore Sponsor, LP, a Delaware limited liability company and an affiliate of certain of the Company’s officers and directors The registration statement for the Company’s Initial Public Offering was declared effective on October 26, 2020. On , 2020, the Company consummated its Initial Public Offering of units (the “Units” and, with respect to the Class A common stock included in the Units being offered, the “Public Shares”), which included Units issued pursuant to the full exercise by the underwriters of their over- allotment option , at $10.00 per Unit, generating gross proceeds of $345.0 million, and incurring offering costs of approximately $19.9 million, inclusive of $12.1 million in deferred underwriting commissions (Note 4 and 5). Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (“Private Placement”) of warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) to the Sponsor, each exercisable to purchase one share of Class A common stock at $11.50 per share, at a price of $1.50 per Private Placement Warrant, generating gross proceeds to the Company of $8.9 million (Note 4). Upon the closing of the Initial Public Offering and the Private Placement of the net proceeds of the sale of the Units in the Initial Public Offering and certain of the proceeds from the sale of Private Placement Warrants in the Private Placement were placed United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act having a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the net assets held in the Trust Account (as defined below) (excluding the amount of deferred underwriting discounts held in Trust and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company only intends to complete a Business Combination if the post-transaction company owns or acquires 50% or more of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). The Company will provide the holders of the Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account (initially anticipated to be $ 10.00 per Public Share). The per-share amount to be distributed to Public Stockholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 5). These Public Shares have been recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering in accordance with the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity ” (“ASC 480 ”). If the Company seeks stockholder approval, the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination. The Company will not redeem the Public Shares in connection with a Business Combination in an amount that would cause its net tangible assets to be less than $ 5,000,001 . If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (“SEC”) and file tender offer documents with the SEC prior to completing a Business Combination. If, however, stockholder approval of the transaction is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem the Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Stockholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks stockholder approval in connection with a Business Combination, the initial stockholders (as defined below) have agreed to vote their Founder Shares (as defined below in Note 4) and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination. In addition, the initial stockholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination. The Certificate of Incorporation provides that a Public Stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares, without the prior consent of the Company. The holders of the Founder Shares (the “initial stockholders”) have agreed not to propose an amendment to the Certificate of Incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with a Business Combination or to redeem 100% of the Public Shares if the Company does not complete a Business Combination within the Combination Period (as defined below) or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company provides the Public Stockholders with the opportunity to redeem their Public Shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or October 29, 2022 (the “Combination Period”), and the Company’s stockholders have not amended the Certificate of Incorporation to extend such Combination Period, the Company will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but no more than ten business days thereafter subject to lawfully available funds therefor, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes as well as expenses relating to the administration of the Trust Account (less up to $100,000 of interest to pay dissolution expenses) divided by the number of the then outstanding Public Shares, which redemption will completely extinguish Public Stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law; and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The initial stockholders have agreed to waive their rights to liquidating distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the initial stockholders acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to the deferred underwriting commission (see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination within in the Combination Period, and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $ 10.00 . In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party (except for the Company’s independent registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement (a “Target”), reduce the amount of funds in the Trust Account to below ( i ) $ 10.00 per Public Share or (ii) the lesser amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of interest which may be withdrawn to pay taxes, provided that such liability will not apply to any claims by a third party or Target that executed a waiver of any and all rights to seek access to the Trust Account nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Basis of Presentation The accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the period presented. Operating results for the period for the three and nine months ended September 30, 2021, are not necessarily indicative of the results that may be expected for the period ending The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K/A filed by the Company with the SEC on June 8, 2021. Restatement of Previously Reported Financial Statements In preparation of the Company’s unaudited condensed financial statements for the quarterly period ended September 30, 2021, the Company concluded it should restate its previously reported financial statements to classify all Class A common stock subject to possible redemption in temporary equity. The Company’s previously filed financial statements that contained the error were reported in the Company’s Form 8-K filed with the SEC on November 4, 2020 (the “Post-IPO Balance Sheet”) and the Form 10-K/A that included the Company’s audited financial statements for the period ended December 31, 2020 and the Company’s Form 10-Qs for the quarterly periods ended March 31, 2021, and June 30, 2021 (the “affected periods”). In accordance with the SEC’s guidance on redeemable equity instruments, ASC 480, paragraph 10-S99, redemption provisions not solely within the control of the Company require Class A common stock subject to redemption to be classified outside of permanent equity. The Company had previously classified a portion of its Class A common stock in permanent equity, or stockholders’ equity. Although the Company did not specify a maximum redemption threshold, its charter provides that currently, the Company will not redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,001. Previously, the Company did not consider redeemable shares of Class A common stock classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company revised this interpretation to include temporary equity in net tangible assets. Accordingly, effective with this filing, the Company presents all redeemable shares of Class A common stock as temporary equity and recognized accretion from the initial book value to redemption value at the time of its Initial Public Offering and in accordance with ASC 480. The impact of the revision to the Post-IPO Balance Sheet is an increase in the carrying value of redeemable Class A common stock of 43.8 million at the Initial Public Offering date resulted in a decrease of approximately $6.7 million in additional paid-in capital and a charge of approximately $37.1 million to accumulated deficit, as well as a reclassification of 4,378,381 shares of Class A common stock from permanent equity to temporary equity, as presented below: As of October 29, 2020 As Previously Reported Adjustment As Restated Balance Sheet Total Assets $ 347,541,800 - $ 347,541,800 Total Liabilities $ 41,325,609 - $ 41,325,609 Class A common stock, $0.0001 par value; shares subject to possible redemption 301,216,190 43,783,810 345,000,000 Stockholders’ equity (deficit) Class A common stock - $0.0001 par value 438 (438 ) - Class B common stock - $0.0001 par value 863 - 863 Additional paid-in-capital 6,712,329 (6,712,329 ) - Accumulated deficit (1,713,629 ) (37,071,043 ) (38,784,672 ) Total stockholders’ equity (deficit) 5,000,001 (43,783,810 ) (38,783,809 ) Total liabilities, Class A common stock subject to possible redemption and stockholders’ equity (deficit) $ 347,541,800 $ - $ 347,541,800 The impact of the restatement on the audited balance sheet as of December 31, 2020, is presented below: As of December 31, 2020 As Previously Reported Adjustment As Restated Balance Sheet Total Assets $ 346,090,177 - $ 346,090,177 Total Liabilities $ 55,674,137 - $ 55,674,137 Class A common stock subject to possible redemption Class A common stock 285,416,030 59,583,970 345,000,000 Stockholders’ equity (deficit) Class A common stock 596 (596 ) - Class B common stock 863 - 863 Additional paid-in-capital 22,426,214 (22,426,214 ) - Accumulated deficit (17,427,663 ) (37,157,160 ) (54,584,823 ) Total stockholders’ equity (deficit) 5,000,010 (59,583,970 ) (54,583,960 ) Total Liabilities, Class A common stock subject to possible redemption and stockholders’ equity (deficit) $ 346,090,177 $ - $ 346,090,177 The impact of the restatement on the unaudited condensed balance sheets as of March 31, 2021, and June 30, 2021, is presented below. As of March 31, 2021 As Previously Reported Adjustment As Restated Unaudited Condensed Balance Sheet Total Assets $ 345,796,190 - $ 345,796,190 Total Liabilities 37,795,850 - 37,795,850 Class A common stock subject to possible redemption Class A common stock subject to possible redemption 303,000,330 41,999,670 345,000,000 Stockholders’ equity (deficit) Class A common stock - $0.0001 par value 420 (420 ) - Class B common stock - $0.0001 par value 863 - 863 Additional paid-in-capital 4,842,090 (4,842,090 ) - Accumulated deficit (156,637 ) (37,157,160 ) (37,000,523 ) Total stockholders’ equity (deficit) 5,000,010 (41,999,670 ) (36,999,660 ) Total liabilities, Class A common stock subject to possible redemption and stockholders’ equity (deficit) $ 345,796,190 $ - $ 345,796,190 As of June 30, 2021 As Previously Reported Adjustment As Restated Unaudited Condensed Balance Sheet Total Assets $ 345,506,928 - $ 345,506,928 Total Liabilities 35,495,455 - 35,495,455 Class A common stock subject to possible redemption Class A common stock subject to possible redemption 305,011,470 39,988,530 345,000,000 Stockholders’ equity (deficit) Class A common stock - $0.0001 par value 400 (400 ) - Class B common stock - $0.0001 par value 863 - 863 Additional paid-in-capital 2,830,970 (2,830,970 ) - Accumulated deficit (2,167,770 ) (37,157,160 ) (34,989,390 ) Total stockholders’ equity (deficit) 5,000,003 (39,988,530 ) (34,988,527 ) Total liabilities, Class A common stock subject to possible redemption and stockholders’ equity (deficit) $ 345,506,928 $ - $ 345,506,928 There was no impact to the reported amounts for total assets, total liabilities, cash flows from operating, investing or financing activities, or net income (loss). The impact of the restatement on the supplemental disclosures of noncash activities in the previously reported statements of cash flow is presented below. For the Three Months Ended March 31, 2021 As Previously Reported Adjustment As Restated Unaudited Condensed Statement of Cash Flows – Supplemental disclosure of noncash activities Change in fair value of Class A common stock subject to possible redemption $ 17,584,300 $ (17,584,300 ) $ - For the Six Months Ended June 30, 2021 As Previously Reported Adjustment As Restated Unaudited Condensed Statement of Cash Flows – Supplemental disclosure of noncash activities Change in fair value of Class A common stock subject to possible redemption $ 19,595,440 $ (19,595,440 ) $ - For the Period from September 1, 2020 (Inception) through December 31, 2020 As Previously Reported Adjustment As Restated Statement of Cash Flows – Supplemental disclosure of noncash activities Initial value of common stock subject to possible redemption $ 301,216,190 $ (301,216,190 ) $ - Change in fair value of Class A common stock subject to possible redemption $ (15,800,160 ) $ 15,800,160 $ - Accretion of Class A common stock to redemption amount $ - $ 37,181,298 $ 37,181,298 In connection with the change in presentation for the Class A common stock subject to possible redemption, the Company also revised its earnings per share calculation to allocate income and losses shared pro rata between the two classes of shares. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of shares share pro rata in the income and losses of the Company. The impact to the reported amounts of weighted average shares outstanding and basic and diluted earnings per common share is presented below for the affected periods: For the Three Months Ended March 31, 2021 As Previously Reported Adjustment As Restated Unaudited Condensed Statement of Operations Net income $ 17,584,300 - $ 17,584,300 Weighted average number of Class A common stock 28,561,141 5,938,859 34,500,000 Basic and diluted net income per share, Class A $ - $ 0.41 $ 0.41 Weighted average number of Class B common stock 14,563,859 (5,938,859 ) 8,625,000 Basic and diluted net income per share, Class B $ 1.21 $ (0.80 ) $ 0.41 For the Three Months Ended June 30, 2021 As Previously Reported Adjustment As Restated Unaudited Condensed Statement of Operations Net income $ 2,011,133 - $ 2,011,133 Weighted average number of Class A common stock 30,302,243 4,197,757 34,500,000 Basic and diluted net income per share, Class A $ - $ 0.05 $ 0.05 Weighted average number of Class B common stock 12,822,757 (4,717,715 ) 8,105,042 Basic and diluted net income per share, Class B $ 0.16 $ (0.11 ) $ 0.05 For the Six Months Ended June 30, 2021 As Previously Reported Adjustment As Restated Unaudited Condensed Statement of Operations Net income $ 19,595,433 - $ 19,595,433 Weighted average number of Class A common stock 29,436,502 5,063,498 34,500,000 Basic and diluted net income per share, Class A $ - $ 0.45 $ 0.45 Weighted average number of Class B common stock 13,688,498 (5,063,498 ) 8,625,000 Basic and diluted net income per share, Class B $ 1.43 $ (0.98 ) $ 0.45 For the Period from September 1, 2020 (Inception) through December 31, 2020 As Previously Reported Adjustment As Restated Statement of Operations Net loss $ (17,427,663 ) - $ (17,427,663 ) Weighted average number of Class A common stock 30,096,931 (11,542,309 ) 18,554,622 Basic and diluted net income per share, Class A $ - $ (0.65 ) $ (0.65 ) Weighted average number of Class B common stock 10,473,079 (2,368,037 ) 8,105,042 Basic and diluted net income per share, Class B $ (1.66 ) $ 1.01 $ (0.65 ) Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Going Concern As of September 30, 2021, the Company had $128,051 in cash and a working capital deficit of approximately $93,000 (not taking into account tax obligations of approximately $150,000 that may be paid using investment income earned from Trust Account). Further, the Company expects to incur significant costs in pursuit of its acquisition plans. The Company also needs to raise additional funds to meet its obligations and sustain its operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the Company's inability to continue as a going concern. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor may, but is not obligated to, provide the Company Working Capital Loans (see Note 4). As of September 30, 2021 and December 31, 2020, there were no Working Capital Loans outstanding. Risks and uncertainties Management is currently evaluating pandemic an |