ProKidney (PROK) 10-Q 11 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 11, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Registrant Name	PROKIDNEY CORP.
Entity Central Index Key	0001850270
Entity File Number	001-40560
Entity Tax Identification Number	98-1586514
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	2000 Frontis Plaza Blvd.
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Winston-Salem
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27103
City Area Code	336
Local Phone Number	999-7028
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	true
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Class A ordinary shares, $0.0001 par value per share
Trading Symbol	PROK
Security Exchange Name	NASDAQ
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		61,540,231
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		170,723,961

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Current assets
Cash	$ 107,546	$ 440,488
Prepaid expenses	524,750	504,189
Total Current Assets	632,296	944,677
Non-current prepaid insurance	0	247,500
Marketable Securities held in Trust Account	250,371,095	250,008,324
TOTAL ASSETS	251,003,391	251,200,501
Current liabilities
Accounts payable	0	5,000
Accrued expenses	7,603,038	1,864,796
Advances from related party	80,687	10,000
Promissory note – related party	250,000	0
Total current liabilities	7,933,725	1,879,796
Deferred underwriting fee payable	7,700,000	7,700,000
Total Liabilities	15,633,725	9,579,796
Commitments and Contingencies (Note 6)
Class A ordinary shares subject to possible redemption	250,371,095	250,008,324
Shareholder's Equity
Preference shares, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding
Additional paid-in capital
Accumulated deficit	(15,002,118)	(8,388,308)
Total Permanent Deficit	(15,001,429)	(8,387,619)
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT	251,003,391	251,200,501
Common Class A [Member]
Current liabilities
Class A ordinary shares subject to possible redemption	250,371,095	250,008,324
Shareholder's Equity
Common stock value	64	64
Common Class B [Member]
Shareholder's Equity
Common stock value	$ 625	$ 625

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Temporary Equity, Shares Outstanding	25,000,000	25,000,000
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock shares authorized	5,000,000	5,000,000
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common Class A [Member]
Temporary Equity, Shares Outstanding	25,000,000	25,000,000
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	500,000,000	500,000,000
Common stock shares issued	640,000	640,000
Common stock shares outstanding	640,000	640,000
Common Class B [Member]
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	50,000,000	50,000,000
Common stock shares issued	6,250,000	6,250,000
Common stock shares outstanding	6,250,000	6,250,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Operating and formation costs	$ 2,607,609	$ 143	$ 5,325	$ 6,613,810
Loss from operations	(2,607,609)	(143)	(5,325)	(6,613,810)
Other income:
Interest earned on marketable securities held in Trust Account	337,595	0	0	362,771
Other income, net	337,595	0	0	362,771
Net loss	(2,270,014)	(143)	$ (5,325)	(6,251,039)
Common Class A [Member]
Other income:
Net loss	$ (1,825,123)	$ 0		$ (5,025,922)
Weighted average number of shares outstanding, basic	25,640,000	0	0	25,640,000
Weighted average number of shares outstanding, diluted	25,640,000	0	0	25,640,000
Basic net loss per ordinary share	$ (0.07)	$ 0	$ 0	$ (0.2)
Diluted net loss per ordinary share	$ (0.07)	$ 0	$ 0	$ (0.2)
Common Class B [Member]
Other income:
Net loss	$ (444,891)	$ (143)		$ (1,225,117)
Weighted average number of shares outstanding, basic	6,250,000	5,500,000	5,500,000	6,250,000
Weighted average number of shares outstanding, diluted	6,250,000	5,500,000	5,500,000	6,250,000
Basic net loss per ordinary share	$ (0.07)	$ 0	$ 0	$ (0.2)
Diluted net loss per ordinary share	$ (0.07)	$ 0	$ 0	$ (0.2)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes In Temporary Equity And Permanent (Deficit) Equity - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Common Class A [Member]	Common Class A [Member] Common Stock [Member]	Common Class B [Member]	Common Class B [Member] Common Stock [Member]
Beginning Balance at Feb. 24, 2021		$ 0
Beginning balance (in shares) at Feb. 24, 2021		0
Beginning Balance at Feb. 24, 2021	$ 0		$ 0	$ 0		$ 0		$ 0
Beginning Balance (in shares) at Feb. 24, 2021						0		0
Issuance of Class B ordinary shares to Sponsor	25,000		24,367					$ 633
Issuance of Class B ordinary shares to Sponsor (in shares)								6,325,000
Net loss	(5,182)			(5,182)
Ending Balance at Mar. 31, 2021	19,818		24,367	(5,182)		$ 0		$ 633
Ending Balance (in shares) at Mar. 31, 2021						0		6,325,000
Ending Balance at Mar. 31, 2021		$ 0
Ending Balance (in shares) at Mar. 31, 2021		0
Beginning Balance at Feb. 24, 2021		$ 0
Beginning balance (in shares) at Feb. 24, 2021		0
Beginning Balance at Feb. 24, 2021	0		0	0		$ 0		$ 0
Beginning Balance (in shares) at Feb. 24, 2021						0		0
Net loss	(5,325)
Ending Balance at Jun. 30, 2021	19,675		24,367	(5,325)		$ 0		$ 633
Ending Balance (in shares) at Jun. 30, 2021						0		6,325,000
Ending Balance at Jun. 30, 2021		$ 0
Ending Balance (in shares) at Jun. 30, 2021		0
Beginning Balance at Feb. 24, 2021		$ 0
Beginning balance (in shares) at Feb. 24, 2021		0
Beginning Balance at Feb. 24, 2021	0		0	0		$ 0		$ 0
Beginning Balance (in shares) at Feb. 24, 2021						0		0
Remeasurement of Class A ordinary shares to redemption value					$ (12,487,990)
Ending Balance at Dec. 31, 2021	(8,387,619)		0	(8,388,308)		$ 64		$ 625
Ending Balance (in shares) at Dec. 31, 2021						640,000		6,250,000
Ending Balance at Dec. 31, 2021	$ 250,008,324	$ 250,008,324			$ 250,008,324
Ending Balance (in shares) at Dec. 31, 2021	25,000,000	25,000,000			25,000,000
Beginning Balance at Mar. 31, 2021		$ 0
Beginning balance (in shares) at Mar. 31, 2021		0
Beginning Balance at Mar. 31, 2021	$ 19,818		24,367	(5,182)		$ 0		$ 633
Beginning Balance (in shares) at Mar. 31, 2021						0		6,325,000
Net loss	(143)			(143)	$ 0		$ (143)
Ending Balance at Jun. 30, 2021	19,675		24,367	(5,325)		$ 0		$ 633
Ending Balance (in shares) at Jun. 30, 2021						0		6,325,000
Ending Balance at Jun. 30, 2021		$ 0
Ending Balance (in shares) at Jun. 30, 2021		0
Beginning Balance at Dec. 31, 2021	$ 250,008,324	$ 250,008,324			$ 250,008,324
Beginning balance (in shares) at Dec. 31, 2021	25,000,000	25,000,000			25,000,000
Beginning Balance at Dec. 31, 2021	$ (8,387,619)		0	(8,388,308)		$ 64		$ 625
Beginning Balance (in shares) at Dec. 31, 2021						640,000		6,250,000
Remeasurement of Class A ordinary shares to redemption value	8,324	$ (8,324)		8,324
Net loss	(3,981,025)			(3,981,025)
Ending Balance at Mar. 31, 2022	(12,360,320)		0	(12,361,009)		$ 64		$ 625
Ending Balance (in shares) at Mar. 31, 2022						640,000		6,250,000
Ending Balance at Mar. 31, 2022		$ 250,000,000			$ 250,000,000
Ending Balance (in shares) at Mar. 31, 2022		25,000,000
Beginning Balance at Dec. 31, 2021	$ 250,008,324	$ 250,008,324			$ 250,008,324
Beginning balance (in shares) at Dec. 31, 2021	25,000,000	25,000,000			25,000,000
Beginning Balance at Dec. 31, 2021	$ (8,387,619)		0	(8,388,308)		$ 64		$ 625
Beginning Balance (in shares) at Dec. 31, 2021						640,000		6,250,000
Net loss	(6,251,039)				$ (5,025,922)		(1,225,117)
Ending Balance at Jun. 30, 2022	(15,001,429)		0	(15,002,118)		$ 64		$ 625
Ending Balance (in shares) at Jun. 30, 2022						640,000		6,250,000
Ending Balance at Jun. 30, 2022	$ 250,371,095	$ 250,371,095			$ 250,371,095
Ending Balance (in shares) at Jun. 30, 2022	25,000,000	25,000,000			25,000,000
Beginning Balance at Mar. 31, 2022		$ 250,000,000			$ 250,000,000
Beginning balance (in shares) at Mar. 31, 2022		25,000,000
Beginning Balance at Mar. 31, 2022	$ (12,360,320)		0	(12,361,009)		$ 64		$ 625
Beginning Balance (in shares) at Mar. 31, 2022						640,000		6,250,000
Remeasurement of Class A ordinary shares to redemption value	(371,095)	$ 371,095		(371,095)
Net loss	(2,270,014)			(2,270,014)	(1,825,123)		$ (444,891)
Ending Balance at Jun. 30, 2022	(15,001,429)		$ 0	$ (15,002,118)		$ 64		$ 625
Ending Balance (in shares) at Jun. 30, 2022						640,000		6,250,000
Ending Balance at Jun. 30, 2022	$ 250,371,095	$ 250,371,095			$ 250,371,095
Ending Balance (in shares) at Jun. 30, 2022	25,000,000	25,000,000			25,000,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	4 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022
Cash Flows from Operating Activities:
Net loss	$ (5,325)	$ (6,251,039)
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
Interest earned on marketable securities held in Trust Account	0	(362,771)
Changes in operating assets and liabilities:
Prepaid expenses	(19,600)	226,939
Advances from related party	0	70,687
Accrued expenses and accounts payable	88	5,733,242
Net cash used in operating activities	(19,837)	(582,942)
Cash Flows from Financing Activities
Advances from related party	25,643	0
Proceeds from promissory note – related party	300,000	250,000
Payment of offering costs	(82,268)	0
Net cash provided by financing activities	243,375	250,000
Net Change in Cash	223,538	(332,942)
Cash – Beginning of period	0	440,488
Cash – End of period	223,538	107,546
Non-Cash Investing and Financing Activities:
Offering costs paid by Sponsor in exchange for issuance of Founder Shares	20,000	0
Remeasurement of Class A ordinary shares subject to possible redemption	0	362,771
Offering costs included in accrued offering costs.	$ 277,398	$ 0

Description Of Organization, Bu

Description Of Organization, Business Operations And Going Concern	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description Of Organization, Business Operations And Going Concern	NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN Social Capital Suvretta Holdings Corp. III (now known as ProKidney Corp.) (the “Company” or “SCS”) was a blank check company incorporated as a Cayman Islands exempted company on February 25, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. Business Combination On July 11, 2022 (the “Closing Date”), SCS consummated the previously announced business combination (the “Business Combination”) with ProKidney LP, a limited partnership registered under the laws of Ireland (“ProKidney”). In connection with the closing of the Business Combination, SCS changed its name from “Social Capital Suvretta Holdings Corp. III” to “ProKidney Corp.” (or “New ProKidney”). On the Closing Date, the following transactions occurred (the “Transactions”): • (i) ProKidney issued to SCS a number of Post-Combination ProKidney Common Units equal to the number of fully diluted outstanding SCS ordinary shares as of immediately prior to the Closing (but after giving effect to all redemptions of SCS Class A ordinary shares and the purchase of SCS Class A ordinary shares and/or Post-Combination ProKidney Common Units pursuant to one or more subscription agreements (the “PIPE Placement”)), in exchange for (a) (x) New ProKidney Class B ordinary shares, which shares have no economic rights but entitle the holders thereof to vote on all matters on which shareholders of New ProKidney would be entitled to vote generally, and (y) restricted stock rights in respect of New ProKidney Class B ordinary shares (“New ProKidney Class B PMEL RSRs”), which restricted stock rights will convert into New ProKidney Class B ordinary shares upon the vesting of the associated PMEL RCUs, (b) an amount in cash equal to the aggregate proceeds obtained by SCS in the PIPE Placement and (c) an amount in cash equal to the aggregate proceeds available for release to SCS from SCS’s trust account (“Trust Account”) (after giving effect to all redemptions of SCS Class A ordinary shares and after payment of any deferred underwriting commissions being held in the Trust Account and payment of certain transaction expenses); • (ii) Legacy GP resigned as the general partner of ProKidney and New GP was admitted as the general partner of ProKidney; • (iii) ProKidney distributed to the Closing ProKidney Unitholders the New ProKidney Class B ordinary shares and New ProKidney Class B PMEL RSRs received pursuant to clause (i)(a) (x) and (y) above; and • (iv) holders of Legacy ProKidney Class A Units received an aggregate of Earnout RSRs (collectively, the “Earnout Rights”), which Earnout Rights vest in three equal tranches upon the achievement of certain New ProKidney share price milestones or certain change of control events. When vested, the Earnout RCUs will automatically convert into Post-Combination ProKidney Common Units and the associated Earnout RSRs will automatically convert into New ProKidney Class B ordinary shares, respectively. Holders of an aggregate of 22,829,769 Class A ordinary shares of SCS sold in its initial public offering (the “Public Shares”) properly exercised their right to have such shares redeemed for a full pro rata portion of the Trust Account, which was approximately $10.00 per share, or approximately $228.7 million in the aggregate, including interest. In connection with the execution of the Business Combination Agreement, SCS and New ProKidney entered into subscription agreements (the “Subscription Agreements”) with investors (the “PIPE Investors”), pursuant to which, among other things, New ProKidney agreed to issue and sell in a private placement an aggregate of 52,480,000 shares of New ProKidney Class A ordinary shares and 5,000,000 Post-Combination ProKidney Common Units (together with a corresponding number of New ProKidney Class B ordinary shares) to the PIPE Investors for a purchase price of $10.00 per share or Post-Combination ProKidney Common Unit, as applicable, and an aggregate purchase price of $574.8 million. Immediately after giving effect to the Business Combination, the following equity securities of New ProKidney were issued and outstanding: (i) 9,060,231 New ProKidney Class A ordinary shares issued to the holders of pre-Closing Business Prior to the Business Combination Prior to the Business Combination, the Company had one wholly owned subsidiary, ProKidney Corp. GP Limited., which was incorporated in Dublin on June 3, 2022 (“Merger Sub”). All activity for the period from February 25, 2021 (inception) through June 30, 2022 relates to the Company’s formation, the initial public offering (the “Initial Public Offering”), described below, and, subsequent to the Initial Public Offering, identifying a target company for a business combination and consummating the acquisition of ProKidney. The registration statements for the Company’s Initial Public Offering became effective on June 29, 2021 and June 30, 2021. On July 2, 2021, the Company consummated the Initial Public Offering of 25,000,000 Class A ordinary shares (the “Public Shares”), which includes the partial exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Public Shares, at $10.00 per Public Share, generating gross proceeds of $250,000,000, which is described in Note 3. The fair value attributable to the unexercised portion of the over-allotment option was deemed to be immaterial to the condensed consolidated financial statements. Substantially concurrently with the closing of the Initial Public Offering, the Company consummated the sale of 640,000 Class A ordinary shares (the “Private Placement Shares”) at a price of $10.00 per Private Placement Share in a private placement to SCS Sponsor III LLC, a Cayman Islands limited liability company (the “Sponsor”), generating gross proceeds of $6,400,000, which is described in Note 4. Transaction costs amounted to $12,479,666, consisting of $4,400,000 of underwriting fees, $7,700,000 of deferred underwriting fees and $379,666 of other offering costs. In connection with the closing of the Initial Public Offering on July 2, 2021, an amount of $250,000,000 ($10.00 per Public Share) from the net proceeds of the sale of the Public Shares in the Initial Public Offering and the sale of the Private Placement Shares was placed in the Trust Account, and invested in U.S. government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions of Rule 2a-7 Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 Liquidity and Going Concern As of June 30, 2022, the Company had $107,546 in its operating bank account and working capital deficit of $7,301,429. Until the consummation of a Business Combination, the Company used the funds not held in the Trust Account for identifying and evaluating prospective acquisition candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to acquire, and structuring, negotiating and consummating the Business Combination with ProKidney. The Company completed its Business Combination on July 11, 2022 with ProKidney, and has raised sufficient capital for its operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q Regulation S-X The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements contained in the Company’s Annual Report on Form 10-K Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (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 shareholder 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Significant accounting estimates include the determination of the fair value of Class A ordinary shares that were subject to possible redemption and the fair value of Founder Shares transferred to directors. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2022 and December 31, 2021. Marketable Securities Held in Trust Account At June 30, 2022 and December 31, 2021, substantially all of the assets held in the Trust Account were held in a money market fund which is invested primarily in U.S. Treasury securities. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at redemption value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as permanent deficit. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the permanent deficit section of the Company’s condensed consolidated balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying value of redeemable ordinary shares are affected by charges against additional paid-in At June 30, 2022 and December 31, 2021, the Class A ordinary shares subject to possible redemption reflected in the condensed consolidated balance sheets are reconciled in the following table: Gross proceeds $ 250,000,000 Less: Class A ordinary shares issuance costs (12,479,666 ) Plus: Accretion of carrying value to redemption value 12,487,990 Class A ordinary shares subject to possible redemption, December 31, 2021 250,008,324 Less: Remeasurement of carrying value to redemption value (8,324 ) Class A ordinary shares subject to possible redemption, March 31, 2022 250,000,000 Add: Remeasurement of carrying value to redemption value 371,095 Class A ordinary shares subject to possible redemption, June 30, 2022 $ 250,371,095 Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1. Offering costs paid-in Share-Based Payment Arrangements The Company accounts for stock awards in accordance with ASC 718, “Compensation—Stock Compensation,” which requires that all equity awards be accounted for at their “fair value.” Fair value is measured on the grant date and is equal to the underlying value of the stock. Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, in the period of grant for awards that vest immediately and have no future service condition, or in the period the awards vest immediately after meeting a performance condition becomes probable (i.e., the occurrence of a Business Combination). For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from the Company’s initial estimates; previously recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited. Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the condensed consolidated financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s condensed consolidated financial statements and prescribes a recognition threshold and measurement process for condensed consolidated financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not The Company is considered to be an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented. Net Loss per Ordinary Share Net loss per ordinary share is computed by dividing net loss by the weighted-average number of ordinary shares outstanding during the period. The Company has two classes of ordinary shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Losses are shared pro rata between the two classes of shares. Charges associated with the redeemable Class A ordinary shares are excluded from net loss per ordinary share as the redemption value approximates fair value. As of June 30, 2022 and 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net loss per ordinary share is the same as basic net loss per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net loss per ordinary share (in dollars, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, For the Period from January 20, 2021 (inception) through June 30, 2022 2021 2022 2021 Class A Class B Class A Class B Class A Class B Class A Class B Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (1,825,123 ) $ (444,891 ) $ — $ (143 ) $ (5,025,922 ) $ (1,225,117 ) $ — $ (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 loss per ordinary share $ (0.07 ) $ (0.07 ) $ — $ (0.00 ) $ (0.20 ) $ (0.20 ) $ — $ (0.00 ) Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” (“ASC 820”), approximates the carrying amounts represented in the accompanying condensed consolidated balance sheets, primarily due to their short-term nature. Recent Accounting Standards In August 2020, the FASB issued ASU No. 2020-06, 470-20) 815-40): 2020-06”), 2020-06 2020-06 2020-06 2020-06 Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated financial statements. Accrued Expenses At June 30, 2022, accrued expenses include d At December 31, 2021, accrued expenses include d

Initial Public Offering

Initial Public Offering	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Initial Public Offering	NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 25,000,000 Public Shares, which include d

Private Placement

Private Placement	6 Months Ended
	Jun. 30, 2022
Private Placement [Abstract]
Private Placement	NOTE 4. PRIVATE PLACEMENT Substantially concurrently with the closing of the Initial Public Offering, the Sponsor purchased 640,000 Private Placement Shares at a price of $10.00 per Private Placement Share, for an aggregate purchase price of $6,400,000. Each Private Placement Share was identical to the Class A ordinary shares sold in the Initial Public Offering, subject to certain limited exceptions as described in Note 7. A portion of the proceeds from the sale of the Private Placement Shares was added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company did not complete a Business Combination within the Combination Period or during any applicable extension period, the proceeds from the sale of the Private Placement Shares held in the Trust Account would be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Shares would be worthless.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares On March 2, 2021, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for which the Sponsor received 5,750,000 Class B ordinary shares (the “Founder Shares”). On June 29, 2021, the Company effected a share capitalization with respect to its Class B ordinary shares of 575,000 shares thereof, resulting in the Company’s initial shareholders holding an aggregate of 6,325,000 Founder Shares. All share and per-share w e In June 2021, the Sponsor transferred 30,000 Founder Shares to Marc Semigran, an independent director of the Company. The sale of the Founder Shares to the Company’s director is in the scope of FASB ASC Topic 718, “Compensation-Stock Compensation” (“ASC 718”). Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The fair value of the 30,000 shares granted to the Company’s director was $ 214,160 or approximately $ 7.14 per share. The Founder Shares were effectively sold subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founder Shares is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. As of June 30, 2022, the Company determined that a Business Combination was not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based compensation would be recognized at the date a Business Combination would be considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founder Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founder Shares. The Sponsor and the Company’s directors and officers have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earlier of: (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination, (x) if the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, 30-trading Administrative Services Agreement The Company entered into an agreement in which it w ould , respectively, in fees for these services, of which is included in amounts due to related party in the accompanying condensed consolidated balance sheet. For the three months ended June 30, 2021 and for the period from February 25, 2021 (inception) through June 30, 2021, the Company did not incur any fees for these services. Upon completion of the Business Combination, the Company ceased paying these monthly fees. Due to Related Party During the three and six months ended June 30, 2022, an affiliate of the Sponsor advanced the Company $37,064 and $70,687, respectively, for working capital purposes. No repayments of these amounts were made during the three and six months ended June 30, 2022. During the three and six months ended June 30, 2021, the affiliate of the Sponsor advanced the Company $25,643, of which such amount was repaid on July 7, 2021. As of June 30, 2022, and December 31, 2021, the outstanding balance under the advances amounted to $80,687 and $10,000 respectively. Promissory Note — Related Party On March 2, 2021, the Company issued an unsecured promissory note to the Sponsor (the “Pre-IPO Pre-IPO non-interest Pre-IPO Pre-IPO On April 20, 2022, the Company issued an unsecured promissory note (the “Promissory Note”) to the Sponsor pursuant to which the Company could borrow up to an aggregate principal amount of The Promissory Note was non-interest under the Promissory Note. As of June 30, 2022, there was outstanding under the Promissory Note and the amount was paid off at the closing of the Business Combination.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 6. COMMITMENTS AND CONTINGENCIES The Company was Registration Rights Pursuant to a registration rights agreement entered into on June 29, 2021, the holders of the Founder Shares, Private Placement Shares and any Private Placement Shares that could be issued on conversion of any Class A ordinary shares issuable upon the conversion of the Founder Shares) were entitled to registration rights requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to the Class A ordinary shares). The holders of these securities would be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders had certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company would bear the expenses incurred in connection with the filing of any such registration statements. At the closing of the Business Combination, the Company entered into an Amended and Restated Registration Rights Agreement, with the Sponsor, the Company’s directors and the Closing ProKidney unitholders, which replaced the existing registration rights agreement. General Legal Matters Certain purported shareholders of the Company sent demand letters (the “Demands”) alleging deficiencies and/or omissions in the preliminary proxy statement on Schedule 14A filed by the Company with the SEC on February 14, 2022. The Demands seek additional disclosures to remedy these purported deficiencies. The Company believes that the allegations in the Demands are meritless. Underwriting Agreement The underwriters were Restricted Stock Unit Award In September 2021, pursuant to a Director Restricted Stock Unit Award Agreement, dated September 24, 2021, between the Company and Uma Sinha, the Company agreed to grant 30,000 restricted stock units (“RSUs”) to Dr. Sinha, which grant was were to The RSUs granted by the Company are in the scope of ASC 718. Under ASC 718, stock-based compensation associated with equity-classified awards is measured at fair value upon the grant date. The RSUs granted were subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the RSUs is recognized only when the performance condition is probable of occurrence under the applicable accounting literature in this circumstance. As of June 30, 2022, the Company did not have a shareholder approved equity plan and also determined that a Business Combination was not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based compensation was

Temporary Equity and Permanent

Temporary Equity and Permanent Deficit	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Temporary Equity and Permanent Deficit	NOTE 7. TEMPORARY EQUITY AND PERMANENT DEFICIT Preference Shares Class A Ordinary Shares Class B Ordinary Shares Holders of record of Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided that prior to a Business Combination, holders of Class B ordinary shares had the right to appoint all of the Company’s directors and remove members of its board of directors for any reason, and holders of Class A ordinary shares were not entitled to vote on the appointment of directors during such time. The Class B ordinary shares automatically converted into Class A ordinary shares at the time of the Business Combination, or earlier at the option of the holder, on a one-for-one sub-divisions, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like. Additionally, in the event that additional (in excess of the amounts issued in the Initial Public Offering) Class A ordinary shares, or equity-linked securities, were issued or deemed issued in connection with the closing of the Business Combination, the ratio at which the Class B ordinary shares would convert into Class A ordinary shares would be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agreed to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares would equal, in the aggregate, of the sum of the total number of Class A ordinary shares outstanding after such conversion (after giving effect to any redemptions of Class A ordinary shares by Public Shareholders, and excluding the Private Placement Shares), including any Class A ordinary shares issued or deemed issued, or issuable upon the conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with the Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, or to be issued, to any seller in the Business Combination and any private placement shares issued to the Sponsor or its affiliates upon conversion of Working Capital Loans; provided that such conversion of Class B ordinary shares would never occur on a less than one-for-one-basis. Private Placement Shares

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 8. FAIR VALUE MEASUREMENTS The Company follows the guidance in ASC Topic 820 for its financial assets and liabilities that arere-measured and reported at fair value at each reporting period, and non-financial The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: 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. The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level June 30, 2022 December 31, 2021 Assets: Marketable securities held in Trust Account 1 $ 250,371,095 $ 250,008,324

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	NOTE 9. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed consolidated financial statements were issued. Based upon this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed consolidated financial statements. As further described in Note 1, on July 11, 2022, the Company completed its Business Combination with ProKidney.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q Regulation S-X The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements contained in the Company’s Annual Report on Form 10-K
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation.
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act of 1933, as amended (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 shareholder 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 Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Significant accounting estimates include the determination of the fair value of Class A ordinary shares that were subject to possible redemption and the fair value of Founder Shares transferred to directors. Accordingly, the actual results could differ significantly from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of June 30, 2022 and December 31, 2021.
Marketable Securities Held in Trust Account	Marketable Securities Held in Trust Account At June 30, 2022 and December 31, 2021, substantially all of the assets held in the Trust Account were held in a money market fund which is invested primarily in U.S. Treasury securities.
Class A Ordinary Shares Subject to Possible Redemption	Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at redemption value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, ordinary shares are classified as permanent deficit. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the permanent deficit section of the Company’s condensed consolidated balance sheets. The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying value of redeemable ordinary shares are affected by charges against additional paid-in At June 30, 2022 and December 31, 2021, the Class A ordinary shares subject to possible redemption reflected in the condensed consolidated balance sheets are reconciled in the following table: Gross proceeds $ 250,000,000 Less: Class A ordinary shares issuance costs (12,479,666 ) Plus: Accretion of carrying value to redemption value 12,487,990 Class A ordinary shares subject to possible redemption, December 31, 2021 250,008,324 Less: Remeasurement of carrying value to redemption value (8,324 ) Class A ordinary shares subject to possible redemption, March 31, 2022 250,000,000 Add: Remeasurement of carrying value to redemption value 371,095 Class A ordinary shares subject to possible redemption, June 30, 2022 $ 250,371,095
Offering Costs	Offering Costs The Company complies with the requirements of the ASC 340-10-S99-1. Offering costs paid-in
Share-Based Payment Arrangements	Share-Based Payment Arrangements The Company accounts for stock awards in accordance with ASC 718, “Compensation—Stock Compensation,” which requires that all equity awards be accounted for at their “fair value.” Fair value is measured on the grant date and is equal to the underlying value of the stock. Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, in the period of grant for awards that vest immediately and have no future service condition, or in the period the awards vest immediately after meeting a performance condition becomes probable (i.e., the occurrence of a Business Combination). For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from the Company’s initial estimates; previously recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited.
Income Taxes	Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the condensed consolidated financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s condensed consolidated financial statements and prescribes a recognition threshold and measurement process for condensed consolidated financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not The Company is considered to be an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the periods presented.
Net Loss Per Ordinary Share	Net Loss per Ordinary Share Net loss per ordinary share is computed by dividing net loss by the weighted-average number of ordinary shares outstanding during the period. The Company has two classes of ordinary shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Losses are shared pro rata between the two classes of shares. Charges associated with the redeemable Class A ordinary shares are excluded from net loss per ordinary share as the redemption value approximates fair value. As of June 30, 2022 and 2021, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted net loss per ordinary share is the same as basic net loss per ordinary share for the periods presented. The following table reflects the calculation of basic and diluted net loss per ordinary share (in dollars, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, For the Period from January 20, 2021 (inception) through June 30, 2022 2021 2022 2021 Class A Class B Class A Class B Class A Class B Class A Class B Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (1,825,123 ) $ (444,891 ) $ — $ (143 ) $ (5,025,922 ) $ (1,225,117 ) $ — $ (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 loss per ordinary share $ (0.07 ) $ (0.07 ) $ — $ (0.00 ) $ (0.20 ) $ (0.20 ) $ — $ (0.00 )
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on these accounts.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” (“ASC 820”), approximates the carrying amounts represented in the accompanying condensed consolidated balance sheets, primarily due to their short-term nature.
Recent Accounting Standards	Recent Accounting Standards In August 2020, the FASB issued ASU No. 2020-06, 470-20) 815-40): 2020-06”), 2020-06 2020-06 2020-06 2020-06 Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed consolidated financial statements.
Accrued Expenses	Accrued Expenses At June 30, 2022, accrued expenses include d At December 31, 2021, accrued expenses include d

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of calculation of basic and diluted net income (loss) per ordinary share	At June 30, 2022 and December 31, 2021, the Class A ordinary shares subject to possible redemption reflected in the condensed consolidated balance sheets are reconciled in the following table: Gross proceeds $ 250,000,000 Less: Class A ordinary shares issuance costs (12,479,666 ) Plus: Accretion of carrying value to redemption value 12,487,990 Class A ordinary shares subject to possible redemption, December 31, 2021 250,008,324 Less: Remeasurement of carrying value to redemption value (8,324 ) Class A ordinary shares subject to possible redemption, March 31, 2022 250,000,000 Add: Remeasurement of carrying value to redemption value 371,095 Class A ordinary shares subject to possible redemption, June 30, 2022 $ 250,371,095
Schedule of Class A Ordinary shares reflected in the Balance Sheets	The following table reflects the calculation of basic and diluted net loss per ordinary share (in dollars, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, For the Period from January 20, 2021 (inception) through June 30, 2022 2021 2022 2021 Class A Class B Class A Class B Class A Class B Class A Class B Basic and diluted net loss per ordinary share Numerator: Allocation of net loss, as adjusted $ (1,825,123 ) $ (444,891 ) $ — $ (143 ) $ (5,025,922 ) $ (1,225,117 ) $ — $ (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 loss per ordinary share $ (0.07 ) $ (0.07 ) $ — $ (0.00 ) $ (0.20 ) $ (0.20 ) $ — $ (0.00 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Assets that are Measured at Fair Value on a Recurring Basis	The following table presents information about the Company’s assets that are measured at fair value on a recurring basis at June 30, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level June 30, 2022 December 31, 2021 Assets: Marketable securities held in Trust Account 1 $ 250,371,095 $ 250,008,324

Description Of Organization, _2

Description Of Organization, Business Operations And Going Concern - Additional Information (Detail) - USD ($)			6 Months Ended	10 Months Ended
	Jul. 11, 2022	Jul. 02, 2021	Jun. 30, 2022	Dec. 31, 2021
Description Of Organization And Business Operations [Line Items]
Incorporation date of entity			Feb. 25, 2021
Deferred underwriting fee			$ 7,700,000
Cash			107,546	$ 440,488
Working Capital			$ 7,301,429
Stock issued during period new issues			17,500,000
PIPE Investors [Member]
Description Of Organization And Business Operations [Line Items]
Aggregate amount paid to holders for exercised right to have public shares redeemed from trust ccount			$ 228,700,000
Outstanding amount remain in trust account immediately prior to the closing of public shares redemption			$ 21,700,000
ProKidney LP [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period new issues			170,723,961
ProKidney LP [Member] | Restricted Stock Rights [Member] | Subsequent Event [Member]
Description Of Organization And Business Operations [Line Items]
Business acquisition, equity interest issued or issuable, number of shares	17,500,000
IPO [Member]
Description Of Organization And Business Operations [Line Items]
Sale of stock price per share			$ 10
Sale of stock, number of shares issued in transaction			22,829,769
Sale of stock, consideration received on transaction			$ 228,700,000
Private Placement [Member] | PIPE Investors [Member]
Description Of Organization And Business Operations [Line Items]
Sale of stock price per share			$ 10
Sale of stock, consideration received on transaction			$ 574.8
Common Class A [Member]
Description Of Organization And Business Operations [Line Items]
Sale of stock price per share		$ 10
Proceeds from initial public offering				$ 250,000,000
Stock issued during period new issues			9,060,231
Common Class A [Member] | PIPE Investors [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period new issues			52,480,000
Common Class A [Member] | IPO [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period new shares issued		25,000,000
Sale of stock price per share		$ 10
Proceeds from initial public offering		$ 250,000,000
Transaction costs incurred inconnection with initial public offering		12,479,666
Underwriting fee		4,400,000
Deferred underwriting fee		7,700,000
Deferred offering costs		379,666
Common stock held in trust account		$ 250,000,000
Common Class A [Member] | Over-Allotment Option [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period new shares issued		3,000,000
Common Class A [Member] | Private Placement [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period new shares issued		640,000
Sale of stock price per share		$ 10
Proceeds from private placement issue		$ 6,400,000
Common Class A [Member] | Private Placement [Member] | PIPE Investors [Member]
Description Of Organization And Business Operations [Line Items]
Sale of stock, number of shares issued in transaction			52,480,000
Common Class B [Member] | ProKidney LP [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period new issues			9,276,039
Common Class B [Member] | Private Placement [Member] | PIPE Investors [Member]
Description Of Organization And Business Operations [Line Items]
Sale of stock, number of shares issued in transaction			5,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Jul. 02, 2021	Jun. 30, 2022	Dec. 31, 2021
Accounting Policies [Line Items]
Cash, FDIC insured amount		$ 250,000
Deferred underwriting fee		7,700,000
Accrued legal expense		5,712,109	$ 1,506,528
Accrued printing expense		665,684	5,000
Accrued due diligence expense		529,688	282,500
Accrued regulatory filing fee		124,950	70,000
Accrued accounting expense		70,000	$ 770
Business combination, accrued legal expense		5,500,000
Business combination, accrued consulting expense		500,606
Accounting Fee Payable		$ 118,450
Common Class A [Member] | IPO [Member]
Accounting Policies [Line Items]
Deferred offering costs	$ 379,666
Transaction costs incurred inconnection with initial public offering	12,479,666
Underwriting fee	4,400,000
Deferred underwriting fee	$ 7,700,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Class A Ordinary Shares Reflected in the Balance Sheets (Detail) - USD ($)	3 Months Ended		10 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Temporary Equity [Line Items]
Accretion of carrying value to redemption value	$ 371,095	$ (8,324)
Class A ordinary shares subject to possible redemption	250,371,095		$ 250,008,324
Common Class A [Member]
Temporary Equity [Line Items]
Gross proceeds			250,000,000
Class A ordinary shares issuance costs			(12,479,666)
Accretion of carrying value to redemption value			12,487,990
Class A ordinary shares subject to possible redemption	250,371,095	250,000,000	$ 250,008,324
Remeasurement of carrying value to redemption value	$ 371,095	$ (8,324)

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Calculation of Basic and Diluted Net Income (Loss) per Ordinary Share (Detail) - USD ($)	1 Months Ended	3 Months Ended			4 Months Ended	5 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Numerator:
Allocation of net loss	$ (5,182)	$ (2,270,014)	$ (3,981,025)	$ (143)	$ (5,325)		$ (6,251,039)
Common Class A [Member]
Numerator:
Allocation of net loss		$ (1,825,123)		$ 0		$ 0	$ (5,025,922)
Denominator:
Weighted Average Shares Outstanding, Basic		25,640,000		0	0	0	25,640,000
Weighted Average Shares Outstanding, Diluted		25,640,000		0	0	0	25,640,000
Net loss per ordinary share , Basic		$ (0.07)		$ 0	$ 0	$ 0	$ (0.2)
Net loss per ordinary share , Diluted		$ (0.07)		$ 0	$ 0	$ 0	$ (0.2)
Class B [Member]
Numerator:
Allocation of net loss		$ (444,891)		$ (143)		$ (5,325)	$ (1,225,117)
Denominator:
Weighted Average Shares Outstanding, Basic		6,250,000		5,500,000	5,500,000	5,500,000	6,250,000
Weighted Average Shares Outstanding, Diluted		6,250,000		5,500,000	5,500,000	5,500,000	6,250,000
Net loss per ordinary share , Basic		$ (0.07)		$ 0	$ 0	$ 0	$ (0.2)
Net loss per ordinary share , Diluted		$ (0.07)		$ 0	$ 0	$ 0	$ (0.2)

Initial Public Offering - Addit

Initial Public Offering - Additional Information (Detail) - $ / shares	Jul. 02, 2021	Jun. 30, 2022
IPO [Member]
Class of Stock [Line Items]
Sale of stock price per share		$ 10
Common Class A [Member]
Class of Stock [Line Items]
Sale of stock price per share	$ 10
Common Class A [Member] | IPO [Member]
Class of Stock [Line Items]
Stock issued during period new shares issued	25,000,000
Sale of stock price per share	$ 10
Common Class A [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Stock issued during period new shares issued	3,000,000

Private Placement - Additional

Private Placement - Additional Information (Detail) - Common Class A [Member]	Jul. 02, 2021 USD ($) $ / shares shares
Class of Stock [Line Items]
Sale of stock price per share	$ 10
Private Placement [Member]
Class of Stock [Line Items]
Stock issued during period new shares issued | shares	640,000
Sale of stock price per share	$ 10
Proceeds from private placement issue | $	$ 6,400,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)

1 Months Ended

3 Months Ended

6 Months Ended

Apr. 26, 2022

Jul. 02, 2021

Jun. 30, 2021

Jun. 29, 2021

Mar. 02, 2021

Jun. 30, 2021

Mar. 31, 2021

Jun. 30, 2022

Sep. 30, 2021

Jun. 30, 2022

Apr. 20, 2022

Dec. 31, 2021

Related Party Transaction [Line Items]

Stock shares issued during the period for services value

$ 25,000

Advances from related party current

$ 80,687

$ 80,687

$ 10,000

Notes payable, related parties

25,643

25,643

Working capital loans convertible into equity warrants

$ 70,687

$ 70,687

Director [Member]

Related Party Transaction [Line Items]

Number of shares granted

30,000

Share price

$ 7.14

$ 7.14

Fair value of shares granted

$ 214,160

Sponsor [Member] | Founder Shares [Member] | Independent Directors [Member]

Related Party Transaction [Line Items]

Stock issued during period, shares, new issues

30,000

Common Class B [Member]

Related Party Transaction [Line Items]

Common stock shares outstanding

6,250,000

6,250,000

6,250,000

Share based compensation shares forfeited during the period

75,000

Common Class B [Member] | Founder [Member]

Related Party Transaction [Line Items]

Stock shares issued during the period for services value

$ 25,000

Stock shares issued during the period for services shares

5,750,000

Stock issued during period, shares, new issues

575,000

Common stock shares outstanding

6,250,000

6,325,000

6,250,000

Common stock, shares, subject to forfeiture

825,000

825,000

Shares no longer subject to forfeiture

750,000

750,000

Administration And Support Services [Member] | Sponsor [Member]

Related Party Transaction [Line Items]

Related party transaction fees payable per month

$ 10,000

Selling general and administrative expenses from transactions with related party

$ 30,000

$ 60,000

Advance From Related Party Loan [Member] | Sponsor [Member]

Related Party Transaction [Line Items]

Due to related parties

37,064

37,064

Promissory Note [Member] | Sponsor [Member]

Related Party Transaction [Line Items]

Due to related parties

$ 250,000

$ 250,000

Debt instrument face value

$ 1,500,000

Amount drew under the note

$ 250,000

Pre IPO Sponsor Promissory Note [Member] | Sponsor [Member]

Related Party Transaction [Line Items]

Repayments of related party debt

$ 300,000

Debt instrument face value

$ 300,000

Restriction On Transfer Of Sponsor Shares [Member] | Common Class B [Member] | Founder [Member]

Related Party Transaction [Line Items]

Share price

$ 12

$ 12

Number of trading days for determining the share price

20 days

Number of consecutive trading days for determining the share price

30 days

Waiting period after which the share trading days are considered

150 days

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2022 USD ($) shares
Loss Contingencies [Line Items]
Deferred underwriting fee | $	$ 7,700,000
Business Acquisition Cost Of Acquired Entity Transaction Costs | $	$ 13,400,000
Director Restricted Stock Unit Award Agreement [Member] | Common Class A [Member]
Loss Contingencies [Line Items]
Number of shares of common stock committed to settle on a date following the year Business combination occurs | shares	30,000
Director Restricted Stock Unit Award Agreement [Member] | Restricted Stock Units (RSUs) [Member]
Loss Contingencies [Line Items]
Number of stock units granted | shares	30,000

Temporary Equity and Permanen_2

Temporary Equity and Permanent Deficit - Additional Information (Detail) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock shares authorized	5,000,000	5,000,000
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock shares issued	0	0
Preferred stock shares outstanding	0	0
Common Class A [Member]
Class of Stock [Line Items]
Common stock shares authorized	500,000,000	500,000,000
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares issued	640,000	640,000
Common stock shares outstanding	640,000	640,000
Common stock, shares, subject to forfeiture	25,000,000
Common Class B [Member]
Class of Stock [Line Items]
Common stock shares authorized	50,000,000	50,000,000
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares issued	6,250,000	6,250,000
Common stock shares outstanding	6,250,000	6,250,000
Percent of founders shares to company's issued and outstanding ordinary shares	20%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets that are Measured at Fair Value on a Recurring Basis (Detail) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Inputs, Level 1 [Member]
Assets:
Marketable securities held in Trust Account	$ 250,371,095	$ 250,008,324