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v3.22.2.2

Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 10 Months Ended | 12 Months Ended
--- | --- | --- | ---
Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2021
Schedule of calculation of basic and diluted net income (loss) per ordinary share | The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated based on the weighted average number of common shares outstanding:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss available to Class A Unit holders |  | $ | (22,131 | ) |  | $ | (12,725 | ) |  | $ | (89,617 | ) |  | $ | (24,334 | )
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted average Class A Units outstanding, basic and diluted |  |  | 186,500,000 |  |  |  | 140,109,890 |  |  |  | 186,500,000 |  |  |  | 131,160,221 |
Net loss per Class A Unit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss per Class A Unit, basic and diluted |  |  | (0.12 | ) |  |  | (0.09 | ) |  |  | (0.48 | ) |  |  | (0.19 | )
Antidilutive securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class B Units |  |  | 27,100,937 |  |  |  | 7,767,122 |  |  |  | 27,100,937 |  |  |  | 7,767,122 |
|  | The following table sets forth the calculation of basic and diluted earnings per share for the periods indicated based on the weighted average number of common shares outstanding:
|  | Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Numerator |  |  |  |  |  |  |  |
Net loss available to Class A Unit holders |  | $ | (55,146 | ) |  | $ | (26,749 | )
Denominator |  |  |  |  |  |  |  |
Weighted average Class A Units outstanding, basic and diluted |  |  | 150,706,849 |  |  |  | 104,986,301 |
Net loss per Class A Unit |  |  |  |  |  |  |  |
Net loss per Class A Unit, basic and diluted |  | $ | (0.37 | ) |  | $ | (0.25 | )
Schedule of accrued expenses | Accrued expenses as presented in the Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 consisted of the following (in thousands):
|  | June 30, 2022 |  |  | December 31, 2021 |
Compensation |  | $ | 1,545 |  |  | $ | 1,832 |
Clinical study related costs |  |  | 222 |  |  |  | 2,031 |
Accrued legal costs |  |  | 3,193 |  |  |  | 964 |
Manufacturing improvement costs |  |  | 652 |  |  |  | 4,164 |
Other accrued expenses |  |  | 572 |  |  |  | 222 |
Total accrued expenses and other |  | $ | 6,184 |  |  | $ | 9,213 |
|  | Accrued expenses which have been presented on the consolidated balance sheets as of December 31, 2021 and 2020 consisted of the following (in thousands):
|  | December 31, 2021 |  |  | December 31, 2020 |
Compensation |  | $ | 1,832 |  |  | $ | 1,085 |
Clinical study related costs |  |  | 2,031 |  |  |  | 1,154 |
Facility expansion costs |  |  | 19 |  |  |  | 1,709 |
Accrued legal |  |  | 964 |  |  |  | — |
Manufacturing improvement costs |  |  | 4,164 |  |  |  | — |
Other accrued expenses |  |  | 203 |  |  |  | 548 |
Total accrued expenses and other |  | $ | 9,213 |  |  | $ | 4,496 |
Schedule of estimated useful lives | The estimated useful lives are as follows:
Computer equipment and software |  | 3-5 years
Furniture and equipment |  | 5-7 years
Leasehold improvements |  | remainder of lease term
|  | The estimated useful lives are as follows:
Computer equipment and software |  | 3- 5 years
Furniture and equipment |  | 5- 7 years
Leasehold improvements |  | remainder of lease term
Schedule of fixed assets | Fixed assets consisted of the following (in thousands):
|  | June 30, 2022 |  |  | December 31, 2021 |
Furniture and equipment |  | $ | 2,367 |  |  | $ | 2,180 |
Computer equipment and software |  |  | 719 |  |  |  | 569 |
Leasehold improvements |  |  | 10,538 |  |  |  | 10,517 |
Construction in progress |  |  | 694 |  |  |  | 351 |
Less: accumulated depreciation |  |  | (3,461 | ) |  |  | (2,259 | )
Total fixed assets, net |  | $ | 10,857 |  |  | $ | 11,358 |
|  | Fixed assets consisted of the following (in thousands):
|  | December 31, 2021 |  |  | December 31, 2020 |
Furniture and equipment |  | $ | 2,180 |  |  | $ | 2,011 |
Computer equipment and software |  |  | 569 |  |  |  | 130 |
Leasehold improvements |  |  | 10,517 |  |  |  | 76 |
Construction in progress |  |  | 351 |  |  |  | 7,854 |
Less: accumulated depreciation |  |  | (2,259 | ) |  |  | (1,157 | )
Total fixed assets, net |  | $ | 11,358 |  |  | $ | 8,914 |
Schedule of intangible asset | The following table summarizes information related to the Company’s assembled workforce intangible asset (in thousands):
|  | June 30, 2022 |  |  | December 31, 2021 |
Gross carrying amount |  | $ | 1,073 |  |  | $ | 1,073 |
Accumulated amortization |  |  | 753 |  |  |  | 645 |
Net carrying amount |  | $ | 320 |  |  | $ | 428 |
|  | The following table summarizes information related to the Company’s assembled workforce intangible asset (in thousands):
|  | December 31, 2021 |  |  | December 31, 2020 |
Gross carrying amount |  | $ | 1,073 |  |  | $ | 1,073 |
Accumulated amortization |  |  | 645 |  |  |  | 431 |
Net carrying amount |  | $ | 428 |  |  | $ | 642 |
Social Capital Suvretta Holdings Corp. III [Member] |  |  |
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 |
| At December 31, 2021, the Class A ordinary shares subject to possible redemption reflected in the balance sheet are reconciled in the following table:
Gross proceeds |  | $ | 250,000,000 |
Less: |  |  |  |
Class A ordinary shares issuance costs |  |  | (12,479,666 | )
Plus: |  |  |  |
Increase of carrying value to redemption value |  |  | 12,487,990 |
Class A ordinary shares subject to possible redemption |  | $ | 250,008,324 |
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 | )
| The following table reflects the calculation of basic and diluted net loss per ordinary share (in dollars, except per share amounts):
|  | For the Period from February 25, 2021 (Inception) Through December 31, 2021 |
|  | Class A |  |  | Class B |
Basic and diluted net loss per ordinary share |  |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |  |
Allocation of net loss |  | $ | (1,675,346 | ) |  | $ | (649,283 | )
Denominator: |  |  |  |  |  |  |  |
Basic and diluted weighted average shares outstanding |  |  | 15,101,877 |  |  |  | 5,852,751 |
Basic and diluted net loss per ordinary share |  | $ | (0.11 | ) |  | $ | (0.11 | )

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