0001193125-22-231275 | S-1/A | XBRL Viewer

Members' Equity (Tables)

12 Months Ended

Dec. 31, 2021

Holders of Class A Units have voting rights and rights to profits and losses of the Company and distributions from the Company. The following is a summary of the activity of the Class A Units:


Units outstanding January 1, 2020			95,000,000
Issued 2020			20,000,000

Units outstanding December 31, 2020			115,000,000
Issued 2021			71,500,000

Units outstanding December 31, 2021			186,500,000

Summary of Significant Accounting Policies

6 Months Ended

10 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Summary of Significant Accounting Policies

Note 2: Significant Accounting Policies

Basis of Presentation

The condensed consolidated financial statements reflect the operations of ProKidney and its wholly-owned subsidiaries consisting of

ProKidney-KY

and

ProKidney-US

(together, the “Company”). All intercompany transactions and accounts have been eliminated.

These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s financial information. These interim results and cash flows for any interim period are not necessarily indicative of the results to be expected for the full year. Any reference in these notes to applicable guidance is meant to refer to the authoritative accounting principles generally accepted in the United States of America (“GAAP”) as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). These unaudited consolidated financial statements are presented in U.S. Dollars.

Going Concern

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company performed an analysis of its ability to continue as a going concern. As of June 30, 2022, the Company had an accumulated deficit of $251,127,000. The Company has generated losses from operations for each year since its inception. The Company intends to continue to conduct significant additional research, development, and clinical study activities which, together with expenses incurred for general and administrative expenses, are expected to result in continuing operating losses for the foreseeable future. The amount of future losses and when, if ever, the Company will achieve profitability are uncertain. The Company’s ability to achieve profitability will depend, among other things, on successfully completing clinical studies, obtaining requisite regulatory approvals, establishing appropriate pricing for its product with payers, and raising sufficient funds to finance the Company’s activities. No assurance can be given that the Company’s clinical development efforts will be successful, that regulatory approvals will be obtained, or that the Company will be able to achieve appropriate pricing and market access or that profitability, if achieved, can be sustained.

These matters raised substantial doubt about the Company’s ability to continue as a going concern. As of June 30, 2022, the Company had cash and cash equivalents of $21,882,000, and remaining availability of $65,000,000 under the Promissory Notes. As of June 30, 2022, the Company believed that these sources of liquidity would not be sufficient to fund its obligations for the subsequent 12 months. However, the Closing of the Business Combination on July 11, 2022 provided additional liquidity to the Company totaling approximately $511,912,000. The Company’s liquidity after considering the proceeds from the Business Combination is considered sufficient to satisfy the Company’s operating liabilities for a period greater than 12 months following the issuance date of these financial statements. As such, management considers that the substantial doubt about the Company’s ability to continue as a going concern is alleviated by the inclusion of these additional funds in its available sources of liquidity.

Use of Estimates

The preparation of condensed consolidated financial statements, in accordance with GAAP, requires management to make certain 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 amounts of expenses during the reported periods. Certain estimates in these condensed consolidated financial statements have been made in connection with the calculation of research and development expenses, equity-based compensation expense and the provision for or benefit from income taxes. The Company bases its estimates on historical experience and various other assumptions, including in certain circumstances future projections, which management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of 90 days or less on the date of purchase to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these items.

Concentrations of Credit Risk

Cash and equivalents are financial instruments that are potentially subject to concentrations of credit risk. The Company’s cash and equivalents are deposited in accounts at large financial institutions, and such amounts may exceed federally insured limits.

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

Research and Development Costs

Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, benefits, third party license fees, and external costs of outside vendors engaged to conduct manufacturing and preclinical development activities and clinical trials.

The Company records accruals based on estimates of services received, efforts expended, and amounts owed pursuant to contracts with numerous contract research organizations. In the normal course of business, the Company contracts with third parties to perform various clinical study activities in the ongoing development of potential products. The financial terms of these agreements are subject to negotiation and variation from contract to contract and may result in uneven payment flows. Payments under the contracts depend on factors such as the achievement of certain events and the completion of portions of the clinical study or similar conditions. The objective of the Company’s accrual policy is to match the recording of expenses in its financial statements to the actual services received and efforts expended. As such, expense accruals related to clinical studies are recognized based on the company’s estimate of the degree of completion of the event or events specified in the specific clinical study.

The Company records nonrefundable advance payments it makes for future research and development activities as prepaid expenses. Prepaid expenses are recognized as expense in the Condensed Consolidated Statement of Operations and Comprehensive Loss as the Company receives the related goods or services

Costs incurred in obtaining technology licenses are charged to research and development expense as purchased

in-process

research and development if the technology licensed has not reached technological feasibility and has no alternative future use.

Fixed Assets

depreciation and amortization using the straight-line method over the estimated useful life of the asset. Leasehold improvements are amortized over the lesser of, the life of the lease or the estimated useful life of the leasehold improvement. 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

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

Depreciation expense for the three months ended June 30, 2022 and 2021 was $604,000 and $402,000, respectively. Depreciation expense for the six months ended June 30, 2022 and 2021 was $1,198,000 and $578,000, respectively.

Intangible Assets

Intangible assets are comprised of acquired assembled workforce, which are accounted for in accordance with ASC 350—Intangibles—Goodwill and Other. The acquired assembled workforce is amortized on a straight-line basis over the useful life of five years. 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

Estimated amortization expense for the remaining six months of 2022 was $100,000, $215,000 for the year ended December 31, 2023 and $5,000 for the year ended December 31, 2024. Amortization expense relating to the assembled workforce intangible asset was $54,000 and $107,000 for each of the three and six months ended June 30, 2022 and 2021, respectively.

Impairment of Long-Lived Assets

Long-lived assets such as fixed assets and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment charges have been recorded for the six months ended June 30, 2022 or 2021.

Income Taxes

The Company was organized as a limited liability company, is now a limited partnership and is classified as a partnership for U.S. income tax purposes, and as such, only records a provision for federal and state income taxes on its subsidiaries organized as C corporations or which have elected to be treated as corporations for U.S. federal income tax purposes.

ProKidney-US

is a limited liability company and has elected to be treated as a C corporation. Therefore, a provision for federal and state taxes has been recorded.

ProKidney-KY

has been granted, by the Government in Council of the Cayman Islands, tax concessions under an undertaking certificate exempting it from any tax levied on profits, income, gains or appreciations in relation to its operations or in the nature of estate duty or inheritance tax for a period of twenty years from January 20, 2016.

ProKidney-KY

elected to be treated as an entity disregarded from its owner for U.S. tax purposes, and as a result, it has not recorded an income tax provision.

The Company uses the liability method in accounting for income taxes as required by ASC Topic 740 — Income Taxes, under which deferred tax assets and liabilities are recorded for the future tax consequences attributable to the differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, available taxes in the carryback periods, projected future taxable income and tax planning strategies in making this assessment. Accordingly, the Company has provided a full valuation allowance to offset the net deferred tax assets at June 30, 2022 and December 31, 2021.

Interest and penalties related to income taxes are included in the benefit (provision) for income taxes in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company has not incurred any significant interest or penalties related to income taxes in any of the periods presented.

Fair Value Measurements

three-level

fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities

•

Level 2 – Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable through correlation with market data

•

Level 3 – Unobservable inputs that are supported by little or no market data, which require the reporting entity to develop its own assumptions

The carrying values of cash equivalents, accounts payable, and accrued liabilities approximate fair value due to the

short-term

nature of these instruments.

Leases

The Company determines if an arrangement is a lease at inception. Balances recognized related to the Company’s operating and finance leases are included in

right-of-use

assets, net and lease liabilities in the Condensed Consolidated Balance Sheets. Right of use assets and lease liabilities are recognized based on the

present value of the future minimum lease payments over the lease term at commencement date. Lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise the option. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The right of use asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The Company has elected a practical expedient to not separate its lease and

non-lease

components and instead account for them as a single lease component. Leases with a term of 12 months or less are not recorded on the balance sheet.

Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Lease payments for short-term leases are recorded to operating expense on a straight-line basis and variable lease payments are recorded in the period in which the obligation for those payments is incurred.

Contingent Liabilities

The Company records reserves for contingent liabilities when it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements, and the amount of the loss can be reasonably estimated.

Equity-Based Compensation

On January 17, 2022, the Company amended and restated its Limited Partnership Agreement (the “Amended and Restated Limited Partnership Agreement”) in part to authorize the issuance of up to 50,000,000 Class B Units (including

Class B-1

Units). The Amended and Restated Limited Partnership Agreement provided that certain qualified distribution events would result in holders of Profits Interests receiving disproportionate distributions from ProKidney until each such holder’s valuation threshold had been reduced to zero in order to “catch up” such holder’s distributions to its pro rata share of aggregate cumulative distributions, and once sufficient distributions to a holder of Profits Interests had been made in accordance with the foregoing, the associated Class B Units would automatically be converted into Class A Units.

Upon consummation of the Business Combination discussed in Note 1, the Company’s existing Class B Units (including

Class B-1

Units) were “caught up” and were converted into Class A Units of the Company. The resulting vested and unvested Class A Units were then recapitalized into Common Units or Restricted Common Units of ProKidney Corp., respectively. Upon recapitalization, the Restricted Common Units maintained the vesting schedules associated with the original Profits Interest awards.

The Company measures compensation expense for Profits Interests based on estimated fair values at the time of grant. The Company estimates the fair value of Profits Interests using generally accepted valuation procedures. The Company recognizes compensation expense, on a straight-line basis, for the portion of the Profits Interests’ value that is expected to vest over the requisite service period. The Company records forfeitures of Profits Interests as they occur.

Segments

The Company operates in only one segment.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU

No. 2016-02,

Leases (Topic 842), which requires lessees to recognize a

right-of-use

asset and a liability on the balance sheet for all leases, with the exception of short-term leases. The lease liability will be equal to the present value of lease payments, and the

right-of-use

asset will be based on the lease liability, subject to adjustment such as for initial direct costs. Leases will continue to be classified as either operating or finance leases in the income statement. The guidance is effective for annual periods beginning after December 15, 2021, with early adoption permitted. The Company early adopted ASU

No. 2016-02,

Leases (Topic 842), as of January 1, 2021. For additional detail, see Note 4, Leases.

Subsequent Events

The Company has evaluated subsequent events through August 12, 2022, which is the date the consolidated financial statements were available to be issued. See additional information in Note 9.

Note 2: Significant Accounting Policies

Basis of Presentation

The consolidated financial statements reflect the operations of ProKidney and its wholly-owned subsidiaries consisting of

ProKidney-KY

and

ProKidney-US

(together, the “Company”). All intercompany transactions and accounts have been eliminated.

The accompanying consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). These consolidated financial statements are presented in U.S. Dollars.

Going Concern

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company performed an analysis of its ability to continue as a going concern. As of December 31, 2021, the Company had an accumulated deficit of $161,510,000. The Company has generated losses from operations for each year since its inception including losses from operations of $55,146,000 and $26,749,000 for the years ended December 31, 2021 and 2020, respectively. The Company intends to continue to conduct significant

additional research, development, and clinical study activities which, together with expenses incurred for general and administrative expenses, are expected to result in continuing operating losses for the foreseeable future. The amount of future losses and when, if ever, the Company will achieve profitability are uncertain. The Company’s ability to achieve profitability will depend, among other things, on successfully completing clinical studies, obtaining requisite regulatory approvals, establishing appropriate pricing for its product with payers, and raising sufficient funds to finance the Company’s activities. No assurance can be given that the Company’s clinical development efforts will be successful, that regulatory approvals will be obtained, or that the Company will be able to achieve appropriate pricing and market access or that profitability, if achieved, can be sustained. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The Company believes that, based on its current business plan, its existing cash and cash equivalents of $20,558,000 at December 31, 2021 will not be sufficient to fund its obligations for the next 12 months. The consolidated financial statements do not include any adjustments related to the outcome of this uncertainty.

Our ability to execute our operating plan depends on our ability to obtain additional funding through equity offerings, debt financings or potential licensing and collaboration arrangements. There can be no assurance that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to us. Even if we raise additional capital, we may also be required to modify, delay or abandon some of our plans which could have a material adverse effect on our business, operating results and financial condition and our ability to achieve our intended business objectives.

Use of Estimates

The preparation of consolidated financial statements, in accordance with GAAP, requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the amounts of expenses during the reported periods. Certain estimates in these consolidated financial statements have been made in connection with the calculation of research and development expenses, equity-based compensation expense and the provision for or benefit from income taxes. The Company bases its estimates on historical experience and various other assumptions, including in certain circumstances future projections, which management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.

Cash and Cash Equivalents

Concentrations of Credit Risk

Accrued Expenses

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

Research and Development Costs

The Company records nonrefundable advance payments it makes for future research and development activities as prepaid expenses. Prepaid expenses are recognized as expense in the Statement of Operations and Comprehensive Loss as the Company receives the related goods or services.

Costs incurred in obtaining technology licenses are charged to research and development expense as purchased

in-process

research and development if the technology licensed has not reached technological feasibility and has no alternative future use.

Fixed Assets

Fixed assets are stated at cost, less accumulated depreciation. Generally, expenditures for maintenance and repairs are charged to expense and major improvements or replacements are capitalized. The Company computes depreciation and amortization using the straight-line method over the estimated useful life of the asset. Leasehold improvements are amortized over the lesser of, the life of the lease or the estimated useful life of the leasehold improvement. 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

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

Depreciation expense for the years ended December 31, 2021 and 2020 was $1,451,000 and $606,000, respectively.

Intangible Assets


	December 31, 2021		December 31, 2020
Gross carrying amount	$	1,073	$	1,073
Accumulated amortization		645		431

Net carrying amount	$	428	$	642

Estimated amortization expense for each of the years 2022 through 2023 is $215,000 and $5,000 for 2024. Amortization expense relating to the assembled workforce intangible asset was $214,000 for the year ended December 31, 2021 and $215,000 for the year ended December 31, 2020.

Impairment of Long-Lived Assets

Income Taxes

ProKidney-US

is a limited liability company and has elected to be treated as a C corporation. Therefore, a provision for federal and state taxes has been recorded.

ProKidney-KY

elected to be treated as an entity disregarded from its owner for U.S. tax purposes, and as a result, it has not recorded an income tax provision.

Interest and penalties related to income taxes are included in the benefit (provision) for income taxes in the Company’s Consolidated Statements of Operations. The Company has not incurred any significant interest or penalties related to income taxes in any of the periods presented.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:


Level 1 –		Unadjusted quoted prices in active markets for identical assets or liabilities

Level 2 –		Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable through correlation with market data

Level 3 –		Unobservable inputs that are supported by little or no market data, which require the reporting entity to develop its own assumptions

The carrying values of cash equivalents, accounts payable, and accrued liabilities approximate fair value due to the short-term nature of these instruments. There are no

available-for-sale

securities included in cash and cash equivalents as of December 31, 2021 and 2020.

Leases

The Company determines if an arrangement is a lease at inception. Balances recognized related to the Company’s operating and finance leases are included in

right-of-use

assets, net and lease liabilities in the Consolidated Balance Sheets. Right of use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise the option. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The right of use asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The Company has elected a practical expedient to not separate its lease and

non-lease

components and instead account for them as a single lease component. Leases with a term of 12 months or less are not recorded on the balance sheet.

Contingent Liabilities

Equity-Based Compensation

The Deed for the Establishment of a Limited Partnership of ProKidney LP, dated as of August 5, 2021 (the “Limited Partnership Agreement”) which replaced the Amended and Restated Limited Liability Company Agreement of ProKidney LLC as the governing document of the parent entity in the Company, allows for the issuance of Profits Interests (as defined in the Limited Partnership Agreement) to employees, directors, other service providers of the Company and others denominated in the form of one or more Class B Units (as defined in the Limited Partnership Agreement). The Company measures compensation expense for Profits Interests based on estimated fair values at the time of grant. The Company estimates the fair value of Profits Interests using generally accepted valuation procedures. The Company recognizes compensation expense, on a straight-line basis, for the portion of the Profits Interests’ value that is expected to vest over the requisite service period. The Company records forfeitures of Profits Interests as they occur.

Defined Contribution Plan

The Company sponsors a 401(k) plan for its

ProKidney-US

employees and a defined contribution plan for its

ProKidney-KY

employees. Full-time employees are eligible to participate in the

ProKidney-US

plan. The Company matches 50% of participating

ProKidney-US

employees’ contributions up to 8% of salary. The costs of the

ProKidney-US

plan were $161,000 and $119,000 for the years ended December 31, 2021 and 2020, respectively. The Company contributes 7% of

ProKidney-KY

employee salaries to the

ProKidney-KY

defined contribution plan. The costs of the

ProKidney-KY

plan were $8,000 and $20,000 for the years ended December 31, 2021 and 2020, respectively.

Segments

The Company operates in only one segment.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU

No. 2016-02,

Leases (Topic 842), which requires lessees to recognize a

right-of-use

asset and a liability on the balance sheet for all leases, with the exception of short-term leases. The lease liability will be equal to the present value of lease payments, and the

right-of-use

No. 2016-02,

Leases (Topic 842), as of January 1, 2021. For additional detail, see Note 4, Leases.

Subsequent Events

The Company has evaluated subsequent events through April 11, 2022, which is the date the consolidated financial statements were available to be issued. See additional information in Notes 5 and 8.

Social Capital Suvretta Holdings Corp. III [Member]

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

and Article 8 of

Regulation S-X

promulgated by the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in condensed consolidated financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

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

for the period ended December 31, 2021, filed with the SEC on March 24, 2022. The interim results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any future periods.

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

growth companies but any such 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 condensed consolidated financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

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

capital (to the extent available) and accumulated deficit.

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

consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. The Company incurred offering costs amounting to $12,479,666 as a result of the Initial Public Offering, consisting of $4,400,000 of underwriting commissions, $7,700,000 of deferred underwriting commissions, and $379,666 of other offering costs. As the shares sold in the IPO are redeemable, the offering costs were charged to temporary equity and additional

paid-in

capital upon the completion of the Initial Public Offering. Immediately thereafter, temporary equity was remeasured, and an adjustment was recognized through additional paid in capital and accumulated deficit to adjust temporary equity to the redemption value.

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

to be sustained upon examination by taxing authorities. The Company’s management has determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of June 30, 2022 and December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has been subject to income tax examinations by major taxing authorities since inception.

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,

“Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU

2020-06”),

which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU

2020-06

removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. ASU

2020-06

is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU

2020-06

effective as of January 1, 2021. The adoption of ASU

2020-06

did not have an impact on the Company’s condensed consolidated financial statements.

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

$5,712,109 of legal expense, $665,684 of printing expense, $529,688 of due diligence expense, $124,950 of professional fee expense, $70,000 of regulatory fee expense and $500,606 of consulting expense, of which $5,500,000 of legal expense, $500,606 of consulting expense, $665,684 of printing expense, $118,450 of accounting fee and $529,688 due diligence expenses were incurred in connection with the Business Combination with ProKidney.

At December 31, 2021, accrued expenses include

$1,506,528 of legal expense, $5,000 of printing expense, $282,500 of due diligence expense, $70,000 of regulatory filing fee and $770 of accounting expense.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC.

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 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 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

growth companies but any such 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 financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of the 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 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 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 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 December 31, 2021.

Marketable Securities Held in Trust Account

At December 31, 2021, substantially all of the assets held in the Trust Account were held in money market funds which are 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”) 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 shareholders’ equity. 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 balance sheet.

paid-in

capital (to the extent available) and accumulated deficit.

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

Offering Costs

The Company

complies with the requirements of the

ASC 340-

10-S99-1. Offering costs

of other offering costs. The offering costs were charged to temporary equity and additional

paid-in

capital upon the completion of the Initial Public Offering. Immediately thereafter, temporary equity was remeasured and an adjustment was recognized through additional paid in capital and accumulated deficit to adjust temporary equity to the redemption value.

Share-Based Payment Arrangements

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 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 financial statements and prescribes a recognition threshold and measurement process for 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

amounts accrued for interest and penalties as of December 31, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

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 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 December 31, 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):


	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	)

Concentration of Credit Risk

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,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Recent Accounting Standards

In August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception and it also simplifies the diluted earnings per share calculation in certain areas. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. We adopted ASU 2020-06 effective as of January 1, 2021. The adoption of ASU 2020-06 did not have an impact on our financial statements.

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 financial statements.

Accrued Expense

Accrued expenses

includes $1,506,528 of accrued legal expense, $5,000 of accrued printing expense, $282,500 of accrued due diligence expense, $70,000 of accrued regulatory filing fee and $770 of accrued accounting expense.

Leases (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Leases [Abstract]

Schedule of the classification of operating and finance lease assets and obligations in the Company's Consolidated Balance Sheets

The following table summarizes the classification of operating and finance lease assets and obligations in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (in thousands):


	June 30, 2022		December 31, 2021
Operating leases:
Right of use assets	$	1,876	$	1,139

Operating lease liabilities, current	$	343	$	235
Operating lease liabilities, noncurrent		1,551		985

Total operating lease liabilities	$	1,894	$	1,220

Finance leases:
Right of use assets	$	86	$	102

Finance lease liabilities, current	$	34	$	32
Finance lease liabilities, noncurrent		66		82

Total finance lease liabilities	$	100	$	114

The following table summarizes the classification of operating and finance lease assets and obligations in the Company’s Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020 (in thousands):


	December 31, 2021		December 31, 2020
Operating leases:
Right of use assets	$	1,139	$	1,415

Operating lease liabilities, current	$	235	$	195
Operating lease liabilities, noncurrent		985		1,219

Total operating lease liabilities	$	1,220	$	1,414

Finance leases:
Right of use assets	$	102	$	145

Finance lease liabilities, current	$	32	$	30
Finance lease liabilities, noncurrent		82		115

Total finance lease liabilities	$	114	$	145

Schedule of Maturities of lease liabilities for the Company's operating and finance leases

Maturities of lease liabilities for the Company’s operating and finance leases are as follows as of June 30, 2022 (in thousands):


	Operating Leases			Finance Leases			Total
2022 (remaining six months)		242			20			262
2023		494			40			534
2024		507			40			547
2025		507			10			517
2026		421			—			421
Thereafter		119			—			119

Total lease payments		2,290			110			2,400
Less: imputed interest		(396	)		(10	)		(406	)

Present value of lease liabilities	$	1,894		$	100		$	1,994

Maturities of lease liabilities for the Company’s operating and finance leases are as follows for the year ending December 31, 2021 (in thousands):


	Operating Leases			Finance Leases			Total
2022	$	326		$	40		$	366
2023		332			40			372
2024		341			40			381
2025		282			7			289
2026		180			—			180
Thereafter		—			—			—

Total lease payments		1,461			127			1,588
Less: imputed interest		(241	)		(13	)		(254	)

Present value of lease liabilities	$	1,220		$	114		$	1,334

Leases - Schedule of the Classification of Operating and Finance Lease Assets and Obligations in the Company's Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating leases:
Right of use assets	$ 1,876	$ 1,139	$ 1,415
Operating lease liabilities, current	343	235	195
Operating lease liabilities, noncurrent	1,551	985	1,219
Total operating lease liabilities	1,894	1,220	1,414
Finance leases:
Right of use assets	86	102	145
Finance lease liabilities, current	34	32	30
Finance lease liabilities, noncurrent	66	82	115
Total finance lease liabilities	$ 100	$ 114	$ 145

Private Placement - Additional Information (Detail) - Social Capital Suvretta Holdings Corp. III [Member] - USD ($)		10 Months Ended
	Jul. 02, 2021	Dec. 31, 2021	Jun. 30, 2022
Class of Stock [Line Items]
Proceeds from private placement issue		$ 6,400,000
Private Placement [Member]
Class of Stock [Line Items]
Sale of stock price per share			$ 10
Proceeds from private placement issue		$ 640,000
Common Class A [Member]
Class of Stock [Line Items]
Sale of stock price per share	$ 10
Common Class A [Member] \| Private Placement [Member]
Class of Stock [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

Significant Accounting Policies - Schedule of Fixed Assets (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (3,461)	$ (2,259)	$ (1,157)
Total fixed assets, net	10,857	11,358	8,914
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	2,367	2,180	2,011
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	719	569	130
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	10,538	10,517	76
Construction in progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 694	$ 351	$ 7,854

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] \| Social Capital Suvretta Holdings Corp. III [Member]
Assets:
Marketable securities held in Trust Account	$ 250,371,095	$ 250,008,324

Members' Equity

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Members' Equity [Abstract]

Members' Equity

Note 6: Members’ Equity

Ownership interests in the Company were represented by two classes of units, Class A Units and Class B Units. The terms of the units were governed by the LP Agreement. As of June 30, 2022, there were 190,000,000 Class A and 50,000,000 Class B Units authorized (including

Class B-1

Units).

Holders of Class A Units had voting rights and rights to profits and losses of the Company and distributions from the Company. No Class A Units were issued during the three and six months ended June 30, 2022.

During the three months ended June 30, 2022, the Company issued 549,451 of its

Class B-1

Units for total cash proceeds of $500,000. During the six months ended June 30, 2022, the Company issued 6,648,353 of its

Class B-1

Units for total cash proceeds of $6,050,000. As these awards were issued for a price below their estimated fair value to employees, board members and other service providers, the provisions of ASC Topic 718 – Stock Compensation apply. Refer to Note 8 for further details.

The Class B Units were reserved for issuance of Profits Interests and did not have voting rights. The Profits Interests were designed so that the holders of Profits Interests could only participate in a qualified distribution event and only if its valuation threshold was attained in such a distribution event as set forth in the Limited Partnership Agreement; provided, however, that the Limited Partnership Agreement, as amended and restated in January 2022, provided that certain qualified distribution events would result in the holders of Profits Interests receiving disproportionate distributions from ProKidney until each such holder’s threshold value had been reduced to zero in order to “catch up” such holder’s distributions to its pro rata share of aggregate cumulative distributions, and once sufficient distributions to a holder of Profits Interests had been made in accordance with the foregoing, the associated Class B Units would automatically be converted into Class A Units.

Note 5: Members’ Equity

Ownership interests in the Company are represented by two classes of units, Class A Units and Class B Units. The terms of the units are governed by the LLC Agreement. As of December 31, 2021, there were 190,000,000 Class A and 10,000,000 Class B Units authorized.

Holders of Class A Units have voting rights and rights to profits and losses of the Company and distributions from the Company. The following is a summary of the activity of the Class A Units:


Units outstanding January 1, 2020			95,000,000
Issued 2020			20,000,000

Units outstanding December 31, 2020			115,000,000
Issued 2021			71,500,000

Units outstanding December 31, 2021			186,500,000

The Class B Units are reserved for issuance of Profits Interests and do not have voting rights. The Profits Interests are designed so that the holders of Profits Interests only participate in a qualified distribution event and only if its valuation threshold is attained in such a distribution event as set forth in the Limited Partnership Agreement; provided, however, that the Limited Partnership Agreement (as amended and restated on January 17, 2022 as contemplated by Note 8 below) provides that certain qualified distribution events will result in the holders of Profits Interests receiving disproportionate distributions from ProKidney until each such holder’s threshold value has been reduced to zero in order to “catch up” such holder’s distributions to its pro rata share of aggregate cumulative distributions, and once sufficient distributions to a holder of Profits Interests have been made in accordance with the foregoing, the associated Class B Units will automatically be converted into Class A Units.

Subsequent Events	6 Months Ended	10 Months Ended	12 Months Ended
Subsequent Events	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2021
Subsequent Events	Note 9: Subsequent Events As discussed in Note 1, the Company closed the Business Combination with SCS on July 11, 2022.		Note 8: Subsequent Events On January 17, 2022, the Company amended and restated its Limited Partnership Agreement (the “Amended and Restated Limited Partnership Agreement”) in part to authorize the issuance of up to 50,000,000 Class B Units (including Class B-1 Units). Upon authorization of these units, the Company issued Profits Interests to certain Plan Participants in the form of 8,498,488 Class B-1 Units. Additionally, the Company issued 8,848,901 of its Class B-1 Units for total value received by the Company (or its subsidiaries) of $8,052,000. The Amended and Restated Limited Partnership Agreement provides that certain qualified distribution events will result in holders of Profits Interests receiving disproportionate distributions from ProKidney until each such holder’s valuation threshold has been reduced to zero in order to “catch up” such holder’s distributions to its pro rata share of aggregate cumulative distributions, and once sufficient distributions to a holder of Profits Interests have been made in accordance with the foregoing, the associated Class B Units will automatically be converted into Class A Units. On January 18, 2022, the Company executed a definitive business combination agreement (the “Business Combination Agreement”), with Social Capital Suvretta Holdings Corp. III (“SCS”). Under the terms of the Business Combination Agreement, the Company will become a subsidiary of SCS and will be organized in an umbrella partnership corporation (“Up-C”) structure, which provides potential future tax benefits for SCS when the equity holders ultimately exchange their pass-through interests for Class A ordinary shares in SCS. On January 18, 2022, in connection with the Business Combination Agreement, the Company entered into two promissory note agreements with certain of its existing holders. Through such promissory notes, the existing holders may fund up to $100,000,000 to support the operational financing needs of the Company prior to the closing of the Business Combination. The Company has borrowed $20,000,000 against these promissory notes subsequent to December 31, 2021.
Social Capital Suvretta Holdings Corp. III [Member]
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.	NOTE 9. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the 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 financial statements, except as follows: Proposed ProKidney Business Combination On January 18, 2022, the Company entered into a Business Combination Agreement (the “ProKidney Business Combination Agreement”) with ProKidney LP, a limited partnership registered under the laws of Ireland (“ProKidney”), acting through its general partner ProKidney GP Limited, a private limited company incorporated under the laws of Ireland (“Legacy GP”). The ProKidney Business Combination Agreement provides that, among other things and upon the terms and subject to the conditions thereof, prior to or at the closing of the ProKidney Business Combination Agreement (the “Closing”), the following transactions will occur (together with the other transactions contemplated by the ProKidney Business Combination Agreement, the “ProKidney Business Combination”): (1) ProKidney will issue to the Company a number of common units of ProKidney (“Post-Combination ProKidney Common Units”) equal to the number of fully diluted outstanding ordinary shares of the Company as of immediately prior to the Closing (but after giving effect to all redemptions of Public Shares and the purchase of Class A ordinary shares pursuant to one or more subscription agreements (the “PIPE Investment”)), in exchange for (a) (x) new Class B ordinary shares (“New ProKidney Class B ordinary shares”), which shares will have no economic rights but will entitle the holders thereof to vote on all matters on which shareholders of the Company are 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 shall convert into New ProKidney Class B ordinary shares upon the vesting of the associated restricted common unit of ProKidney, (b) an amount in cash equal to the aggregate proceeds obtained by the Company in the PIPE Investment and (c) an amount in cash equal to the aggregate proceeds available for release to the Company from the Trust Account (after giving effect to all redemptions of Public Shares and after payment of any deferred underwriting commissions being held in the Trust Account and payment of certain transaction expenses); (2) Legacy GP will resign as the general partner of ProKidney and a private limited company incorporated under the laws of Ireland (“New GP”) will be admitted as the general partner of ProKidney; (3) ProKidney will distribute to the 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 (4) certain holders of ProKidney units will receive an aggregate of 17,500,000 restricted common units of ProKidney (“Earnout RCUs”) and 17,500,000 restricted stock rights of the Company (“Earnout RSRs” and, together with the Earnout RCUs, the “Earnout Rights”), which Earnout Rights will vest in three equal tranches upon the trading price of a Class A ordinary share reaching $15.00/share, $20.00/share and $25.00/share, respectively, on the terms set forth in the ProKidney Business Combination Agreement, or upon 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. On January 18, 2022, the Company entered into subscription agreements (the “Subscription Agreements”) with certain investors (“PIPE Investors”) pursuant to which the PIPE Investors have subscribed for an aggregate of 57,500,000 Class A ordinary shares for a price of $10.00 per share for an aggregate purchase price of $575,000,000, of which (1) $156,400,000 is committed by certain existing directors, officers and equityholders of, or investment funds managed by Suvretta Capital Management, LLC, the Company, the Sponsor and/or their respective affiliates participating in the PIPE Investment, and (2) at least $50,000,000 (which may, at the election of such investors, be increased to up to $100,000,000) is committed by certain existing directors, officers and unitholders of ProKidney and/or its affiliates participating in the PIPE Investment (the “ProKidney Related PIPE Investors”); provided that the ProKidney Related PIPE Investors may elect instead to purchase Post-Combination ProKidney Common Units, together with a corresponding number of Class B ordinary shares, in lieu of Class A ordinary shares. The Subscription Agreements are subject to certain conditions, including that there shall not be in force any injunction or order enjoining or prohibiting the issuance and sale of the shares under the Subscription Agreements; the terms of the ProKidney Business Combination Agreement shall not have been amended, and the minimum cash condition therein shall not have been waived, in a manner that is materially adverse to the investor party to the Subscription Agreement; and the representation and warranties of the parties to the Subscription Agreement shall be accurate (subject to agreed materiality thresholds). Following the Closing, the combined company will be organized in an umbrella partnership-C corporation (a so called “Up-C”) structure, and the Company’s direct assets will consist of ProKidney Common Units and equity interests of New GP, and substantially all of the operating assets and business of the Company will be held indirectly through ProKidney. The consummation of the proposed ProKidney Business Combination is subject to certain conditions as further described in the ProKidney Business Combination Agreement. Legal Proceedings Certain purported shareholders of the Company sent demand letters (the “Demands”) alleging deficiencies and/or omissions in the ProKidney Disclosure Statement filed by the Company with the SEC on February 14, 2022. The Demands seek additional disclosures to remedy these purported deficiencies. We believe that the allegations in the Demands are meritless.

Related Party Transactions	6 Months Ended	10 Months Ended
Related Party Transactions	Jun. 30, 2022	Dec. 31, 2021
Related Party Transactions	Note 5: Related Party Debt On January 18, 2022, in connection with execution of the Business Combination Agreement, the Company entered into the Promissory Notes. Through the Promissory Notes, the holders could fund up to $100,000,000 to support the operational financing needs of the Company prior to the Closing of the Business Combination. These notes bore interest at a rate of 3% per annum and were due upon the earliest of either (i) the date on which the Business Combination closed or (ii) January 17, 2023. Drawdowns on the Promissory Notes could be made in multiples of $10,000 unless otherwise agreed upon. Once an amount is drawn down under the Promissory Notes, it was no longer available for future drawdown requests even if prepaid. During the three and six months ended June 30, 2022, the Company borrowed $15,000,000 and $35,000,000, respectively, under the Promissory Notes. During the three and six months ended June 30, 2022, the Company recognized interest expense of $168,000 and $180,000, respectively related to the Promissory Notes. Interest payable as of June 30, 2022 was $180,000 and is reflected within accrued expenses and other within the Condensed Consolidated Balance Sheets. The amounts due under the Promissory Notes were paid upon Closing of the Business Combination described in Note 1.
Social Capital Suvretta Holdings Corp. III [Member]
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 amounts have been retroactively restated to reflect the share capitalization. The Founder Shares included an aggregate of up to 825,000 shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised. As a result of the underwriters’ election to partially exercise their over-allotment option, a total of 750,000 Founder Shares w e re no longer subject to forfeiture and 75,000 Founder Shares were forfeited, resulting in an aggregate of 6,250,000 Founder Shares outstanding. 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, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and other similar transactions) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Public Shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Administrative Services Agreement The Company entered into an agreement in which it w ould pay an affiliate of the Sponsor $10,000 per month, commencing on June 30, 2021, for office space, administrative and support services. For the three and six months ended June 30, 2022, the Company incurred $30,000 and $60,000 , 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 Sponsor Promissory Note”), pursuant to which the Company could borrow up to an aggregate principal amount of $300,000. The Pre-IPO Sponsor Promissory Note was non-interest bearing and payable on the earlier of December 31, 2021 and the completion of the Initial Public Offering. The outstanding balance under the Pre-IPO Sponsor Promissory Note of $300,000 was repaid at the closing of the Initial Public Offering on July 2, 2021. Borrowings are no longer available under the Pre-IPO Sponsor Promissory Note. 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 $1,500,000. The Promissory Note was non-interest bearing, unsecured and payable upon the earlier of July 2, 2023 and the effective date of the Company’s Business Combination. The Promissory Note was subject to customary events of default which could, subject to certain conditions, cause the Promissory Notes to become immediately due and payable. On April 26, 2022, the Company drew $250,000 under the Promissory Note. As of June 30, 2022, there was $250,000 outstanding under the Promissory Note and the amount was paid off at the closing of the Business Combination.	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 amounts have been retroactively restated to reflect the share capitalization. The Founder Shares included an aggregate of up t o 825,000 shares that were subject to forfeiture depending on the extent to which the underwriters’ over-allotment option was exercised. As a result of the underwriters’ election to partially exercise their over-allotment option, a total of 750,000 Founder Shares are no longer subject to forfeiture and 75,000 Founder Shares were forfeited, resulting in an aggregate of 6,250,000 Founder Shares outstanding. In June 2021, the Sponsor transferred 30,000 Founder Shares to Marc Semigran, an independent director of the Company. The sale of the Founders 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 Founders Shares were effectively sold subject to a performance condition (i.e., the occurrence of a Business Combination). Compensation expense related to the Founders Shares is recognized only when the performance condition is probable of occurrence. As of December 31, 2021, the Company determined that a Business Combination is 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 is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of Founders Shares times the grant date fair value per share (unless subsequently modified) less the amount initially received for the purchase of the Founders 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, share dividends, rights issuances, consolidations, reorganizations, recapitalizations and other similar transactions) for any 20 trading days within any 30-trading day period commencing at least 150 days after a Business Combination, or (y) the date on which the Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all of the Public Shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Administrative Services Agreement The Company entered into an agreement in which it will pay an affiliate of the Sponsor $10,000 per month, commencing on June 30, 2021, for office space, administrative and support services. Upon completion of a Business Combination or its liquidation, the Company will cease paying these monthly fees. For the period from February 25, 2021 (inception) through December 31, 2021, the Company incurred $60,000 in fees for these services, of which such amount was recognized in Operating and Formation Costs in the accompanying statement of operations. Advances from Related Party As of December 31, 2021, the Sponsor had advanced the Company $97,319 for working capital purposes, inclusive of the administrative services agreement noted above, of which $87,319 was repaid during the period ended December 31, 2021. As of December 31, 2021, the outstanding balance was $10,000. Promissory Note—Related Party On March 2, 2021, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which the Company could borrow up to an aggregate principal amount of $300,000. The Promissory Note was non-interest bearing and payable on the earlier of December 31, 2021 and the completion of the Initial Public Offering. The outstanding balance under the Promissory Note of $300,000 was repaid at the closing of the Initial Public Offering on July 2, 2021. Borrowings are no longer available under the Promissory Note. Related Party Loans In order to fund working capital deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, it may repay such loaned amounts out of the proceeds of the Trust Account. In the event that the Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used to repay such loaned amounts. As of December 31, 2021, there were no outstanding amounts under the Working Capital Loans.

Fair Value Measurements

6 Months Ended

10 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Social Capital Suvretta Holdings Corp. III [Member]

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

assets and liabilities that are re-measured and reported at fair value at least annually.

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

NOTE 8. FAIR VALUE MEASUREMENTS

The Company follows the guidance in ASC Topic 820 for its financial assets and liabilities that are

re-measured

and reported at fair value at each reporting period, and

non-financial

assets and liabilities that are

re-measured

and reported at fair value at least annually.

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 our 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 December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


Description	Level		December 31, 2021
Assets:
Marketable securities held in Trust Account		1	$	250,008,324

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Equity Based Compensation - Summary of Key Assumptions Used in the OPM Valuation (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total equity value		$ 78,100
Expected volatility of total equity		80.00%
Discount for lack of market		30.00%
Expected time to exit event		3 years
Valuation Technique, Option Pricing Model [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility of total equity	95.00%
Discount for lack of market	30.00%
Valuation Technique, Option Pricing Model [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total equity value	$ 234,551
Expected time to exit event	3 years 4 months 24 days
Valuation Technique, Option Pricing Model [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total equity value	$ 280,400
Expected time to exit event	3 years 8 months 12 days
Valuation Technique, Probability Weighted Expected Return Method [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total equity value	$ 1,750,000
Valuation Technique, Probability Weighted Expected Return Method [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility of total equity	60.00%
Discount for lack of market	7.00%
Expected time to exit event	1 month 6 days
Valuation Technique, Probability Weighted Expected Return Method [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility of total equity	90.00%
Discount for lack of market	15.00%
Expected time to exit event	6 months

Subsequent Events - Additional Information (Detail) - USD ($)	Jul. 11, 2022	Jan. 18, 2022	Jun. 30, 2022	Jan. 17, 2022	Dec. 31, 2021	Dec. 31, 2020
Capital Unit, Class B [Member]
Subsequent Event [Line Items]
Limited Partners' Capital Account, Units Authorized			50,000,000	50,000,000	10,000,000
Limited Partners' Capital Account, Units Issued			27,100,937		7,767,122	7,767,122
Subsequent Event [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 100,000,000,000
Line of Credit Facility, Current Borrowing Capacity					$ 20,000,000,000
Subsequent Event [Member] \| Capital Unit, Class B [Member]
Subsequent Event [Line Items]
Limited Partners' Capital Account, Units Authorized				50,000,000
Subsequent Event [Member] \| Capital Unit Class B 1 [Member]
Subsequent Event [Line Items]
Limited Partners' Capital Account, Units Issued				8,848,901
Capital Units, Value				$ 8,052,000,000
Subsequent Event [Member] \| Capital Unit Class B 1 [Member] \| Deferred Profit Sharing [Member]
Subsequent Event [Line Items]
Limited Partners' Capital Account, Units Issued				8,498,488
Social Capital Suvretta Holdings Corp. III [Member] \| PIPE Investors [Member]
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction		57,500,000
Sale of stock price per share		$ 10
Sale of stock, consideration received on transaction		$ 575,000,000
Social Capital Suvretta Holdings Corp. III [Member] \| Existing Directors, Officers And Equityholders Of, Or Investment Funds Managed By Suvretta Capital Management, LLC [Member]
Subsequent Event [Line Items]
Sale of stock, consideration received on transaction		156,400,000
Social Capital Suvretta Holdings Corp. III [Member] \| Existing Directors, Officers And Unitholders Of ProKidney [Member]
Subsequent Event [Line Items]
Sale of stock, consideration received on transaction		50,000,000
Social Capital Suvretta Holdings Corp. III [Member] \| Existing Directors, Officers And Unitholders Of ProKidney [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Sale of stock, consideration received on transaction		$ 100,000,000
Social Capital Suvretta Holdings Corp. III [Member] \| Subsequent Event [Member] \| ProKidney LP [Member]
Subsequent Event [Line Items]
Business acquisition, equity interest issued or issuable, number of shares	17,500,000
Social Capital Suvretta Holdings Corp. III [Member] \| Restricted Stock Rights [Member] \| ProKidney LP [Member]
Subsequent Event [Line Items]
Business acquisition, equity interest issued or issuable, number of shares		17,500,000
Social Capital Suvretta Holdings Corp. III [Member] \| Restricted Stock Rights [Member] \| ProKidney LP [Member] \| Share Price One [Member]
Subsequent Event [Line Items]
Business acquisition, share price		$ 15
Social Capital Suvretta Holdings Corp. III [Member] \| Restricted Stock Rights [Member] \| ProKidney LP [Member] \| Share Price Two [Member]
Subsequent Event [Line Items]
Business acquisition, share price		20
Social Capital Suvretta Holdings Corp. III [Member] \| Restricted Stock Rights [Member] \| ProKidney LP [Member] \| Share Price Three [Member]
Subsequent Event [Line Items]
Business acquisition, share price		$ 25

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Unrecognized tax benefits (gross):
Benefits at the beginning of the year	$ 0	$ 0
Increase related to prior year tax positions	94	0
Decrease related to prior year tax positions	0	0
Increase related to current year tax positions	86	0
Benefits at the end of the year	$ 180	$ 0

Temporary Equity and Permanent Deficit - Additional Information (Detail) - Social Capital Suvretta Holdings Corp. III [Member] - $ / 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	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	20.00%	20.00%

Summary of Significant Accounting Policies - Additional Information (Detail)			1 Months Ended	3 Months Ended			4 Months Ended	5 Months Ended	6 Months Ended		10 Months Ended	12 Months Ended		71 Months Ended
	Jul. 11, 2022 USD ($)	Jul. 02, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 USD ($) segment shares	Dec. 31, 2020 USD ($)	Dec. 31, 2021 USD ($) shares	Jan. 17, 2022 shares	Dec. 31, 2019 USD ($)
Accounting Policies [Line Items]
Cash equivalents, at carrying value				$ 21,882,000					$ 21,882,000		$ 20,558,000	$ 20,558,000	$ 4,578,000	$ 20,558,000
Unrecognized tax benefits											180,000	180,000	0	180,000		$ 0
Cash, FDIC insured amount				250,000					250,000
Retained earnings accumulated deficit				(251,127,000)					(251,127,000)		(161,510,000)	(161,510,000)	(106,364,000)	(161,510,000)
Net income loss				(22,131,000)		$ (12,725,000)			(89,617,000)	$ (24,334,000)		(55,146,000)	(26,749,000)
Impairment of long lived assets									$ 0	0		0	0
Periods for which the profits earned are exempt from tax									20 years
Depreciation expense				604,000		402,000			$ 1,198,000	578,000		1,451,000	606,000
Cash and cash equivalents				21,882,000					21,882,000		20,558,000	$ 20,558,000		20,558,000
Unsufficient to fund its obligations term												12 months
Finite lived intangible assets amortization expense next twelve months				100,000					100,000		215,000	$ 215,000		215,000
Finite lived intangible assets amortization expense next two years				215,000					215,000		215,000	215,000		215,000
Finite lived intangible assets amortization expense next three years				5,000					$ 5,000		$ 5,000	$ 5,000		$ 5,000
Number of Operating Segments \| segment									1			1
Capital Unit, Class A [Member]
Accounting Policies [Line Items]
Net income loss				$ (22,131)		(12,725)			$ (89,617)	(24,334)		$ (55,146)	(26,749)
Limited Partners' Capital Account, Units Authorized \| shares				190,000,000					190,000,000		190,000,000	190,000,000		190,000,000
Capital Unit, Class B [Member]
Accounting Policies [Line Items]
Limited Partners' Capital Account, Units Authorized \| shares				50,000,000					50,000,000		10,000,000	10,000,000		10,000,000	50,000,000
Promissory Note [Member] \| Capital Unit, Class A [Member]
Accounting Policies [Line Items]
Debt Instrument, Unused Borrowing Capacity, Amount				$ 65,000,000					$ 65,000,000
Acquired Assembly Workforce [Member]
Accounting Policies [Line Items]
Finite lived intangible assets useful lives									5 years			5 years
Finite lived intangible assets amortization expense				54,000		107,000			$ 54,000	$ 107,000		$ 214,000	215,000
CAYMAN ISLANDS
Accounting Policies [Line Items]
Periods for which the profits earned are exempt from tax														20 years
Defined contribution plan costs												$ 8,000	$ 20,000
Defined contribution plan employer matching contribution percent												7.00%	7.00%
UNITED STATES
Accounting Policies [Line Items]
Defined contribution plan costs												$ 161,000	$ 119,000
Social Capital Suvretta Holdings Corp. III [Member]
Accounting Policies [Line Items]
Cash equivalents, at carrying value											$ 0	0		$ 0
Unrecognized tax benefits											0	0		0
Unrecognized tax benefits, accrued interests and penalities											0
Cash, FDIC insured amount											250,000	250,000		250,000
Deferred underwriting fee				7,700,000					7,700,000		7,700,000	7,700,000		7,700,000
Accrued legal expense				5,712,109					5,712,109		1,506,528	1,506,528		1,506,528
Accrued printing expense				665,684					665,684		5,000	5,000		5,000
Accrued due diligence expense				529,688					529,688		282,500	282,500		282,500
Accrued regulatory filing fee				124,950					124,950		70,000	70,000		70,000
Accrued accounting expense				70,000					70,000		770	770		770
Business combination, accrued legal expense				5,500,000					5,500,000
Business combination, accrued consulting expense				500,606					500,606
Retained earnings accumulated deficit				(15,002,118)					(15,002,118)		(8,388,308)	$ (8,388,308)		$ (8,388,308)
Net income loss			$ (5,182)	(2,270,014)	$ (3,981,025)	(143)	$ (5,325)		(6,251,039)		(2,324,629)
Accounting Fee Payable				118,450					118,450
Subsequent Event [Member]
Accounting Policies [Line Items]
Proceeds from business combination available for fund obligations	$ 511,912,000
Subsequent Event [Member] \| Capital Unit, Class B [Member]
Accounting Policies [Line Items]
Limited Partners' Capital Account, Units Authorized \| shares															50,000,000
Common Class A [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Accounting Policies [Line Items]
Net income loss				$ (1,825,123)		$ 0		$ 0	$ (5,025,922)		$ (1,675,346)
Common Class A [Member] \| IPO [Member] \| Social Capital Suvretta Holdings Corp. III [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

Temporary Equity and Permanent Deficit	6 Months Ended	10 Months Ended
Temporary Equity and Permanent Deficit	Jun. 30, 2022	Dec. 31, 2021
Social Capital Suvretta Holdings Corp. III [Member]
Temporary Equity and Permanent Equity	NOTE 7. TEMPORARY EQUITY AND PERMANENT DEFICIT Preference Shares —The Company is authorized to issue 5,000,000 preference shares, with a par value of $0.0001 per share. The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The Company’s board of directors will be able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the Company’s ordinary shares and could have anti-takeover effects. At June 30, 2022 and December 31, 2021, there were no preference shares issued or outstanding. Class A Ordinary Shares —The Company is authorized to issue 500,000,000 Class A ordinary shares, with a par value of $0.0001 per share. At June 30, 2022 and December 31, 2021, there were 640,000 Class A ordinary shares issued and outstanding, excluding 25,000,000 Class A ordinary shares subject to possible redemption which are presented as temporary equity. Class B Ordinary Shares —As of June 30, 2022, the Company was authorized to issue 50,000,000 Class B ordinary shares, with a par value of $0.0001 per share. At June 30, 2022 and December 31, 2021, there were 6,250,000 Class B ordinary shares issued and outstanding. 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 basis, subject to adjustment for share 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, 20% 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 —The Private Placement Shares are not transferable, assignable, or salable until 30 days after the completion of a Business Combination (except, among other limited exceptions, to the Company’s directors and officers and other persons or entities affiliated with the Sponsor). Holders of the Private Placement Shares are entitled to certain registration rights. 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.	NOTE 7. TEMPORARY EQUITY AND PERMANENT DEFICIT Preference Shares —The Company is authorized to issue 5,000,000 preference shares, with a par value of $0.0001 per share. The Company’s board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The Company’s board of directors will be able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of the Company’s ordinary shares and could have anti-takeover effects. At December 31, 2021, there were no preference shares issued or outstanding. Class A Ordinary Shares —The Company is authorized to issue 500,000,000 Class A ordinary shares, with a par value of $0.0001 per share. At December 31, 2021, there were 640,000 Class A ordinary shares issued and outstanding, excluding 25,000,000 Class A ordinary shares subject to possible redemption which are presented as temporary equity. Class B Ordinary Shares —The Company is authorized to issue 50,000,000 Class B ordinary shares, with a par value of $0.0001 per share. At December 31, 2021, there were 6,250,000 Class B ordinary shares issued and outstanding. 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 will have 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 will not be entitled to vote on the appointment of directors during such time. The Class B ordinary shares will automatically convert 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 basis, subject to adjustment for share 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, are issued or deemed issued in connection with the closing of the Business Combination, the ratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree 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 will equal, in the aggregate, 20% 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 will never occur on a less than one-for-one-basis. Private Placement Shares —The Private Placement Shares are not transferable, assignable, or salable until 30 days after the completion of a Business Combination (except, among other limited exceptions, to the Company’s directors and officers and other persons or entities affiliated with the Sponsor). Holders of the Private Placement Shares are entitled to certain registration rights. If the Company does 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 will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Shares will be worthless.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Equity Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Share-Based Payment Arrangement [Abstract]

Summary of key assumptions used in the OPM valuation

The following table summarizes the activity for the six months ended June 30, 2022, related to the Company’s Class B and

B-1

Units granted as equity awards to its employees, board members and service providers:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested awards outstanding at January 1, 2022		2,460,617		$	0.36
Granted		9,977,072			6.09
Vested		(1,073,973	)		1.28
Forfeited		(41,612	)		6.03

Awards outstanding at June 30, 2022		11,322,104		$	5.30

The following reflects the key assumptions used in the OPM valuation:


Total equity value (in thousands)	$	78,100
Expected volatility of total equity		80	%
Discount for lack of market		30	%
Expected time to exit event		3 years

Summary of Compensation Expense

Compensation expense related to the issuance and purchase of Class B and

B-1

Units is included in research and development and general and administrative expense as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	1,336	$	—	$	18,703	$	—
General and administrative		6,664		175		41,983		350

Total equity-based compensation expense	$	8,001	$	175	$	60,686	$	350

Summary of the activity related to the Company's Class B and B-1 Units granted

The following reflects the key assumptions used in each of the valuation scenarios for awards granted during the six months ended June 30, 2022:


	OPM		PWERM
Total equity value (in thousands)		$234,551 - $280,400		$1,750,000
Expected volatility of total equity		95%		60% - 90%
Discount for lack of market		30%		7% - 15%
Expected time to exit event		3.4 years - 3.7 years		0.1 years - 0.5 years

The following table summarizes the activity related to the Company’s Profits Interest awards for the year ended December 31, 2021:


	Number of Shares			Weighted Average Grant Date Fair Value
Awards outstanding at December 31, 2020		4,402,398		$	0.36
Vested		(1,941,781	)		0.36

Awards outstanding at December 31, 2021		2,460,617		$	0.36

Equity Based Compensation - Summary of the Activity Related to Company's Class B and B-1 Units Granted (Detail) - $ / shares	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares , Beginning Balance		2,460,617	4,402,398
Number of shares , Granted		9,977,072
Number of Shares , Vested		(1,073,973)	(1,941,781)
Number of shares , Forfeited		(41,612)
Number of Shares , Ending Balance	11,322,104	11,322,104	2,460,617	4,402,398
Weighted Average Grant Date Fair Value , Beginning Balance		$ 0.36	$ 0.36
Weighted Average Grant Date Fair Value , Granted	$ 6.42	6.09		$ 0.36
Weighted Average Grant Date Fair Value ,Vested		1.28	0.36
Weighted Average Grant Date Fair Value , Forfeited		6.03
Weighted Average Grant Date Fair Value , Ending Balance	$ 5.3	$ 5.3	$ 0.36	$ 0.36

Fair Value Measurements (Tables)

6 Months Ended

10 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Social Capital Suvretta Holdings Corp. III [Member]

Summary of Assets that are Measured at Fair Value on a Recurring Basis


Description	Level		June 30, 2022		December 31, 2021
Assets:
Marketable securities held in Trust Account		1	$	250,371,095	$	250,008,324


Description	Level		December 31, 2021
Assets:
Marketable securities held in Trust Account		1	$	250,008,324

Cover Page	6 Months Ended
Cover Page	Jun. 30, 2022
Document Information [Line Items]
Document Type	S-1/A
Amendment Flag	true
Entity Registrant Name	ProKidney Corp.
Entity Central Index Key	0001850270
Entity Incorporation, State or Country Code	E9
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Amendment Description	AMENDMENT NO. 1

Private Placement	6 Months Ended	10 Months Ended
Private Placement	Jun. 30, 2022	Dec. 31, 2021
Social Capital Suvretta Holdings Corp. III [Member]
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.	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 is 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 does 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 will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law) and the Private Placement Shares will be worthless.

Significant Accounting Policies - Schedule of Intangible Asset (Parenthetical) (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets amortization expense next twelve months	$ 100,000		$ 100,000		$ 215,000
Finite lived intangible assets amortization expense next two years	215,000		215,000		215,000
Finite lived intangible assets amortization expense next three years	5,000		$ 5,000		$ 5,000
Acquired Assembly Workforce [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible assets useful lives			5 years		5 years
Finite lived intangible assets amortization expense	$ 54,000	$ 107,000	$ 54,000	$ 107,000	$ 214,000	$ 215,000

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2021
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	4 years 6 months		4 years 6 months		4 years 4 months 24 days
Finance Lease, Weighted Average Remaining Lease Term	2 years 9 months 18 days		2 years 9 months 18 days		3 years 3 months 18 days
Operating And Finance Lease Weighted Average Discount Rate, Percent	8.50%		8.50%		8.50%
Lessee, Operating Lease, Term of Contract					12 months
Right Of Use Assets Operating And Finance Lease	$ 1,962		$ 1,962		$ 1,241	$ 1,559	$ 1,560,000
Operating And Finance Lease Liabilities Current	377		377		267	225	$ 1,559,000
Operating Lease Rent Expenses	$ 140,000	$ 78,000	$ 229,000	$ 221,000	$ 434,000	$ 314,000

Condensed Consolidated Statements of Changes In Temporary Equity And Permanent (Deficit) Equity - USD ($)	Total	Capital Unit, Class A [Member]	Social Capital Suvretta Holdings Corp. III [Member]	Common Stock [Member] Social Capital Suvretta Holdings Corp. III [Member]	Additional Paid-in Capital [Member] Social Capital Suvretta Holdings Corp. III [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member] Social Capital Suvretta Holdings Corp. III [Member]	Member Units [Member] Capital Unit, Class A [Member]	Member Units [Member] Capital Unit, Class B [Member]	Common Class A [Member] Social Capital Suvretta Holdings Corp. III [Member]	Common Class A [Member] Common Stock [Member] Social Capital Suvretta Holdings Corp. III [Member]	Common Class B [Member] Social Capital Suvretta Holdings Corp. III [Member]	Common Class B [Member] Common Stock [Member] Social Capital Suvretta Holdings Corp. III [Member]
Beginning Balance at Dec. 31, 2019	$ 15,883,000					$ (79,615,000)		$ 95,000,000	$ 498,000
Units outstanding January 1, 2020 at Dec. 31, 2019								95,000,000
Forfeiture of Founder Shares	730,000								730,000
Capital contribution (Value)	20,000,000							$ 20,000,000
Capital contribution (Shares)								20,000,000
Net loss	(26,749,000)	$ (26,749)				(26,749,000)
Ending Balance at Dec. 31, 2020	9,864,000					(106,364,000)		$ 115,000,000	1,228,000
Ending Balance (in shares) at Dec. 31, 2020								115,000,000
Forfeiture of Founder Shares	350,000								350,000
Capital contribution (Value)	30,000,000							$ 30,000,000
Capital contribution (Shares)								30,000,000
Net loss	(24,334,000)	(24,334)				(24,334,000)
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
Ending Balance at Jun. 30, 2021	15,880,000					(130,698,000)		$ 145,000,000	1,578,000
Ending Balance (in shares) at Jun. 30, 2021								145,000,000
Beginning Balance at Dec. 31, 2020	9,864,000					(106,364,000)		$ 115,000,000	1,228,000
Units outstanding January 1, 2020 at Dec. 31, 2020								115,000,000
Forfeiture of Founder Shares	699,000								699,000
Capital contribution (Value)	71,500,000							$ 71,500,000
Capital contribution (Shares)								71,500,000
Net loss	(55,146,000)	(55,146)				(55,146,000)
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
Ending Balance at Dec. 31, 2021	26,917,000					(161,510,000)		$ 186,500,000	1,927,000
Ending Balance (in shares) at Dec. 31, 2021								186,500,000
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
Ending Balance at Mar. 31, 2021	18,430,000					(117,973,000)		$ 135,000,000	1,403,000
Ending Balance (in shares) at Mar. 31, 2021								135,000,000
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
Ending Balance at Jun. 30, 2021	15,880,000					(130,698,000)		$ 145,000,000	1,578,000
Ending Balance (in shares) at Jun. 30, 2021								145,000,000
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
Sale of 25,000,000 Public Shares, net of underwriting discounts and offering expenses				$ 237,520,334
Sale of 25,000,000 Public Shares, net of underwriting discounts and offering expenses (shares)				25,000,000
Remeasurement of Class A ordinary shares to redemption value			(12,487,990)	$ 12,487,990	(6,424,311)		(6,063,679)			$ (12,487,990)
Sale of 640,000 Private Placement Shares			6,400,000		6,399,936						$ 64
Sale of 640,000 Private Placement Shares (share)											640,000
Forfeiture of Founder Shares					8								$ (8)
Forfeiture of Founder Shares (share)													(75,000)
Net loss			(2,324,629)				(2,324,629)			(1,675,346)		$ (649,283)
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
Ending Balance at Dec. 31, 2021	26,917,000					(161,510,000)		$ 186,500,000	1,927,000
Ending Balance (in shares) at Dec. 31, 2021								186,500,000
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
Beginning Balance at Mar. 31, 2021	18,430,000					(117,973,000)		$ 135,000,000	1,403,000
Units outstanding January 1, 2020 at Mar. 31, 2021								135,000,000
Forfeiture of Founder Shares	175,000								175,000
Capital contribution (Value)	10,000,000							$ 10,000,000
Capital contribution (Shares)								10,000,000
Net loss	(12,725,000)	(12,725)	(143)			(12,725,000)	(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
Ending Balance at Jun. 30, 2021	15,880,000					(130,698,000)		$ 145,000,000	1,578,000
Ending Balance (in shares) at Jun. 30, 2021								145,000,000
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
Beginning Balance at Dec. 31, 2021	26,917,000					(161,510,000)		$ 186,500,000	1,927,000
Units outstanding January 1, 2020 at Dec. 31, 2021								186,500,000
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
Ending Balance at Mar. 31, 2022	20,167,000					(228,996,000)		$ 186,500,000	62,663,000
Ending Balance (in shares) at Mar. 31, 2022								186,500,000
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
Beginning Balance at Dec. 31, 2021	26,917,000					(161,510,000)		$ 186,500,000	1,927,000
Units outstanding January 1, 2020 at Dec. 31, 2021								186,500,000
Forfeiture of Founder Shares	63,187,000								63,187,000
Capital contribution (Value)	6,050,000								6,050,000
Net loss	(89,617,000)	(89,617)	(6,251,039)			(89,617,000)				$ (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
Ending Balance at Jun. 30, 2022	6,537,000					(251,127,000)		$ 186,500,000	71,164,000
Ending Balance (in shares) at Jun. 30, 2022								186,500,000
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
Beginning Balance at Mar. 31, 2022	20,167,000					(228,996,000)		$ 186,500,000	62,663,000
Units outstanding January 1, 2020 at Mar. 31, 2022								186,500,000
Remeasurement of Class A ordinary shares to redemption value			(371,095)	$ 371,095			(371,095)
Forfeiture of Founder Shares	8,001,000								8,001,000
Capital contribution (Value)	500,000								500,000
Net loss	(22,131,000)	$ (22,131)	(2,270,014)			(22,131,000)	(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
Ending Balance at Jun. 30, 2022	$ 6,537,000					$ (251,127,000)		$ 186,500,000	$ 71,164,000
Ending Balance (in shares) at Jun. 30, 2022								186,500,000

Commitments and Contingencies	6 Months Ended	10 Months Ended
Commitments and Contingencies	Jun. 30, 2022	Dec. 31, 2021
Social Capital Suvretta Holdings Corp. III [Member]
Commitments and Contingencies	NOTE 6. COMMITMENTS AND CONTINGENCIES The Company was a party to agreements with certain vendors that provide for fees that are contingent upon the consummation of a Business Combination in an aggregate amount of approximately $13.4 million, excluding the deferred underwriting fee discussed below. The Company was also required to pay certain fees and expenses of such vendors regardless of whether or not a Business Combination is consummated. 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 entitled to a deferred underwriting commission of $7,700,000 in the aggregate. The deferred fee was paid to the underwriters at the closing of the Business Combination on July 11, 2022. 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 contingent on both the consummation of a Business Combination and a shareholder approved equity plan. The RSUs were to vest upon the consummation of such Business Combination and represent 30,000 Class A ordinary shares of the Company that will settle on a date determined in the sole discretion of the Company that shall occur between the vesting date and March 15 of the year following the year in which vesting occurs. 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 recognized at the date a Business Combination was considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of RSUs times the grant date fair value per share (unless subsequently modified).	NOTE 6. COMMITMENTS AND CONTINGENCIES 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 may be issued on conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the conversion of the Founder Shares) are 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 will be entitled to make up to three demands, excluding short form registration demands, that the Company register such securities. In addition, the holders have 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 will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The underwriters are entitled to a deferred underwriting commission of $7,700,000 in the aggregate. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement. 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, Ph.D., the Company agreed to grant 30,000 restricted stock units (“RSUs”) to Dr. Sinha, which grant is contingent on both the consummation of a Business Combination and a shareholder approved equity plan. The RSUs will vest upon the consummation of such Business Combination and represent 30,000 Class A ordinary shares of the Company that will settle on a date determined in the sole discretion of the Company that shall occur between the vesting date and March 15 of the year following the year in which vesting occurs. The RSUs to be 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 to be granted are 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 December 31, 2021, the Company did not have a shareholder approved equity plan and also determined that a Business Combination is not considered probable, therefore, no stock-based compensation expense has been recognized. Stock-based compensation would be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination) in an amount equal to the number of RSUs times the grant date fair value per share (unless subsequently modified).

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended			4 Months Ended	6 Months Ended		10 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Operating Activities:
Net loss	$ (22,131,000)		$ (12,725,000)		$ (89,617,000)	$ (24,334,000)		$ (55,146,000)	$ (26,749,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization					1,462,000	878,000		1,984,000	964,000
Equity-based compensation expense					60,685,000	350,000		699,000	730,000
Changes in operating assets and liabilities:
Other assets								(5,704,000)	(809,000)
Deferred offering costs					(6,905,000)	0
Prepaid and other assets					(5,320,000)	(4,896,000)
Accounts payable and accrued expenses					(520,000)	8,907,000		7,868,000	683,000
Income taxes payable					1,730,000	0
Net cash used in operating activities					(38,485,000)	(19,095,000)		(50,299,000)	(25,181,000)
Cash Flows from Investing Activities:
Proceeds from sale of equipment								1,000	0
Purchase of equipment and facility expansion					(1,225,000)	(3,393,000)		(5,192,000)	(5,456,000)
Net cash used in investing activities					(1,225,000)	(3,393,000)		(5,191,000)	(5,456,000)
Cash Flows from Financing Activities
Payments on finance leases					(16,000)	(15,000)		(30,000)	(11,000)
Borrowings under related party notes payable					35,000,000	0
Net cash contribution					6,050,000	30,000,000		71,500,000	20,000,000
Net cash provided by financing activities					41,034,000	29,985,000		71,470,000	19,989,000
Net change in cash and cash equivalents					1,324,000	7,497,000		15,980,000	(10,648,000)
Cash, beginning of period		$ 20,558,000			20,558,000	4,578,000		4,578,000
Cash, beginning of period		20,558,000			20,558,000	4,578,000		4,578,000	15,226,000
Cash, end of period	21,882,000		12,075,000	$ 12,075,000	21,882,000	12,075,000	$ 20,558,000	20,558,000	4,578,000
Cash, end of period							20,558,000	20,558,000	4,578,000
Supplemental disclosure of non-cash investing activities:
Right of use assets obtained in exchange for lease obligations					878,000	0
Equipment and facility expansion included in accounts payable and accrued expenses					529,000	635,000		1,295,000	$ 1,840,000
Social Capital Suvretta Holdings Corp. III [Member]
Cash Flows from Operating Activities:
Net loss	(2,270,014)	(3,981,025)	(143)	(5,325)	(6,251,039)		(2,324,629)
Adjustments to reconcile net loss to net cash used in operating activities:
Formation costs paid by Sponsor in exchange for issuance of Founder Shares				5,000	0		5,000
Interest earned on marketable securities held in Trust Account	(337,595)		0	0	(362,771)		(8,324)
Changes in operating assets and liabilities:
Prepaid expenses				(19,600)	226,939		(751,689)
Accounts payable							5,000
Accrued expenses							1,864,796
Advances from related party				0	70,687
Accounts payable and accrued expenses				88	5,733,242
Net cash used in operating activities				(19,837)	(582,942)		(1,209,846)
Cash Flows from Investing Activities:
Investment of cash into Trust Account							(250,000,000)
Net cash used in investing activities							(250,000,000)
Cash Flows from Financing Activities
Proceeds from sale of Public Shares, net of underwriting discounts paid							245,600,000
Proceeds from sale of Private Placement Shares							6,400,000
Advances from related party				25,643	0		97,319
Repayment of advances from related party							(87,319)
Proceeds from promissory note – related party				300,000	250,000		300,000
Repayment of promissory note—related party							(300,000)
Payment of offering costs				(82,268)	0		(359,666)
Net cash provided by financing activities				243,375	250,000		251,650,334
Net change in cash and cash equivalents				223,538	(332,942)		440,488
Cash, beginning of period		$ 440,488		0	440,488		0
Cash, end of period	$ 107,546		$ 223,538	223,538	107,546	$ 223,538	440,488	$ 440,488
Non-Cash Investing and Financing Activities:
Offering costs paid by Sponsor in exchange for issuance of Founder Shares				20,000	0		20,000
Remeasurement of Class A ordinary shares subject to possible redemption				0	362,771		12,487,990
Deferred underwriting fee payable							$ 7,700,000
Offering costs included in accrued offering costs.				$ 277,398	$ 0

Net Loss per Share

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

Note 7: Net Loss per Share

Basic loss per share (“EPS”) was computed by dividing net loss by the number of weighted average units of Class A Units outstanding during the period. Diluted EPS was calculated to give effect to potentially issuable dilutive units of common units using the treasury method. For all periods presented, the vested and unvested Profits Interests have been excluded from the diluted EPS calculation as their effect would be anti-dilutive. 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

Note 6: Net Loss per Share

Basic loss per share (“EPS”) was computed by dividing net loss by the number of weighted average units of Class A Units outstanding during the period. Diluted EPS was calculated to give effect to potentially issuable dilutive units of common units using the treasury method. For all periods presented, the vested Profits Interests have been excluded from the diluted EPS calculation as their effect would be anti-dilutive. 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	)

Initial Public Offering	6 Months Ended	10 Months Ended
Initial Public Offering	Jun. 30, 2022	Dec. 31, 2021
Social Capital Suvretta Holdings Corp. III [Member]
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 a partial exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Public Shares, at a price of $10.00 per Public Share. Unlike some other initial public offerings of special purpose acquisition companies, investors in the Initial Public Offering did not receive any warrants (which would typically become exercisable following completion of the Business Combination). The fair value attributable to the unexercised portion of the over-allotment option was deemed to be immaterial to the condensed consolidated financial statements.	NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 25,000,000 Public Shares, which includes a partial exercise by the underwriters of their over-allotment option in the amount of 3,000,000 Public Shares, at a price of $10.00 per Public Share. Unlike some other initial public offerings of special purpose acquisition companies, investors in the Initial Public Offering did not receive any warrants (which would typically become exercisable following completion of the Business Combination). The fair value attributable to the unexercised portion of the over-allotment option was deemed to be immaterial to the financial statements.

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Deferred Tax Assets, Valuation Allowance					$ 1,237,000	$ 560,000
Effective Income Tax Rate Reconciliation, Percent	(5.80%)	(0.10%)	(2.60%)	(0.10%)	(0.10%)	0.90%
Income taxes at statutory rate			21.00%		21.00%	21.00%
Research Tax Credit Carryforward [Member]
Income Tax Disclosure [Line Items]
Tax Credit Carryforward, Amount					$ 1,118,000
Unrecognized Tax Benefits that Would Impact Effective Tax Rate					$ 0

Equity Based Compensation - Summary of Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	$ 8,001	$ 175	$ 60,686	$ 350	$ 699,000	$ 730,000
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	1,336		18,703
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	$ 6,664	$ 175	$ 41,983	$ 350

Commitments and Contingencies - Additional Information (Detail) - Social Capital Suvretta Holdings Corp. III [Member] - USD ($)	6 Months Ended	10 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Deferred underwriting fee	$ 7,700,000	$ 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	30,000	30,000
Director Restricted Stock Unit Award Agreement [Member] \| Restricted Stock Units (RSUs) [Member]
Loss Contingencies [Line Items]
Number of stock units granted	30,000	30,000

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income tax expense consisted of the following for the year ended December 31, 2021 and 2020 (in thousands):


	December 31, 2021			December 31, 2020
Current:
Federal	$	72		$	(242	)
State		(34	)		10

Total current income tax expense (benefit)		38			(232	)
Deferred:
Federal		—			—
State		—			—

Total deferred income tax expense		—			—

Income tax expense (benefit)	$	38		$	(232	)

Schedule of Effective Income Tax Rate Reconciliation

The difference between the statutory rate for federal income tax and the effective income tax rate was as follows:


	December 31, 2021			December 31, 2020
Current:
Income taxes at statutory rate		21.0	%		21.0	%
State taxes, net of federal benefit		—			—
LLC flow-through structure		(21.4	)		(21.5	)
Federal Credits		1.8			2.3
Provision to return adjustment		—			0.2
Change in valuation allowance		(1.3	)		(1.1	)
Other		(0.2	)		—

Effective income tax rate		(0.1	)%		0.9	%

Schedule of Deferred Tax Assets and Liabilities

Components of the Company’s deferred tax assets and liabilities included in the consolidated balance sheet consisted of the following (in thousands):


	December 31, 2021		December 31, 2020
Deferred tax assets:
Accrued bonus	$	376	$	243
Fixed assets		—		108
Federal credit carryforwards		939		331
Leases		28		—
Start-up costs		39		48

Deferred tax assets before valuation allowance		1,382		730
Valuation allowance		1,237		560

Total deferred tax assets		145		170

Deferred tax liabilities:
Intangible assets		90		148
Fixed assets		47		—
Prepaid expenses		8		22

Total deferred tax liabilities		145		170

Net deferred tax asset	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31, 2021		December 31, 2020
Unrecognized tax benefits (gross):
Benefits at the beginning of the year	$	—	$	—
Increase related to prior year tax positions		94		—
Decrease related to prior year tax positions		—		—
Increase related to current year tax positions		86		—

Benefits at the end of the year	$	180	$	—

Significant Accounting Policies - Schedule of Intangible Asset (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Gross carrying amount	$ 1,073	$ 1,073	$ 1,073
Accumulated amortization	753	645	431
Net carrying amount	$ 320	$ 428	$ 642

Members' Equity - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jan. 17, 2022	Dec. 31, 2021	Dec. 31, 2020
Capital Unit, Class B [Member]
Limited Partners' Capital Account, Units Authorized	50,000,000	50,000,000	50,000,000	10,000,000
Limited partners capital account units issued	27,100,937	27,100,937		7,767,122	7,767,122
Capital Unit Class B1 [Member]
Limited partners capital account units issued	6,648,353	6,648,353		549,451
Proceeds from Limited partners capital account units	$ 500,000	$ 6,050,000
Capital Unit, Class A [Member]
Limited Partners' Capital Account, Units Authorized	190,000,000	190,000,000		190,000,000
Limited partners capital account units issued	186,500,000	186,500,000		186,500,000	115,000,000

Significant Accounting Policies - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Compensation	$ 1,545	$ 1,832	$ 1,085
Clinical study related costs	222	2,031	1,154
Facility expansion costs		19	1,709
Accrued legal	3,193	964	0
Manufacturing improvement costs	652	4,164	0
Other accrued expenses		203	548
Other accrued expenses	572	222
Total accrued expenses and other	$ 6,184	$ 9,213	$ 4,496

Leases

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Leases [Abstract]

Leases

Note 4: Leases

In February 2016, the FASB issued ASU

2016-02:

Leases (Topic 842). This ASU requires a lessee to recognize a

right-of-use

asset and a lease liability on its balance sheet for most operating leases. ASU

2016-02

is effective for annual and interim periods beginning after December 15, 2018, including interim periods within those fiscal years. In July 2018, the FASB issued ASU

2018-11,

Leases (Topic 842): Targeted Improvements, which provides companies with an additional optional transition method to apply the new standard to leases in effect at the adoption date through a cumulative effect adjustment. The Company adopted the new lease standard as of January 1, 2021 using the modified retrospective transition method.

The Company elected the package of practical expedients referenced in ASU

2016-02,

twelve months or less, as well as the practical expedient that allows companies to select, by class of underlying asset, not to separate lease and

non-lease

components. Adoption of this standard resulted in the recognition of a

right-of-use

asset and a lease liability on the Company’s January 1, 2021 Consolidated Balance Sheet of $1,560,000 and $1,559,000 respectively. There was no material impact on the Company’s Condensed Consolidated Statement of Operations and Comprehensive Loss.

The Company has operating leases for real estate (primarily office space) and certain equipment with various expiration dates. The Company also has one finance lease for certain equipment. Rent expense was $140,000 and $78,000, for the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, the Company’s rent expense was $229,000 and $221,000, respectively.


	June 30, 2022		December 31, 2021
Operating leases:
Right of use assets	$	1,876	$	1,139

Operating lease liabilities, current	$	343	$	235
Operating lease liabilities, noncurrent		1,551		985

Total operating lease liabilities	$	1,894	$	1,220

Finance leases:
Right of use assets	$	86	$	102

Finance lease liabilities, current	$	34	$	32
Finance lease liabilities, noncurrent		66		82

Total finance lease liabilities	$	100	$	114

Maturities of lease liabilities for the Company’s operating and finance leases are as follows as of June 30, 2022 (in thousands):


	Operating Leases			Finance Leases			Total
2022 (remaining six months)		242			20			262
2023		494			40			534
2024		507			40			547
2025		507			10			517
2026		421			—			421
Thereafter		119			—			119

Total lease payments		2,290			110			2,400
Less: imputed interest		(396	)		(10	)		(406	)

Present value of lease liabilities	$	1,894		$	100		$	1,994

The weighted average remaining lease term for operating leases is 4.5 years, and 2.8 years for the finance lease. The weighted average discount rate is 8.5%.

Note 4: Leases

In February 2016, the FASB issued ASU

2016-02:

Leases (Topic 842). This ASU requires a lessee to recognize a

right-of-use

asset and a lease liability on its balance sheet for most operating leases. ASU

2016-02

is effective for annual and interim periods beginning after December 15, 2018, including interim periods within those fiscal years. In July 2018, the FASB issued ASU

2018-11,

The Company elected the package of practical expedients referenced in ASU

2016-02,

which permits companies to retain original lease identification and classification without reassessing initial direct costs for existing leases. The Company also elected the practical expedient that exempts leases with an initial lease term of 12 months or less, as well as the practical expedient that allows companies to select, by class of underlying asset,

not to separate lease and

non-lease

components. Adoption of this standard resulted in the recognition of a

right-of-use

The Company has operating leases for real estate (primarily office space) and certain equipment with various expiration dates. The Company also has one finance lease for certain equipment. Rent expense was $434,000 and $314,000, for the years ended December 31, 2021 and 2020, respectively.


	December 31, 2021		December 31, 2020
Operating leases:
Right of use assets	$	1,139	$	1,415

Operating lease liabilities, current	$	235	$	195
Operating lease liabilities, noncurrent		985		1,219

Total operating lease liabilities	$	1,220	$	1,414

Finance leases:
Right of use assets	$	102	$	145

Finance lease liabilities, current	$	32	$	30
Finance lease liabilities, noncurrent		82		115

Total finance lease liabilities	$	114	$	145

Maturities of lease liabilities for the Company’s operating and finance leases are as follows for the year ending December 31, 2021 (in thousands):


	Operating Leases			Finance Leases			Total
2022	$	326		$	40		$	366
2023		332			40			372
2024		341			40			381
2025		282			7			289
2026		180			—			180
Thereafter		—			—			—

Total lease payments		1,461			127			1,588
Less: imputed interest		(241	)		(13	)		(254	)

Present value of lease liabilities	$	1,220		$	114		$	1,334

The weighted average remaining lease term for operating leases is 4.4 years, and 3.3 years for the finance lease. The weighted average discount rate is 8.5%.

Condensed Consolidated Balance Sheets (Parenthetical)	Dec. 31, 2020 shares
Capital Unit, Class A [Member]
Limited partners capital account units issued	115,000,000
Limited partners capital account units outstanding	115,000,000
Capital Unit, Class B [Member]
Limited partners capital account units issued	7,767,122
Limited partners capital account units outstanding	7,767,122

Net Loss per Share (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Earnings Per Share [Abstract]

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	)

Summary of Significant Accounting Policies - Schedule of Class A Ordinary Shares Reflected in the Balance Sheets (Detail) - Social Capital Suvretta Holdings Corp. III [Member] - USD ($)	3 Months Ended		10 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Temporary Equity [Line Items]
Gross proceeds			$ 245,600,000
Accretion of carrying value to redemption value	$ 371,095	$ (8,324)	12,487,990
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
Increase 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)

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Net Loss per Share - Schedule of calculation of basic and diluted net income (loss) per ordinary share (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Numerator
Net loss	$ (22,131,000)	$ (12,725,000)	$ (89,617,000)	$ (24,334,000)	$ (55,146,000)	$ (26,749,000)
Capital Unit, Class A [Member]
Numerator
Net loss	$ (22,131)	$ (12,725)	$ (89,617)	$ (24,334)	$ (55,146)	$ (26,749)
Denominator
Weighted average Class A Units outstanding , Basic	186,500,000	140,109,890	186,500,000	131,160,221	150,706,849	104,986,301
Weighted average Class A Units outstanding , Diluted	186,500,000	140,109,890	186,500,000	131,160,221	150,706,849	104,986,301
Net loss per Class A Unit
Net loss per Class A Unit , Basic	$ (0.12)	$ (0.09)	$ (0.48)	$ (0.19)	$ (0.37)	$ (0.25)
Net loss per Class A Unit , Diluted	$ (0.12)	$ (0.09)	$ (0.48)	$ (0.19)	$ (0.37)	$ (0.25)
Capital Unit, Class B [Member]
Net loss per Class A Unit
Antidilutive Securities	27,100,937	7,767,122	27,100,937	7,767,122

Equity Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Jun. 01, 2022	Jan. 17, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense	$ 8,001,000	$ 175,000	$ 60,686,000	$ 350,000	$ 699,000,000	$ 730,000,000
Unrecognized compensation expense	$ 54,463,000		$ 54,463,000		$ 868,000,000
weighted average grant date fair value of the Profits Interests granted during the year	$ 6.42		$ 6.09			$ 0.36
unrecognized compensation expense is expected to be recognized			3 years 4 months 24 days		1 year 4 months 24 days
Partners' Capital Account, Unit-Based Payment Arrangement, Number of Units			2,750,000
Partners' Capital Account, Unit-Based Payment Arrangement, Amount			$ 2,502,000
Research and Development in Process			14,080,000
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation Expense			5,437,000
Compensation expense attributable to vested awards			$ 3,715,000
Capital Unit, Class B [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Limited Partners' Capital Account, Units Authorized	50,000,000		50,000,000		10,000,000			50,000,000
Number of Shares Available for Grant					0
Number of common units unissued of limited liability company					2,232,878
Common Unit, Issued							22,899,063
Class B-1 Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Limited Partners' Capital Account, Units Authorized								10,000,000
Equity-based compensation expense	$ 3,027,000,000		$ 34,254,000,000
Common Unit, Issued	6,648,353	0	6,648,353	0	549,451
Common Unit, Issuance Value	$ 6,050,000		$ 6,050,000		$ 500,000
On The Latter Of The First Anniversary [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting of award under share-based payment arrangement			25.00%		25.00%
In First Anniversary Of The Acquisition Date [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting of award under share-based payment arrangement			75.00%		75.00%
On Each Enniversary [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting of award under share-based payment arrangement			25.00%		25.00%
Each Calendar Quarter [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting of award under share-based payment arrangement			6.25%		6.25%
Over The Three Year Period From The Date Of Grant [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percentage of vesting of award under share-based payment arrangement			33.30%

Members' Equity -Schedule Of Members Equity (Detail) - Capital Unit, Class A [Member] - shares	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Members Equity [Line Items]
Units outstanding January 1, 2020		115,000,000	115,000,000
Ending Balance (in shares)			186,500,000	115,000,000
Member Units [Member]
Members Equity [Line Items]
Units outstanding January 1, 2020		115,000,000	115,000,000	95,000,000
Issued 2020	10,000,000	30,000,000	71,500,000	20,000,000
Ending Balance (in shares)			186,500,000	115,000,000

Leases - Schedule of Maturities of Lease Liabilities for the Company's Operating and Finance Leases (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022 (remaining six months)	$ 242	$ 326
2023	494	332
2024	507	341
2025	507	282
2026	421	180
Thereafter	119	0
Total lease payments	2,290	1,461
Less: imputed interest	(396)	(241)
Total operating lease liabilities	1,894	1,220	$ 1,414
2022 (remaining six months)	20	40
2023	40	40
2024	40	40
2025	10	7
2026		0
Thereafter		0
Total lease payments	110	127
Less: imputed interest	(10)	(13)
Present value of lease liabilities	100	114	$ 145
2022 (remaining six months)	262	366
2023	534	372
2024	547	381
2025	517	289
2026	421	180
Thereafter	119	0
Total lease payments	2,400	1,588
Less: imputed interest	(406)	(254)
Present value of lease liabilities	$ 1,994	$ 1,334

Summary of Significant Accounting Policies (Tables)

6 Months Ended

10 Months Ended

12 Months Ended

Jun. 30, 2022

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	)

Related Party Debt - Additional Information (Detail) - Promissory Note [Member] - USD ($)		3 Months Ended	6 Months Ended
	Jan. 18, 2022	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Debt instrument face value	$ 100,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.00%
Debt Instrument, Maturity Date	Jan. 17, 2023
Due to related parties		$ 10,000	$ 10,000
Debt Instrument, Fee Amount		35,000,000	35,000,000	$ 15,000,000
Interest expense		168,000	180,000
Interest payable		$ 180,000	$ 180,000

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

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+ Details

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 21,882,000	$ 20,558,000	$ 4,578,000
Prepaid assets	682,000	588,000	202,000
Prepaid clinical	11,350,000	6,100,000	753,000
Other current assets	0	25,000	52,000
Total Current Assets	33,914,000	27,271,000	5,585,000
Deferred offering costs	6,905,000	0
Fixed assets, net	10,857,000	11,358,000	8,914,000
Right of use assets, net	1,962,000	1,241,000	1,559,000
Intangible assets, net	320,000	428,000	642,000
TOTAL ASSETS	53,958,000	40,298,000	16,700,000
Current liabilities
Accounts payable	2,513,000	2,834,000
Accrued expenses and other	6,184,000	9,213,000	4,496,000
Accounts payable		2,834,000	781,000
Lease liabilities	377,000	267,000	225,000
Income taxes payable	1,730,000	0
Related party notes payable	35,000,000	0
Total current liabilities	45,804,000	12,314,000	5,502,000
Lease liabilities, net of current portion	1,617,000	1,067,000	1,334,000
Commitments and Contingencies (Note 6)
Members' equity:
Accumulated deficit	(251,127,000)	(161,510,000)	(106,364,000)
Total members' equity	6,537,000	26,917,000	9,864,000
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT	53,958,000	40,298,000	16,700,000
Social Capital Suvretta Holdings Corp. III [Member]
Current assets
Cash	107,546	440,488
Cash and cash equivalents		0
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
Total Permanent Deficit	(15,001,429)	(8,387,619)
Members' equity:
Accumulated deficit	(15,002,118)	(8,388,308)
TOTAL LIABILITIES, TEMPORARY EQUITY AND PERMANENT DEFICIT	251,003,391	251,200,501
Capital Unit, Class A [Member]
Members' equity:
Class Units	186,500,000	186,500,000	115,000,000
Capital Unit, Class B [Member]
Members' equity:
Class Units	71,164,000	1,927,000	$ 1,228,000
Common Class A [Member] \| Social Capital Suvretta Holdings Corp. III [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] \| Social Capital Suvretta Holdings Corp. III [Member]
Shareholder's Equity
Common stock value	$ 625	$ 625

Initial Public Offering - Additional Information (Detail) - Social Capital Suvretta Holdings Corp. III [Member] - $ / 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

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income taxes at statutory rate			21.00%		21.00%	21.00%
State taxes, net of federal benefit					0.00%	0.00%
LLC flow-through structure					(21.40%)	(21.50%)
Federal Credits					1.80%	2.30%
Provision to return adjustment					0.00%	0.20%
Change in valuation allowance					(1.30%)	(1.10%)
Other					(0.20%)	0.00%
Effective income tax rate	(5.80%)	(0.10%)	(2.60%)	(0.10%)	(0.10%)	0.90%

Income Taxes

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Tax

Note 3: Income Taxes

The Company’s subsidiary,

ProKidney-US,

is treated as a C corporation, and therefore a provision for federal and state taxes has been recorded. The Company’s effective tax rate for the three months ended June 30, 2022 and 2021, was (5.8)% and (0.1)%, respectively. The Company’s effective tax rate for the six months ended June 30, 2022 and 2021, was (2.6)% and (0.1)%, respectively. The difference between the Company’s effective tax rates and the U.S. statutory rate of 21% is primarily attributable to the Company and

ProKidney-KY

being treated as partnerships for income tax purposes.

For tax years beginning after December 31, 2021, the Tax Cut and Jobs Act of 2017 (the “TCJA”) requires specified research and development expenses to be capitalized and amortized ratably over a five-year period. The adoption of this provision of the TCJA is the primary driver of income tax expense recognized during the three and six months ended June 30, 2022.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, available taxes in the carryback periods, projected future taxable income and tax planning strategies in making this assessment.

There were no net unrecognized tax benefits as of June 30, 2022 which, if recognized, would affect our effective tax rate. We expect none of the gross unrecognized tax benefits will decrease within the next year.

There were no significant changes in the Company’s uncertain tax positions during the six months ended June 30, 2022 from the amount that was reflected at December 31, 2022.

Note 3: Income Taxes

The Company’s subsidiary,

ProKidney-US,

is treated as a C corporation, and therefore a provision for federal and state taxes has been recorded.

The provision for income tax expense consisted of the following for the year ended December 31, 2021 and 2020 (in thousands):


	December 31, 2021			December 31, 2020
Current:
Federal	$	72		$	(242	)
State		(34	)		10

Total current income tax expense (benefit)		38			(232	)
Deferred:
Federal		—			—
State		—			—

Total deferred income tax expense		—			—

Income tax expense (benefit)	$	38		$	(232	)

The difference between the statutory rate for federal income tax and the effective income tax rate was as follows:


	December 31, 2021			December 31, 2020
Current:
Income taxes at statutory rate		21.0	%		21.0	%
State taxes, net of federal benefit		—			—
LLC flow-through structure		(21.4	)		(21.5	)
Federal Credits		1.8			2.3
Provision to return adjustment		—			0.2
Change in valuation allowance		(1.3	)		(1.1	)
Other		(0.2	)		—

Effective income tax rate		(0.1	)%		0.9	%

Components of the Company’s deferred tax assets and liabilities included in the consolidated balance sheet consisted of the following (in thousands):


	December 31, 2021		December 31, 2020
Deferred tax assets:
Accrued bonus	$	376	$	243
Fixed assets		—		108
Federal credit carryforwards		939		331
Leases		28		—
Start-up costs		39		48

Deferred tax assets before valuation allowance		1,382		730
Valuation allowance		1,237		560

Total deferred tax assets		145		170

Deferred tax liabilities:
Intangible assets		90		148
Fixed assets		47		—
Prepaid expenses		8		22

Total deferred tax liabilities		145		170

Net deferred tax asset	$	—	$	—

The Company has $1,118,000 in Research Credit Carryforwards that begin to expire in 2040.

A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December 31, 2021 and 2020 consisted of the following (in thousands):


	December 31, 2021		December 31, 2020
Unrecognized tax benefits (gross):
Benefits at the beginning of the year	$	—	$	—
Increase related to prior year tax positions		94		—
Decrease related to prior year tax positions		—		—
Increase related to current year tax positions		86		—

Benefits at the end of the year	$	180	$	—

There are no net unrecognized tax benefits as of December 31, 2021 which, if recognized, would affect our effective tax rate. We expect none of the gross unrecognized tax benefits will decrease within the next year.

In March 2020, the World Health Organization declared coronavirus

(COVID-19)

a global pandemic. This contagious disease outbreak, which continued to spread, and the related adverse public health developments, have adversely affected work forces, economies and financial markets globally. As a result, governments around the world have enacted legislation to provide aid and stimulate economies. In the U.S., The Coronavirus, Aid, Relief and Economics Security Act (“CARES Act”), was enacted on March 27, 2020, The Consolidated Appropriations Act, 2021 was enacted on December 27, 2020, and the American Rescue Plan Act of 2021 was enacted on March 11, 2021. All of these acts included both income tax and

non-income

tax provisions to assist companies. No provisions in these acts had a material impact on the income tax provision or any other area of the Company’s financial statements.

Tax years 2018 through 2021 remain subject to examination by federal and state authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Condensed Consolidated Statements of Changes In Temporary Equity And Permanent (Deficit) Equity (Parenthetical) - Social Capital Suvretta Holdings Corp. III [Member]	10 Months Ended
	Dec. 31, 2021 USD ($) shares
Temporary Equity Stock Issued During The Period Shares \| shares	25,000,000
Proceeds from Issuance of Private Placement	$ 6,400,000
Private Placement [Member]
Proceeds from Issuance of Private Placement	$ 640,000

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		10 Months Ended	12 Months Ended
	Mar. 31, 2021	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Allocation of net loss, as adjusted		$ (22,131,000)		$ (12,725,000)			$ (89,617,000)	$ (24,334,000)		$ (55,146,000)	$ (26,749,000)
Social Capital Suvretta Holdings Corp. III [Member]
Numerator:
Allocation of net loss, as adjusted	$ (5,182)	(2,270,014)	$ (3,981,025)	(143)	$ (5,325)		(6,251,039)		$ (2,324,629)
Common Class A [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Numerator:
Allocation of net loss, as adjusted		$ (1,825,123)		$ 0		$ 0	$ (5,025,922)		$ (1,675,346)
Denominator:
Weighted Average Shares Outstanding, Basic		25,640,000		0	0	0	25,640,000		15,101,877
Weighted Average Shares Outstanding, Diluted		25,640,000		0	0	0	25,640,000		15,101,877
Net loss per ordinary share , Basic		$ (0.07)		$ 0	$ 0	$ 0	$ (0.2)		$ (0.11)
Net loss per ordinary share , Diluted		$ (0.07)		$ 0	$ 0	$ 0	$ (0.2)		$ (0.11)
Class B [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Numerator:
Allocation of net loss, as adjusted		$ (444,891)		$ (143)		$ (5,325)	$ (1,225,117)		$ (649,283)
Denominator:
Weighted Average Shares Outstanding, Basic		6,250,000		5,500,000	5,500,000	5,500,000	6,250,000		5,852,751
Weighted Average Shares Outstanding, Diluted		6,250,000		5,500,000	5,500,000	5,500,000	6,250,000		5,852,751
Net loss per ordinary share , Basic		$ (0.07)		$ 0	$ 0	$ 0	$ (0.2)		$ (0.11)
Net loss per ordinary share , Diluted		$ (0.07)		$ 0	$ 0	$ 0	$ (0.2)		$ (0.11)

Related Party Transactions - Additional Information (Detail) - USD ($)						1 Months Ended		3 Months Ended		4 Months Ended	6 Months Ended		10 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, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Apr. 20, 2022	Jan. 18, 2022
Related Party Transaction [Line Items]
Number of shares granted											9,977,072
Amount drew under the note											$ 35,000,000	$ 0
Social Capital Suvretta Holdings Corp. III [Member]
Related Party Transaction [Line Items]
Stock shares issued during the period for services value							$ 25,000						$ 25,000
Repayment of advances from related party													87,319
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] \| Social Capital Suvretta Holdings Corp. III [Member]
Related Party Transaction [Line Items]
Number of shares granted				30,000		30,000
Share price								$ 7.14			$ 7.14		$ 7.14
Fair value of shares granted						$ 214,160							$ 214,160
Sponsor [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Related Party Transaction [Line Items]
Repayments of related party debt		$ 300,000
Debt instrument face value					$ 300,000
Sponsor [Member] \| Founder Shares [Member] \| Independent Directors [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Related Party Transaction [Line Items]
Stock issued during period, shares, new issues						30,000				30,000
Common Class B [Member] \| Social Capital Suvretta Holdings Corp. III [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] \| Social Capital Suvretta Holdings Corp. III [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				6,250,000		6,250,000
Common stock, shares, subject to forfeiture			825,000			825,000				825,000		825,000
Shares no longer subject to forfeiture			750,000			750,000				750,000		750,000
Administration And Support Services [Member] \| Sponsor [Member] \| Social Capital Suvretta Holdings Corp. III [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		$ 60,000
Advance From Related Party Loan [Member] \| Sponsor [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Related Party Transaction [Line Items]
Repayment of advances from related party													87,319
Due to related parties								37,064			37,064		97,319
Promissory Note [Member]
Related Party Transaction [Line Items]
Due to related parties								10,000			10,000
Debt instrument face value															$ 100,000,000
Promissory Note [Member] \| Sponsor [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Related Party Transaction [Line Items]
Due to related parties								$ 250,000			$ 250,000
Repayments of related party debt		$ 300,000
Debt instrument face value					$ 300,000									$ 1,500,000
Amount drew under the note	$ 250,000
Working Capital Loans [Member] \| Sponsor [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Related Party Transaction [Line Items]
Due to related parties													$ 0
Restriction On Transfer Of Sponsor Shares [Member] \| Common Class B [Member] \| Founder [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Related Party Transaction [Line Items]
Share price								$ 12			$ 12		$ 12
Number of trading days for determining the share price											20 days		20 days
Number of consecutive trading days for determining the share price											30 days		30 days
Waiting period after which the share trading days are considered											150 days		150 days

Equity Based Compensation

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Share-Based Payment Arrangement [Abstract]

Equity Based Compensation

Note 8: Equity Based Compensation

Profits Interests Awards

The issuance of Profits Interests to employees, directors, and other service providers of the Company (“Plan Participants”) was administered at the discretion of ProKidney GP Limited, the general partner of ProKidney until the Closing (the “Legacy General Partner”). Profits Interests allowed the Plan Participants to participate in the residual profits of the Company after the distribution of proceeds reach a minimum threshold value. The threshold value was the amount of proceeds that must be distributed to the holders of Class A Units before the Plan Participants could participate in a distribution.

Under the Limited Partnership Agreement, the Legacy General Partner determined the terms and conditions of the Profits Interests issued. The threshold value assigned to each grant was not to be less than the fair market value of the Company on the date of grant. Profits Interests awards would vest at a rate of 25% on the latter of the first anniversary of employment and the first anniversary of the Acquisition Date with the remaining 75% to vest in increments of 25% on each anniversary following the first anniversary date, ratably over a three or four-year period from the date of grant, in annual installments of 33.3% over the three-year period from the date of grant, in increments of 6.25% each calendar quarter following the first anniversary date, or were fully vested upon issuance. The Profits Interests were subject to a repurchase option should the plan participant no longer be employed by the Company.

The following table summarizes the activity for the six months ended June 30, 2022, related to the Company’s Class B and

B-1

Units granted as equity awards to its employees, board members and service providers:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested awards outstanding at January 1, 2022		2,460,617		$	0.36
Granted		9,977,072			6.09
Vested		(1,073,973	)		1.28
Forfeited		(41,612	)		6.03

Awards outstanding at June 30, 2022		11,322,104		$	5.30

As of June 30, 2022, the unrecognized compensation expense related to these awards was $54,463,000. The current weighted average remaining period over which the unrecognized compensation expense is expected to be recognized is 3.4 years. The weighted average grant date fair value of the Profits Interests granted during the three and six months ended June 30, 2022, was $6.42 and $6.09, respectively, per

Class B-1

unit. There were no Profits Interests granted during the three and six months ended June 30, 2021.

As of June 30, 2022, there remained 22,899,063 Class B Units available for issuance. Given that these instruments meet the criteria for being considered profits interests, the Company has recognized no tax benefit related to these awards.

Modification to Profits Interest Awards

On January 17, 2022, the Limited Partnership Agreement was amended and restated to provide that certain qualified distribution events would result in the holders of Profits Interests receiving disproportionate distributions from ProKidney until each such holder’s threshold value was reduced to zero in order to “catch up” such holder’s distributions to its pro rata share of aggregate cumulative distributions, and once sufficient distributions to a holder of Profits Interests had been made in accordance with the foregoing, the associated Class B Units would automatically be converted into Class A Units.

This amendment constituted a modification to the Class B Units outstanding as of the date of the modification under the provisions of ASC Topic 718. In connection with the modification of its outstanding share-based compensation awards, the Company will recognize total additional compensation expense of $5,437,000 related to awards granted to its employees. The portion of this additional compensation expense attributable to vested awards of $3,715,000 was recognized immediately upon modification during the six months ended June 30, 2022.

Issuance of Profits Interests to Service Provider

During the six months ended June 30, 2022, the Company issued 2,750,000 fully vested

Class B-1

Units to a third-party service provider as payment for research and development services provided in prior periods. The Company had previously recognized expense of $2,502,000 for these services based on the liability related to the services incurred. As the fair value of shares issued to satisfy that obligation was higher than the amount previously expensed, the Company recognized additional research and development expense of $14,080,000 during the six months ended June 30, 2022.

Purchase of

Class B-1

Units

As discussed further in Note 6, certain of the Company’s employees, board members and service providers purchased 549,451 and 6,648,353 of its

Class B-1

Units for total cash proceeds of $500,000 and $6,050,000, respectively, during the three and six months ended June 30, 2022. Since these

Class B-1

Units were fully vested upon purchase and contained no service requirements, the Company immediately recognized the difference between the purchase price and the estimated fair value for these

Class B-1

Units of $3,027,000 and $34,254,000 as equity-based compensation expense during the three and six months ended June 30, 2022, respectively. No such sales occurred during the three and six months ended June 30, 2021.

Compensation Expense

Compensation expense related to the issuance and purchase of Class B and

B-1

Units is included in research and development and general and administrative expense as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	1,336	$	—	$	18,703	$	—
General and administrative		6,664		175		41,983		350

Total equity-based compensation expense	$	8,001	$	175	$	60,686	$	350

Fair Value Estimate

The Company is privately held with no active public market for its equity instruments. Therefore, for financial reporting purposes, management may periodically determine the estimated per share fair value of the Company’s equity shares (including Profits Interests) using contemporaneous valuations. These contemporaneous valuations are done using methodologies consistent with the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, also known as the Practice Aid.

For the Profits Interest Awards granted during the three and six months ended June 30, 2022, the valuation approach utilized a hybrid method which consists of a combination of an Option Pricing Method (“OPM”) and a Probability Weighted Expected Return Method (“PWERM”) approach. Weighting allocations were assigned to the OPM an PWERM methods based upon the expected likelihood possible future liquidity events, including the Business Combination.

Under the OPM approach, the fair value of the total equity of the Company within each scenario was first estimated using a back-solve method wherein the equity value is derived from a recent transaction in the Company’s own securities, and then the total equity value is allocated to the various components of the capital structure, including the Profits Interests, using an OPM or a waterfall approach based on the specific rights of each of the equity classes. The OPM uses the fair value of the total equity of the Company within a scenario as a starting point and incorporates assumptions made regarding the expected returns and volatilities that are consistent with the expectations of market participants, and distribution of equity values is produced which cover the range of events that an informed market participant might expect. This process creates a range of equity values both between and within scenarios. The fair value measurement is sensitive to changes in the unobservable inputs. Changes in those inputs might result in a higher or lower fair value measurement.

The PWERM approach is a scenario-based analysis that estimates the value per ordinary sharebased on the probability-weighted present value of expected future equity values for the ordinary shares, under various possible future liquidity event scenarios, including the proposed Business Combination, in light of the rights and preferences of each class and series of shares, including the Profits Interests, discounted for a lack of marketability.

In performing these valuations, management considered all objective and subjective factors that they believed to be relevant, including management’s best estimate of the Company’s business condition, prospects, and operating performance at each valuation date. Within the valuations performed, a range of factors, assumptions, and methodologies were used. The significant factors included trends within the industry, the prices at which the Company sold Class A units, the rights and preferences of the Class A units relative to the Class B units at the time of each measurement date, the results of operations, financial position, status of research and development efforts, stage of development and business strategy, the lack of an active public market for the units, and the likelihood of achieving an exit event in light of prevailing market conditions.

The following reflects the key assumptions used in each of the valuation scenarios for awards granted during the six months ended June 30, 2022:


	OPM		PWERM
Total equity value (in thousands)		$234,551 - $280,400		$1,750,000
Expected volatility of total equity		95%		60% - 90%
Discount for lack of market		30%		7% - 15%
Expected time to exit event		3.4 years - 3.7 years		0.1 years - 0.5 years

Note 7: Equity Based Compensation

The issuance of Profits Interests to employees, directors, and other service providers of the Company (“Plan Participants”) is administered at the discretion of ProKidney GP Limited, the general partner of ProKidney (the “General Partner”). Profits Interests allow the Plan Participants to participate in the residual profits of the Company after the distribution of proceeds reach a minimum threshold value. The threshold value is the amount of proceeds that must be distributed to the holders of Class A Units before the Plan Participants can participate in a distribution.

Under the Limited Partnership Agreement, the General Partner determines the terms and conditions of the Profits Interests issued. The threshold value assigned to each grant shall not be less than the fair market value of the Company on the date of grant. Profits Interests awards vest at a rate of 25% on the latter of the first anniversary of employment and the first anniversary of the Acquisition Date with the remaining 75% to vest in increments of 25% on each anniversary following the first anniversary date or in increments of 6.25% each calendar quarter following the first anniversary date. The Profits Interests are subject to a repurchase option should the plan participant no longer be employed by the Company.

Under the Limited Partnership Agreement (prior to its amendment and restatement on January 17, 2022), there are 10,000,000 Class B Units authorized for issuance.

The following table summarizes the activity related to the Company’s Profits Interest awards for the year ended December 31, 2021:


	Number of Shares			Weighted Average Grant Date Fair Value
Awards outstanding at December 31, 2020		4,402,398		$	0.36
Vested		(1,941,781	)		0.36

Awards outstanding at December 31, 2021		2,460,617		$	0.36

No Class B Units were granted to employees during the year ended December 31, 2021. As of December 31, 2021, 2,232,878 Class B Units remained unissued. Given that these instruments meet the criteria for being considered profits interest, the Company has recognized no tax benefit related to these awards.

During the years ended December 31, 2021 and 2020, respectively, the Company recognized equity-based compensation expense of $699,000 and $730,000.

As of December 31, 2021, the unrecognized compensation expense was $868,000. The current weighted average remaining period over which the unrecognized compensation expense is expected to be recognized is 1.4 years. The weighted average grant date fair value of the Profits Interests granted during the year ended December 31, 2020 was $0.36 per Class B unit.

Fair Value Estimate

The valuation approach utilized the Option Pricing Method (OPM), where the fair value of the total equity of the Company within each scenario is first estimated using a back-solve method wherein the equity value is derived from a recent transaction in the Company’s own securities, and then the total equity value is allocated to the various components of the capital structure, including the Profits Interests, using an OPM or a waterfall approach based on the specific rights of each of the equity classes. The OPM uses the fair value of the total equity of the Company within a scenario as a starting point and incorporates assumptions made regarding the expected returns and volatilities that are consistent with the expectations of market participants, and distribution of equity values is produced which cover the range of events that an informed market participant might expect.

This process creates a range of equity values both between and within scenarios. The fair value measurement is sensitive to changes in the unobservable inputs. Changes in those inputs might result in a higher or lower fair value measurement.

In performing these valuations, management considered all objective and subjective factors that they believed to be relevant, including management’s best estimate of the Company business condition, prospects, and operating performance at each valuation date. Within the valuations performed, a range of factors, assumptions, and methodologies were used. The significant factors included trends within the industry, the prices at which the Company sold Class A Units, the rights and preferences of the Class A Units relative to the Class B Units at the time of each measurement date, the results of operations, financial position, status of research and development efforts, stage of development and business strategy, the lack of an active public market for the units, and the likelihood of achieving an exit event in light of prevailing market conditions.

The following reflects the key assumptions used in the OPM valuation:


Total equity value (in thousands)	$	78,100
Expected volatility of total equity		80	%
Discount for lack of market		30	%
Expected time to exit event		3 years

Description Of Organization, Business Operations And Going Concern - Additional Information (Detail) - USD ($)				1 Months Ended	6 Months Ended	10 Months Ended
	Jul. 11, 2022	Jan. 18, 2022	Jul. 02, 2021	Dec. 31, 2018	Jun. 30, 2022	Dec. 31, 2021
Description Of Organization And Business Operations [Line Items]
Incorporation date of entity				Dec. 12, 2018
Social Capital Suvretta Holdings Corp. III [Member]
Description Of Organization And Business Operations [Line Items]
Incorporation date of entity					Feb. 25, 2021	Feb. 25, 2021
Proceeds from initial public offering						$ 245,600,000
Proceeds from private placement issue						6,400,000
Deferred underwriting fee					$ 7,700,000	7,700,000
Minimum net worth to consummate business combination			$ 5,000,001
Percentage of public shares that can be transferred without any restriction			15.00%
Percentage of public shares to be redeemed in case business combination is not consummated			100.00%
Interest to pay dissolution expenses			$ 100,000
Per share value of restricted assets			$ 10
Percentage of public shares redemption			100.00%
Cash					107,546	440,488
Working Capital					$ 7,301,429	935,119
Stock issued during period new issues					17,500,000
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
PIPE Investors [Member] \| Social Capital Suvretta Holdings Corp. III [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		57,500,000
Sale of stock, consideration received on transaction		$ 575,000,000
ProKidney LP [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period new issues					170,723,961
ProKidney LP [Member] \| Social Capital Suvretta Holdings Corp. III [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] \| Social Capital Suvretta Holdings Corp. III [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] \| Social Capital Suvretta Holdings Corp. III [Member]
Description Of Organization And Business Operations [Line Items]
Sale of stock price per share					$ 10
Proceeds from private placement issue						640,000
Sale of stock, consideration received on transaction					$ 574.8
Minimum [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Description Of Organization And Business Operations [Line Items]
Prospective assets of acquiree as a percentage of fair value of assets in the trust account			80.00%
Equity method investment ownership percentage			50.00%
Common Class A [Member] \| Social Capital Suvretta Holdings Corp. III [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] \| Social Capital Suvretta Holdings Corp. III [Member]
Description Of Organization And Business Operations [Line Items]
Stock issued during period new issues					52,480,000
Common Class A [Member] \| IPO [Member] \| Social Capital Suvretta Holdings Corp. III [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] \| Social Capital Suvretta Holdings Corp. III [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] \| Social Capital Suvretta Holdings Corp. III [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
Sale of stock, number of shares issued in transaction					52,480,000
Common Class B [Member] \| ProKidney LP [Member] \| Social Capital Suvretta Holdings Corp. III [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] \| Social Capital Suvretta Holdings Corp. III [Member]
Description Of Organization And Business Operations [Line Items]
Sale of stock, number of shares issued in transaction					5,000,000

Significant Accounting Policies - Schedule of Fixed Assets (Parenthetical) (Detail) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Depreciation expense	$ 604,000	$ 402,000	$ 1,198,000	$ 578,000	$ 1,451,000	$ 606,000

Summary of Significant Accounting Policies (Policies)

6 Months Ended

10 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Basis of Presentation

The condensed consolidated financial statements reflect the operations of ProKidney and its wholly-owned subsidiaries consisting of

ProKidney-KY

and

ProKidney-US

(together, the “Company”). All intercompany transactions and accounts have been eliminated.

Basis of Presentation

The consolidated financial statements reflect the operations of ProKidney and its wholly-owned subsidiaries consisting of

ProKidney-KY

and

ProKidney-US

(together, the “Company”). All intercompany transactions and accounts have been eliminated.

Going Concern

Use of Estimates

Cash and Cash Equivalents

Concentration of Credit Risk

Concentrations of Credit Risk

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

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

Research and Development Costs

Costs incurred in obtaining technology licenses are charged to research and development expense as purchased

in-process

research and development if the technology licensed has not reached technological feasibility and has no alternative future use.

Research and Development Costs

The Company records nonrefundable advance payments it makes for future research and development activities as prepaid expenses. Prepaid expenses are recognized as expense in the Statement of Operations and Comprehensive Loss as the Company receives the related goods or services.

Costs incurred in obtaining technology licenses are charged to research and development expense as purchased

in-process

research and development if the technology licensed has not reached technological feasibility and has no alternative future use.

Fixed Assets


Computer equipment and software		3-5 years
Furniture and equipment		5-7 years
Leasehold improvements		remainder of lease term

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


Computer equipment and software		3- 5 years
Furniture and equipment		5- 7 years
Leasehold improvements		remainder of lease term

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

Depreciation expense for the years ended December 31, 2021 and 2020 was $1,451,000 and $606,000, respectively.

Intangible Assets


	June 30, 2022		December 31, 2021
Gross carrying amount	$	1,073	$	1,073
Accumulated amortization		753		645

Net carrying amount	$	320	$	428

Intangible Assets


	December 31, 2021		December 31, 2020
Gross carrying amount	$	1,073	$	1,073
Accumulated amortization		645		431

Net carrying amount	$	428	$	642

Impairment of Long-Lived Assets

Income Taxes

ProKidney-US

is a limited liability company and has elected to be treated as a C corporation. Therefore, a provision for federal and state taxes has been recorded.

ProKidney-KY

elected to be treated as an entity disregarded from its owner for U.S. tax purposes, and as a result, it has not recorded an income tax provision.

Income Taxes

ProKidney-US

is a limited liability company and has elected to be treated as a C corporation. Therefore, a provision for federal and state taxes has been recorded.

ProKidney-KY

elected to be treated as an entity disregarded from its owner for U.S. tax purposes, and as a result, it has not recorded an income tax provision.

Fair Value Measurements

three-level

•

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities

•

Level 2 – Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable through correlation with market data

•

Level 3 – Unobservable inputs that are supported by little or no market data, which require the reporting entity to develop its own assumptions

The carrying values of cash equivalents, accounts payable, and accrued liabilities approximate fair value due to the

short-term

nature of these instruments.

Fair Value Measurements


Level 1 –		Unadjusted quoted prices in active markets for identical assets or liabilities

Level 2 –		Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable through correlation with market data

Level 3 –		Unobservable inputs that are supported by little or no market data, which require the reporting entity to develop its own assumptions

The carrying values of cash equivalents, accounts payable, and accrued liabilities approximate fair value due to the short-term nature of these instruments. There are no

available-for-sale

securities included in cash and cash equivalents as of December 31, 2021 and 2020.

Leases

The Company determines if an arrangement is a lease at inception. Balances recognized related to the Company’s operating and finance leases are included in

right-of-use

assets, net and lease liabilities in the Condensed Consolidated Balance Sheets. Right of use assets and lease liabilities are recognized based on the

non-lease

components and instead account for them as a single lease component. Leases with a term of 12 months or less are not recorded on the balance sheet.

Leases

The Company determines if an arrangement is a lease at inception. Balances recognized related to the Company’s operating and finance leases are included in

right-of-use

non-lease

components and instead account for them as a single lease component. Leases with a term of 12 months or less are not recorded on the balance sheet.

Contingent Liabilities

Share-Based Payment Arrangements

Equity-Based Compensation

Class B-1

Upon consummation of the Business Combination discussed in Note 1, the Company’s existing Class B Units (including

Class B-1

Equity-Based Compensation

Defined Contribution Plan

The Company sponsors a 401(k) plan for its

ProKidney-US

employees and a defined contribution plan for its

ProKidney-KY

employees. Full-time employees are eligible to participate in the

ProKidney-US

plan. The Company matches 50% of participating

ProKidney-US

employees’ contributions up to 8% of salary. The costs of the

ProKidney-US

plan were $161,000 and $119,000 for the years ended December 31, 2021 and 2020, respectively. The Company contributes 7% of

ProKidney-KY

employee salaries to the

ProKidney-KY

defined contribution plan. The costs of the

ProKidney-KY

plan were $8,000 and $20,000 for the years ended December 31, 2021 and 2020, respectively.

Segments

The Company operates in only one segment.

Segments

The Company operates in only one segment.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU

No. 2016-02,

Leases (Topic 842), which requires lessees to recognize a

right-of-use

asset and a liability on the balance sheet for all leases, with the exception of short-term leases. The lease liability will be equal to the present value of lease payments, and the

right-of-use

No. 2016-02,

Leases (Topic 842), as of January 1, 2021. For additional detail, see Note 4, Leases.

Recently Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU

No. 2016-02,

Leases (Topic 842), which requires lessees to recognize a

right-of-use

asset and a liability on the balance sheet for all leases, with the exception of short-term leases. The lease liability will be equal to the present value of lease payments, and the

right-of-use

No. 2016-02,

Leases (Topic 842), as of January 1, 2021. For additional detail, see Note 4, Leases.

Subsequent Events

The Company has evaluated subsequent events through August 12, 2022, which is the date the consolidated financial statements were available to be issued. See additional information in Note 9.

Subsequent Events

The Company has evaluated subsequent events through April 11, 2022, which is the date the consolidated financial statements were available to be issued. See additional information in Notes 5 and 8.

Social Capital Suvretta Holdings Corp. III [Member]

Basis of Presentation

Form 10-Q

and Article 8 of

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

Basis of Presentation

Principles of Consolidation

Use of Estimates

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 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 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 December 31, 2021.

Emerging Growth Company

non-emerging

Emerging Growth Company

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 a 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 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 financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Concentration of Credit Risk

Accrued Expenses

At June 30, 2022, accrued expenses include

At December 31, 2021, accrued expenses include

$1,506,528 of legal expense, $5,000 of printing expense, $282,500 of due diligence expense, $70,000 of regulatory filing fee and $770 of accounting expense.

Accrued Expense

Accrued expenses

Income Taxes

more-likely-than-not

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 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.

more-likely-than-not

Share-Based Payment Arrangements

Class A Ordinary Shares Subject to Possible Redemption

paid-in

capital (to the extent available) and accumulated deficit.

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

Class A Ordinary Shares Subject to Possible Redemption

paid-in

capital (to the extent available) and accumulated deficit.

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

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.

Marketable Securities Held in Trust Account

At December 31, 2021, substantially all of the assets held in the Trust Account were held in money market funds which are invested primarily in U.S. Treasury securities.

Offering Costs

The Company complies with the requirements of the

ASC 340-10-S99-1. Offering costs

paid-in

Offering Costs

The Company

complies with the requirements of the

ASC 340-

10-S99-1. Offering costs

of other offering costs. The offering costs were charged to temporary equity and additional

paid-in

Net Loss Per Ordinary Share

Net Loss per Ordinary Share

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	)

Net Loss Per Ordinary Share

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	)

Fair Value of Financial Instruments

Recently Adopted Accounting Pronouncements

Recent Accounting Standards

In August 2020, the FASB issued ASU

No. 2020-06,

“Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU

2020-06”),

which simplifies accounting for convertible instruments by removing major separation models required under current GAAP. ASU

2020-06

is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU

2020-06

effective as of January 1, 2021. The adoption of ASU

2020-06

did not have an impact on the Company’s condensed consolidated financial statements.

Recent Accounting Standards

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 financial statements.

Significant Accounting Policies - Schedule of Estimated Useful Lives (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Computer Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years	5 years
Computer Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years	3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 days	7 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 days	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	remainder of lease term	remainder of lease term

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accrued bonus	$ 376,000	$ 243,000
Fixed assets	0	108,000
Federal credit carryforwards	939,000	331,000
Leases	28,000	0
Start-up costs	39,000	48,000
Deferred tax assets before valuation allowance	1,382,000	730,000
Valuation allowance	1,237,000	560,000
Total deferred tax assets	145,000	170,000
Deferred tax liabilities:
Intangible assets	90,000	148,000
Fixed assets	47,000	0
Prepaid expenses	8,000	22,000
Total deferred tax liabilities	145,000	170,000
Net deferred tax asset	$ 0	$ 0

Description Of Organization, Business Operations And Going Concern

6 Months Ended

10 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Description Of Organization, Business Operations And Going Concern

Note 1: The Company

ProKidney LLC was formed as a Bermuda limited liability company on December 12, 2018 and funded with $75,000,000 on December 31, 2018. On January 9, 2019 (the “Acquisition Date”), ProKidney LLC acquired all of the equity interests in inRegen and Twin City Bio LLC (“TC Bio”) for $62,000,000. inRegen was duly incorporated under the Cayman Islands Companies Act (as amended) on December 21, 2015 as an exempted company. During 2020, inRegen’s name was changed to ProKidney (and is referred to herein as

“ProKidney-KY”),

and TC Bio’s name was changed to ProKidney, LLC (and is referred to herein as

“ProKidney-US”).

ProKidney-US

was formed as a limited liability company under the laws of Delaware on December 18, 2015. In August 2021, ProKidney LP was organized as a limited partnership under the laws and regulations of Ireland, with ProKidney LLC becoming a wholly owned subsidiary of ProKidney LP (and is referred to herein as “ProKidney”). Following this reorganization on August 5, 2021, and for the purposes of these financial statements, the term “ProKidney” as used herein, refers to ProKidney LP following this reorganization, and the financial information presented herein is that of ProKidney LP and its wholly owned subsidiaries.

ProKidney acquired the equity interests in

ProKidney-KY

to develop its Renal Advanced Cell Therapy, which has the potential to stabilize or improve renal function in patients with chronic kidney disease or delay or eliminate the need for dialysis and organ transplantation. ProKidney acquired

ProKidney-US

to provide contractual development and manufacturing services to

ProKidney-KY,

which is

ProKidney-US’s

only customer.

Because ProKidney is a limited partnership, the debts, obligations and liabilities of the Company (as defined below), whether arising in contract, tort or otherwise, are solely the debts, obligations and liabilities of the Company, and no holder of equity interests in ProKidney (“members’ equity”) is obligated personally for any such debt, obligation or liability of the Company solely by reason of being a holder of members’ equity.

On January 18, 2022, the Company executed a definitive business combination agreement (the “Business Combination Agreement”), with Social Capital Suvretta Holdings Corp. III (“SCS”). Pursuant to the terms of the Business Combination Agreement, the Company would become a subsidiary of SCS and would be organized in an umbrella partnership corporation

(“Up-C”)

structure, would provide potential future tax benefits for SCS when the equity holders ultimately exchanged their pass-through interests for Class A ordinary shares. The transaction closed on July 11, 2022. Upon consummation of the transaction, SCS changed its name to ProKidney Corp.

The business combination between SCS and ProKidney LP (the “Business Combination”) resulted in gross proceeds of approximately $596,537,000. This amount reflects a contribution of $21,737,000 of cash held in SCS’ trust account, net of redemptions, and a $574,800,000 concurrent private placement of Class A ordinary shares of the combined company, priced at $10.00 per share (the “PIPE Placement”). Upon close, these proceeds were used to repay the outstanding balance of $35,000,000 under the Company’s two promissory note agreements with certain holders of its Class A Units (the “Promissory Notes”) and related accrued interest. Additionally, the proceeds were used to pay those expenses previously incurred by SCS related to the Business Combination of approximately $21,029,000 as well as advisory and placement fees of approximately $29,389,000 incurred in connection with the PIPE Placement.

Note 1: The Company

“ProKidney-KY”),

and TC Bio’s name was changed to ProKidney, LLC (and is referred to herein as

“ProKidney-US”).

ProKidney-US

was formed as a limited liability company under the laws of Delaware on December 18, 2015. In August 2021, ProKidney LP was organized as a limited partnership under the laws and regulations of Ireland, with ProKidney LLC becoming a wholly owned subsidiary of ProKidney LP (and is referred to herein as “ProKidney”). Following this reorganization on August 5, 2021 and for the purposes of these financial statements, the term “ProKidney,” as used herein, refers to ProKidney LP following this reorganization, and the financial information presented herein is that of ProKidney LP and its wholly owned subsidiaries.

ProKidney acquired the equity interests in

ProKidney-KY

ProKidney-US

to provide contractual development and manufacturing services to

ProKidney-KY,

which is

ProKidney-US’s

only customer.

Social Capital Suvretta Holdings Corp. III [Member]

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

17,500,000 Earnout RCUs and 17,500,000

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

SCS Class A ordinary shares and SCS Class B ordinary shares, (ii) 52,480,000 Class A ordinary shares issued in the PIPE Placement and (iii) 170,723,961 New ProKidney Class B ordinary shares, exclusive of 9,276,039 ProKidney Class B RSRs and 17,500,000 Earnout RSRs. As noted above, an aggregate of approximately $228.7 million was paid from the Trust Account to holders that properly exercised their right to have public shares redeemed, and the remaining balance immediately prior to the Closing of approximately $21.7 million remained in the Trust Account. The remaining amount in the Trust Account was used to fund expenses incurred by SCS and ProKidney in connection with the Business Combination and will be used for general corporate purposes of New ProKidney following the Business

Combination.

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

of the Investment Company Act of 1940, as amended (the “Investment Company Act”).

Risks and Uncertainties

Management continues to evaluate the impact of the

COVID-19

pandemic and has concluded that while it is reasonably possible that the pandemic could have a negative effect on the Company’s business, financial position, results of operations and/or the search for a target company, the specific impact was not readily determinable as of the date of these condensed consolidated financial statements. The condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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.

NOTE 1. DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN

Social Capital Suvretta Holdings Corp. III (the “Company”) is 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”).

As of December 31, 2021, the Company had not commenced any operations. All activity for the period from February 25, 2021 (inception) through December 31, 2021 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 activities in connection with the proposed acquisition of ProKidney LP (see Note 9). The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates

non-operating

income in the form of interest income from the marketable securities held in the Trust Account (as defined below).

Note 3. The fair value attributable to the unexercised portion of the over-allotment option was deemed to be immaterial to the 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 a trust account (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

of the Investment Company Act of 1940, as amended (the “Investment Company Act”). Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the funds held in the Trust Account will not be released from the Trust Account until the earliest of: (a) the completion of a Business Combination, and then only in connection with those Public Shares that such shareholder properly elected to redeem, subject to certain limitations; (b) the redemption of any Public Shares properly submitted in connection with a shareholder vote to amend the Company’s Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the 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 (ii) with respect to any other material provisions relating to shareholders’ rights or

pre-Business

Combination activity; and (c) the redemption of the Public Shares if the Company has not completed a Business Combination within the Combination Period or during any applicable extension period. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the holders of the Public Shares (the “Public Shareholders”).

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 the Private Placement Shares, although substantially

all of

the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company must complete one or more Business Combinations having an aggregate fair market value of

at least 80% of the value of the assets held in the Trust Account (excluding any deferred underwriting commissions and taxes payable on the income earned on the Trust Account) at the time of the Company signing a definitive agreement in connection with the Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination 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 business sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to complete a Business Combination successfully.

The Company will provide the Public Shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the Business Combination, either (a) in connection with a general meeting called to approve the Business Combination or (b) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem all or a portion of their Public Shares at a

per-share

price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Business Combination, including interest (which interest shall be net of taxes payable), divided by the number of then issued and outstanding Public Shares, subject to the limitations described below.

In accordance with the Company’s Amended and Restated Memorandum and Articles of Association, in no event will the Company redeem the Public Shares in an amount that would cause the Company’s net tangible assets to be less than $5,000,001 following such redemptions. Redemptions of the Public Shares may also be subject to a higher net tangible asset test or cash requirement pursuant to an agreement relating to the Business Combination.

If a shareholder vote is not required in connection with a Business Combination and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the Securities and Exchange Commission (the “SEC”), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirement, or the Company decides to obtain shareholder approval for business or other reasons, the Company will conduct the redemptions in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules and will file proxy materials with the SEC. If the Company seeks shareholder approval in connection with a Business Combination, the Company will complete such Business Combination only if the Company receives an ordinary resolution under Cayman Islands law, which requires the affirmative vote of holders of a majority of ordinary shares who attend and vote at a general meeting of the Company. The Public Shareholders may elect to redeem their Public Shares without voting and, if they do vote, irrespective of whether they vote for or against a Business Combination.

Notwithstanding the foregoing redemption rights, if the Company seeks shareholder approval of the Business Combination and the Company does not conduct redemptions pursuant to the tender offer rules, the Company’s Amended and Restated Memorandum and Articles of Association provide that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder 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 Public Shares with respect to more than an aggregate of 15

% of the Public Shares without the Company’s prior written consent.

The Sponsor and the Company’s directors and officers have agreed to waive: (a) their redemption rights with respect to any Founder Shares, Private Placement Shares and Public Shares held by them, as applicable, in connection with the completion of a Business Combination; (b) their redemption rights with respect to any Founder Shares, Private Placement Shares and Public Shares held by them in connection with a shareholder vote

to amend the Company’s Amended and Restated Memorandum and Articles of Association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Business Combination or to

redeem 100

% of the Public Shares if the Company does not complete a Business Combination within the Combination Period, or (ii) with respect to any other material provisions relating to shareholders’ rights or

pre-Business

Combination activity; and (c) their rights to liquidating distributions from the Trust Account with respect to any Founder Shares and Private Placement Shares they hold if the Company fails to complete a Business Combination within the Combination Period or during any applicable extension period (although such persons will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they hold if the Company fails to complete a Business Combination within the prescribed time frame). If the Company submits the Business Combination to the Public Shareholders for a vote, the Sponsor and the Company’s directors and officers have also agreed to vote any Founder Shares, Private Placement Shares and Public Shares held by them in favor of the Business Combination.

The Company will have until July

2, 2023 to complete a Business Combination (the “Combination Period”), or such longer period as a result of a shareholder vote to amend such time period pursuant to the Company’s Amended and Restated Memorandum and Articles of Association. However, if the Company has not completed a Business Combination within such Combination Period or during any applicable extension period, the Company will: (a) cease all operations except for the purpose of winding up; (b) as promptly as reasonably possible but not more than ten business days thereafter, 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 (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable) divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish the Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any); and (c) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and its board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.

The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party (other than the Company’s independent auditors) 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, reduce the amount of funds in the Trust Account to below (1) $10.00

per Public Share or (2) such 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 the interest which may be withdrawn to pay taxes, except as to any claims by a third party that executed a waiver of any and all rights to seek access to the Trust Account and except as 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 has not independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believes that the Sponsor’s only assets are securities of the Company and, therefore, the Sponsor may not be able to satisfy those obligations. The Company has not asked the Sponsor to reserve for such obligations. None of the Company’s directors or officers will indemnify the Company for claims by third parties, including, without limitation, claims by vendors and prospective target businesses.

Risks and Uncertainties

Management continues to evaluate the impact of the

COVID-19

pandemic and has concluded that while it is reasonably possible that the pandemic could have a negative effect on the Company’s business, financial position, results of operations and/or the search for a target company, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Liquidity and Going Concern

As of December 31, 2021, the Company had $440,488 in its operating bank accounts and working capital deficit of $935,119.

Until the consummation of a Business Combination, the Company will be using 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.

The Company may need to raise additional capital through loans or additional investments from its Sponsor, shareholders, officers, directors, or third parties. The Company’s officers, directors and Sponsor may, but are not obligated to, loan the Company funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

The Company - Additional Information (Detail) - USD ($)			1 Months Ended
The Company - Additional Information (Detail) - USD ($)	Jul. 11, 2022	Jan. 09, 2019	Dec. 31, 2018
Nature Of Operations [Line Items]
Incorporation date of entity			Dec. 12, 2018
Initial capital			$ 75,000,000,000
Subsequent Event [Member]
Nature Of Operations [Line Items]
Proceeds from business combination used to repay the expense previously incurred by other party related to business combination	$ 21,029,000
Proceeds from business combination used to repay the advisory and placement fees incurred in connection with PIPE placement	29,389,000
Subsequent Event [Member] \| Two Promissory Notes Agreement With Holders Of Class A Units [Member]
Nature Of Operations [Line Items]
Proceeds from business combination used to repay the outstanding balance of debt	35,000,000
Regen And Twin City Bio LLC [Member]
Nature Of Operations [Line Items]
Business combination consideration transferred		$ 62,000,000,000
Business Combination [Member] \| Subsequent Event [Member]
Nature Of Operations [Line Items]
Proceeds from sale of business gross	596,537,000
Contribution in cash held in trust account net of redemptions	21,737,000
Business Combination [Member] \| Subsequent Event [Member] \| PIPE Placement [Member] \| Common Class A [Member]
Nature Of Operations [Line Items]
Amount received from private placement of shares	$ 574,800,000
Share price	$ 10

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal					$ 72	$ (242)
State					(34)	10
Total current income tax expense (benefit)					38	(232)
Deferred:
Federal					0	0
State					0	0
Total deferred income tax expense					0	0
Income tax expense (benefit)	$ 1,223	$ 10	$ 2,233	$ 16	$ 38	$ (232)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended			4 Months Ended	6 Months Ended		10 Months Ended	12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Revenue								$ 0	$ 0
Operating expenses
Research and development	$ 11,558,000		$ 10,969,000		$ 40,048,000	$ 20,828,000		46,255,000	21,042,000
General and administrative	9,180,000		1,748,000		47,152,000	3,492,000		8,855,000	5,982,000
Operating and formation costs	20,738,000		12,717,000		87,200,000	24,320,000		55,110,000	27,024,000
Loss from operations	(20,738,000)		(12,717,000)		(87,200,000)	(24,320,000)		(55,110,000)	(27,024,000)
Interest expense	(170,000)		0		(184,000)	0
Other income:
Interest income	0		2,000		0	2,000		2,000	43,000
Net loss before income taxes	(20,908,000)		(12,715,000)		(87,384,000)	(24,318,000)		(55,108,000)	(26,981,000)
Income tax expense (benefit)	1,223,000		10,000		2,233,000	16,000		38,000	(232,000)
Net loss	(22,131,000)		(12,725,000)		(89,617,000)	(24,334,000)		(55,146,000)	(26,749,000)
Social Capital Suvretta Holdings Corp. III [Member]
Operating expenses
Operating and formation costs	2,607,609		143	$ 5,325	6,613,810		$ 2,332,953
Loss from operations	(2,607,609)		(143)	(5,325)	(6,613,810)		(2,332,953)
Other income:
Interest earned on marketable securities held in Trust Account	337,595		0	0	362,771		8,324
Other income, net		$ 337,595	0	0	362,771
Net loss	(2,270,014)	$ (3,981,025)	(143)	$ (5,325)	(6,251,039)		(2,324,629)
Capital Unit, Class A [Member]
Other income:
Net loss	$ (22,131)		$ (12,725)		$ (89,617)	$ (24,334)		$ (55,146)	$ (26,749)
Earnings Per Share
Weighted Average Shares Outstanding, Basic	186,500,000		140,109,890		186,500,000	131,160,221		150,706,849	104,986,301
Weighted Average Shares Outstanding, Diluted	186,500,000		140,109,890		186,500,000	131,160,221		150,706,849	104,986,301
Net loss per ordinary share , Basic	$ (0.12)		$ (0.09)		$ (0.48)	$ (0.19)		$ (0.37)	$ (0.25)
Net loss per ordinary share , Diluted	$ (0.12)		$ (0.09)		$ (0.48)	$ (0.19)		$ (0.37)	$ (0.25)
Common Class A [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Other income:
Net loss	$ (1,825,123)		$ 0		$ (5,025,922)		$ (1,675,346)
Earnings Per Share
Weighted Average Shares Outstanding, Basic	25,640,000		0	0	25,640,000		15,101,877
Weighted Average Shares Outstanding, Diluted	25,640,000		0	0	25,640,000		15,101,877
Net loss per ordinary share , Basic	$ (0.07)		$ 0	$ 0	$ (0.2)		$ (0.11)
Net loss per ordinary share , Diluted	$ (0.07)		$ 0	$ 0	$ (0.2)		$ (0.11)
Common Class B [Member] \| Social Capital Suvretta Holdings Corp. III [Member]
Other income:
Net loss	$ (444,891)		$ (143)		$ (1,225,117)		$ (649,283)
Earnings Per Share
Weighted Average Shares Outstanding, Basic	6,250,000		5,500,000	5,500,000	6,250,000		5,852,751
Weighted Average Shares Outstanding, Diluted	6,250,000		5,500,000	5,500,000	6,250,000		5,852,751
Net loss per ordinary share , Basic	$ (0.07)		$ 0	$ 0	$ (0.2)		$ (0.11)
Net loss per ordinary share , Diluted	$ (0.07)		$ 0	$ 0	$ (0.2)		$ (0.11)