0001193125-21-271554 | S-1 | XBRL Viewer

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Cover Page	6 Months Ended
Cover Page	Jun. 30, 2021
Cover Page
Document Type	S-1
Entity Registrant Name	Surrozen, Inc./DE
Entity Central Index Key	0001824893
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Amendment Flag	false

Condensed Balance Sheets - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and Cash Equivalents	$ 390,673	$ 987,187
Prepaid expenses	526,805	790,341
Total Current Assets	917,478	1,777,528
Cash and marketable securities held in Trust Account	92,029,147	91,997,501
Total assets	92,946,625	93,775,029
Current liabilities
Accrued expenses	1,544,646	290,148
Total current liabilities	1,544,646	290,148
Warrant liability	5,138,148	3,404,014
Deferred underwriting fee payable	3,220,000	3,220,000
Total liabilities	9,902,794	6,914,162
Commitments and Contingencies
Class A ordinary shares subject to possible redemption 7,804,383 and 8,186,086 shares at redemption value at June 30, 2021 and December 31, 2020	78,043,830	81,860,860
Stockholder's Equity
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding
Additional paid-in capital	10,938,952	7,121,960
Accumulated deficit	(5,939,364)	(2,122,328)
Total Stockholder's Equity	5,000,001	5,000,007
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	92,946,625	93,775,029
Surrozen Inc [Member]
Current assets
Cash and Cash Equivalents	18,850,000	34,982,000	$ 29,104,000
Prepaid expenses	1,789,000	1,042,000	310,000
Short-term Investments	6,598,000	14,200,000	0
Total Current Assets	27,237,000	50,224,000	29,414,000
Property and equipment, net	5,393,000	5,836,000	6,632,000
Operating lease right-of-use assets	4,928,000	5,556,000	5,985,000
Other assets	1,384,000	39,000	49,000
Restricted cash	405,000	405,000	405,000
Total assets	39,347,000	62,060,000	42,485,000
Current liabilities
Accounts Payable	1,405,000	1,776,000	972,000
Accrued expenses	6,558,000	3,394,000	1,427,000
Lease liabilities, current portion	2,009,000	2,108,000	1,501,000
Total current liabilities	9,972,000	7,278,000	3,900,000
Lease liabilities, noncurrent portion	6,553,000	7,489,000	9,199,000
Total liabilities	16,525,000	14,767,000	13,099,000
Commitments and Contingencies
Redeemable convertible preferred stock	133,097,000	133,097,000	83,211,000
Stockholder's Equity
Common stock	1,000	1,000	1,000
Additional paid-in capital	3,400,000	2,196,000	1,459,000
Accumulated deficit	(113,676,000)	(88,001,000)	(55,285,000)
Total Stockholder's Equity	(110,275,000)	(85,804,000)	(53,825,000)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	39,347,000	62,060,000	$ 42,485,000
Class A ordinary
Stockholder's Equity
Common stock	183	145
Class B ordinary
Stockholder's Equity
Common stock	$ 230	$ 230

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, par value, (per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Surrozen Inc [Member]
Common shares, par value, (per share)	$ 0.0001	$ 0.0001	$ 0.0001
Common shares, shares authorized	120,000,000	120,000,000	85,888,000
Common shares, shares issued	10,368,999	8,648,718	8,648,718
Common shares, shares outstanding	10,368,999	8,178,290	8,178,290
Class A ordinary
Common shares, par value, (per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	350,000,000	350,000,000
Common shares, shares issued	1,829,617	1,447,914
Common shares, shares outstanding	1,829,617	1,447,914
Temporary Equity, Shares Issued	7,804,383	8,186,086
Temporary equity, shares outstanding	7,804,383	8,186,086
Class B ordinary
Common shares, par value, (per share)	$ 0.0001	$ 0.0001
Common shares, shares authorized	150,000,000	150,000,000
Common shares, shares issued	2,300,000	2,300,000
Common shares, shares outstanding	2,300,000	2,300,000
Temporary Equity, Shares Issued	2,300,000	2,300,000
Redeemable Convertible Preferred Stock [Member] \| Surrozen Inc [Member]
Temporary Equity, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001
Temporary Equity, Shares Authorized	95,289,938	95,289,938	68,555,555
Temporary Equity, Shares Issued	95,289,932	95,289,932	66,718,509
Temporary equity, shares outstanding	95,289,932	95,289,932	66,718,509
Temporary Equity, Liquidation Preference	$ 133,300	$ 133,300	$ 83,300

Condensed Statements Of Operations - USD ($)	3 Months Ended	4 Months Ended	6 Months Ended		12 Months Ended
Condensed Statements Of Operations - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Operating and formation costs	$ 1,049,339	$ 438,756	$ 2,114,548
Loss from operations	(1,049,339)	(438,756)	(2,114,548)
Other expense:
Interest earned on marketable securities held in Trust Account	8,534	5,892	31,646
Transaction costs associated with initial public offering		(107,519)
Unrealized gain on marketable securities held in Trust Account	(6,299)	(8,391)	0
Changes in fair value of warrant liability	(2,536,968)	(1,573,554)	(1,734,134)
Other expense, net	(2,534,733)	(1,683,572)	(1,702,488)
Net loss	$ (3,584,072)	$ (2,122,328)	(3,817,036)
Surrozen Inc [Member]
Research and development			18,866,000	$ 10,076,000	$ 25,684,000	$ 19,603,000
General and administrative			6,825,000	3,254,000	7,123,000	5,503,000
Total Operating Expenses			25,691,000	13,330,000	32,807,000	25,106,000
Loss from operations			(25,691,000)	(13,330,000)	(32,807,000)	(25,106,000)
Other income			16,000	76,000	91,000	744,000
Other expense:
Net loss			$ (25,675,000)	$ (13,254,000)	$ (32,716,000)	$ (24,362,000)
Basic and diluted net income (Loss) per share			$ (3.11)	$ (1.85)	$ (4.42)	$ (4.13)
Basic and diluted weighted average shares outstanding			8,244,336	7,180,539	7,394,290	5,899,669
Class A ordinary shares subject to redemption
Other expense:
Basic and diluted net income (Loss) per share	$ 0	$ 0.00	$ 0
Basic and diluted weighted average shares outstanding	8,162,790	8,181,335	8,174,309
Non-redeemable ordinary shares
Other expense:
Net loss	$ (3,584,072)	$ (2,122,328)	$ (3,817,036)
Basic and diluted net income (Loss) per share	$ (0.95)	$ (0.86)	$ (1.02)
Basic and diluted weighted average shares outstanding	3,771,210	2,461,095	3,759,691

Condensed Statement Of Changes In Shareholders' Equity - USD ($)	Total	Surrozen Inc [Member]	Series B Redeemable Convertible Convertible Preferred Stock [Member] Surrozen Inc [Member]	Series C Redeemable Convertible Preferred Stock [Member] Surrozen Inc [Member]	Common Stock Surrozen Inc [Member]	Common Stock Class A ordinary	Common Stock Class B ordinary	Additional Paid-in Capital	Additional Paid-in Capital Surrozen Inc [Member]	Accumulated Deficit	Accumulated Deficit Surrozen Inc [Member]
Balance at the beginning at Dec. 31, 2018		$ (30,338,000)	$ 54,355,000		$ 1,000				$ 584,000		$ (30,923,000)
Balance at the beginning (in shares) at Dec. 31, 2018			47,470,367
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series redeemable convertible preferred stock, net of issuance costs of $16 , Redeemable convertible preferred stock			$ 28,856,000
Issuance of Series redeemable convertible preferred stock, net of issuance costs of $16 , Redeemable convertible preferred stock (in shares)			19,248,142
Exercises of stock options		61,000							61,000
Exercises of stock options (in shares)					337,979
Reclassification to liability for early exercised stock options		(59,000)							(59,000)
Vesting of early exercised stock options		83,000							83,000
Repurchase of early exercised stock options (in shares)					(98,584)
Stock-based compensation expense		790,000							790,000
Net income (loss)		(24,362,000)									(24,362,000)
Balance at the end at Dec. 31, 2019		(53,825,000)	$ 83,211,000	$ 83,211,000	$ 1,000				1,459,000		(55,285,000)
Balance at the end (in shares) at Dec. 31, 2019			66,718,509	66,718,509	8,178,290
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series redeemable convertible preferred stock, net of issuance costs of $16 , Redeemable convertible preferred stock				$ 49,886,000
Issuance of Series redeemable convertible preferred stock, net of issuance costs of $16 , Redeemable convertible preferred stock (in shares)				28,571,423
Exercises of stock options		92,000							92,000
Exercises of stock options (in shares)					261,583
Reclassification to liability for early exercised stock options		(78,000)							(78,000)
Vesting of early exercised stock options		42,000							42,000
Stock-based compensation expense		308,000							308,000
Restricted stock forfeited (in shares)					(29,167)
Net income (loss)		(13,254,000)									(13,254,000)
Balance at the end at Jun. 30, 2020		(66,715,000)		$ 133,097,000	$ 1,000				1,823,000		(68,539,000)
Balance at the end (in shares) at Jun. 30, 2020				95,289,932	8,410,706
Balance at the beginning at Dec. 31, 2019		(53,825,000)	$ 83,211,000	$ 83,211,000	$ 1,000				1,459,000		(55,285,000)
Balance at the beginning (in shares) at Dec. 31, 2019			66,718,509	66,718,509	8,178,290
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series redeemable convertible preferred stock, net of issuance costs of $16 , Redeemable convertible preferred stock				$ 49,886,000
Issuance of Series redeemable convertible preferred stock, net of issuance costs of $16 , Redeemable convertible preferred stock (in shares)				28,571,423
Exercises of stock options		$ 167,000							167,000
Exercises of stock options (in shares)		407,000			407,533
Reclassification to liability for early exercised stock options		$ (150,000)							(150,000)
Vesting of early exercised stock options		85,000							85,000
Repurchase of early exercised stock options (in shares)					(7,938)
Stock-based compensation expense		635,000							635,000
Restricted stock granted (in shares)					100,000
Restricted stock forfeited (in shares)					(29,167)
Net income (loss)		(32,716,000)									(32,716,000)
Balance at the end at Dec. 31, 2020	$ 5,000,007	(85,804,000)	$ 133,097,000	$ 133,097,000	$ 1,000	$ 145	$ 230	$ 7,121,960	2,196,000	$ (2,122,328)	(88,001,000)
Balance at the end (in shares) at Dec. 31, 2020			95,289,932	95,289,932	8,648,718	1,447,914	2,300,000
Balance at the beginning at Aug. 21, 2020	0					$ 0	$ 0	0		0
Balance at the beginning (in shares) at Aug. 21, 2020						0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Aggregate purchase price	25,000						$ 230	24,770
Issuance of Class B ordinary shares to Sponsor (in shares)							2,300,000
Sale of Units, net of underwriting discounts, offering costs and warrant liability	86,113,691					$ 920		86,112,771
Sale of Units, net of underwriting discounts, offering costs and warrant liability (in shares)						9,200,000
Sale of Private Placement Units, net of warrant liability	2,844,504					$ 43		2,844,461
Sale of Private Placement Units, net of warrant liability (in shares)						434,000
Class A ordinary shares subject to possible redemption	(81,860,860)					$ (818)		(81,860,042)
Class A ordinary shares subject to possible redemption (in shares)						(8,186,086)
Net income (loss)	(2,122,328)									(2,122,328)
Balance at the end at Dec. 31, 2020	5,000,007	(85,804,000)	$ 133,097,000	$ 133,097,000	$ 1,000	$ 145	$ 230	7,121,960	2,196,000	(2,122,328)	(88,001,000)
Balance at the end (in shares) at Dec. 31, 2020			95,289,932	95,289,932	8,648,718	1,447,914	2,300,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in value of Class A ordinary shares subject to redemption	232,960					$ 2		232,958
Change in value of Class A ordinary shares subject to redemption (in shares)						23,296
Net income (loss)	(232,964)									(232,964)
Balance at the end at Mar. 31, 2021	5,000,003					$ 147	$ 230	7,354,918		(2,355,292)
Balance at the end (in shares) at Mar. 31, 2021						1,471,210	2,300,000
Balance at the beginning at Dec. 31, 2020	5,000,007	(85,804,000)	$ 133,097,000	$ 133,097,000	$ 1,000	$ 145	$ 230	7,121,960	2,196,000	(2,122,328)	(88,001,000)
Balance at the beginning (in shares) at Dec. 31, 2020			95,289,932	95,289,932	8,648,718	1,447,914	2,300,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercises of stock options		$ 305,000							305,000
Exercises of stock options (in shares)		720,531			720,531
Vesting of early exercised stock options		$ (185,000)							(185,000)
Repurchase of early exercised stock options		77,000							77,000
Repurchase of early exercised stock options (in shares)					(6,500)
Stock-based compensation expense		1,007,000							1,007,000
Restricted stock granted (in shares)					1,100,000
Restricted stock forfeited (in shares)					(93,750)
Net income (loss)	(3,817,036)	(25,675,000)									(25,675,000)
Balance at the end at Jun. 30, 2021	5,000,001	(110,275,000)	$ 133,097,000		$ 1,000	$ 183	$ 230	10,938,952	3,400,000	(5,939,364)	(113,676,000)
Balance at the end (in shares) at Jun. 30, 2021			95,289,932		10,368,999	1,829,617	2,300,000
Balance at the beginning at Mar. 31, 2021	5,000,003					$ 147	$ 230	7,354,918		(2,355,292)
Balance at the beginning (in shares) at Mar. 31, 2021						1,471,210	2,300,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in value of Class A ordinary shares subject to redemption	3,584,070					$ 36		3,584,034
Change in value of Class A ordinary shares subject to redemption (in shares)						358,407
Net income (loss)	(3,584,072)									(3,584,072)
Balance at the end at Jun. 30, 2021	$ 5,000,001	$ (110,275,000)	$ 133,097,000		$ 1,000	$ 183	$ 230	$ 10,938,952	$ 3,400,000	$ (5,939,364)	$ (113,676,000)
Balance at the end (in shares) at Jun. 30, 2021			95,289,932		10,368,999	1,829,617	2,300,000

Condensed Statement Of Changes In Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands	4 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Sale of Units, net of underwriting discounts, offering costs and warrant liability (in shares)	9,200,000
Sale of Private Placement Units, net of warrant liability	434,000		434,000
Series B Redeemable Convertible Convertible Preferred Stock [Member]
Adjustment to additional paid in capital stock issuance costs				$ 16
Series C Redeemable Convertible Preferred Stock [Member]
Adjustment to additional paid in capital stock issuance costs			$ 114
Series C Redeemable Convertible Preferred Stock [Member] \| Surrozen Inc [Member]
Adjustment to additional paid in capital stock issuance costs		$ 113

Condensed Statement Of Cash Flows - USD ($)	3 Months Ended	4 Months Ended	6 Months Ended		12 Months Ended
Condensed Statement Of Cash Flows - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net loss		$ (2,122,328)	$ (3,817,036)
Adjustments to reconcile net loss to net cash used in operating activities:
Payment of formation costs through issuance of Class B ordinary shares		4,961
Interest earned on marketable securities held in Trust Account		(5,892)	(31,646)
Changes in fair value of warrant liability		1,573,554	1,734,134
Transaction costs in connection with the initial public offering		107,519
Unrealized gain on marketable securities held in Trust Account	$ 6,299	8,391	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(790,341)	263,536
Accrued liabilities		290,148	1,254,498
Net cash used in operating activities		(933,988)	(596,514)
Cash Flows from Investing Activities:
Investment of cash in Trust Account		(92,000,000)
Net cash used in investing activities		(92,000,000)
Cash Flows from Financing Activities:
Proceeds from sale of Units, net of underwriting discounts paid		90,160,000
Proceeds from sale of Private Placement Units		4,340,000
Proceeds from promissory note - related party		147,753
Repayment of promissory note - related party		(147,753)
Payment of offering costs		(578,825)
Net cash provided by financing activities		93,921,175
Net Change in Cash		987,187	(596,514)
Cash – Beginning of period		0	987,187
Cash – End of period	390,673	987,187	390,673		$ 987,187
Non-Cash investing and financing activities:
Initial classification of Class A ordinary shares subject to possible redemption		72,522,937
Change in value of Class A ordinary shares subject to possible redemption		(2,429,850)	(3,817,030)
Initial classification of warrant liability		1,830,460
Offering costs paid directly by Sponsor from proceeds from issuance of Class B ordinary shares		20,039
Deferred underwriting fee payable		3,220,000
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	390,673	987,187	390,673		987,187
Cash and cash equivalents and restricted cash	390,673	987,187	390,673		987,187
Surrozen Inc [Member]
Cash Flows from Operating Activities:
Net loss			(25,675,000)	$ (13,254,000)	(32,716,000)	$ (24,362,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			1,003,000	1,017,000	1,937,000	2,283,000
Stock-based compensation			1,007,000	308,000	635,000	790,000
Non-cash lease expense			628,000	403,000	992,000	661,000
Amortization of premium on investment securities, net					1,000	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			(747,000)	(438,000)	(732,000)	198,000
Accrued liabilities			2,245,000	676,000	1,903,000	46,000
Other assets			(1,000)	10,000	10,000	0
Accounts payable			(637,000)	(228,000)	537,000	639,000
Lease liabilities			(1,035,000)	(719,000)	(1,666,000)	(1,311,000)
Net cash used in operating activities			(23,212,000)	(12,225,000)	(29,099,000)	(21,056,000)
Cash Flows from Investing Activities:
Purchases of property and equipment			(404,000)	(167,000)	(874,000)	(1,563,000)
Purchases of investment securities					(14,201,000)	0
Purchases of marketable securities			(1,098,000)	0
Maturities of marketable securities			8,700,000	0
Net cash used in investing activities			7,198,000	(167,000)	(15,075,000)	(1,563,000)
Cash Flows from Financing Activities:
Payments of deferred transaction costs			(422,000)	0
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs			0	49,887,000	49,886,000	28,856,000
Proceeds from exercise of stock options			305,000	92,000	167,000	61,000
Repurchases of early exercised stock options			(1,000)	0	(1,000)	(13,000)
Net cash provided by financing activities			(118,000)	49,979,000	50,052,000	28,904,000
Net Change in Cash			(16,132,000)	37,587,000	5,878,000	6,285,000
Cash – Beginning of period			35,387,000	29,509,000	29,509,000	23,224,000
Cash – End of period	19,255,000	35,387,000	19,255,000	67,096,000	35,387,000	29,509,000
Supplemental disclosure of noncash investing and financing activities:
Capital expenditures in accounts payable			156,000	0	267,000	0
Vesting of early exercises of stock options			77,000	42,000	85,000	83,000
Reclassification to liability for early exercised stock options			185,000	78,000	150,000	59,000
Right-of-use asset obtained in exchange for operating lease liabilities			0	563,000	563,000	0
Deferred transaction costs included in accounts payable and accrued liabilities			922,000	0
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	18,850,000	34,982,000	18,850,000	66,691,000	34,982,000	29,104,000
Restricted cash	405,000	405,000	405,000	405,000	405,000	405,000
Cash and cash equivalents and restricted cash	$ 19,255,000	$ 35,387,000	$ 19,255,000	$ 67,096,000	$ 35,387,000	$ 29,509,000

Description of Organization and Business Operations	4 Months Ended	6 Months Ended
Description of Organization and Business Operations	Dec. 31, 2020	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Organization and Business Operations	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Consonance-HFW Acquisition Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on August 21, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (“Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of completing 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. As of December 31, 2020, the Company had not commenced any operations. All activity for the period from August 21, 2020 (inception) through December 31, 2020 relates to the Company’s formation and the initial public offering (“Initial Public Offering”), which is described below. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering became effective on November 18, 2020. On November 23, 2020, the Company consummated the Initial Public Offering of 8,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $80,000,000 which is described in Note 4. Simultaneously with the consummation of the Initial Public Offering, the Company consummated the sale of 410,000 units (the “Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to Consonance Life Sciences (the “Sponsor”), generating gross proceeds of $4,100,000, which is described in Note 5. Following the consummation of the Initial Public Offering on November 23, 2020, an amount of $80,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units was placed in a trust account (the “Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. On December 1, 2020, the underwriters fully exercised their over-allotment option, resulting in an additional 1,200,000 Units issued for an aggregate amount of $12,000,000. In connection with the underwriters’ full exercise of their over-allotment option, the Company also consummated the sale of an additional 24,000 Private Placement Units at $10.00 per Private Placement Unit, generating total proceeds of $12,240,000. A total of $12,000,000 was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $92,000,000. Transaction costs amounted to $5,658,864, consisting of $1,840,000 of underwriting fees, $3,220,000 of deferred underwriting fees and $598,864 of other offering costs. 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 Units, although substantially all of the net proceeds are intended to be applied generally toward completing a Business Combination. The Company must complete its initial Business Combination with one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding any deferred underwriting commissions held in the Trust Account and taxes payable on the interest earned on the Trust Account) at the time of the agreement to enter into a Business Combination. 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 successfully effect a Business Combination. The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) 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 shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. 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 virus could have a negative effect on the Company’s financial position and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Consonance-HFW Acquisition Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on August 21, 2020. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (“Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of completing 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. As of June 30, 2021, the Company had not commenced any operations. All activity through June 30, 2021 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), which is described below, and subsequent to the Initial Public Offering, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The registration statement for the Company’s Initial Public Offering became effective on November 18, 2020. On November 23, 2020, the Company consummated the Initial Public Offering of 8,000,000 units (the “Units” and individually a “Unit” and, with respect to the Class A ordinary shares included in the Units sold, the “Public Shares”), at $10.00 per Unit, generating gross proceeds of $80,000,000 which is described in Note 3. Simultaneously with the consummation of the Initial Public Offering, the Company consummated the sale of 410,000 units (the “Private Placement Units” and individually a “Private Placement Unit”) at a price of $10.00 per Private Placement Unit in a private placement to Consonance Life Sciences (the “Sponsor”), generating gross proceeds of $4,100,000, which is described in Note 4. Following the consummation of the Initial Public Offering on November 23, 2020, an amount of $80,000,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Units was placed in a trust account (the “Trust Account”) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting certain conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the Trust Account to the Company’s shareholders, as described below. On December 1, 2020, the underwriters fully exercised their over-allotment option, resulting in an additional 1,200,000 Units issued for an aggregate amount of $12,000,000. In connection with the underwriters’ full exercise of their over-allotment option, the Company also consummated the sale of an additional 24,000 Private Placement Units at $10.00 per Private Placement Unit, generating total proceeds of $12,240,000. A total of $12,000,000 was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $92,000,000. Transaction costs amounted to $5,658,864, consisting of $1,840,000 of underwriting fees, $3,220,000 of deferred underwriting fees and $598,864 of other offering costs. 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 Units, although substantially all of the net proceeds are intended to be applied generally toward completing a Business Combination. The Company must complete its initial Business Combination with one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding any deferred underwriting commissions held in the Trust Account and taxes payable on the interest earned on the Trust Account) at the time of the agreement to enter into a Business Combination. 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. On April 15, 2021, the Company has entered into a Business Combination agreement with Surrozen, Inc., see Note 10. Subsequent Events — Business Combination Agreement, PIPE Financing and Proxy Statement, however, There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide its shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) 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 shareholders will be entitled to redeem their shares for a pro rata portion of the amount held in the Trust Account (initially $10.00 per share), calculated as of two business days prior to the completion of a Business Combination, including any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations. There will be no redemption rights upon the completion of a Business Combination with respect to the Company’s warrants. On June 24, 2021, the Company filed a Proxy Statement on Schedule 14A with the Securities and Exchange Commission (the “SEC”), see Note 10. Subsequent Events — Business Combination Agreement, PIPE Financing and Proxy Statement. Business Combination Agreement, PIPE Financing and Proxy Statement On April 15, 2021, the Company entered into a business combination agreement (the “Business Combination Agreement”) with Surrozen, Inc. (“Surrozen”), pursuant to which a wholly-owned subsidiary of the Company will merge with and into Surrozen, with Surrozen surviving as a wholly-owned subsidiary of the Company and the Company will redomicile as a Delaware corporation. In accordance with the terms and subject to the conditions of the Business Combination Agreement, each share and equity award (whether vested or unvested) of Surrozen outstanding as of closing will be exchanged for shares of the Company’s common stock or comparable equity awards that are settled or are exercisable for shares of the Company’s common stock, as applicable, based on an implied Surrozen equity value of $200,000,000 and a $10.00 per share value of the Company’s common stock. In connection with the foregoing and concurrently with the execution of the Business Combination Agreement, the Company entered into subscription agreements with certain investors (the “Subscription Agreement(s)” and such investors, the “PIPE Investors”), pursuant to which the PIPE Investors have agreed to subscribe for and purchase, and the Company has agreed to issue and sell to the PIPE Investors, an aggregate of 12,020,000 units, each consisting of one share of the Company’s common stock and one-third of one redeemable warrant for one share of the Company’s common stock (the “PIPE Warrants”), for a purchase price of $10.00 per unit (the “PIPE Units”), for aggregate gross proceeds of $120,200,000 (the “PIPE Financing”). Each whole PIPE Warrant entitles the holder thereof to purchase one share of the Company’s common stock at a price of $11.50 per share, subject to adjustment as described in the form of warrant agreement attached to the form of Subscription Agreement, and only whole PIPE Warrants will be exercisable. The PIPE Warrants have substantially the same provisions as the warrants issued in connection with the Company’s Initial Public Offering. The securities to be issued pursuant to the Subscription Agreements have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act. On June 24, 2021, the Company filed a Proxy Statement on Schedule 14A with the Securities and Exchange Commission (the “SEC”), announcing an extraordinary general meeting of the Company submitting the Business Combination and its Condition Precedent Proposals (as defined in the Proxy Statement) for shareholder approval. 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 virus could have a negative effect on the Company’s financial position and/or effecting our Business Combination, the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Organization	6 Months Ended	12 Months Ended
Organization	Jun. 30, 2021	Dec. 31, 2020
Surrozen Inc [Member]
Organization	Note 1. Organization Description of Business Surrozen Inc. (the “Company” also referred to as “Surrozen”) is a preclinical stage biotechnology company committed to discovering and developing drug candidates to selectively modulate the Wnt pathway, a critical mediator of tissue repair, in a broad range of organs and tissues. The Company is located in South San Francisco , California and was incorporated in the state of Delaware on August 12, 2015. Business Combination and Private Investment in Public Entity Financing On April 15, 2021, the Company entered into a business combination agreement with Consonance-HFW Acquisition Corp, a Cayman Islands exempted company (“CHFW”) and Perseverance Merger Sub Inc., a subsidiary of CHFW (“Merger Sub”). Upon closing of the business combination, CHFW will become a Delaware corporation and will be renamed to Surrozen, Inc. (“New Surrozen”), and Merger Sub will merge with and into the Company, with the Company as the surviving company and, after giving effect to such merger, continuing as a wholly-owned subsidiary of New Surrozen. Pursuant to the business combination agreement, the Company’s outstanding equity shares and equity awards (whether vested or unvested) as of closing will be exchanged for shares of New Surrozen’s common stock or comparable equity awards that are settled or are exercisable for shares of New Surrozen’s common stock. Additionally, immediately after the consummation of the business combination, certain investors, including certain of the Company’s existing stockholders, committed to subscribe for and purchase an aggregate of 12,020,000 units for a purchase price of $ 10.00 per unit through a private investment in public entity financing (“PIPE Financing”). Each unit consists of one share of New Surrozen’s common stock and one - third of one redeemable warrant for one share of New Surrozen’s common stock. On August 11, 2021, the Company received gross proceeds of $ 144.7 million in connection with the consummation of the business combination with CHFW and PIPE Financing (see Note 11). Liquidity, Capital Resources and Going Concern The Company has incurred net operating losses each period since inception. During the six months ended June 30, 2021, the Company incurred a net loss of $25.7 million. During the six months ended June 30, 2021, the Company used $23.2 million of cash in operations. As of June 30, 2021, the Company had an accumulated deficit of approximately $113.7 million. The Company expects operating losses to continue in the foreseeable future because of additional costs and expenses related to the research and development activities. To date, the Company has been able to fund its operations through private placements of redeemable convertible preferred stock. As of June 30, 2021, the Company had cash and cash equivalents of $18.9 million and short-term investments of $6.6 million. Management believes that the existing cash, cash equivalents, and short-term investments, together with net proceeds from the business combination and PIPE Financing are sufficient for the Company to continue operating activities for at least the next 12 months from the date of issuance of its condensed interim financial statements. The Company plans to continue to fund its operations through public or private equity financings, debt financings or other capital sources, including government grants, potential collaborations with other companies or other strategic transactions. The Company’s ultimate success depends on the outcome of its research and development activities. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company’s ability to achieve its intended business objectives. These factors would have a material adverse effect on the Company’s future financial results, financial position and cash flows. The Company’s business has been and could continue to be adversely affected by the evolving Coronavirus Disease 2019 (COVID-19) pandemic. For example, the COVID-19 pandemic has resulted in and could result in delays to the Company’s preclinical studies of its product pipeline. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments, which are highly uncertain and cannot be predicted.	Note 1. Organization Description of Business Surrozen, Inc. (the “Company”) is a preclinical stage biotechnology company committed to discovering and developing drug candidates to selectively modulate the Wnt pathway, a critical mediator of tissue repair, in a broad range of organs and tissues. The Company is located in South San Francisco, California and was incorporated in the state of Delaware on August 12, 2015. Liquidity, Capital Resources and Going Concern The Company has incurred net operating losses each year since inception. During the year ended December 31, 2020, the Company incurred a net loss of $32.7 million and used $29.1 million of cash in operations. As of December 31, 2020, the Company had an accumulated deficit of approximately $88.0 million. The Company expects operating losses to continue in the foreseeable future because of additional costs and expenses related to the research and development activities. To date, the Company has been able to fund its operations through private placements of redeemable convertible preferred stock. As of December 31, 2020, the Company had cash and cash equivalents of $35.0 million and short-term investments of $14.2 million. Management does not believe that the existing financial resources are sufficient for the Company to continue operating activities and therefore has concluded that substantial doubt exists about the Company’s ability to continue as a going concern within 12 months from the date of issuance of its financial statements. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The accompanying financial statements do not reflect any adjustments relating to the recoverability and reclassifications of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. Insufficient liquidity may require the Company to relinquish rights to product candidates at an earlier stage of development or on less favorable terms than the Company would otherwise choose. The Company plans to continue to fund its operations through public or private equity financings, debt financings or other capital sources, including government grants, potential collaborations with other companies or other strategic transactions. The Company’s ultimate success depends on the outcome of its research and development activities. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company’s ability to achieve its intended business objectives. These factors would have a material adverse effect on the Company’s future financial results, financial position and cash flows. Risks and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s products, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals and sole source suppliers. Products developed by the Company require clearances from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance that the products will receive the necessary clearances. If the Company was denied clearance, clearance was delayed or the Company was unable to maintain clearance, it could have a materially adverse impact on the Company. The Company’s business has been and could continue to be adversely affected by the evolving Coronavirus Disease 2019 (COVID-19) pandemic. For example, the COVID-19 pandemic has resulted in and could result in delays to the Company’s preclinical studies of its product pipeline. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments, which are highly uncertain and cannot be predicted.

Restatement Of Previously Issued Financial Statements

4 Months Ended

Dec. 31, 2020

Restatement [Abstract]

Restatement Of Previously Issued Financial Statements

NOTE 2 — RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The Company previously accounted for its outstanding Public Warrants (as defined in Note 4) and Private Placement Warrants issued in connection with its Initial Public Offering as components of equity instead of as derivative liabilities. The warrant agreement governing the warrants includes a provision that provides for potential changes to the settlement amounts dependent upon the characteristics of the holder of the warrant. In addition, the warrant agreement includes a provision that in the event of a tender or exchange offer made to and accepted by holders of more than 50% of the outstanding shares of a single class of ordinary shares, all holders of the warrants would be entitled to receive cash for their warrants (the “tender offer provision”).

In connection with the audit of the Company’s financial statements for the period ended December 31, 2020, the Company’s management further evaluated the warrants under Accounting Standards Codification (“ASC”)

Subtopic 815-40, Contracts

in Entity’s Own Equity.

ASC Section 815-40-15 addresses

equity versus liability treatment and classification of equity-linked financial instruments, including warrants, and states that a warrant may be classified as a component of equity only if, among other things, the warrant is indexed to the issuer’s common stock. Under

ASC Section 815-40-15, a

warrant is not indexed to the issuer’s common stock if the terms of the warrant require an adjustment to the exercise price upon a specified event and that event is not an input to the fair value of the warrant. Based on management’s evaluation, the Company’s audit committee, in consultation with management and after discussion with the Company’s independent registered public accounting firm, concluded that the Company’s Private Placement Warrants are not indexed to the Company’s ordinary shares in the manner contemplated by

ASC Section 815-40-15 because

the holder of the instrument is not an input into the pricing of

a fixed-for-fixed option

on equity shares. In addition, based on management’s evaluation, the Company’s audit committee, in consultation with management and after discussion with the

Company’s independent registered public accounting firm, concluded the tender offer provision included in the warrant agreement fails the “classified in shareholders’ equity” criteria as contemplated by

ASC Section 815-40-25.

As a result of the above, the Company should have classified the warrants as derivative liabilities in its previously issued financial statements. Under this accounting treatment, the Company is required to measure the fair value of the warrants at the end of each reporting period and recognize changes in the fair value from the prior period in the Company’s operating results for the current period.

The Company’s accounting for the warrants as components of equity instead of as derivative liabilities did not have any effect on the Company’s previously reported operating expenses, cash or investments held in the trust account.


	As Previously Reported			Adjustments			As Restated
Balance sheet as of November 23, 2020 (audited)
Warrant Liability	$	—		$	1,598,233		$	1,598,233
Total Liabilities		3,167,722			1,598,233			4,765,955
Ordinary Shares Subject to Possible Redemption		74,121,170			(1,598,233	)		72,522,937
Class A Ordinary Shares		100			18			118
Additional Paid-in Capital		5,004,636			107,501			5,112,137
Accumulated Deficit		(4,961	)		(107,519	)		(112,480	)
Balance sheet as of December 31, 2020 (audited)
Warrant Liability	$	—		$	3,404,014		$	3,404,014
Total Liabilities		3,510,148			3,404,014			6,914,162
Ordinary Shares Subject to Possible Redemption		85,264,880			(3,404,020	)		81,860,860
Class A Ordinary Shares		111			34			145
Additional Paid-in Capital		5,440,915			1,681,045			7,121,960
Accumulated Deficit		(441,255	)		(1,681,073	)		(2,122,328	)
Shareholders’ Equity		5,000,001			6			5,000,007
Period from August 20, 2020 (inception) to December 31, 2020 (audited)
Change in fair value of warrant liability	$	—		$	1,573,554		$	1,573,554
Allocation of initial public offering costs		—			107,519			107,519
Net loss		(441,255	)		(1,681,073	)		(2,122,328	)
Weighted average shares outstanding of Class A redeemable ordinary shares		8,326,328			(144,993	)		8,181,335
Weighted average shares outstanding of Class B non-redeemable ordinary shares		2,414,403			46,692			2,461,095
Basic and diluted net loss per share, Class B		(0.18	)		(0.68	)		(0.86	)
Cash Flow Statement for the Period from August 20, 2020 (inception) to December 31, 2020 (audited)
Net loss	$	(441,255	)	$	(1,681,073	)	$	(2,122,328	)
Allocation of initial public offering costs		—			107,519			107,519
Change in fair value of warrant liability		—			1,573,554			1,573,554
Initial classification of warrant liability		—			1,830,460			1,830,460
Initial classification of common stock subject to possible redemption		74,121,170			(1,598,233	)		72,522,937
Change in value of common stock subject to possible redemption		(436,290	)		(1,993,560	)		(2,429,850	)

Summary Of Significant Accounting Policies

4 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Jun. 30, 2021

Dec. 31, 2020

Summary Of Significant Accounting Policies

NOTE 3. 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 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 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. 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, 2020.

Marketable Securities Held in Trust Account

At December 31, 2020, substantially all of the assets held in the Trust Account were held in U.S. Treasury Bills.

Warrant Liability

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”) and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of

additional paid-in capital

at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as

a non-cash gain

or loss on the statements of operations. The fair value of the warrants was estimated using a binomial lattice simulation methodology (see Note 9).

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 Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair 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 shareholders’ equity section of the Company’s balance sheet.

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 statements 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 to

be sustained upon examination by taxing authorities. 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 December 31, 2020. 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.

The Company is considered 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 period presented.

Net Income (Loss) Per Share

Net income (loss) per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. The Company has not considered the effect of the warrants sold in the Initial Public Offering and private placement to purchase an aggregate of 3,211,334 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

The Company’s statement of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to

the two-class method

of income (loss) per share. Net income (loss) per ordinary share, basic and diluted, for ordinary shares subject to possible redemption is calculated by dividing the proportionate share of income or loss on marketable securities held by the Trust Account by the weighted average number of ordinary shares subject to possible redemption outstanding since original issuance.

Net income (loss) per share, basic and diluted,

for non-redeemable ordinary

shares is calculated by dividing the net income (loss), adjusted for income or loss on marketable securities attributable to ordinary shares subject to possible redemption, by the weighted average number

of non-redeemable ordinary

shares outstanding for the period.

Non-redeemable ordinary

shares include Founder Shares

and non-redeemable ordinary

shares as these shares do not have any redemption

features. Non-redeemable ordinary

shares participate in the income or loss on marketable securities based

on non-redeemable shares’

proportionate interest.

The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts):


	For the Period from August 21, 2020 (Inception) Through December 31, 2020
Ordinary shares subject to possible redemption
Numerator: Earnings allocable to ordinary shares subject to possible redemption
Interest earned on marketable securities held in Trust Account	$	5,243
Unrealized gain (loss) on marketable securities held in Trust Account		(7,466	)
Net income attributable to Class A ordinary shares subject to possible redemption	$	(2,223	)
Denominator: Weighted Average Class A ordinary shares subject to possible redemption
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		8,181,335
Basic and diluted net loss per share, Class A ordinary shares subject to possible redemption	$	0.00
Non-Redeemable Common Stock
Numerator: Net Loss minus Net Earnings
Net loss	$	(2,122,328	)
Add: Net loss allocable to Class A ordinary shares subject to possible redemption		2,223
Non-Redeemable Net Loss	$	(2,120,105	)
Denominator: Weighted Average Non-redeemable ordinary shares
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares		2,461,095
Basic and diluted net loss per share, Non-redeemable ordinary shares	$	(0.86	)

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.

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

Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance 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

of the SEC. Certain information or footnote disclosures normally included in 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 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 financial statements should be read in conjunction with the Company’s Annual Report on Form

10-K/A

for the year ended December 31, 2020 as filed with the SEC on May 14, 2021. The interim results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future periods.

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 auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, 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.

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 statement 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 financial statements in conformity with GAAP requires the Company’s 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.

Cash and Cash Equivalents

Marketable Securities Held in Trust Account

At June 30, 2021 and December 31, 2020, substantially all of the assets held in the Trust Account were held in U.S. Treasury Bills.

Warrant Liability

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification.

This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional

paid-in

capital at the time of issuance or modification. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized as a

non-cash

gain or loss on the statements of operations.

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 ASC Topic 480. Class A ordinary shares subject to mandatory redemption are classified as a liability instrument and are measured at fair 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 shareholders’ equity section of the Company’s balance sheet.

Income Taxes

condensed 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 financial statements and prescribes a recognition threshold and measurement process for condensed 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 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, 2021 and December 31, 2020. 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 share is computed by dividing net loss by the weighted-average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. The Company has not considered the effect of the warrants sold in the Initial Public Offering and private placement to purchase an aggregate of 3,211,334 shares in the calculation of diluted loss per share, since the exercise of the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive.

The Company’s statements of operations includes a presentation of loss per share for ordinary shares subject to possible redemption in a manner similar to the

two-class

method of loss per share. Net loss per ordinary share, basic and diluted, for Class A ordinary shares subject to possible redemption is calculated by dividing the proportionate share of income or loss on marketable securities held by the Trust Account by the weighted average number of Class A ordinary shares subject to possible redemption outstanding since original issuance.

Net loss per share, basic and diluted, for

non-redeemable

ordinary shares is calculated by dividing the net income (loss), adjusted for income or loss on marketable securities attributable to Class A ordinary shares subject to possible redemption, by the weighted average number of

non-redeemable

ordinary shares outstanding for the period.

Non-redeemable

common stock includes Founder Shares (as defined in Note 5) and

non-redeemable

ordinary shares as these shares do not have any redemption features.

Non-redeemable

ordinary shares participate in the income or loss on marketable securities based on

non-redeemable

shares’ proportionate interest.

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, 2021			Six Months Ended June 30, 2021

Class A ordinary Shares subject to possible redemption
Numerator: Earnings allocable to Class A ordinary shares subject to possible redemption
Interest earned on marketable securities held in Trust Account	$	7,239		$	26,845
Unrealized loss on marketable securities held in Trust Account
Less: interest available to be withdrawn for working capital		(5,343	)		—

Net income attributable	$	1,896		$	26,845

Denominator: Weighted Average Class A ordinary shares subject to possible redemption
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		8,162,790			8,174,309

Basic and diluted net income per share, Class A ordinary shares subject to possible redemption	$	—		$	—

Non-Redeemable Ordinary Shares
Numerator: Net Loss minus Net Earnings
Net loss	$	(3,584,072	)	$	(3,817,036	)
Less: Net income allocable to Class A ordinary shares subject to possible redemption		(1,896	)		(26,845	)

Non-Redeemable Net Loss	$	(3,585,968	)	$	(3,843,881	)

Denominator: Weighted Average Non-redeemable ordinary shares
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares		3,771,210			3,759,691

Basic and diluted net loss per share, Non-redeemable ordinary shares	$	(0.95	)	$	(1.02	)

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

Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to

unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

•

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

•

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

•

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Derivative Financial Instruments

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then

re-valued

at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or

non-current

based on whether or not

net-cash

settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

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 condensed financial statements.

In August 2020, the FASB issued Accounting Standards Update (“ASU”)

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)

(“ASU

2020-06”)

to simplify accounting for certain financial instruments. ASU

2020-06

eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU

2020-06

amends the diluted earnings per share guidance, including the requirement to use the

if-converted

method for all instruments. ASU

2020-06

is effective January 1, 2022 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU

2020-06

would have on its financial position, results of operations or cash flows.

Surrozen Inc [Member]

Summary Of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The Company’s condensed interim financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). The Company has no subsidiaries.

Use of Estimates

The preparation of condensed interim financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed interim financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed interim financial statements include, but are not limited to, certain accruals for research and development activities, the fair value of common stock, stock-based compensation expense, uncertain tax positions and lease liabilities. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could materially differ from those estimates.

Unaudited Condensed Interim Financial Statements

The accompanying condensed balance sheet as of June 30, 2021, the condensed statements of redeemable convertible preferred stock and stockholders’ deficit and the condensed statements of operations and comprehensive loss for the six months ended June 30, 2021 and 2020, and the condensed statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited condensed interim financial statements have been prepared on the same basis as the audited annual financial statements and, in management’s opinion, include all adjustments consisting of only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of June 30, 2021, its results of operations for the six months ended June 30, 2021 and 2020, and its cash flows for the six months ended June 30, 2021 and 2020. The financial data and the other financial information disclosed in the notes to these condensed interim financial statements related to

the six-month periods

are also unaudited. The condensed balance sheet as of December 31, 2020 was derived from the audited financial statements as of that date. The results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the full fiscal year or any other period.

These condensed interim financial statements should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2020 and 2019.

Deferred Transaction Costs

The Company capitalizes transaction costs consisting of direct, incremental legal, accounting and other fees in connection with the anticipated business combination with CHFW (see Note 1). The deferred transaction costs

will be offset against the proceeds from the transaction upon the consummation of the business combination. Should the business combination be abandoned, the deferred transaction costs will be expensed immediately as a charge to operating expenses in the condensed statements of operations and comprehensive loss. As of June 30, 2021, the Company incurred $1.3 million of deferred transaction costs, which were included in other assets on the condensed balance sheet. As of December 31, 2020, the Company had not incurred any such costs.

Restricted Cash

As of both June 30, 2021 and December 31, 2020, the Company had $0.4 million of restricted cash in the form of a letter of credit for the Company’s facility lease. The restricted cash is classified as noncurrent asset as the Company is required to maintain the letter of credit for the benefit of landlord until the end of the lease term in April 2025.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist of cash, cash equivalents, short-term investments and restricted cash. The Company is exposed to credit risk in the event of default to the extent recorded in the condensed balance sheets. The Company has not experienced any losses in such accounts. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institution in which its bank deposits are held. To manage credit risks related to short-term investments, the Company invests in various highly rated corporate bonds and commercial paper securities.

Research and Development Expenses

Research and development costs are expensed as incurred. Research and development costs consist of external and internal expenses directly attributable to the conduct of research and development programs. The external expenses include the cost of services provided by outside contractors, clinical research organizations and contract manufacturing organizations. The internal expenses include the cost of salaries, payroll taxes, stock-based compensation, employee benefits, materials, supplies, depreciation on and maintenance of research equipment, and the facility costs for laboratory space used for research and development activities, such as rent, utilities, insurance, repairs and maintenance, and general support services.

The Company has entered into and may continue to enter into licensing or subscription arrangements to access and utilize certain technology. In each case, the Company evaluates if the license agreement results in the acquisition of an asset or a business. To date, none of the Company’s license agreements have been considered an acquisition of a business. For asset acquisitions, the upfront payments to acquire such licenses, as well as any future milestone payments made before product approval that do not meet the definition of a derivative, are immediately recognized as research and development expense when they are paid or become payable, provided there is no alternative future use of the rights in other research and development projects.

Net Loss Per Share

Basic net loss per share is calculated by dividing the net loss attributable to common shares by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive securities. Since the Company was in a loss position for the periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive. The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive:


	June 30,
	2021		2020
Redeemable convertible preferred stock		95,289,932		95,289,932
Options outstanding		8,429,189		4,704,000
Unvested RSAs		1,114,586		347,397
Unvested common stock subject to repurchase		615,938		741,032

Total		105,449,645		101,082,361

Emerging Growth Company Status

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with certain new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these condensed interim financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued

ASU No. 2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

, which amends the existing guidance relating to the accounting for income taxes. This standard is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of accounting for income taxes and to improve the consistent application of U.S. GAAP for other areas of accounting for income taxes by clarifying and amending existing guidance. The standard is effective for public business entities for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The standard is effective for entities other than public business entities for fiscal years beginning after December 15, 2021. The Company early adopted this guidance as of January 1, 2021, with no material impact on the condensed interim financial statements upon adoption.

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). The financial statements and accompanying notes include all adjustments necessary for the fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. The Company has no subsidiaries.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include, but are not limited to, certain accruals for research and development activities, the fair value of common stock, redeemable convertible preferred stock tranche rights liabilities, stock-based compensation expense, uncertain tax positions and lease liabilities. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could materially differ from those estimates.

Segment Reporting

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in one segment.

Fair Value Measurement

ASC 820,

Fair Value Measurement

, or Topic 820, establishes a fair value hierarchy for instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s own assumptions (unobservable inputs). Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the assets or liability and are developed based on the best information available in the circumstances. Topic 820 identifies fair value as the price that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. As a basis for considering market participant assumptions in fair value measurements, Topic 820 establishes a three-tiered value hierarchy that distinguishes between the following:

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active;

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

To the extent the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair values requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized as Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Cash and Cash Equivalents

Cash equivalents relate to securities having an original maturity of three months or less at the time of purchase. The Company limits its credit risk associated with cash and cash equivalents by placing its investments with a bank it believes is highly creditworthy, with highly rated money market funds and commercial paper. As of December 31, 2020 and 2019, cash and cash equivalents consisted of bank deposits, investments in money market funds and commercial paper.

Restricted Cash

As of both December 31, 2020 and 2019, the Company had $0.4 million of restricted cash. The restricted cash serves as collateral for facility leases entered into in 2016 (Note 5). Restricted cash is classified as current if the collateral will be returned in less than 12 months.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to significant concentration of credit risk, consist of cash and cash equivalents and short-term investments. The Company is exposed to credit risk in the event of default to the extent recorded in the balance sheets. The Company has not experienced any losses in such accounts. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institution in which its bank deposits are held. To manage credit risks related to short-term investments, the Company invests in various highly rated corporate debt and commercial paper securities.

Short-term Investments

The Company has investments in marketable securities. The Company’s investment policy is consistent with the definition

of available-for-sale securities.

The Company does not buy or hold securities principally for the purpose of selling them in the near future. The Company’s policy is focused on the preservation of capital, liquidity, and return. From time to time, the Company may sell certain securities, but the objectives are generally not to generate profits on short-term differences in price.

These marketable securities are carried at estimated fair value with unrealized holding gains and losses included in other comprehensive income (loss) in stockholders’ deficit until realized. Gains and losses on marketable security transactions are reported on the specific-identification method. Dividend and interest income are recognized in other income on the statements of operations when earned.

The Company early adopted Accounting Standards Update

(ASU) No. 2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

, on January 1, 2020 and applied the new modified credit impairment guidance related

to available-for-sale debt

securities prospectively. Under the new guidance, at each reporting date, entities must evaluate their

individual available-for-sale debt

securities that are in an unrealized loss position and determine whether the decline in fair value below the amortized cost basis is from a credit loss or other factors. The amount of the decline related to credit losses is recorded as a credit loss expense in earnings with a corresponding allowance for credit losses and the amount of decline not related to credit losses is recorded through other comprehensive income (loss), net of tax.

Property and Equipment

Property and equipment, including leasehold improvements, are recorded at cost net of accumulated depreciation. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets as follows:


Leasehold improvements		Shorter of useful life of asset or lease term
Computer equipment		3 years
Furniture, fixtures and equipment		3-8 years
Lab equipment		3 years

When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is reflected in operations in the period realized. Maintenance and repairs are charged to operations as incurred. The leasehold improvements are any additions, alterations, or remodeling on the Company’s leased premise.

Leases

The Company accounts for its leases under ASC 842,

Leases

. Under this guidance, the Company determines if an arrangement is or contains a lease at

inception. Right-of-use assets,

or ROU assets, represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The classification of the Company’s leases as operating or finance leases along with the initial measurement and recognition of the associated ROU assets and lease liabilities is performed at the lease commencement date. The measurement of lease liabilities is based on the present value of lease payments over the lease term. The Company uses its incremental borrowing rate, based on the information available at the commencement date, to determine the present value of lease payments when its leases do not provide an implicit rate. The Company uses the implicit rate when readily determinable. The ROU asset is based on the measurement of the lease liability and is adjusted for lease incentives provided by the landlord. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease term. The Company considers a lease term to be

the non-cancelable period

that it has the right to use the underlying asset, including any periods where it is reasonably certain the Company will exercise the option to extend or not terminate the contract. Periods covered by an option to extend or not terminate the contract are included in the lease term if the lessor controls the exercise of that option.

The Company’s lease agreement includes lease

and non-lease components,

and the Company has elected to separate lease

and non-lease components.

Further, the Company elected the short-term lease exception policy, permitting it to not apply the recognition requirements of this standard to leases with terms of 12 months or less (short-term leases) for all classes of assets.

Impairment of Long-Lived Assets

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amount to the future net undiscounted cash flows which the assets are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the projected discounted future net cash flows arising from the asset. The Company has not identified any such impairment losses to date.

Research and Development Expenses

expenses include the cost of services provided by outside contractors, clinical research organizations and contract manufacturing organizations. The internal expenses include the cost of salaries, payroll taxes, stock-based compensation, employee benefits, materials, supplies, depreciation on and maintenance of research equipment, and the facility costs for laboratory space used for research and development activities, such as rent, utilities, insurance, repairs and maintenance, and general support services.

Accrued Research and Development Expenses

The Company records accruals for estimated costs of research, preclinical, and manufacturing development, which are significant components of research and development expenses, within accrued expenses in the accompanying balance sheets. A substantial portion of the Company’s ongoing research and development activities is conducted by third-party service providers. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated costs through discussions with internal personnel and external service providers as to the progress, or stage of completion or actual timeline (start-date and

end-date)

of the services and the agreed-upon fees to be paid for such services. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. For the years ended December 31, 2020 and 2019, the Company has not experienced any material differences between accrued costs and actual costs incurred.

If the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts accrued expenses or prepaid expenses accordingly, which impact research and development expenses. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too low in any particular period.

Redeemable Convertible Preferred Stock

The Company has classified redeemable convertible preferred stock as temporary equity on the accompanying balance sheets because it may become redeemable due to certain change in control clauses that are outside of the Company’s control. The carrying value of the redeemable convertible preferred stock has not been accreted to their redemption value as these events are not considered probable of occurrence. Subsequent adjustments of the carrying values to redemption values will be made only if and when it becomes probable redemption will occur.

Stock-Based Compensation

The Company has an equity incentive plan under which various types of equity-based awards including, but not limited to, incentive stock

options, non-qualified stock

options, and restricted stock awards, may be granted to employees, directors, and consultants.

The Company recognizes stock-based compensation expense for all stock-based payments. Employee stock-based compensation cost is estimated at the grant date based on the fair value of the equity for financial reporting purposes and is recognized as expense over the requisite service period. Fair value of common stock for financial

reporting purposes is determined considering numerous objective and subjective factors and requires judgment. These objective and subjective factors include, but are not limited to:

•

relevant precedent transactions involving the Company’s capital stock;

•

contemporaneous valuations performed by third-party specialists;

•

rights, preferences, and privileges of the Company’s redeemable convertible preferred stock relative to those of the Company’s common stock;

•

actual operating and financial performance;

•

current business conditions and financial projections;

•

likelihood of achieving a liquidity event, such as an initial public offering or a sale of the Company’s business;

•

the lack of marketability of the Company’s common stock, and the illiquidity of stock-based awards involving securities in a private company;

•

market multiples of comparable publicly traded companies;

•

stage of development;

•

industry information such as market size and growth; and

•

U.S. and global capital and macroeconomic conditions.

The Company has elected to calculate the fair value of options based on the Black Scholes option pricing model. The Black Scholes model requires the use of various assumptions including common stock valuation, expected option life and expected stock price volatility. The Company estimates the expected term for stock options using the simplified method due to the lack of historical exercise activity. The simplified method calculates the expected term as the midpoint between the vesting date and the contractual expiration date of the award. The Company estimates the options’ volatility using volatilities of a group of public companies in a comparable industry, stage of life cycle, and size. The interest rate is derived from the U.S. Treasury instruments with maturities similar to the expected term of the Company’s stock options. The Company has not declared nor expects to declare dividends. Therefore, there is no dividend impact on the valuation of options. The Company is using the straight-line method for employee expense attribution for stock options. The Company accounts for forfeitures as they occur.

Prior to the adoption of

ASU No. 2018-07 on

January 1, 2020, options and other equity awards granted to

non-employees

were subject to periodic remeasurement over the period during which services were rendered.

The Company remeasured the fair value of

these non-employee awards

at each reporting period prior to vesting and finally at the vesting date of the award. Subsequent to the adoption of

ASU No. 2018-07, the

Company

recognizes non-employee compensation

costs over the requisite service period based on a measurement of fair value on the date of grant of each stock award.

Comprehensive Income (Loss)

The Company’s comprehensive income or loss consists of net income or loss and other comprehensive income (loss). Unrealized gains or losses

on available-for-sale securities

are included in the Company’s other comprehensive income or loss. As of December 31, 2020, the Company’s unrealized gain (loss) on

available-for-sale

securities was de minimis.

Net Loss Per Share

Basic net loss per share is calculated using

the two-class method

under which earnings are allocated to both common shares and participating securities. Undistributed net losses are allocated entirely to common

shareholders since the participating security has no contractual obligation to share in the losses. Basic net loss per share is calculated by dividing the net loss attributable to common shares by the weighted-average number of shares of common stock outstanding for the period, without consideration for potential dilutive securities. Shares of common stock subject to repurchase are excluded from the weighted-average shares. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury stock method. Since the Company was in a loss position for the periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive.

The following table presents the potential common shares outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive:


	December 31,
	2020		2019
Redeemable convertible preferred stock		95,289,932		66,718,509
Options outstanding		6,093,611		4,091,333
Unvested RSAs		263,022		460,939
Unvested common stock subject to repurchase		590,921		839,092

Total		102,237,486		72,109,873

Income Taxes

The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates expected to be in effect for the year in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts more likely than not to be realized.

The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is more likely than not of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits require significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available.

The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. To date, there have been no interest or penalties charged in relation to unrecognized tax benefits.

Emerging Growth Company Status

irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued

ASU No. 2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

. This update will require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now include forward-looking information in the determination of their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, this update amends the accounting for credit losses

on available-for-sale debt

securities and purchased financial assets with credit deterioration. The Company early adopted this standard as of January 1, 2020, with no impact upon adoption.

In June 2018, the FASB issued

ASU No. 2018-07,

Compensation-Stock Compensation (Topic 718)

Improvements to

Non-employee

Share-Based Payment Accounting

ASU No. 2018-07 simplifies

the accounting for stock-based payments

to non-employees by

aligning it with the accounting for stock-based payments to employees, with certain exceptions. The Company adopted this guidance as of January 1, 2020, with an immaterial impact upon adoption.

In August 2018, the FASB issued

ASU No. 2018-13,

Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement

, which removes, modifies and adds various disclosure requirements on fair value measurements in Topic 820. The Company adopted this guidance as of January 1, 2020, with no impact upon adoption.

Recently Issued Accounting Pronouncements

In December 2019, the FASB issued

ASU No. 2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

, which amends the existing guidance relating to the accounting for income taxes. This standard is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of accounting for income taxes and to improve the consistent application of U.S. GAAP for other areas of accounting for income taxes by clarifying and amending existing guidance. The standard is effective for public business entities for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The standard is effective for entities other than public business entities for fiscal years beginning after December 15, 2021. Early adoption is permitted. The Company does not expect a material impact on its financial statements from adopting this update.

Initial Public Offering	4 Months Ended	6 Months Ended
Initial Public Offering	Dec. 31, 2020	Jun. 30, 2021
INITIAL PUBLIC OFFERING
Initial Public Offering [Abstract]	NOTE 4. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 8,000,000 Units at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8). On December 1, 2020, the underwriters fully exercised their over-allotment option, resulting in an additional 1,200,000 Units issued for an aggregate amount of $12,000,000. In connection with the underwriters’ full exercise of their over-allotment option, the Company also consummated the sale of an additional 24,000 Private Placement Units at $10.00 per Private Placement Unit, generating total proceeds of $12,240,000. A total of $12,000,000 was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $92,000,000 (see Note 9).	NOTE 3. INITIAL PUBLIC OFFERING Pursuant to the Initial Public Offering, the Company sold 9,200,000 Units, inclusive of 1,200,000 Units sold to the underwriters on December 1, 2020 upon the underwriters’ election to fully exercise their over-allotment option, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share and one-third of one redeemable warrant (“Public Warrant”). Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8). On December 1, 2020, the underwriters fully exercised their over-allotment option, resulting in an additional 1,200,000 Units issued for an aggregate amount of $12,000,000. In connection with the underwriters’ full exercise of their over-allotment option, the Company also consummated the sale of an additional 24,000 Private Placement Units at $10.00 per Private Placement Unit, generating total proceeds of $12,240,000. A total of $12,000,000 was deposited into the Trust Account, bringing the aggregate proceeds held in the Trust Account to $92,000,000.

Private Placement	4 Months Ended	6 Months Ended
Private Placement	Dec. 31, 2020	Jun. 30, 2021
PRIVATE PLACEMENT
Private Placement	NOTE 5. PRIVATE PLACEMENT Simultaneously with the consummation of the Initial Public Offering, the Sponsor purchased an aggregate of 410,000 Private Placement Units at a price of $10.00 per Private Placement Unit, for an aggregate purchase price of $4,100,000. On December 1, 2020, as a result of the underwriters’ election to fully exercise their over-allotment option, the Sponsor purchased an additional 24,000 Private Placement Units, at a price of $10.00 per Private Placement Unit, or $240,000 in the aggregate. Each Private Placement Unit consists of one Class A ordinary share (“Private Placement Share” or, collectively, “Private Placement Shares”) and one-third of one redeemable warrant (each, a “Private Placement Warrant”). Each whole Private Placement Warrant is exercisable for one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). The proceeds from the sale of the Private Placement Units were 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, the proceeds from the sale of the Private Placement Units 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 Units and all underlying securities will expire worthless.	NOTE 4. PRIVATE PLACEMENT Simultaneously with the consummation of the Initial Public Offering, the Sponsor purchased an aggregate of 410,000 Private Placement Units at a price of $10.00 per Private Placement Unit, for an aggregate purchase price of $4,100,000. On December 1, 2020, as a result of the underwriters’ election to fully exercise their over-allotment option, the Sponsor purchased an additional 24,000 Private Placement Units, at a price of $10.00 per Private Placement Unit, or $240,000 in the aggregate (see Note 8). Each Private Placement Unit consists of one Class A ordinary and one-third of one redeemable warrant. Each whole Private Placement Warrant is exercisable for one Class A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 8). The proceeds from the sale of the Private Placement Units were 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, the proceeds from the sale of the Private Placement Units 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 Units and all underlying securities will expire worthless.

Related Party Transactions	4 Months Ended	6 Months Ended	12 Months Ended
Related Party Transactions	Dec. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Related Party Transactions	NOTE 6. RELATED PARTY TRANSACTIONS Founder Shares On September 4, 2020, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for 3,593,750 Class B ordinary shares. On October 8, 2020 and November 10, 2020, 718,750 and 575,000 Class B ordinary shares were contributed back to the Company for no consideration, respectively, resulting in there being 2,300,000 Class B ordinary shares (the “Founder Shares”) being issued and outstanding. The Founder Shares include an aggregate of up to 300,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares will collectively represent 20% of the Company’s issued and outstanding shares upon the completion of the Initial Public Offering (not including the Private Placement Shares). On December 1, 2020, the underwriters fully exercised their over-allotment option, therefore there are no Founder Shares subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination; and (B) subsequent to a Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) 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 Company’s 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, commencing on November 18, 2020 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay the Sponsor a total of up to $55,000 per month for office space and administrative support services. For the period from August 21, 2020 (inception) through December 31, 2020, the Company incurred and paid $55,000 of such fees. Promissory Note — Related Party On September 4, 2020, the Company issued an unsecured promissory note to the Sponsor (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 (i) December 31, 2021 or (i) the consummation of the Initial Public Offering. The outstanding balance under the Promissory Note of $147,753 was repaid at the closing of the Initial Public Offering on November 23, 2020. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into Private Placement Units of the post-Business Combination entity at a price of $10.00 per Private Placement Unit. The Private Placement Units would be identical to the Units. As of December 31, 2020, the Company had no outstanding borrowings under the Working Capital Loans.	NOTE 5. RELATED PARTY TRANSACTIONS Founder Shares On September 4, 2020, the Sponsor paid $25,000 to cover certain offering and formation costs of the Company in consideration for 3,593,750 Class B ordinary shares. On October 8, 2020 and November 10, 2020, 718,750 and 575,000 Class B ordinary shares were contributed back to the Company for no consideration, respectively, resulting in there being 2,300,000 Class B ordinary shares (the “Founder Shares”) being issued and outstanding. The Founder Shares include an aggregate of up to 300,000 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment is not exercised in full or in part, so that the number of Founder Shares will collectively represent 20% of the Company’s issued and outstanding shares upon the completion of the Initial Public Offering (not including the Private Placement Shares). On December 1, 2020, the underwriters fully exercised their over-allotment option, therefore there are no Founder Shares subject to forfeiture. The Sponsor has agreed, subject to limited exceptions, not to transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year after the completion of a Business Combination; and (B) subsequent to a Business Combination, (x) if the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) 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 Company’s 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, commencing on November 18, 2020 through the earlier of the Company’s consummation of a Business Combination and its liquidation, to pay the Sponsor a total of up to $55,000 per month for office space and administrative support services. For the period three and six months ended June 30, 2021, the Company incurred and paid $165,000 and $330,000, respectively, of such fees. Related Party Loans In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s directors and officers may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such Working Capital Loans may be convertible into Private Placement Units of the post-Business Combination entity at a price of $10.00 per Private Placement Unit. The Private Placement Units would be identical to the Units. As of June 30, 2021 and December 31, 2020, the Company had no outstanding borrowings under the Working Capital Loans.
Surrozen Inc [Member]
Related Party Transactions			Note 13. Related Party Transactions The Company has entered into license agreements with Stanford and license and option agreements with UCSF, as described in Note 6. Starting in 2018, Stanford and UCSF each invested in the Company by participating in the Company’s redeemable convertible preferred stock financings. In June 2020, UCSF purchased 4,285,714 shares of Series C redeemable convertible preferred stock for aggregate proceeds of approximately $7.5 million. As of December 31, 2020, Stanford and UCSF own approximately 4.4% and 9.6%, respectively, of the Company’s outstanding capital stock.

Commitments and Contingencies	4 Months Ended	6 Months Ended	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies	NOTE 7. COMMITMENTS Registration and Shareholder Rights Pursuant to a registration rights agreement entered into on November 18, 2020, the holders of the Founder Shares, Private Placement Units (including securities contained therein) and warrants that may be issued upon conversion of the Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Units and warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights. The holders of these securities are entitled to make up to three demands, excluding short form 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. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. 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 fee of $0.35 per Unit, or $3,220,000 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.	NOTE 6. COMMITMENTS Registration and Shareholder Rights Pursuant to a registration rights agreement entered into on November 18, 2020, the holders of the Founder Shares, Private Placement Units (including securities contained therein) and warrants that may be issued upon conversion of the Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Units and warrants that may be issued upon conversion of Working Capital Loans and upon conversion of the Founder Shares) will be entitled to registration rights. The holders of these securities are entitled to make up to three demands, excluding short form 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. However, the registration and shareholder rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until termination of the applicable lock-up period. The registration rights agreement does not contain liquidating damages or other cash settlement provisions resulting from delays in registering the Company’s securities. 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 fee of $0.35 per Unit, or $3,220,000 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.
Surrozen Inc [Member]
Commitments and Contingencies		Note 10. Commitments and Contingencies Indemnification From time to time, the Company enters into certain types of contracts that contingently require the Company to indemnify various parties against claims from third parties. These contracts primarily relate to (i) the Company’s bylaws, under which the Company must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship with the Company, (ii) contracts under which the Company must indemnify directors and certain officers for liabilities arising out of their relationship with the Company, (iii) contracts under which the Company may be required to indemnify customers or partners against certain claims, including claims from third parties asserting, among other things, infringement of their intellectual property rights and (iv) procurement, consulting, or license agreements under which the Company may be required to indemnify vendors, consultants or licensors for certain claims, including claims that may be brought against them arising from acts or omissions with respect to the supplied products, technology or services. From time to time, the Company may receive indemnification claims under these contracts in the normal course of business. In addition, under these contracts the Company may have to modify the accused infringing intellectual property and/or refund amounts received. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. It is not possible to determine the maximum potential amount under these contracts due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company maintains director and officer insurance, which may cover certain liabilities arising from the Company’s obligation to indemnify its directors and certain officers. To the date the condensed interim financial statements were issued, the Company has not incurred any material costs or accrued any liabilities in the condensed interim financial statements as a result of these provisions. Litigation The Company’s industry is characterized by frequent claims and litigation, including claims regarding intellectual property. As a result, the Company may be subject to various legal proceedings from time to time. The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Management is not aware of any pending or threatened litigation.	Note 11. Commitments and Contingencies Indemnification From time to time, the Company enters into certain types of contracts that contingently require the Company to indemnify various parties against claims from third parties. These contracts primarily relate to (i) the Company’s bylaws, under which the Company must indemnify directors and executive officers, and may indemnify other officers and employees, for liabilities arising out of their relationship with the Company, (ii) contracts under which the Company must indemnify directors and certain officers for liabilities arising out of their relationship with the Company, (iii) contracts under which the Company may be required to indemnify customers or partners against certain claims, including claims from third parties asserting, among other things, infringement of their intellectual property rights and (iv) procurement, consulting, or license agreements under which the Company may be required to indemnify vendors, consultants or licensors for certain claims, including claims that may be brought against them arising from acts or omissions with respect to the supplied products, technology or services. From time to time, the Company may receive indemnification claims under these contracts in the normal course of business. In addition, under these contracts the Company may have to modify the accused infringing intellectual property and/or refund amounts received. In the event that one or more of these matters were to result in a claim against the Company, an adverse outcome, including a judgment or settlement, may cause a material adverse effect on the Company’s future business, operating results or financial condition. It is not possible to determine the maximum potential amount under these contracts due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. The Company maintains director and officer insurance, which may cover certain liabilities arising from the Company’s obligation to indemnify its directors and certain officers. To the date the financial statements were issued, the Company has not incurred any material costs or accrued any liabilities in the financial statements as a result of these provisions. Litigation The Company’s industry is characterized by frequent claims and litigation, including claims regarding intellectual property. As a result, the Company may be subject to various legal proceedings from time to time. The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Management is not aware of any pending or threatened litigation.

Shareholders' Equity	4 Months Ended	6 Months Ended
Shareholders' Equity	Dec. 31, 2020	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Shareholders' Equity	NOTE 8. SHAREHOLDERS’ EQUITY Preference shares — The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At December 31, 2020, there were no preference shares issued or outstanding. Class A ordinary shares — The Company is authorized to issue 350,000,000 Class A ordinary shares, with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At December 31, 2020, there were 1,447,914 Class A ordinary shares issued and outstanding, excluding 8,186,086 Class A ordinary shares subject to possible redemption. Class B ordinary shares — The Company is authorized to issue 150,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At December 31, 2020, there were 2,300,000 Class B ordinary shares issued and outstanding. Only holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of the Company’s shareholders except as otherwise required by law. The Class B ordinary shares will automatically convert into Class A ordinary shares on the first business day following the consummation of a Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding (excluding the Private Placement Shares underlying the Private Placement Units) upon completion of the Initial Public Offering, plus (ii) the sum of the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in	NOTE 7. SHAREHOLDERS’ EQUITY Preference Shares — The Company is authorized to issue 1,000,000 preference shares with a par value of $0.0001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At June 30, 2021 and December 31, 2020, there were no preference shares issued or outstanding. Class A ordinary shares — The Company is authorized to issue 350,000,000 Class A ordinary shares, with a par value of $0.0001 per share. Holders of Class A ordinary shares are entitled to one vote for each share. At June 30, 2021 and December 31, 2020, there were 1,829,617 and 1,447,914 (excluding 7,804,383 and 8,186,086 shares subject to possible redemption) Class A ordinary shares issued and outstanding, respectively. Class B ordinary shares — The Company is authorized to issue 150,000,000 Class B ordinary shares, with a par value of $0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. At June 30, 2021 and December 31, 2020, there were 2,300,000 Class B ordinary shares issued and outstanding. Only holders of the Class B ordinary shares will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of the Company’s shareholders except as otherwise required by law. The Class B ordinary shares will automatically convert into Class A ordinary shares on the first business day following the consummation of a Business Combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding (excluding the Private Placement Shares underlying the Private Placement Units) upon completion of the Initial Public Offering, plus (ii) the sum of the total number of Class A ordinary shares issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of a Business Combination, excluding any Class A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued, or to be issued, to any seller in a Business Combination and any Private Placement Warrants issued to the Sponsor, members of the Company’s founding team or any of their affiliates upon conversion of Working Capital Loans. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one to one.

Warrant Liability

4 Months Ended

6 Months Ended

Dec. 31, 2020

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

WARRANT LIABILITY

NOTE 9. Warrants

Warrants —

Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) one year from the closing of the Initial Public Offering. The Public Warrants will expire five years from the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating thereto is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption is available.

The Company has agreed that as soon as practicable, but in no event later than 20 business days, after the closing of a Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of a Business Combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed, as specified in the warrant agreement; if the Class A ordinary shares are, at the time of any exercise of a warrant, not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement. If a registration statement covering the Class A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of Warrants When the Price per Class

A Ordinary Share Equals or Exceeds $18.00

— Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

•

in whole and not in part;

•

at a price of $0.01 per Public Warrant;

•

upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

•

if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for

share sub-divisions, share

capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within

a 30-trading day

period ending on the third trading day prior to the date on which notice of the redemption is given to the warrant holders (the “Reference Value”).

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company are unable to register or qualify the underlying securities for sale under all applicable state securities laws.

Redemption of Warrants When the Price per Class

A Ordinary Share Equals or Exceeds $10.00

— Once the warrants become exercisable, the Company may redeem the outstanding warrants:

•

in whole and not in part;

•

at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption; provided that during such 30 day period holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares, based on the redemption date and the fair market value of the Class A ordinary shares, that if the warrants are not exercised on a cashless basis or otherwise during such 30 day period, the Company shall redeem such warrants for $0.10 per share;

•

if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share subdivisions, share dividends, reorganizations, recapitalizations and the like) on the trading day before the Company sends the notice of redemption to the warrant holders; and

•

if the Reference Value is less than $18.00 per share (as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

The exercise price and number of ordinary shares issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.

In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of its Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be exercisable on a cashless basis and

be non-redeemable, except

as described above, so long as

they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

NOTE 8. WARRANT LIABILITY

effective registration statement, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act or another exemption, but will use its best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of warrants when the price per Class

A ordinary share equals or exceeds $18.00

—Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants (except with respect to the Private Placement Warrants):

•

in whole and not in part;

•

at a price of $0.01 per Public Warrant;

•

upon not less than 30 days’ prior written notice of redemption to each warrant holder; and

•

if, and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share

sub-divisions,

share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a

30-trading

day period ending on the third trading day prior to the date on which notice of the redemption is given to the warrant holders (the “Reference Value”).

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

Redemption of Warrants When the Price per Class

A Ordinary Share Equals or Exceeds $10.00

—Once the warrants become exercisable, the Company may redeem the outstanding warrants:

•

in whole and not in part;

•

affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of its Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its Business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $10.00 and $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher of the Market Value and the Newly Issued Price, respectively.

non-redeemable,

except as described above, so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.

Fair Value Measurements

4 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Jun. 30, 2021

Dec. 31, 2020

FAIR VALUE MEASUREMENTS

NOTE 10. 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.

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 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, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


Description	Level		December 31, 2020
Assets:
Marketable securities held in Trust Account		1	$	91,997,501
Liabilities:
Warrant Liability – Public Warrants		1		3,250,667
Warrant Liability – Private Placement Warrants		3		153,347

The Warrants were accounted for as liabilities in accordance with

ASC 815-40 and

are presented within warrant liabilities on our consolidated balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the consolidated statement of operations.

Initial Measurement

Both the Private Placement Warrants and the Public Warrants were initially valued using a binomial lattice model, which is considered to be a Level 3 fair value measurement. The binomial lattice model’s primary

NOTE 9. FAIR VALUE MEASUREMENTS

The Company follows the guidance in ASC Topic 820, “Fair Value Measurements” 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:

Level 2:

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 and liabilities that are measured at fair value on a recurring basis at June 30, 2021 and December 31, 2020, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:


Description	Level		June 30, 2021		December 31, 2020
Assets:
Marketable securities held in Trust Account		1	$	92,029,147	$	91,997,501

Liabilities:
Warrant liability — Public Warrants		1	$	4,753,334	$	3,250,667
Warrant liability — Private Placement Warrants		3		384,814		153,347

The Warrants were accounted for as liabilities in accordance with ASC

815-40

and are presented within warrant liabilities on our balance sheet. The warrant liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of warrant liabilities in the consolidated statements of operations.

Both the Private Placement Warrants and the Public Warrants were initially valued using a binomial lattice model, which is considered to be a Level 3 fair value measurement. As of June 30, 2021, the Public Warrants were valued using the instrument’s publicly listed trading notice as of the balance sheet date, which is considered to be a Level 1 measurement due to the use of an observable market quote in an active market. The Private Warrants were valued using a binomial lattice model, which is considered to be a Level 3 fair value measurement. The binomial lattice model’s primary unobservable input utilized in determining the fair value of the Private Placement Warrants is the expected volatility of the common stock. The expected volatility as of the Initial Public Offering date was derived from observable public warrant pricing on comparable ‘blank-check’ companies without an identified target. The expected volatility as of subsequent valuation dates will be implied from the Company’s own public warrant pricing. A binomial lattice model methodology was also used in estimating the fair value of the Public Warrants for periods where no observable traded price was available, using the same expected volatility as was used in measuring the fair value of the Private Placement Warrants. For periods subsequent to the detachment of the Warrants from the Units, the close price of the Public Warrant price will be used as the fair value as of each relevant date.

The following table presents the changes in the fair value of warrant liabilities:


	Private Placement			Public			Warrant Liabilities
Fair value as of January 1, 2021	$	153,347		$	3,250,667		$	3,404,014
Change in valuation inputs or other assumptions		(36,167	)		(766,667	)		(802,834	)

Fair value as of March 31, 2021	$	117,180		$	2,484,000		$	2,601,180

Change in valuation inputs or other assumptions		267,634			2,269,334			2,536,968

Fair value as of June 30, 2021	$	384,814		$	4,753,334		$	5,138,148

There were no transfers in or out of Level 3 from other levels in the fair value hierarchy.

Surrozen Inc [Member]

FAIR VALUE MEASUREMENTS

Note 3. Fair Value Measurement

The following tables summarize the Company’s financial assets that are measured at fair value on a recurring basis (in thousands):


	As of June 30, 2021
	Level 1		Level 2		Level 3		Total
Money market funds (1)	$	8,416	$	—	$	—	$	8,416
Commercial paper		—		6,598		—		6,598

Total financial assets measured at fair value	$	8,416	$	6,598	$	—	$	15,014


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Money market funds (1)	$	31,896	$	—	$	—	$	31,896
Corporate bonds		—		1,115		—		1,115
Commercial paper (2)		—		15,285		—		15,285

Total financial assets measured at fair value	$	31,896	$	16,400	$	—	$	48,296

(1)	Money market funds are included in cash and cash equivalents on the condensed balance sheets as of June 30, 2021 and December 31, 2020.

(2)	As of December 31, 2020, marketable securities with original maturities of three months or less, in the amount of $2.2 million, are included in cash and cash equivalents on the condensed balance sheet.

There have been no changes to the valuation methods utilized during the six months ended June 30, 2021. The Company’s financial instruments include cash, cash equivalents, short-term investments, restricted cash, accounts payable and accrued liabilities. The carrying amount of cash and cash equivalents, restricted cash, accounts payable, and accrued liabilities approximate their fair values due to their short-term maturities.

Investments in corporate bonds and commercial paper are classified as Level 2 as they were valued based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets.

The following tables provide the Company’s marketable securities by security type (in thousands):


	As of June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	6,598	$	—	$	—	$	6,598

Total	$	6,598	$	—	$	—	$	6,598


	As of December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	1,115	$	—	$	—	$	1,115
Commercial paper		15,285		—		—		15,285

Total	$	16,400	$	—	$	—	$	16,400

As of June 30, 2021 and December 31, 2020, $6.6 million and $14.2 million, respectively, of marketable securities are included in short-term investments. As of June 30, 2021, all marketable securities had maturities of one year or less. Gains and losses on marketable security transactions are reported on the specific-identification method. As of June 30, 2021, no investments were in an unrealized loss position.

Note 3. Fair Value

The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Money market funds (1)	$	31,896	$	—	$	—	$	31,896
Corporate bonds		—		1,115		—		1,115
Commercial paper (2)		—		15,285		—		15,285

Total financial assets measured at fair value	$	31,896	$	16,400	$	—	$	48,296


	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Money market funds (1)	$	28,223	$	—	$	—	$	28,223

Total financial assets measured at fair value	$	28,223	$	—	$	—	$	28,223

(1)	Money market funds are included in cash and cash equivalents on the balance sheets as of December 31, 2020 and 2019.

(2)	Marketable securities with original maturities of three months or less, in the amount of $2.2 million, are included in cash and cash equivalents on the balance sheet as of December 31, 2020.

There have been no changes to the valuation methods utilized during the year ended December 31, 2020. The Company’s financial instruments include cash and cash equivalents, short-term investments, accounts payable, accrued liabilities, and redeemable convertible preferred stock tranche rights liabilities. The carrying amount of cash and cash equivalents, accounts payable, and accrued liabilities approximate their fair values due to their short-term maturities.

The redeemable convertible preferred stock tranche rights liabilities were initially recorded at fair value and remeasured at each reporting period and upon the exercise or expiration of the right. The redeemable convertible preferred stock tranche rights were exercised during 2019 and remeasured and reclassified to redeemable convertible preferred stock. The initial valuation of the redeemable convertible preferred stock tranche rights was determined using Level 3 unobservable inputs, and its subsequent remeasurement was not significant.

The following table provides the Company’s marketable securities by security type (in thousands):


	As of December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	1,115	$	—	$	—	$	1,115
Commercial paper		15,285		—		—		15,285

Total	$	16,400	$	—	$	—	$	16,400

As of December 31, 2020, $2.2 million of marketable securities are included in cash and cash equivalents and $14.2 million are included in short-term investments. As of December 31, 2020, all marketable securities had maturities of one year or less. As of December 31, 2020, one investment of $

1.1

million was in an unrealized loss position, with an unrealized loss of less than $

1,000

. This investment has not been in a continuous unrealized loss position for more than twelve months. The Company determined that the unrealized loss was not attributed to credit risk but was primarily associated with changes in interest rates. The Company does not intend to sell the investment that is in an unrealized loss position, nor is it more likely than not that the Company will be required to sell the investment before the recovery of the amortized cost basis, which may be its maturity. Accordingly, the Company did not record an allowance for credit losses associated with this investment.

The Company did

t hold marketable securities as of December 31, 2019.

- 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

Balance Sheet Components

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Surrozen Inc [Member]

Balance Sheet Components

Note 4. Balance Sheet Components

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	June 30, 2021		December 31, 2020
Payroll and related expenses	$	1,557	$	1,673
Accrued research and development expenses		3,569		1,305
Accrued professional service fees		889		—
Liability for early exercised stock options		296		188
Other accrued expenses		247		228

Accrued liabilities	$	6,558	$	3,394

Other assets

Other assets consist of the following (in thousands):


	June 30, 2021		December 31, 2020
Deferred transaction costs	$	1,344	$	—
Other		40		39

Other assets	$	1,384	$	39

Note 4. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net, consists of the following (in thousands):


	December 31,
	2020			2019
Leasehold improvements	$	7,052		$	7,052
Computer equipment		137			137
Furniture and office equipment		310			285
Lab equipment		6,084			4,968

Total property and equipment		13,583			12,442
Less accumulated depreciation and amortization		(7,747	)		(5,810	)

Property and equipment, net	$	5,836		$	6,632

Depreciation expense for the years ended December 31, 2020 and 2019 was $1.9 million and $2.3 million, respectively.

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	December 31,
	2020		2019
Payroll and related expenses	$	1,673	$	1,242
Liability for early exercised stock options		188		124
Accrued research and development expenses		1,305		—
Other accrued expenses		228		61

Accrued liabilities	$	3,394	$	1,427

Leases

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Surrozen Inc [Member]

Lessee, Lease, Description [Line Items]

LEASES

Note 5. Leases

In August 2016, the Company entered into a lease agreement for office space, which consists of approximately 32,813 square feet of rental space in South San Francisco, California. The office space lease is classified as an operating lease. The initial lease term commenced in May 2017 and ends in April 2025, with rent payments escalating each year. The Company has options to extend the lease for additional years, but the exercise of the option was not reasonably certain. The landlord provided the Company with a tenant improvement allowance of up to $4.6 million. In connection with the lease, the Company maintains a letter of credit for the benefit of the landlord in the amount of $0.4 million, which is recorded as restricted cash on the condensed balance sheets.

Operating lease expense during the six months ended June 30, 2021 was

$1.0

million. Operating lease expense during the six months ended June 30, 2020 was

$0.8

million.

Aggregate future minimum rental payments under operating leases as of June 30, 2021, were as follows (in thousands):


Six months ending December 31, 2021	$	1,405
Year ending December 31, 2022		2,486
Year ending December 31, 2023		2,564
Year ending December 31, 2024		2,646
Year ending December 31, 2025		891

Total lease payments		9,992
Less: Imputed interest		(1,430	)

Operating lease liabilities	$	8,562

Note 5. Leases

In January 2020, the Company entered into a new lease agreement for a term of 18 months for approximately 6,478 square feet of space. The new office space lease is classified as an operating lease. The new lease commenced in June 2020 and rent payments escalate after 14 months. The Company has the option to terminate the lease after six months, but the exercise of the option was not reasonably certain.

In connection with its operating leases, the Company has operating

lease right-of-use assets

of $5.6 million and $6.0 million as of December 31, 2020 and 2019, respectively, and aggregate lease liabilities of $9.6 million and $10.7 million, respectively, on its balance sheets.

Operating lease expense during the years ended December 31, 2020 and 2019 was $1.8 million and $1.6 million, respectively.

Aggregate future minimum rental payments under operating leases as of December 31, 2020, were as follows (in thousands):


Year ending December 31:
2021	$	2,818
2022		2,486
2023		2,564
2024		2,646
2025		891

Total lease payments		11,405
Less: Imputed interest		(1,808	)

Operating lease liability	$	9,597

The following represents supplemental information related to the Company’s operating leases:


	December 31,
	2020			2019
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$	2,520		$	2,266
Weighted-average remaining lease term (in years)		4.19			5.33
Weighted-average discount rate		8.4	%		8.5	%

The Company subleased a small portion of the office space leased above. The sublease ended in 2019. Sublease income for the year ended December 31, 2019 was $0.3 million, recorded under other income in the statement of operations.

License Agreements	6 Months Ended	12 Months Ended
License Agreements	Jun. 30, 2021	Dec. 31, 2020
Surrozen Inc [Member]
License Agreements [Line Items]
License Agreements	Note 6. License Agreements Stanford License Agreements In March 2016, the Company entered into a license agreement with Stanford, or the 2016 Stanford Agreement, which was amended in July 2016, October 2016 and January 2021, pursuant to which the Company obtained from Stanford, a worldwide, exclusive, sublicensable license under certain patents, rights, or licensed patents and technology related to its engineered Wnt surrogate molecules to make, use, import, offer to sell and sell products that are claimed by the licensed patents or that use or incorporate such technology, or licensed products, for the treatment, diagnosis and prevention of human and veterinary diseases. In consideration for this license, the Company paid Stanford a nominal upfront fee and issued an aggregate of 241,688 shares of our common stock to Stanford, the University of Washington and two co-inventors of the licensed patents. In addition, the Company agreed to pay Stanford nominal annual license maintenance fees which are creditable against earned royalties owed to Stanford for the same year, an aggregate of up to $0.9 million for the achievement of specified development and regulatory milestones, and an aggregate of up to $5.0 million for achievement of specified sales milestones. Stanford is also entitled to receive royalties from the Company equal to a very low single digit percentage of the Company’s and its sublicensees’ net sales of licensed products that are covered by a valid claim of a licensed patent. Additionally, the Company agreed to pay Stanford a sub-teen double digit percentage of certain consideration the Company receives as a result of granting sublicenses to the licensed patents and, if the Company acquired, a one-time change of control fee in the low six figures. Stanford retains the right under the 2016 Stanford Agreement, on behalf of itself, Stanford Hospital and Clinics, the University of Washington and all other non-profit research institutions, to practice the licensed patents and technology for any non-profit purpose. The licensed patents and technology are additionally subject to a non-exclusive, irrevocable, worldwide license held by the Howard Hughes Medical Institute to practice the licensed patents and technology for its research purposes, but with no right to assign or sublicense. In June 2018, the Company entered into another license agreement with Stanford, or the 2018 Stanford Agreement, pursuant to which the Company obtained from Stanford, a worldwide, exclusive, sublicensable license under certain patent rights related to its surrogate R-spondin proteins, or the licensed patents, to make, use, import, offer to sell and sell products that are claimed by the licensed patents, or licensed products, for the treatment, diagnosis and prevention of human and veterinary diseases, or the exclusive field. Additionally, Stanford granted the Company a worldwide, non-exclusive, sublicensable license under the licensed patents to make and use licensed products for research and development purposes in furtherance of the exclusive field and a worldwide, non-exclusive license to make, use and import, but not to offer to sell or sell, licensed products in any other field of use. In consideration of these licenses, the Company paid Stanford a nominal upfront fee. The Company also agreed to pay Stanford nominal annual license maintenance fees which are creditable against earned royalties owed to Stanford for the same year, and an aggregate of up to $0.425 million for the achievement of specified development and regulatory milestones. Stanford is also entitled to receive royalties from the Company equal to a sub-single digit percentage of the Company’s and its sublicensees’ net sales of licensed products. Additionally, the Company agreed to pay Stanford a one-time payment in the low six figures for each sublicense of the licensed patents that the Company grants to a third party and, if the Company is acquired, a one-time nominal change of control fee. Stanford retains the right under the 2018 Stanford Agreement, on behalf of itself, Stanford Health Care, Lucile Packard Children’s Hospital at Stanford and all other non-profit research institutions, to practice the licensed patents for any non-profit purpose. The licensed patents are additionally subject to a non-exclusive, irrevocable, worldwide license held by the Howard Hughes Medical Institute to exercise any intellectual property rights with respect to the licensed patents for research purposes, including the right to sublicense to non-profit and governmental entities but with no other rights to assign or sublicense. Under each of the 2016 Stanford Agreement and the 2018 Stanford Agreement, or Stanford Agreements, the Company agreed to use commercially reasonable efforts to develop and commercialize licensed products and the Company agreed to achieve certain funding and development milestones by certain dates. Unless earlier terminated, each Stanford Agreement will continue until the expiration of the patents licensed under such Stanford Agreement. The Company may terminate either Stanford Agreement at any time for any reason by providing at least 30 days’ written notice to Stanford. Stanford may terminate either Stanford Agreement if the Company breaches certain provisions of that Stanford Agreement and fail to remedy such breach within 90 days after written notice of the breach by Stanford. For the six months ended June 30, 2021, the Company paid approximately $50,000 research and development expenses related to the Stanford Agreements. For the six months ended June 30, 2020, the Company paid approximately $40,000 research and development expenses related to the Stanford Agreements. No milestone payments or earned royalties were paid by the Company to Stanford as of June 30, 2021 pursuant to the Stanford Agreements. UCSF License and Option Agreements In September and October 2016, the Company entered into two separate license and option agreements with The Regents of the University of California, or UCSF, pursuant to which the Company obtained non-exclusive licenses from UCSF for internal research and antibody discovery purposes and an option to negotiate with UCSF to obtain a non-exclusive license under UCSF’s rights in the applicable library to make, use, sell, offer for sale and import products incorporating antibodies identified or resulting from the Company’s use of such library, or licensed products. In consideration of the license and option rights under the UCSF Agreement, the Company paid UCSF a nominal option issue fee and agreed to pay UCSF a nominal annual option maintenance fee. In January 2020, the Company amended and restated its license and option agreements with UCSF, or UCSF Agreement, to provide non-exclusive licenses to make and use a certain human Fab naïve phage display library and to make and use a certain phage display llama VHH single domain antibody library for internal research and antibody discovery purposes and an option to negotiate with UCSF to obtain a non-exclusive license under UCSF’s rights in the applicable library to make, use, sell, offer for sale and import products incorporating antibodies identified or resulting from the Company’s use of such library, or licensed products. If the Company exercises the option under the UCSF Agreement, the Company and UCSF will negotiate in good faith the terms of a commercial license agreement in addition to the pre-agreed terms which include payment to UCSF of a nominal license issue fee, nominal annual license maintenance fees, nominal to low six figure milestone payments for the achievement of a specified regulatory milestone event for each licensed product, nominal annual minimum royalties, which are creditable against earned royalties for the same year, and earned royalties equal to a sub-single digit percentage of the Company’s and the Company’s sublicensees’ net sales of licensed products. As of December 31, 2020, the Company has not exercised the option. For the six months ended June 30, 2021, the Company paid $25,000 for the annual license maintenance fee. No annual license maintenance fee was paid for the six months ended June 30, 2020. For both the six months ended June 30, 2021 and 2020, the Company paid no research and development expenses related to the UCSF agreements. No milestone payments or earned royalties were paid by the Company to UCSF as of June 30, 2021 pursuant to the UCSF agreements. Unless earlier terminated, the UCSF Agreement will continue until four years from its effective date, and the Company may exercise the option to negotiate a commercial license at any time during that term. Additionally, the Company may extend the UCSF Agreement for any additional four years by paying UCSF a nominal term extension fee. The Company may terminate the UCSF Agreement at any time for any reason by providing at least 60 days’ written notice to UCSF. UCSF may terminate the UCSF Agreement if UCSF reasonably believes the Company is in material breach of the UCSF Agreement and the Company fails to remedy such breach within 60 days after written notice of such breach by UCSF. Additionally, the UCSF Agreement will automatically terminate in the event of the Company’s bankruptcy. Distributed Bio Subscription Agreement In September 2016, the Company entered into, and in January 2019 the Company amended, an antibody library subscription agreement with Distributed Bio, or the Distributed Bio Agreement, in which the Company obtained from Distributed Bio a non-exclusive license to use Distributed Bio’s antibody library to identify antibodies directed to an unlimited number of the Company’s proprietary targets and to make, use, sell, offer for sale, import and exploit products incorporating the antibodies that the Company identifies, or licensed products. In consideration for the rights granted to the Company under the Distributed Bio Agreement, the Company paid Distributed Bio a nominal upfront fee and an additional nominal fee upon entering into the amendment. The Company agreed to pay Distributed Bio an annual fee in the low six figures after the first three years. Additionally, the Company agreed to pay Distributed Bio an aggregate of $5.9 million for each licensed product that achieves specified development, regulatory and commercial milestones and royalties equal to a very low single digit percentage of the Company’s and its sublicensees’ net sales of licensed products. The Company’s obligation to pay royalties will end for each licensed product ten years after its first commercial sale. For both the six months ended June 30, 2021 and 2020, the Company did not make any payments related to the Distributed Bio Agreement. No milestone payments or earned royalties were paid by the Company to Distributed Bio as of June 30, 2021 pursuant to the Distributed Bio Agreement. Unless earlier terminated, the Distributed Bio Agreement will continue for an initial four-year term and will thereafter automatically renew for additional one-year terms. The Company may terminate the Distributed Bio Agreement for convenience at any time by providing written notice to Distributed Bio. The Company and Distributed Bio may terminate the Distributed Bio Agreement for the other party’s material breach and failure to cure such breach within 60 days after notice of such breach.	Note 6. License Agreements Stanford License Agreements In March 2016, the Company entered into a license agreement with Stanford, or the 2016 Stanford Agreement, which was amended in July 2016, October 2016 and January 2021, pursuant to which the Company obtained from Stanford, a worldwide, exclusive, sublicensable license under certain patents, rights, or licensed patents and technology related to its engineered Wnt surrogate molecules to make, use, import, offer to sell and sell products that are claimed by the licensed patents or that use or incorporate such technology, or licensed products, for the treatment, diagnosis and prevention of human and veterinary diseases. In consideration for this license, the Company paid Stanford a nominal upfront fee and issued an aggregate of 241,688 shares of common stock to Stanford, the University of Washington and two co-inventors of the licensed patents. In addition, the Company agreed to pay Stanford nominal annual license maintenance fees which are creditable against earned royalties owed to Stanford for the same year, an aggregate of up to $0.9 million for the achievement of specified development and regulatory milestones, and an aggregate of up to $5.0 million for achievement of specified sales milestones. Stanford is also entitled to receive royalties from us equal to a very low single digit percentage of the Company’s and its sublicensees’ net sales of licensed products that are covered by a valid claim of a licensed patent. Additionally, the Company agreed to pay Stanford a sub-teen double digit percentage of certain consideration the Company receives as a result of granting sublicenses to the licensed patents and, if the Company acquired, a onetime change of control fee in the low six figures. Stanford retains the right under the 2016 Stanford Agreement, on behalf of itself, Stanford Hospital and Clinics, the University of Washington and all other non-profit research institutions, to practice the licensed patents and technology for any non-profit purpose. The licensed patents and technology are additionally subject to a non-exclusive, irrevocable, worldwide license held by the Howard Hughes Medical Institute to practice the licensed patents and technology for its research purposes, but with no right to assign or sublicense. In June 2018, the Company entered into another license agreement with Stanford, or the 2018 Stanford Agreement, pursuant to which the Company obtained from Stanford, a worldwide, exclusive, sublicensable license under certain patent rights related to its surrogate R-spondin proteins, or the licensed patents, to make, use, import, offer to sell and sell products that are claimed by the licensed patents, or licensed products, for the treatment, diagnosis and prevention of human and veterinary diseases, or the exclusive field. Additionally, Stanford granted the Company a worldwide, non-exclusive, sublicensable license under the licensed patents to make and use licensed products for research and development purposes in furtherance of the exclusive field and a worldwide, non-exclusive license to make, use and import, but not to offer to sell or sell, licensed products in any other field of use. In consideration of these licenses, the Company paid Stanford a nominal upfront fee. The Company also agreed to pay Stanford nominal annual license maintenance fees which are creditable against earned royalties owed to Stanford for the same year, and an aggregate of up to $0.425 million for the achievement of specified development and regulatory milestones. Stanford is also entitled to receive royalties from the Company equal to a sub-single digit percentage of the Company’s and its sublicensees’ net sales of licensed products. Additionally, the Company agreed to pay Stanford a one-time payment in the low six figures for each sublicense of the licensed patents that the Company grants to a third party and, if the Company is acquired, a onetime nominal change of control fee. Stanford retains the right under the 2018 Stanford Agreement, on behalf of itself, Stanford Health Care, Lucile Packard Children’s Hospital at Stanford and all other non-profit research institutions, to practice the licensed patents for any non-profit purpose. The licensed patents are additionally subject to a nonexclusive, irrevocable, worldwide license held by the Howard Hughes Medical Institute to exercise any intellectual property rights with respect to the licensed patents for research purposes, including the right to sublicense to non-profit and governmental entities but with no other rights to assign or sublicense. Under each of the 2016 Stanford Agreement and the 2018 Stanford Agreement, or Stanford Agreements, the Company agreed to use commercially reasonable efforts to develop and commercialize licensed products and the Company agreed to achieve certain funding and development milestones by certain dates. Unless earlier terminated, each Stanford Agreement will continue until the expiration of the patents licensed under such Stanford Agreement. The Company may terminate either Stanford Agreement at any time for any reason by providing at least 30 days’ written notice to Stanford. Stanford may terminate either Stanford Agreement if the Company breaches certain provisions of that Stanford Agreement and fail to remedy such breach within 90 days after written notice of the breach by Stanford. For the years ended December 31, 2020 and 2019, the Company paid de minimis research and development expenses related to the Stanford Agreements. No milestone payments or earned royalties were paid by the Company to Stanford during the fiscal years ended December 31, 2020 and 2019 or were due as of such date pursuant to the Stanford Agreements. UCSF License and Option Agreements In September and October 2016, the Company entered into two separate license and option agreements with The Regents of the University of California, or UCSF, pursuant to which the Company obtained non-exclusive licenses from UCSF for internal research and antibody discovery purposes and an option to negotiate with UCSF to obtain a non-exclusive license under UCSF’s rights in the applicable library to make, use, sell, offer for sale and import products incorporating antibodies identified or resulting from the Company’s use of such library, or licensed products. In consideration of the license and option rights under the UCSF Agreement, the Company paid UCSF a nominal option issue fee and agreed to pay UCSF a nominal annual option maintenance fee. In January 2020, the Company amended and restated its license and option agreements with UCSF, or UCSF Agreement, to provide non-exclusive licenses to make and use a certain human Fab naive phage display library and to make and use a certain phage display llama VHH single domain antibody library for internal research and antibody discovery purposes and an option to negotiate with UCSF to obtain a non-exclusive license under UCSF’s rights in the applicable library to make, use, sell, offer for sale and import products incorporating antibodies identified or resulting from the Company’s use of such library, or licensed products. If the Company exercises the option under the UCSF Agreement, the Company and UCSF will negotiate in good faith the terms of a commercial license agreement in addition to the pre-agreed terms which include payment to UCSF of a nominal license issue fee, nominal annual license maintenance fees, nominal to low six figure milestone payments for the achievement of a specified regulatory milestone event for each licensed product, nominal annual minimum royalties, which are creditable against earned royalties for the same year, and earned royalties equal to a sub-single digit percentage of the Company’s and the Company’s sublicensees’ net sales of licensed products. As of December 31, 2020, the Company has not exercised the option. For both the years ended December 31, 2020 and 2019, the Company paid $0.1 million for research and development expenses related to the UCSF agreements. No milestone payments or earned royalties were paid by the Company to UCSF during the fiscal years ended December 31, 2020 and 2019 or were due as of such date pursuant to the UCSF agreements. Unless earlier terminated, the UCSF Agreement will continue until four years from its effective date, and the Company may exercise the option to negotiate a commercial license at any time during that term. Additionally, the Company may extend the UCSF Agreement for any additional four years by paying UCSF a nominal term extension fee. The Company may terminate the UCSF Agreement at any time for any reason by providing at least 60 days’ written notice to UCSF. UCSF may terminate the UCSF Agreement if UCSF reasonably believes the Company is in material breach of the UCSF Agreement and the Company fails to remedy such breach within 60 days after written notice of such breach by UCSF. Additionally, the UCSF Agreement will automatically terminate in the event of the Company’s bankruptcy. Distributed Bio Subscription Agreement In September 2016, the Company entered into, and in January 2019 the Company amended, an antibody library subscription agreement with Distributed Bio, or the Distributed Bio Agreement, in which the Company obtained from Distributed Bio a non-exclusive license to use Distributed Bio’s antibody library to identify antibodies directed to an unlimited number of the Company’s proprietary targets and to make, use, sell, offer for sale, import and exploit products incorporating the antibodies that the Company identifies, or licensed products. In consideration for the rights granted to the Company under the Distributed Bio Agreement, the Company paid Distributed Bio a nominal upfront fee and an additional nominal fee upon entering into the amendment. The Company agreed to pay Distributed Bio an annual fee in the low six figures after the first three years. Additionally, the Company agreed to pay Distributed Bio an aggregate of $5.9 million for each licensed product that achieves specified development, regulatory and commercial milestones and royalties equal to a very low single digit percentage of the Company’s and its sublicensees’ net sales of licensed products. The Company’s obligation to pay royalties will end for each licensed product ten years after its first commercial sale. For the years ended December 31, 2020 and 2019, the Company incurred $0.2 million and $0.3 million, respectively, related to the Distributed Bio Agreement. No milestone payments or earned royalties were paid by the Company to Distributed Bio during the fiscal years ended December 31, 2020 and 2019 or were due as of such date pursuant to the Subscription Agreement. Unless earlier terminated, the Distributed Bio Agreement will continue for an initial four-year term and will thereafter automatically renew for additional one-year terms. The Company may terminate the Distributed Bio Agreement for convenience at any time by providing written notice to Distributed Bio. The Company and Distributed Bio may terminate the Distributed Bio Agreement for the other party’s material breach and failure to cure such breach within 60 days after notice of such breach.

Redeemable Convertible Preferred Stock

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Surrozen Inc [Member]

Redeemable Convertible Preferred Stock

Note 7. Redeemable Convertible Preferred Stock

The following table summarizes the redeemable convertible preferred stock as of June 30, 2021 and December 31, 2020:


	Shares				Original Issue Price		Aggregate Liquidation Preference (In thousands)
	Authorized		Issued		Original Issue Price		Aggregate Liquidation Preference (In thousands)
Series A		33,555,555		33,555,555	$	1.00	$	33,556
Series B		33,162,954		33,162,954		1.50		49,744
Series C		28,571,429		28,571,423		1.75		50,000

		95,289,938		95,289,932			$	133,300

The rights, preferences and privileges of the Series A, Series B and Series C redeemable convertible preferred stock (together, the “Redeemable Convertible Preferred Stock”) are as follows:

(a) Dividend Rights

Through June 30, 2021, no dividends have been declared, authorized, or paid. From and after the date of issuance of the shares of Redeemable Convertible Preferred Stock, the holders of the outstanding shares of Series A, Series B and Series C redeemable convertible preferred stock are entitled to receive, when and if declared by the Board of Directors, and prior and in preference to dividends on the Company’s common stock, a noncumulative cash dividend at the rate of $0.08, $0.12, and $0.14, respectively, per share per annum. The preferred stockholders also participate in any additional dividends on

an as-if converted

basis with common stockholders.

(b) Redemption Rights

The Redeemable Convertible Preferred Stock is not redeemable as of June 30, 2021. Upon certain change in control events that are outside of the Company’s control, including liquidation, sale or transfer of control of the Company, the Redeemable Convertible Preferred Stock is contingently redeemable. As such, the Redeemable Convertible Preferred Stock is classified as temporary equity. The redemption price of the Redeemable Convertible Preferred Stock is equal to their respective original issue price per share plus any declared but unpaid dividends. Any discount to liquidation preference of the Redeemable Convertible Preferred Stock is not being accreted as a deemed dividend, as it not currently probable that the Redeemable Convertible Preferred Stock will become redeemable. Subsequent adjustments to increase the carrying values to the ultimate redemption values will be made only when it becomes probable that such a liquidation event will occur.

Each share of Redeemable Convertible Preferred Stock is, at the option of the holder, convertible into the number of fully paid and nonassessable shares of common stock as determined by dividing the original issue price applicable to such series of Redeemable Convertible Preferred Stock by the conversion price in effect at that time with respect to such series. The conversion price for the Redeemable Convertible Preferred Stock is the original issue price of such series of Redeemable Convertible Preferred Stock and shall be adjusted in accordance with conversion provisions contained in the Company’s Amended and Restated Certificate of Incorporation.

Each share of Redeemable Convertible Preferred Stock shall automatically be converted into fully paid, nonassessable shares of common stock at the then effective conversion rate for such share (i) immediately prior to the closing of a firm commitment underwritten initial public offering pursuant to an effective registration statement filed under the Securities Act of 1933, as amended (the Securities Act), covering the offer and sale of the Company’s common stock, provided that the public offering price represents

a pre-money valuation

of at least $250.0 million and the aggregate gross proceeds to the Company are not less than $40.0 million, or (ii) upon the receipt by the Company of a written request for such conversion from the holders of a majority of the Redeemable Convertible Preferred Stock then outstanding (voting as a single class and on

an as-if converted

basis), or, if later, the effective date for conversion specified in such requests.

(d) Voting Rights

Each holder of a share of Redeemable Convertible Preferred Stock is entitled to the number of votes, with respect to such share, equal to the number of shares of common stock into which such share of Redeemable Convertible Preferred Stock could be converted on the record date for the vote or consent of stockholders, except as otherwise required by law, and has voting rights and powers equal to the voting rights and powers of the holders of common stock voting as a single class.

As of June 30, 2021, the Board of Directors was comprised of eight members, one of whom was designated by the holders of Redeemable Convertible Preferred Stock, voting exclusively and as a separate class, and one of

whom is the then current Chief Executive Officer of the Company and is elected by the holders of common stock, voting exclusively and as a separate class. The holders of common stock and Redeemable Convertible Preferred Stock, voting as a single class on

an as-if converted

basis, were entitled to elect the remaining balance of the total number of directors.

(e) Liquidation Rights

In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, the holders of the Redeemable Convertible Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of the common stock by reason of their ownership of such stock, an amount per share for each share of Redeemable Convertible Preferred Stock held by them equal to the sum of (i) the liquidation preference of $1.00, $1.50, and $1.75 per share of Series A, Series B, and Series C redeemable convertible preferred stock, respectively, and (ii) all declared but unpaid dividends (if any) on such share of Redeemable Convertible Preferred Stock, or such lesser amount as may be approved by the holders of the majority of the then-outstanding shares of Redeemable Convertible Preferred Stock, voting as a single class and on

an as-converted basis.

If upon the liquidation, dissolution or winding up of the Company, the assets of the Company legally available for distribution to the holders of the Redeemable Convertible Preferred Stock are insufficient to permit the payment to such holders of the full amounts, then the entire assets of the Company legally available for distribution shall be distributed with equal priority and pro rata among the holders of the Redeemable Convertible Preferred Stock in proportion to the full amounts they would otherwise be entitled to receive.

After the payment or setting aside for payment to the holders of the Redeemable Convertible Preferred Stock of the full amounts specified above, the remaining assets of the Company legally available for distribution shall be distributed with equal priority and ratably to the holders of the common stock in proportion to the number of shares of common stock held by them.

Note 7. Redeemable Convertible Preferred Stock

The following table summarizes the redeemable convertible preferred stock:


	As of December 31, 2020
	Shares				Original Issue Price		Aggregate Liquidation Preference (in thousands)
	Authorized		Issued		Original Issue Price		Aggregate Liquidation Preference (in thousands)
Series A		33,555,555		33,555,555	$	1.00	$	33,556
Series B		33,162,954		33,162,954		1.50		49,744
Series C		28,571,429		28,571,423		1.75		50,000

		95,289,938		95,289,932			$	133,300


	As of December 31, 2019
	Shares				Original Issue Price		Aggregate Liquidation Preference (in thousands)
	Authorized		Issued		Original Issue Price		Aggregate Liquidation Preference (in thousands)
Series A		33,555,555		33,555,555	$	1.00	$	33,556
Series B		35,000,000		33,162,954		1.50		49,744

		68,555,555		66,718,509			$	83,300

From April 2016 to January 2018, the Company issued and sold an aggregate of 33,555,555 shares of Series A redeemable convertible preferred stock at a purchase price of $1.00 per share for aggregate proceeds of approximately $33.5 million.

From October 2018 to September 2019, the Company issued and sold an aggregate of 33,162,954 shares of Series B redeemable convertible preferred stock at a purchase price of $1.50 per share for aggregate proceeds of approximately $49.7 million.

In June 2020, the Company issued 28,571,429 shares of Series C redeemable convertible preferred stock at a purchase price of $1.75 per share for aggregate proceeds of approximately $50.0 million.

In accordance with the Series B redeemable convertible preferred stock purchase agreements, the holders of Series B redeemable convertible preferred stock had the right to participate in the future purchases of Series B redeemable convertible preferred stock, but did not have an obligation to invest in the second tranche. The Company’s Amended and Restated Certificate of Incorporation also included a special mandatory conversion feature whereby if an investor decided not to participate in the second tranche closing, each share of Series B preferred stock then held by such investor would have automatically converted into 1/10th of a fully-paid, nonassessable share of common stock. The underlying shares of the future tranche rights were not puttable by the holder or mandatorily redeemable. In addition, the tranche rights to participate in the future tranche closing involved the issuance of a fixed number of shares at a fixed price.

The Company determined that the future rights to participate in the second tranche closing of Series B redeemable convertible preferred stock was a freestanding financial instrument as it met the criteria for being legally detachable and separately exercisable. In 2019, the Series B redeemable convertible preferred stock tranche right was exercised, remeasured and classified to redeemable convertible preferred stock.

The rights, preferences and privileges of the Series A, Series B and Series C redeemable convertible preferred stock (together, the “Redeemable Convertible Preferred Stock”) are as follows:

(a) Dividend Rights

Through December 31, 2020, no dividends have been declared, authorized, or paid. From and after the date of issuance of the shares of Redeemable Convertible Preferred Stock, the holders of the outstanding shares of Series

A, Series B and Series C redeemable convertible preferred stock are entitled to receive, when and if declared by the Board of Directors, and prior and in preference to dividends on the Company’s common stock, a noncumulative cash dividend at the rate of $0.08, $0.12, and $0.14, respectively, per share per annum. The preferred stockholders also participate in any additional dividends on

an as-if converted

basis with common stockholders.

(b) Redemption Rights

The Redeemable Convertible Preferred Stock is not redeemable as of December 31, 2020. Upon certain change in control events that are outside of the Company’s control, including liquidation, sale or transfer of control of the Company, the Redeemable Convertible Preferred Stock is contingently redeemable. As such, the Redeemable Convertible Preferred Stock is classified as temporary equity. The redemption price of the Redeemable Convertible Preferred Stock is equal to their respective original issue price per share plus any declared but unpaid dividends. Any discount to liquidation preference of the Redeemable Convertible Preferred Stock is not being accreted as a deemed dividend, as it not currently probable that the Redeemable Convertible Preferred Stock will become redeemable. Subsequent adjustments to increase the carrying values to the ultimate redemption values will be made only when it becomes probable that such a liquidation event will occur.

Each share of Redeemable Convertible Preferred Stock is, at the option of the holder, convertible into the number of fully paid and nonassessable shares of common stock as determined by dividing the original issue price applicable to such series of redeemable convertible preferred stock by the conversion price in effect at that time with respect to such series. At December 31, 2020, the conversion price for the Redeemable Convertible Preferred Stock is the original issue price of such series of Redeemable Convertible Preferred Stock and shall be adjusted in accordance with conversion provisions contained in the Company’s Amended and Restated Certificate of Incorporation.

a pre-money valuation

of at least $250.0 million and the aggregate gross proceeds to the Company are not less than $40.0 million, or (ii) upon the receipt by the Company of a written request for such conversion from the holders of a majority of the redeemable convertible preferred stock then outstanding (voting as a single class and on

an as-if converted

basis), or, if later, the effective date for conversion specified in such requests.

(d) Voting Rights

As of December 31, 2020, the Board of Directors was comprised of six members, three of whom are elected by the holders of Redeemable Convertible Preferred Stock, voting exclusively and as a separate class, and one of whom is the then current Chief Executive Officer of the Company and is elected by the holders of common stock, voting exclusively and as a separate class. The holders of common stock and Redeemable Convertible

Preferred Stock, voting as a single class on

an as-if converted

basis, were entitled to elect the balance of the total number of directors.

(e) Liquidation Rights

In the event of any liquidation, dissolution or winding up of the Company, either voluntary or involuntary, the holders of the Redeemable Convertible Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Company to the holders of the common stock by reason of their ownership of such stock, an amount per share for each share of Redeemable Convertible Preferred Stock held by them equal to the sum of (i) the liquidation preference of $1.00, $1.50, and $1.75 per share of Series A, Series B, and Series C redeemable convertible preferred stock, respectively, and (ii) all declared but unpaid dividends (if any) on such share of Redeemable Convertible Preferred Stock, or such lesser amount as may be approved by the holders of the majority of the then-outstanding shares of redeemable convertible preferred stock, voting as a single class and on an

as-converted

basis. If upon the liquidation, dissolution or winding up of the Company, the assets of the Company legally available for distribution to the holders of the Redeemable Convertible Preferred Stock are insufficient to permit the payment to such holders of the full amounts, then the entire assets of the Company legally available for distribution shall be distributed with equal priority and pro rata among the holders of the Redeemable Convertible Preferred Stock in proportion to the full amounts they would otherwise be entitled to receive.

Common Stock

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Surrozen Inc [Member]

Disclosure of Common Stock

Note 8. Common Stock

The holder of each share of common stock is entitled to one vote in respect of each share of stock held. The holders of common stock are also entitled to receive dividends whenever funds and assets are legally available and when declared by the Board of Directors, subject to the prior rights of holders of Redeemable Convertible Preferred Stock outstanding. No dividends have been declared as of June 30, 2021.

The Company had reserved the following shares of common stock for future issuance as follows:


	June 30, 2021
Redeemable convertible preferred stock, as converted
Issued		95,289,932
Unissued		6
Options outstanding		8,429,189
Shares available for future stock option grants		443,500

Total		104,162,627

Note 8. Common Stock

The holder of each share of common stock is entitled to one vote in respect of each share of stock held. The holders of common stock are also entitled to receive dividends whenever funds and assets are legally available and when declared by the Board of Directors, subject to the prior rights of holders of redeemable convertible preferred stock outstanding. No dividends have been declared as of December 31, 2020.

The Company had reserved the following shares of common stock for future issuance as follows:


	December 31, 2020
Redeemable convertible preferred stock, as converted
Issued		95,289,932
Unissued		6
Options issued and outstanding		6,093,611
Shares available for future stock option grants		1,499,359

Total		102,882,908

Stock-Based Compensation Plan

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Surrozen Inc [Member]

Stock-Based Compensation Plan

Note 9. Stock-Based Compensation Plan

The Company maintains the 2015 Stock Plan (the “Plan”) with the authorized shares of 17,450,000 as of June 30, 2021. The Plan provides for the issuance of options to purchase shares of common stock to officers, employees, directors, consultants and key persons who provide services to the Company. Stock options granted under the Plan may be either incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”). According to the Plan, stock options are exercisable in whole or in part and common stock is issued upon the option exercise. The

Plan also allows for the grant of restricted stock awards (“RSAs”). As of June 30, 2021, the Company had 443,500 shares of common stock available for issuance under the Plan. Such issuances are subject to vesting, forfeiture and other restrictions as deemed appropriate by the Board of Directors.

Options under the Plan may be granted for periods of up to 10 years. All options issued to date have a

10-year

contractual life. To date, options granted generally vest over four years and vest at a rate of 25% upon the first anniversary of the issuance date and 1/48th per month thereafter. The exercise price of an ISO and NSO shall not be less than 100% of the estimated fair value of the shares on the date of grant, respectively, as determined by the Board of Directors. The exercise price of an ISO and NSO granted to a 10% shareholder shall not be less than 110% of the estimated fair value of the shares on the date of grant, respectively, as determined by the Board of Directors.

A summary of stock option activity is as follows:


	Options Outstanding
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding—December 31, 2020		6,093,611		$	0.40		8.43
Granted		3,094,625			1.85
Exercised		(720,531	)		0.40
Canceled		(38,516	)		0.85

Outstanding—June 30, 2021		8,429,189			0.93		8.60	$	7,332

Options outstanding and exercisable as of June 30, 2021		8,429,189			0.93		8.60		7,332

Options vested and expect to vest as of June 30, 2021		8,429,189			0.93		8.60		7,332

The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest is the difference between the exercise price of the options and the estimated fair value of the Company’s common stock for financial reporting purposes as of June 30, 2021.

The intrinsic value of options exercised during the six months ended June 30, 2021 was $1.0 million.

During the six months ended June 30, 2021, the Company granted options with a weighted-average grant-date fair value of $1.08 per share.

The Company’s Board of Directors granted equity awards in the form of RSAs for certain of the Company’s employees and directors under the Plan. In April 2016, the Company’s Board of Directors approved equity awards in the form of RSAs outside of the Plan. The Company’s outstanding RSAs began vesting one month after the grant date and vest 1/48th per month over four years.

The following table summarizes the Company’s RSA activity:


	Number of Shares			Weighted Average Grant Date Fair Value
RSAs, unvested at December 31, 2020		263,022		$	0.69
Granted		1,100,000			1.75
Vested		(154,686	)		1.13
Canceled		(93,750	)		1.71

RSAs, unvested at June 30, 2021		1,114,586			1.59

The fair value of RSAs vested during the six months ended June 30, 2021 was $0.3 million.

(a) Fair Value of Employee Stock Options

The fair value of employee options is estimated at the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Six Months Ended June 30,
	2021			2020
Expected term (in years)		5.95			5.99
Expected volatility		63.43	%		59.24	%
Risk-free rate		0.78	%		1.36	%
Dividend yield		—			—

(b) Stock-Based Compensation

Total stock-based compensation recorded in the condensed statements of operations and comprehensive loss related to options and RSAs was as follows (in thousands):


	Six Months Ended June 30,
	2021		2020
Research and development	$	347	$	201
General and administrative		660		107

Total stock-based compensation expense	$	1,007	$	308

As of June 30, 2021, there was approximately $6.6 million of stock-based compensation expense to be recognized over a weighted-average period of approximately 3.34 years.

The Plan allows for the granting of options that may be exercised before the options have vested. Shares issued as a result of early exercise that have not vested are subject to repurchase by the Company upon termination of the purchaser’s employment or services, at the price paid by the purchaser. The Company’s right to repurchase these shares generally lapses 1/48

of the original grant date amount per month over four years. The proceeds initially are recorded in a liability for early exercised stock options and are reclassified to common stock and

additional paid-in capital

as the Company’s repurchase right lapses. At June 30, 2021, there were 615,938 shares of common stock outstanding, subject to the Company’s right of repurchase at a weighted average exercise price of $0.48 per share.

Note 9. Stock-Based Compensation Plan

In 2015, the Board of Directors approved the 2015 Stock Plan (the “Plan”) with the authorized shares of 14,450,000 as of December 31, 2020. The Plan provides for the issuance of options to purchase shares of common stock to officers, employees, directors, consultants and key persons who provide services to the Company. Stock options granted under the 2015 Plan may be either incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”). According to the 2015 Plan, stock options are exercisable in whole or in part and common stock is issued option exercise. The Plan also allows for the grant of restricted stock awards (“RSAs”). As of December 31, 2020, the Company had 1,499,359 shares of common stock available for issuance under the Plan. Such issuances are subject to vesting, forfeiture and other restrictions as deemed appropriate by the Board of Directors.

Options under the Plan may be granted for periods of up to 10 years. All options issued to date have

a 10- year

contractual life. To date, options granted generally vest over four years and vest at a rate of 25% upon the first

anniversary of the issuance date and 1/48th per month thereafter. The exercise price of an ISO and NSO shall not be less than 100% of the estimated fair value of the shares on the date of grant, respectively, as determined by the Board of Directors. The exercise price of an ISO and NSO granted to a 10% shareholder shall not be less than 110% of the estimated fair value of the shares on the date of grant, respectively, as determined by the Board of Directors.

A summary of stock option activity is as follows (in thousands except per share amounts):


	Options outstanding
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In Years)		Aggregate Intrinsic Value
Outstanding—January 1, 2020		4,091		$	0.17		8.66
Granted		2,600			0.76
Exercised		(407	)		0.44
Cancelled		(190	)		0.31

Outstanding—December 31, 2020		6,094			0.40		8.43	$	7,868

Options outstanding and exercisable as of December 31, 2020		6,094			0.40		8.43		7,868

Options vested and expect to vest as of December 31, 2020		6,094			0.40		8.43		7,868

The intrinsic value of options exercised during the years ended December 31, 2020 and 2019 was $0.2 million and $0.1 million, respectively.

During the years ended December 31, 2020 and 2019, the Company granted options with a weighted average grant date fair value of $0.74 and $0.31 per share, respectively.

The Company’s Board of Directors granted equity awards in the form of RSAs for certain of the Company’s employees under the 2015 Equity Incentive Plan. In April 2016, the Company’s Board of Directors approved equity awards in the form of RSAs outside of the 2015 Equity Incentive Plan. The Company’s outstanding RSAs began vesting one month after the grant date and vest 1/48th per month over four years.

The following table summarizes the Company’s RSA activity (in thousands except per share amounts):


	Number of Shares			Weighted Average Grant Date Fair Value
RSAs, unvested at January 1, 2020		461		$	0.27
Granted		100			1.20
Cancelled		(29	)		0.09
Vested		(269	)		0.22

RSAs, unvested at December 31, 2020		263			0.69

The fair value of RSAs vested during the years ended December 31, 2020 and 2019 was $0.3 million and $0.8 million, respectively.

(a) Fair Value of Employee Stock Options

The fair value of employee options is estimated at the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Years Ended December 31,
	2020	2019
Expected term (in years)	5.96—6.07	5.92—6.08
Expected volatility	58.71%—62.88%	59.76%—64.12%
Risk-free interest rate	0.31%—1.48%	1.42%—2.48%
Dividend yield	— %	— %

(b) Stock-Based Compensation

Total stock-based compensation recorded in the statements of operations related to options and RSAs was as follows (in thousands):


	Years Ended December 31,
	2020		2019
Research and development	$	423	$	687
General and administrative		212		103

Total stock-based compensation expense	$	635	$	790

As of December 31, 2020, there was approximately $2.5 million of unrecognized stock-based compensation expense to be recognized over a weighted-average period of approximately 3.28 years.

The 2015 Plan allows for the granting of options that may be exercised before the options have vested. Shares issued as a result of early exercise that have not vested are subject to repurchase by the Company upon termination of the purchaser’s employment or services, at the price paid by the purchaser. The Company’s right to repurchase these shares generally lapses 1/48 of the original grant date amount per month over four years. The proceeds initially are recorded in a liability for early exercised stock options and are reclassified to common stock and

additional paid-in capital

as the Company’s repurchase right lapses. At December 31, 2020, there were 0.6 million shares of common stock outstanding, subject to the Company’s right of repurchase at a weighted average exercise price of $0.32 per share.

(d) Stock-Based Compensation Associated with Awards

to Non-employees

The Company did not grant any new options to purchase shares to consultants during the years ended December 31, 2020 and 2019. The Company recorded $0.01 million and $0.4 million in stock-based compensation for prior grants

to non-employees for

the year ended December 31, 2020 and 2019, respectively.

(e) Founders Shares

In December 2015, the Company issued 3,400,000 common shares for cash of $0.0001 per share to the original founding members of the Company. The shares were issued under the terms of the respective restricted stock purchase agreements and unvested shares are subject to be repurchased by the Company at the original purchase price per share upon the holder’s termination of their relationship with the Company. The restricted shares are not deemed to be issued for accounting purposes until they vest and are therefore excluded from shares outstanding and from basic and diluted net loss per share until the repurchase right lapses and the shares are no longer subject to the repurchase feature. Under the founders’ agreements, 1/48th of the shares subject to the RSA

F-79

shall vest on the date one month after the vesting commencement date, and 1/48th of the shares subject to the RSA shall vest each month thereafter on the same day of the month as the vesting commencement date (and if there is no corresponding day, on the last day of the month), subject to the founders continuing to be a service provider through each such date. As of December 31, 2019, all 3,400,000 common shares were vested. The Company recorded $0.4 million in stock-based compensation of founders’ RSAs for the year ended December 31, 2019.

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2020
Surrozen Inc [Member]
Defined Contribution Plan Disclosure [Line Items]
401(k) Plan	Note 12. 401(k) Plan Effective January 1, 2016, the Company established the Surrozen 401(k) Plan & Trust for the exclusive benefit of all eligible employees and their beneficiaries with the intention to provide a measure of retirement security. The 401(k) Plan is intended to qualify as a tax-qualified plan under Section 401 of the Internal Revenue Code so that contributions to the 401(k) Plan and income earned on such contributions are not taxable to participants until withdrawn or distributed from the 401(k) Plan. The 401(k) Plan provides that each participant may contribute up to 100% of his or her pre-tax compensation, up to annual statutory limits. Under the 401(k) Plan, each employee is fully vested in his or her deferred salary contributions. Employee contributions are held and invested by the plan’s trustee. The 401(k) Plan also permits the Company to make discretionary and matching contributions, subject to established limits and a vesting schedule. Each year, at the discretion of the Company, employer’s match may be a discretionary percentage allocated proportionate to salary deferral, as the Company elects each year. The employer matching contributions in 2020 and 2019 were nominal.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 1
-Subparagraph (d)(i)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
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-Section 50
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
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-Subparagraph (d)(iv)(03)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
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-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
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-Paragraph 1
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Income Taxes

12 Months Ended

Dec. 31, 2020

Surrozen Inc [Member]

Income Taxes

Note 10. Income Taxes

No provision for income taxes was recorded for the years ended December 31, 2020 and 2019. The Company has incurred net operating losses for all the periods presented. The Company accounts for income taxes in accordance with the asset and liability method, which requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is not likely to be realized and, accordingly, has provided a full valuation allowance.

Significant components of the Company’s net deferred tax assets consist of the following (in thousands):


	December 31,
	2020			2019
Deferred tax assets
Net operating loss carryforwards	$	22,585		$	13,830
Lease liabilities		2,487			2,749
Research and development credits		2,166			1,508
Accrual and reserves		457			319
Capitalized intangible costs		156			171
Stock-based compensation		2			3
Other		5			—

Gross deferred tax assets		27,858			18,580
Less valuation allowance		(25,941	)		(16,339	)

Deferred tax assets, net of valuation allowance		1,917			2,241
Deferred tax liabilities
Right-of-use assets		(1,555	)		(1,675	)
Fixed assets		(340	)		(552	)
Other		(22	)		(14	)

Gross deferred tax liabilities		(1,917	)		(2,241	)

Total net deferred tax assets	$	—		$	—

The net valuation allowance increased by $9.6 million and $7.0 million for the years ended December 31, 2020 and 2019, respectively.

As of December 31, 2020, the Company had net operating loss (“NOL”) carryforwards of approximately $80.8 million and $80.6 million available to reduce future taxable income, if any, for federal and California state income tax purposes, respectively. NOL carryforwards generated after 2018 for federal tax reporting purposes of $68.3 million have an indefinite carryforward period. The remaining federal and state net operating loss carryforwards begin expiring in 2036.

As of December 31, 2020, the Company had research and development credit carryforwards of approximately $1.5 million and $1.9 million available to reduce future taxable income, if any, for federal and California state income tax purposes, respectively. The federal credit carryforwards begin expiring in 2036 and the state credits carry forward indefinitely.

Federal and state laws impose substantial restrictions on the utilization of net operating loss and tax credit carryforwards in the event of an ownership change for tax purposes, as defined in Section 382 of the Internal Revenue Code. As a result of such ownership changes, the Company’s ability to realize the potential future benefit of tax losses and tax credits that existed at the time of the ownership change may be limited and may expire unutilized. Such impairment of tax losses and tax credits would reduce the deferred tax asset and corresponding valuation allowance, as a result of the limitation. The Company has not conducted a study to assess whether a limitation would apply under Section 382. The Company plans to conduct a Section 382 study when it begins generating taxable income and starts utilizing the above-mentioned tax loss and tax credit carryforwards.

The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The unrecognized tax benefits, if recognized, would not have an impact on the Company’s effective tax rate assuming the Company continues to maintain a full valuation allowance position. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months.

A reconciliation of the Company’s unrecognized tax benefits is as follows (in thousands):


	December 31,
	2020		2019
Balance at beginning of the year	$	673	$	188
Additions based on tax positions related to current year		248		263
Additions based on tax positions of prior year		—		222

Balance at end of the year	$	921	$	673

The Company files income tax returns in the U.S. federal jurisdiction and California. As of the date these financial statements were issued, the Company is not under examination by any income tax authority. The statute of limitations remains effectively open for all tax years from inception in 2015 through 2020. Tax years outside the normal statute of limitations remain open to examination by tax authorities due to tax attributes generated in earlier years, which have been carried forward and may be examined and adjusted in subsequent years when utilized.

A reconciliation of the statutory U.S. federal tax rate to the Company’s effective tax rate is as follows:


	December 31,
	2020			2019
Statutory rate		21.00	%		21.00	%
State tax		7.96			8.46
Tax credits		0.84			0.98
Change in valuation allowance		(29.43	)		(28.78	)
Other		(0.37	)		(1.66	)

Total		0.00	%		0.00	%

On March 27, 2020, the Coronavirus Aid, Relief and Economic Securities Act (“CARES Act”) was enacted and signed into law in response to the COVID-19 pandemic. The CARES Act, among other things, permits NOL

carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019 and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. Other provisions include increased limits on the deduction of interest expense from 30% to 50% of adjusted taxable income for tax years beginning in 2019 and 2020, increased limits on 2020 charitable contribution deductions from 10% to 25% of taxable income and accelerated refunds of alternative minimum tax credits. The provisions of the CARES Act did not have a material impact for the year ended December 31, 2020.

On December 21, 2020, the Consolidated Appropriations Act, 2021 (the “Appropriations Act”) was signed into law which expanded and extended some of CARES Act provisions, including the expansion of the employee retention credits. The Company will claim employee retention credits of $0.3 million for the 2020 tax year and will file amended payroll tax returns to claim the employee retention credits. The Company will recognize the benefit of those credits as the refunds are received.

- 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 + Details

Subsequent Events	4 Months Ended	6 Months Ended	12 Months Ended
Subsequent Events	Dec. 31, 2020	Jun. 30, 2021	Dec. 31, 2020
Subsequent Events	NOTE 11. 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, except as noted in footnote 2 and as set forth below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. Business Combination Agreement and PIPE Financing On April 15, 2021, the Company entered into a business combination agreement with Surrozen, Inc. (“Surrozen”), pursuant to which a wholly-owned subsidiary of the Company will merge with and into Surrozen, with Surrozen surviving as a wholly-owned subsidiary of the Company and the Company will redomicile as a Delaware corporation. In accordance with the terms and subject to the conditions of the Business Combination Agreement, each share and equity award (whether vested or unvested) of Surrozen outstanding as of closing will be exchanged for shares of the Company’s common stock or comparable equity awards that are settled or are exercisable for shares of the Company’s common stock, as applicable, based on an implied Surrozen equity value of $200,000,000 and a $10.00 per share value of the Company’s Common Stock. In connection with the foregoing and concurrently with the execution of the Business Combination Agreement, the Company entered into Subscription Agreements with certain investors (the “Subscription Agreements” and such investors, the “PIPE Investors”), pursuant to which the PIPE Investors have agreed to subscribe for and purchase, and the Company has agreed to issue and sell to the PIPE Investors, an aggregate of 12,020,000 units, each consisting of one share of the Company’s common stock and one-third of one redeemable warrant for one share of the Company’s common stock (the “PIPE Warrants”), for a purchase price of $10.00 per unit (the “PIPE Units”), for aggregate gross proceeds of $120,200,000 (the “PIPE Financing”). Each whole PIPE Warrant entitles the holder thereof to purchase one share of the Company’s common stock at a price of $11.50 per share, subject to adjustment as described in the form of warrant agreement attached to the form of Subscription Agreement, and only whole PIPE Warrants will be exercisable. The PIPE Warrants have substantially the same provisions as the public warrants issued in connection with the Company’s initial public offering. The securities to be issued pursuant to the Subscription Agreements have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act.	NOTE 10. SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the condensed financial statements.
Surrozen Inc [Member]
Subsequent Events		Note 11. Subsequent Events The Company has completed an evaluation of all subsequent events through August 16, 2021, the date the condensed interim financial statements were issued, to ensure that these condensed interim financial statements include appropriate disclosure of events both recognized in the condensed interim financial statements and events that occurred but were not recognized in the condensed interim financial statements. The Company is unaware of any specific event or circumstance that would require it to update its estimates, judgments or revise the carrying value of its assets or liabilities. These estimates may change, as new events occur and as additional information related to the COVID-19 pandemic and other information is obtained, the impact of which would be recognized in the condensed interim financial statements as soon as such information becomes known. Actual results could differ from those estimates and any such differences may be material to the Company’s condensed interim financial statements. Except as described below, the Company has concluded that no subsequent event has occurred that requires disclosure. On August 11, 2021, the Company completed the business combination with CHFW. Simultaneously, the PIPE Financing was closed (see Note 1). In connection with the consummation of the business combination and PIPE Financing, the Company received gross proceeds of $144.7 million, and the Company’s outstanding shares of common and preferred stock were converted into shares of New Surrozen’s common stock based on the exchange ratio of 0.1757. The business combination is expected to be accounted for as a reverse recapitalization; the Company will be considered the accounting predecessor and CHFW will be treated as the acquired company for financial statement reporting purposes.	Note 14. Subsequent Events The Company has completed an evaluation of all subsequent events through April 30, 2021, the date the financial statements were issued, to ensure that these financial statements include appropriate disclosure of events both recognized in the financial statements and events that occurred but were not recognized in the financial statements. The Company is unaware of any specific event or circumstance that would require it to update its estimates, judgments or revise the carrying value of its assets or liabilities. These estimates may change, as new events occur and as additional information related to the COVID-19 pandemic and other information is obtained, the impact of which would be recognized in the financial statements as soon as such information becomes known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. Except as described below, the Company has concluded that no subsequent event has occurred that requires disclosure. On April 15, 2021, the Company entered into a business combination agreement with Consonance-HFW Acquisition Corp, a Cayman Islands exempted company (“CHFW”) and Perseverance Merger Sub Inc., a subsidiary of CHFW (“Merger Sub”). Upon closing of the business combination, CHFW will become a Delaware corporation and will be renamed to Surrozen, Inc., and Merger Sub will merge with and into the Company, with the Company as the surviving company and, after giving effect to such merger, continuing as a wholly-owned subsidiary of CHFW.

Summary Of Significant Accounting Policies (Policies)

4 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Jun. 30, 2021

Dec. 31, 2020

Basis of Presentation

10-Q

and Article 8 of Regulation

S-X

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form

10-K/A

Emerging Growth Company

to non-emerging growth

Emerging Growth Company

non-emerging

Use of Estimates

Cash and Cash Equivalents

Marketable Securities Held in Trust Account

At December 31, 2020, substantially all of the assets held in the Trust Account were held in U.S. Treasury Bills.

Marketable Securities Held in Trust Account

At June 30, 2021 and December 31, 2020, substantially all of the assets held in the Trust Account were held in U.S. Treasury Bills.

Warrant Liability

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of

additional paid-in capital

a non-cash gain

or loss on the statements of operations. The fair value of the warrants was estimated using a binomial lattice simulation methodology (see Note 9).

Warrant Liability

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms and applicable authoritative guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity” (“ASC 480”) and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own ordinary shares, among other conditions for equity classification.

This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding.

For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional

paid-in

non-cash

gain or loss on the statements of operations.

Class A Ordinary Shares Subject to Possible Redemption

Income Taxes

be more-likely-than-not to

Income Taxes

more-likely-than-not

Net Loss Per Ordinary Share

Net Income (Loss) Per Share

The Company’s statement of operations includes a presentation of income (loss) per share for ordinary shares subject to possible redemption in a manner similar to

the two-class method

Net income (loss) per share, basic and diluted,

for non-redeemable ordinary

of non-redeemable ordinary

shares outstanding for the period.

Non-redeemable ordinary

shares include Founder Shares

and non-redeemable ordinary

shares as these shares do not have any redemption

features. Non-redeemable ordinary

shares participate in the income or loss on marketable securities based

on non-redeemable shares’

proportionate interest.

The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts):


	For the Period from August 21, 2020 (Inception) Through December 31, 2020
Ordinary shares subject to possible redemption
Numerator: Earnings allocable to ordinary shares subject to possible redemption
Interest earned on marketable securities held in Trust Account	$	5,243
Unrealized gain (loss) on marketable securities held in Trust Account		(7,466	)
Net income attributable to Class A ordinary shares subject to possible redemption	$	(2,223	)
Denominator: Weighted Average Class A ordinary shares subject to possible redemption
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		8,181,335
Basic and diluted net loss per share, Class A ordinary shares subject to possible redemption	$	0.00
Non-Redeemable Common Stock
Numerator: Net Loss minus Net Earnings
Net loss	$	(2,122,328	)
Add: Net loss allocable to Class A ordinary shares subject to possible redemption		2,223
Non-Redeemable Net Loss	$	(2,120,105	)
Denominator: Weighted Average Non-redeemable ordinary shares
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares		2,461,095
Basic and diluted net loss per share, Non-redeemable ordinary shares	$	(0.86	)

Net Loss Per Ordinary Share

The Company’s statements of operations includes a presentation of loss per share for ordinary shares subject to possible redemption in a manner similar to the

two-class

Net loss per share, basic and diluted, for

non-redeemable

ordinary shares outstanding for the period.

Non-redeemable

common stock includes Founder Shares (as defined in Note 5) and

non-redeemable

ordinary shares as these shares do not have any redemption features.

Non-redeemable

ordinary shares participate in the income or loss on marketable securities based on

non-redeemable

shares’ proportionate interest.

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, 2021			Six Months Ended June 30, 2021

Class A ordinary Shares subject to possible redemption
Numerator: Earnings allocable to Class A ordinary shares subject to possible redemption
Interest earned on marketable securities held in Trust Account	$	7,239		$	26,845
Unrealized loss on marketable securities held in Trust Account
Less: interest available to be withdrawn for working capital		(5,343	)		—

Net income attributable	$	1,896		$	26,845

Denominator: Weighted Average Class A ordinary shares subject to possible redemption
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		8,162,790			8,174,309

Basic and diluted net income per share, Class A ordinary shares subject to possible redemption	$	—		$	—

Non-Redeemable Ordinary Shares
Numerator: Net Loss minus Net Earnings
Net loss	$	(3,584,072	)	$	(3,817,036	)
Less: Net income allocable to Class A ordinary shares subject to possible redemption		(1,896	)		(26,845	)

Non-Redeemable Net Loss	$	(3,585,968	)	$	(3,843,881	)

Denominator: Weighted Average Non-redeemable ordinary shares
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares		3,771,210			3,759,691

Basic and diluted net loss per share, Non-redeemable ordinary shares	$	(0.95	)	$	(1.02	)

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 condensed balance sheets, primarily due to their short-term nature.

Fair Value Measurements

unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

•

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

•

Derivative Financial Instruments

re-valued

non-current

based on whether or not

net-cash

settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

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 accompanying financial statements.

Recent Accounting Standards

In August 2020, the FASB issued Accounting Standards Update (“ASU”)

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)

(“ASU

2020-06”)

to simplify accounting for certain financial instruments. ASU

2020-06

amends the diluted earnings per share guidance, including the requirement to use the

if-converted

method for all instruments. ASU

2020-06

would have on its financial position, results of operations or cash flows.

Surrozen Inc [Member]

Basis of Presentation

Emerging Growth Company

Emerging Growth Company Status

Use of Estimates

Unaudited Condensed Interim Financial Statements

the six-month periods

These condensed interim financial statements should be read in conjunction with the Company’s audited financial statements for the years ended December 31, 2020 and 2019.

Deferred Transaction Costs

Restricted Cash

Research and Development Expenses

Cash and Cash Equivalents

Income Taxes

Net Loss Per Ordinary Share

Net Loss Per Share


	June 30,
	2021		2020
Redeemable convertible preferred stock		95,289,932		95,289,932
Options outstanding		8,429,189		4,704,000
Unvested RSAs		1,114,586		347,397
Unvested common stock subject to repurchase		615,938		741,032

Total		105,449,645		101,082,361

Net Loss Per Share

Basic net loss per share is calculated using

the two-class method

under which earnings are allocated to both common shares and participating securities. Undistributed net losses are allocated entirely to common


	December 31,
	2020		2019
Redeemable convertible preferred stock		95,289,932		66,718,509
Options outstanding		6,093,611		4,091,333
Unvested RSAs		263,022		460,939
Unvested common stock subject to repurchase		590,921		839,092

Total		102,237,486		72,109,873

Concentration of Credit Risk

Fair Value Measurements

Fair Value Measurement

ASC 820,

Fair Value Measurement

Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

Recent Accounting Standards

Recently Adopted Accounting Pronouncements

In December 2019, the FASB issued

ASU No. 2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued

ASU No. 2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

on available-for-sale debt

securities and purchased financial assets with credit deterioration. The Company early adopted this standard as of January 1, 2020, with no impact upon adoption.

In June 2018, the FASB issued

ASU No. 2018-07,

Compensation-Stock Compensation (Topic 718)

Improvements to

Non-employee

Share-Based Payment Accounting

ASU No. 2018-07 simplifies

the accounting for stock-based payments

to non-employees by

aligning it with the accounting for stock-based payments to employees, with certain exceptions. The Company adopted this guidance as of January 1, 2020, with an immaterial impact upon adoption.

In August 2018, the FASB issued

ASU No. 2018-13,

Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement

, which removes, modifies and adds various disclosure requirements on fair value measurements in Topic 820. The Company adopted this guidance as of January 1, 2020, with no impact upon adoption.

Segment Reporting

Short-term Investments

The Company has investments in marketable securities. The Company’s investment policy is consistent with the definition

of available-for-sale securities.

The Company early adopted Accounting Standards Update

(ASU) No. 2016-13,

Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

, on January 1, 2020 and applied the new modified credit impairment guidance related

to available-for-sale debt

securities prospectively. Under the new guidance, at each reporting date, entities must evaluate their

individual available-for-sale debt

Property and Equipment


Leasehold improvements		Shorter of useful life of asset or lease term
Computer equipment		3 years
Furniture, fixtures and equipment		3-8 years
Lab equipment		3 years

Leases

The Company accounts for its leases under ASC 842,

Leases

. Under this guidance, the Company determines if an arrangement is or contains a lease at

inception. Right-of-use assets,

the non-cancelable period

The Company’s lease agreement includes lease

and non-lease components,

and the Company has elected to separate lease

and non-lease components.

Impairment of Long-Lived Assets

Accrued Research and Development Expenses

end-date)

Redeemable Convertible Preferred Stock

Stock-Based Compensation

The Company has an equity incentive plan under which various types of equity-based awards including, but not limited to, incentive stock

options, non-qualified stock

options, and restricted stock awards, may be granted to employees, directors, and consultants.

reporting purposes is determined considering numerous objective and subjective factors and requires judgment. These objective and subjective factors include, but are not limited to:

•

relevant precedent transactions involving the Company’s capital stock;

•

contemporaneous valuations performed by third-party specialists;

•

rights, preferences, and privileges of the Company’s redeemable convertible preferred stock relative to those of the Company’s common stock;

•

actual operating and financial performance;

•

current business conditions and financial projections;

•

likelihood of achieving a liquidity event, such as an initial public offering or a sale of the Company’s business;

•

the lack of marketability of the Company’s common stock, and the illiquidity of stock-based awards involving securities in a private company;

•

market multiples of comparable publicly traded companies;

•

stage of development;

•

industry information such as market size and growth; and

•

U.S. and global capital and macroeconomic conditions.

Prior to the adoption of

ASU No. 2018-07 on

January 1, 2020, options and other equity awards granted to

non-employees

were subject to periodic remeasurement over the period during which services were rendered.

The Company remeasured the fair value of

these non-employee awards

at each reporting period prior to vesting and finally at the vesting date of the award. Subsequent to the adoption of

ASU No. 2018-07, the

Company

recognizes non-employee compensation

costs over the requisite service period based on a measurement of fair value on the date of grant of each stock award.

Comprehensive Income (Loss)

The Company’s comprehensive income or loss consists of net income or loss and other comprehensive income (loss). Unrealized gains or losses

on available-for-sale securities

are included in the Company’s other comprehensive income or loss. As of December 31, 2020, the Company’s unrealized gain (loss) on

available-for-sale

securities was de minimis.

Recently Issued Accounting Pronouncements

In December 2019, the FASB issued

ASU No. 2019-12,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

, which amends the existing guidance relating to the accounting for income taxes. This standard is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of accounting for income taxes and to improve the consistent application of U.S. GAAP for other areas of accounting for income taxes by clarifying and amending existing guidance. The standard is effective for public business entities for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. The standard is effective for entities other than public business entities for fiscal years beginning after December 15, 2021. Early adoption is permitted. The Company does not expect a material impact on its financial statements from adopting this update.

Restatement Of Previously Issued Financial Statements (Tables)

4 Months Ended

Dec. 31, 2020

Restatement [Abstract]

Summary of restatement of previously issued financial statements


	As Previously Reported			Adjustments			As Restated
Balance sheet as of November 23, 2020 (audited)
Warrant Liability	$	—		$	1,598,233		$	1,598,233
Total Liabilities		3,167,722			1,598,233			4,765,955
Ordinary Shares Subject to Possible Redemption		74,121,170			(1,598,233	)		72,522,937
Class A Ordinary Shares		100			18			118
Additional Paid-in Capital		5,004,636			107,501			5,112,137
Accumulated Deficit		(4,961	)		(107,519	)		(112,480	)
Balance sheet as of December 31, 2020 (audited)
Warrant Liability	$	—		$	3,404,014		$	3,404,014
Total Liabilities		3,510,148			3,404,014			6,914,162
Ordinary Shares Subject to Possible Redemption		85,264,880			(3,404,020	)		81,860,860
Class A Ordinary Shares		111			34			145
Additional Paid-in Capital		5,440,915			1,681,045			7,121,960
Accumulated Deficit		(441,255	)		(1,681,073	)		(2,122,328	)
Shareholders’ Equity		5,000,001			6			5,000,007
Period from August 20, 2020 (inception) to December 31, 2020 (audited)
Change in fair value of warrant liability	$	—		$	1,573,554		$	1,573,554
Allocation of initial public offering costs		—			107,519			107,519
Net loss		(441,255	)		(1,681,073	)		(2,122,328	)
Weighted average shares outstanding of Class A redeemable ordinary shares		8,326,328			(144,993	)		8,181,335
Weighted average shares outstanding of Class B non-redeemable ordinary shares		2,414,403			46,692			2,461,095
Basic and diluted net loss per share, Class B		(0.18	)		(0.68	)		(0.86	)
Cash Flow Statement for the Period from August 20, 2020 (inception) to December 31, 2020 (audited)
Net loss	$	(441,255	)	$	(1,681,073	)	$	(2,122,328	)
Allocation of initial public offering costs		—			107,519			107,519
Change in fair value of warrant liability		—			1,573,554			1,573,554
Initial classification of warrant liability		—			1,830,460			1,830,460
Initial classification of common stock subject to possible redemption		74,121,170			(1,598,233	)		72,522,937
Change in value of common stock subject to possible redemption		(436,290	)		(1,993,560	)		(2,429,850	)

Summary Of Significant Accounting Policies (Tables)

4 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Jun. 30, 2021

Dec. 31, 2020

Schedule of basic and diluted net income (loss) per ordinary share

The following table reflects the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts):


	For the Period from August 21, 2020 (Inception) Through December 31, 2020
Ordinary shares subject to possible redemption
Numerator: Earnings allocable to ordinary shares subject to possible redemption
Interest earned on marketable securities held in Trust Account	$	5,243
Unrealized gain (loss) on marketable securities held in Trust Account		(7,466	)
Net income attributable to Class A ordinary shares subject to possible redemption	$	(2,223	)
Denominator: Weighted Average Class A ordinary shares subject to possible redemption
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		8,181,335
Basic and diluted net loss per share, Class A ordinary shares subject to possible redemption	$	0.00
Non-Redeemable Common Stock
Numerator: Net Loss minus Net Earnings
Net loss	$	(2,122,328	)
Add: Net loss allocable to Class A ordinary shares subject to possible redemption		2,223
Non-Redeemable Net Loss	$	(2,120,105	)
Denominator: Weighted Average Non-redeemable ordinary shares
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares		2,461,095
Basic and diluted net loss per share, Non-redeemable ordinary shares	$	(0.86	)

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, 2021			Six Months Ended June 30, 2021

Class A ordinary Shares subject to possible redemption
Numerator: Earnings allocable to Class A ordinary shares subject to possible redemption
Interest earned on marketable securities held in Trust Account	$	7,239		$	26,845
Unrealized loss on marketable securities held in Trust Account
Less: interest available to be withdrawn for working capital		(5,343	)		—

Net income attributable	$	1,896		$	26,845

Denominator: Weighted Average Class A ordinary shares subject to possible redemption
Basic and diluted weighted average shares outstanding, Class A ordinary shares subject to possible redemption		8,162,790			8,174,309

Basic and diluted net income per share, Class A ordinary shares subject to possible redemption	$	—		$	—

Non-Redeemable Ordinary Shares
Numerator: Net Loss minus Net Earnings
Net loss	$	(3,584,072	)	$	(3,817,036	)
Less: Net income allocable to Class A ordinary shares subject to possible redemption		(1,896	)		(26,845	)

Non-Redeemable Net Loss	$	(3,585,968	)	$	(3,843,881	)

Denominator: Weighted Average Non-redeemable ordinary shares
Basic and diluted weighted average shares outstanding, Non-redeemable ordinary shares		3,771,210			3,759,691

Basic and diluted net loss per share, Non-redeemable ordinary shares	$	(0.95	)	$	(1.02	)

Surrozen Inc [Member]

Summary of Property and Equipment Useful Lives


Leasehold improvements		Shorter of useful life of asset or lease term
Computer equipment		3 years
Furniture, fixtures and equipment		3-8 years
Lab equipment		3 years

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	June 30,
	2021		2020
Redeemable convertible preferred stock		95,289,932		95,289,932
Options outstanding		8,429,189		4,704,000
Unvested RSAs		1,114,586		347,397
Unvested common stock subject to repurchase		615,938		741,032

Total		105,449,645		101,082,361


	December 31,
	2020		2019
Redeemable convertible preferred stock		95,289,932		66,718,509
Options outstanding		6,093,611		4,091,333
Unvested RSAs		263,022		460,939
Unvested common stock subject to repurchase		590,921		839,092

Total		102,237,486		72,109,873

Fair Value Measurements (Tables)

4 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Jun. 30, 2021

Dec. 31, 2020

Schedule of company's assets that are measured at fair value on a recurring basis


Description	Level		December 31, 2020
Assets:
Marketable securities held in Trust Account		1	$	91,997,501
Liabilities:
Warrant Liability – Public Warrants		1		3,250,667
Warrant Liability – Private Placement Warrants		3		153,347


Description	Level		June 30, 2021		December 31, 2020
Assets:
Marketable securities held in Trust Account		1	$	92,029,147	$	91,997,501

Liabilities:
Warrant liability — Public Warrants		1	$	4,753,334	$	3,250,667
Warrant liability — Private Placement Warrants		3		384,814		153,347

Summary of key Inputs into the Binomial Lattice Simulation Model for the Private Placement Warrants and Public Warrants

The key inputs into the binomial lattice simulation model for the Private Placement Warrants and Public Warrants were as follows at initial measurement:


Input	November 23, 2020 (Initial Measurement			December 31, 2020
Risk-free interest rate		0.4	%		0.4	%
Expected term (years)		5			5
Expected volatility		12.0	%		16	%
Exercise price	$	11.50		$	11.50
Fair value of Units	$	9.81		$	10.12

Summary of fair value of the warrant liabilities

The following table presents the changes in the fair value of warrant liabilities:


	Private Placement		Public		Warrant Liabilities
	$	—	$	—	$	—
Initial measurement on November 23, 2020		77,900		1,520,000		1,597,900
Change in valuation inputs or other assumptions		75,447		1,730,667		1,806,114
Fair value as of December 31, 2020	$	153,347	$	3,250,667	$	3,404,014

The following table presents the changes in the fair value of warrant liabilities:


	Private Placement			Public			Warrant Liabilities
Fair value as of January 1, 2021	$	153,347		$	3,250,667		$	3,404,014
Change in valuation inputs or other assumptions		(36,167	)		(766,667	)		(802,834	)

Fair value as of March 31, 2021	$	117,180		$	2,484,000		$	2,601,180

Change in valuation inputs or other assumptions		267,634			2,269,334			2,536,968

Fair value as of June 30, 2021	$	384,814		$	4,753,334		$	5,138,148

Surrozen Inc [Member]

Summary of Fair Value Measurements, Recurring and Nonrecurring

The following tables summarize the Company’s financial assets that are measured at fair value on a recurring basis (in thousands):


	As of June 30, 2021
	Level 1		Level 2		Level 3		Total
Money market funds (1)	$	8,416	$	—	$	—	$	8,416
Commercial paper		—		6,598		—		6,598

Total financial assets measured at fair value	$	8,416	$	6,598	$	—	$	15,014


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Money market funds (1)	$	31,896	$	—	$	—	$	31,896
Corporate bonds		—		1,115		—		1,115
Commercial paper (2)		—		15,285		—		15,285

Total financial assets measured at fair value	$	31,896	$	16,400	$	—	$	48,296

(1)	Money market funds are included in cash and cash equivalents on the condensed balance sheets as of June 30, 2021 and December 31, 2020.

(2)	As of December 31, 2020, marketable securities with original maturities of three months or less, in the amount of $2.2 million, are included in cash and cash equivalents on the condensed balance sheet.

The following tables summarize the Company’s financial assets and liabilities that are measured at fair value on a recurring basis (in thousands):


	As of December 31, 2020
	Level 1		Level 2		Level 3		Total
Money market funds (1)	$	31,896	$	—	$	—	$	31,896
Corporate bonds		—		1,115		—		1,115
Commercial paper (2)		—		15,285		—		15,285

Total financial assets measured at fair value	$	31,896	$	16,400	$	—	$	48,296


	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Money market funds (1)	$	28,223	$	—	$	—	$	28,223

Total financial assets measured at fair value	$	28,223	$	—	$	—	$	28,223

(1)	Money market funds are included in cash and cash equivalents on the balance sheets as of December 31, 2020 and 2019.

(2)	Marketable securities with original maturities of three months or less, in the amount of $2.2 million, are included in cash and cash equivalents on the balance sheet as of December 31, 2020.

Summary of Debt Securities, Available-for-sale

The following tables provide the Company’s marketable securities by security type (in thousands):


	As of June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	6,598	$	—	$	—	$	6,598

Total	$	6,598	$	—	$	—	$	6,598


	As of December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	1,115	$	—	$	—	$	1,115
Commercial paper		15,285		—		—		15,285

Total	$	16,400	$	—	$	—	$	16,400

The following table provides the Company’s marketable securities by security type (in thousands):


	As of December 31, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Corporate bonds	$	1,115	$	—	$	—	$	1,115
Commercial paper		15,285		—		—		15,285

Total	$	16,400	$	—	$	—	$	16,400

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Balance Sheet Components (Tables) - Surrozen Inc [Member]

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Summary of Property, Plant and Equipment

Property and equipment, net, consists of the following (in thousands):


	December 31,
	2020			2019
Leasehold improvements	$	7,052		$	7,052
Computer equipment		137			137
Furniture and office equipment		310			285
Lab equipment		6,084			4,968

Total property and equipment		13,583			12,442
Less accumulated depreciation and amortization		(7,747	)		(5,810	)

Property and equipment, net	$	5,836		$	6,632

Schedule of Accrued Liabilities

Note 4. Balance Sheet Components

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	June 30, 2021		December 31, 2020
Payroll and related expenses	$	1,557	$	1,673
Accrued research and development expenses		3,569		1,305
Accrued professional service fees		889		—
Liability for early exercised stock options		296		188
Other accrued expenses		247		228

Accrued liabilities	$	6,558	$	3,394

Accrued liabilities consist of the following (in thousands):


	December 31,
	2020		2019
Payroll and related expenses	$	1,673	$	1,242
Liability for early exercised stock options		188		124
Accrued research and development expenses		1,305		—
Other accrued expenses		228		61

Accrued liabilities	$	3,394	$	1,427

Summary of Other Assets

Other assets consist of the following (in thousands):


	June 30, 2021		December 31, 2020
Deferred transaction costs	$	1,344	$	—
Other		40		39

Other assets	$	1,384	$	39

Leases (Tables) - Surrozen Inc [Member]

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Lessee, Lease, Description [Line Items]

Summary of Lessee, Operating Lease, Liability, Maturity

Aggregate future minimum rental payments under operating leases as of June 30, 2021, were as follows (in thousands):


Six months ending December 31, 2021	$	1,405
Year ending December 31, 2022		2,486
Year ending December 31, 2023		2,564
Year ending December 31, 2024		2,646
Year ending December 31, 2025		891

Total lease payments		9,992
Less: Imputed interest		(1,430	)

Operating lease liabilities	$	8,562

Aggregate future minimum rental payments under operating leases as of December 31, 2020, were as follows (in thousands):


Year ending December 31:
2021	$	2,818
2022		2,486
2023		2,564
2024		2,646
2025		891

Total lease payments		11,405
Less: Imputed interest		(1,808	)

Operating lease liability	$	9,597

Summary of Supplemental Information Relating To Operating Leases

The following represents supplemental information related to the Company’s operating leases:


	December 31,
	2020			2019
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$	2,520		$	2,266
Weighted-average remaining lease term (in years)		4.19			5.33
Weighted-average discount rate		8.4	%		8.5	%

Redeemable Convertible Preferred Stock (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Surrozen Inc

Summary of the redeemable convertible preferred stock:

The following table summarizes the redeemable convertible preferred stock as of June 30, 2021 and December 31, 2020:


	Shares				Original Issue Price		Aggregate Liquidation Preference (In thousands)
	Authorized		Issued		Original Issue Price		Aggregate Liquidation Preference (In thousands)
Series A		33,555,555		33,555,555	$	1.00	$	33,556
Series B		33,162,954		33,162,954		1.50		49,744
Series C		28,571,429		28,571,423		1.75		50,000

		95,289,938		95,289,932			$	133,300


	As of December 31, 2020
	Shares				Original Issue Price		Aggregate Liquidation Preference (in thousands)
	Authorized		Issued		Original Issue Price		Aggregate Liquidation Preference (in thousands)
Series A		33,555,555		33,555,555	$	1.00	$	33,556
Series B		33,162,954		33,162,954		1.50		49,744
Series C		28,571,429		28,571,423		1.75		50,000

		95,289,938		95,289,932			$	133,300


	As of December 31, 2019
	Shares				Original Issue Price		Aggregate Liquidation Preference (in thousands)
	Authorized		Issued		Original Issue Price		Aggregate Liquidation Preference (in thousands)
Series A		33,555,555		33,555,555	$	1.00	$	33,556
Series B		35,000,000		33,162,954		1.50		49,744

		68,555,555		66,718,509			$	83,300

Stock-Based Compensation Plan (Tables) - Surrozen Inc [Member]

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Summary of stock option activity

A summary of stock option activity is as follows:


	Options Outstanding
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In years)		Aggregate Intrinsic Value (In thousands)
Outstanding—December 31, 2020		6,093,611		$	0.40		8.43
Granted		3,094,625			1.85
Exercised		(720,531	)		0.40
Canceled		(38,516	)		0.85

Outstanding—June 30, 2021		8,429,189			0.93		8.60	$	7,332

Options outstanding and exercisable as of June 30, 2021		8,429,189			0.93		8.60		7,332

Options vested and expect to vest as of June 30, 2021		8,429,189			0.93		8.60		7,332

A summary of stock option activity is as follows (in thousands except per share amounts):


	Options outstanding
	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (In Years)		Aggregate Intrinsic Value
Outstanding—January 1, 2020		4,091		$	0.17		8.66
Granted		2,600			0.76
Exercised		(407	)		0.44
Cancelled		(190	)		0.31

Outstanding—December 31, 2020		6,094			0.40		8.43	$	7,868

Options outstanding and exercisable as of December 31, 2020		6,094			0.40		8.43		7,868

Options vested and expect to vest as of December 31, 2020		6,094			0.40		8.43		7,868

Summary of RSU activity

The following table summarizes the Company’s RSA activity:


	Number of Shares			Weighted Average Grant Date Fair Value
RSAs, unvested at December 31, 2020		263,022		$	0.69
Granted		1,100,000			1.75
Vested		(154,686	)		1.13
Canceled		(93,750	)		1.71

RSAs, unvested at June 30, 2021		1,114,586			1.59

The following table summarizes the Company’s RSA activity (in thousands except per share amounts):


	Number of Shares			Weighted Average Grant Date Fair Value
RSAs, unvested at January 1, 2020		461		$	0.27
Granted		100			1.20
Cancelled		(29	)		0.09
Vested		(269	)		0.22

RSAs, unvested at December 31, 2020		263			0.69

Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options using Black-Scholes Option Pricing Model

The fair value of employee options is estimated at the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Six Months Ended June 30,
	2021			2020
Expected term (in years)		5.95			5.99
Expected volatility		63.43	%		59.24	%
Risk-free rate		0.78	%		1.36	%
Dividend yield		—			—

The fair value of employee options is estimated at the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions:


	Years Ended December 31,
	2020	2019
Expected term (in years)	5.96—6.07	5.92—6.08
Expected volatility	58.71%—62.88%	59.76%—64.12%
Risk-free interest rate	0.31%—1.48%	1.42%—2.48%
Dividend yield	— %	— %

Summary of Stock-based Compensation Expense

Total stock-based compensation recorded in the condensed statements of operations and comprehensive loss related to options and RSAs was as follows (in thousands):


	Six Months Ended June 30,
	2021		2020
Research and development	$	347	$	201
General and administrative		660		107

Total stock-based compensation expense	$	1,007	$	308

Total stock-based compensation recorded in the statements of operations related to options and RSAs was as follows (in thousands):


	Years Ended December 31,
	2020		2019
Research and development	$	423	$	687
General and administrative		212		103

Total stock-based compensation expense	$	635	$	790

Income Taxes (Tables) - Surrozen Inc [Member]

12 Months Ended

Dec. 31, 2020

Summary of Net Deferred Tax Assets

Significant components of the Company’s net deferred tax assets consist of the following (in thousands):


	December 31,
	2020			2019
Deferred tax assets
Net operating loss carryforwards	$	22,585		$	13,830
Lease liabilities		2,487			2,749
Research and development credits		2,166			1,508
Accrual and reserves		457			319
Capitalized intangible costs		156			171
Stock-based compensation		2			3
Other		5			—

Gross deferred tax assets		27,858			18,580
Less valuation allowance		(25,941	)		(16,339	)

Deferred tax assets, net of valuation allowance		1,917			2,241
Deferred tax liabilities
Right-of-use assets		(1,555	)		(1,675	)
Fixed assets		(340	)		(552	)
Other		(22	)		(14	)

Gross deferred tax liabilities		(1,917	)		(2,241	)

Total net deferred tax assets	$	—		$	—

Summary of Tax Benefits

A reconciliation of the Company’s unrecognized tax benefits is as follows (in thousands):


	December 31,
	2020		2019
Balance at beginning of the year	$	673	$	188
Additions based on tax positions related to current year		248		263
Additions based on tax positions of prior year		—		222

Balance at end of the year	$	921	$	673

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate TO Effective Income Tax Rate

A reconciliation of the statutory U.S. federal tax rate to the Company’s effective tax rate is as follows:


	December 31,
	2020			2019
Statutory rate		21.00	%		21.00	%
State tax		7.96			8.46
Tax credits		0.84			0.98
Change in valuation allowance		(29.43	)		(28.78	)
Other		(0.37	)		(1.66	)

Total		0.00	%		0.00	%

Common Stock (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2021

Dec. 31, 2020

Surrozen Inc [Member]

Schedule of common stock capital shares reserved for future issuance

The Company had reserved the following shares of common stock for future issuance as follows:


	June 30, 2021
Redeemable convertible preferred stock, as converted
Issued		95,289,932
Unissued		6
Options outstanding		8,429,189
Shares available for future stock option grants		443,500

Total		104,162,627

The Company had reserved the following shares of common stock for future issuance as follows:


	December 31, 2020
Redeemable convertible preferred stock, as converted
Issued		95,289,932
Unissued		6
Options issued and outstanding		6,093,611
Shares available for future stock option grants		1,499,359

Total		102,882,908

Description of Organization and Business Operations (Details)				4 Months Ended	6 Months Ended
	Apr. 15, 2021 USD ($) $ / shares shares	Dec. 01, 2020 USD ($) $ / shares shares	Nov. 23, 2020 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)	Jun. 30, 2021 USD ($) $ / shares
Subsidiary, Sale of Stock [Line Items]
Condition for future business combination number of businesses minimum				1
Underwriting fees				$ 1,840,000	$ 1,840,000
Deferred underwriting fee payable				3,220,000	3,220,000
Other offering costs				598,864	598,864
Proceeds from issuance of units		$ 12,240,000		86,113,691
Assets Held-in-trust		92,000,000
Additions to assets held in trust		$ 12,000,000
Transaction Costs				$ 5,658,864	$ 5,658,864
Threshold minimum aggregate fair market value as a percentage of the assets held in the Trust Account				80.00%	80.00%
Threshold percentage of outstanding voting securities of the target to be acquired by post-transaction company to complete business combination				50.00%	50.00%
Proceeds from issuance of warrants				$ 4,340,000
Business Combination Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Business acquisition equity interest issued or issuable value assigned	$ 200,000,000
Business Combination Agreement [Member] \| Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Business acquisition share price \| $ / shares	$ 10.00
PIPE Investors [Member] \| Subscription Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issued during period shares new shares \| shares	12,020,000
Sale of stock price per share \| $ / shares	$ 10.00
PIPE Investors [Member] \| Subscription Agreement [Member] \| Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Warrant voting right per share \| shares	1
Class of warrant or right exercise price of warrants or rights \| $ / shares	$ 11.50
Pipe Warrant [Member] \| PIPE Investors [Member] \| Subscription Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of warrants	$ 120,200,000
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Sale of Units, net of underwriting discounts \| shares		9,200,000	8,000,000
Share price \| $ / shares			$ 10.00		$ 10.00
Proceeds from issuance of units			$ 80,000,000
Assets Held-in-trust			$ 80,000,000
Private Placement
Subsidiary, Sale of Stock [Line Items]
Sale of Units, net of underwriting discounts \| shares		24,000	410,000
Share price \| $ / shares		$ 10.00	$ 10.00
Proceeds from issuance of units		$ 240,000	$ 4,100,000
Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Sale of Units, net of underwriting discounts \| shares		1,200,000
Proceeds from issuance of units		$ 12,000,000

Organization - Additional Information (Details) - USD ($)			3 Months Ended		4 Months Ended	6 Months Ended		12 Months Ended
	Aug. 11, 2021	Apr. 15, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Net income loss			$ 3,584,072	$ 232,964	$ 2,122,328	$ 3,817,036
Cash from operations					933,988	596,514
Cash and cash equivalents			390,673		987,187	390,673		$ 987,187
Retained earnings accumulated deficit			5,939,364		2,122,328	$ 5,939,364		$ 2,122,328
Surrozen Inc [Member]
Date of incorporation						Aug. 12, 2015		Aug. 12, 2015
Country or state of incorporation						CA		CA
Net income loss						$ 25,675,000	$ 13,254,000	$ 32,716,000	$ 24,362,000
Cash from operations						23,212,000	12,225,000	29,099,000	21,056,000
Cash and cash equivalents			18,850,000		34,982,000	18,850,000	$ 66,691,000	34,982,000	29,104,000
Short-term Investments			6,598,000		14,200,000	6,598,000		14,200,000	0
Retained earnings accumulated deficit			$ 113,676,000		$ 88,001,000	113,676,000		$ 88,001,000	$ 55,285,000
Common stock, conversion basis		Each unit consists of one share of New Surrozen’s common stock and one-third of one redeemable warrant for one share of New Surrozen’s common stock.
Surrozen Inc [Member] \| Subsequent Event [Member]
Proceeds from divestiture of businesses	$ 144,700,000
Surrozen Inc [Member] \| Private Placement [Member]
Net income loss						$ 25,700,000
Surrozen Inc [Member] \| Unit [Member] \| Private Placement [Member]
Stock issued during period, Shares		12,020,000
Shares issued, price per share		$ 10.00

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Unrecognized tax benefits	$ 0	$ 0
Amounts accrued for the payment of interest and penalties	0	0
Federal Depository Insurance Coverage	250,000	$ 250,000
Number of warrants to purchase shares issued		434,000
Surrozen Inc [Member]
Unrecognized tax benefits		$ 921,000	$ 673,000	$ 188,000
Deferred transaction costs, Noncurrent	$ 1,344,000	0
Lease term	April 2025
Restricted cash non current	$ 405,000	405,000	$ 405,000
Surrozen Inc [Member] \| Other Noncurrent Assets [Member]
Deferred transaction costs, Noncurrent	$ 1,300,000	$ 0
Initial Public Offering and private placement
Number of warrants to purchase shares issued	3,211,334	3,211,334

Summary Of Significant Accounting Policies - Basic And Diluted Net Income (Loss) Per Ordinary Share (Details) - USD ($)	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2021
Net loss	$ (3,584,072)	$ (232,964)	$ (2,122,328)	$ (3,817,036)
Class A ordinary Shares subject to possible redemption
Interest earned on marketable securities held in Trust Account	7,239		5,243	26,845
Unrealized loss on marketable securities held in Trust Account			(7,466)
Less: interest available to be withdrawn for working capital	(5,343)			0
Net income (loss)	$ 1,896		$ (2,223)	$ 26,845
Basic and diluted weighted average shares outstanding	8,162,790		8,181,335	8,174,309
Basic and diluted net loss per share	$ 0		$ 0.00	$ 0
Non-redeemable ordinary shares
Net loss	$ (3,584,072)		$ (2,122,328)	$ (3,817,036)
Add: Net loss allocable to Class A ordinary shares subject to possible redemption	(1,896)		2,223	(26,845)
Net income (loss)	$ (3,585,968)		$ (2,120,105)	$ (3,843,881)
Basic and diluted weighted average shares outstanding	3,771,210		2,461,095	3,759,691
Basic and diluted net loss per share	$ (0.95)		$ (0.86)	$ (1.02)

Summary Of Significant Accounting Policies - Summary of Property and Equipment Useful Lives (Details) - Surrozen Inc [Member]	12 Months Ended
	Dec. 31, 2020
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Shorter of useful life of asset or lease term
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Other Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Minimum [Member] \| Furnitures Fixtures And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member] \| Furnitures Fixtures And Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	8 years

Summary Of Significant Accounting Policies - Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share (Details) - Surrozen Inc [Member] - shares	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities, Total	105,449,645	101,082,361	102,237,486	72,109,873
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities, Total	95,289,932	95,289,932	95,289,932	66,718,509
Options outstanding [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities, Total	8,429,189	4,704,000	6,093,611	4,091,333
Unvested RSAs [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities, Total	1,114,586	347,397	263,022	460,939
Unvested common stock subject to repurchase [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities, Total	615,938	741,032	590,921	839,092

Restatement Of Previously Issued Financial Statements - Additional Information (Details)	4 Months Ended
	Dec. 31, 2020
Restatement [Abstract]
Percentage of minimum acceptance of shareholders of tender offer provision	50.00%

Restatement Of Previously Issued Financial Statements - Summary Of Restatement Of Previously Issued Financial Statements (Details) - USD ($)	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2021	Nov. 23, 2020	Aug. 21, 2020
Prior Period Restatement Of Balance Sheet [Abstract]
Warrant liability	$ 5,138,148		$ 3,404,014	$ 5,138,148
Total Liabilities	9,902,794		6,914,162	9,902,794
Ordinary Shares Subject to Possible Redemption	78,043,830		81,860,860	78,043,830
Additional paid-in capital	10,938,952		7,121,960	10,938,952
Accumulated deficit	(5,939,364)		(2,122,328)	(5,939,364)
Shareholders' Equity	5,000,001	$ 5,000,003	5,000,007	5,000,001		$ 0
Prior Period Adjustment Restatement of Statement Of Operations [Abstract]
Change in fair value of warrant liability	2,536,968		1,573,554	1,734,134
Net loss	(3,584,072)	(232,964)	(2,122,328)	(3,817,036)
Prior Period Adjustment Restatement Of Statement Of Cash Flows [Abstract]
Net loss	(3,584,072)	$ (232,964)	(2,122,328)	(3,817,036)
Change in fair value of warrant liability	2,536,968		1,573,554	1,734,134
Initial classification of warrant liability			1,830,460
Initial classification of common stock subject to possible redemption			72,522,937
Change in value of common stock subject to possible redemption			(2,429,850)	(3,817,030)
Class A ordinary
Prior Period Restatement Of Balance Sheet [Abstract]
Class A Ordinary Shares	$ 183		$ 145	$ 183
Class A ordinary shares subject to possible
Prior Period Adjustment Restatement of Statement Of Operations [Abstract]
weighted average shares outstanding	8,162,790		8,181,335	8,174,309
Basic and diluted net loss per share	$ 0		$ 0.00	$ 0
Non-redeemable ordinary shares
Prior Period Adjustment Restatement of Statement Of Operations [Abstract]
Net loss	$ (3,584,072)		$ (2,122,328)	$ (3,817,036)
weighted average shares outstanding	3,771,210		2,461,095	3,759,691
Basic and diluted net loss per share	$ (0.95)		$ (0.86)	$ (1.02)
Prior Period Adjustment Restatement Of Statement Of Cash Flows [Abstract]
Net loss	$ (3,584,072)		$ (2,122,328)	$ (3,817,036)
As Previously Reported
Prior Period Restatement Of Balance Sheet [Abstract]
Total Liabilities			3,510,148		$ 3,167,722
Ordinary Shares Subject to Possible Redemption			85,264,880		74,121,170
Additional paid-in capital			5,440,915		5,004,636
Accumulated deficit			(441,255)		(4,961)
Shareholders' Equity			5,000,001
Prior Period Adjustment Restatement of Statement Of Operations [Abstract]
Net loss			(441,255)
Prior Period Adjustment Restatement Of Statement Of Cash Flows [Abstract]
Net loss			(441,255)
Initial classification of common stock subject to possible redemption			74,121,170
Change in value of common stock subject to possible redemption			(436,290)
As Previously Reported \| Class A ordinary
Prior Period Restatement Of Balance Sheet [Abstract]
Class A Ordinary Shares			$ 111		100
As Previously Reported \| Class A ordinary shares subject to possible
Prior Period Adjustment Restatement of Statement Of Operations [Abstract]
weighted average shares outstanding			8,326,328
As Previously Reported \| Non-redeemable ordinary shares
Prior Period Adjustment Restatement of Statement Of Operations [Abstract]
weighted average shares outstanding			2,414,403
Basic and diluted net loss per share			$ (0.18)
Adjustments
Prior Period Restatement Of Balance Sheet [Abstract]
Warrant liability			$ 3,404,014		1,598,233
Total Liabilities			3,404,014		1,598,233
Ordinary Shares Subject to Possible Redemption			(3,404,020)		(1,598,233)
Additional paid-in capital			1,681,045		107,501
Accumulated deficit			(1,681,073)		(107,519)
Shareholders' Equity			6
Prior Period Adjustment Restatement of Statement Of Operations [Abstract]
Change in fair value of warrant liability			1,573,554
Allocation of initial public offering costs			107,519
Net loss			(1,681,073)
Prior Period Adjustment Restatement Of Statement Of Cash Flows [Abstract]
Net loss			(1,681,073)
Allocation of initial public offering costs			107,519
Change in fair value of warrant liability			1,573,554
Initial classification of warrant liability			1,830,460
Initial classification of common stock subject to possible redemption			(1,598,233)
Change in value of common stock subject to possible redemption			(1,993,560)
Adjustments \| Class A ordinary
Prior Period Restatement Of Balance Sheet [Abstract]
Class A Ordinary Shares			$ 34		18
Adjustments \| Class A ordinary shares subject to possible
Prior Period Adjustment Restatement of Statement Of Operations [Abstract]
weighted average shares outstanding			(144,993)
Adjustments \| Non-redeemable ordinary shares
Prior Period Adjustment Restatement of Statement Of Operations [Abstract]
weighted average shares outstanding			46,692
Basic and diluted net loss per share			$ (0.68)
As Restated
Prior Period Restatement Of Balance Sheet [Abstract]
Warrant liability			$ 3,404,014		1,598,233
Total Liabilities			6,914,162		4,765,955
Ordinary Shares Subject to Possible Redemption			81,860,860		72,522,937
Additional paid-in capital			7,121,960		5,112,137
Accumulated deficit			(2,122,328)		(112,480)
Shareholders' Equity			5,000,007
Prior Period Adjustment Restatement of Statement Of Operations [Abstract]
Change in fair value of warrant liability			1,573,554
Allocation of initial public offering costs			107,519
Net loss			(2,122,328)
Prior Period Adjustment Restatement Of Statement Of Cash Flows [Abstract]
Net loss			(2,122,328)
Allocation of initial public offering costs			107,519
Change in fair value of warrant liability			1,573,554
Initial classification of warrant liability			1,830,460
Initial classification of common stock subject to possible redemption			72,522,937
Change in value of common stock subject to possible redemption			(2,429,850)
As Restated \| Class A ordinary
Prior Period Restatement Of Balance Sheet [Abstract]
Class A Ordinary Shares			$ 145		$ 118
As Restated \| Class A ordinary shares subject to possible
Prior Period Adjustment Restatement of Statement Of Operations [Abstract]
weighted average shares outstanding			8,181,335
As Restated \| Non-redeemable ordinary shares
Prior Period Adjustment Restatement of Statement Of Operations [Abstract]
weighted average shares outstanding			2,461,095
Basic and diluted net loss per share			$ (0.86)

Initial Public Offering (Details) - USD ($)			4 Months Ended
Initial Public Offering (Details) - USD ($)	Dec. 01, 2020	Nov. 23, 2020	Dec. 31, 2020	Jun. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of units	$ 12,240,000		$ 86,113,691
Additions to assets held in trust	12,000,000
Assets Held-in-trust	$ 92,000,000
Initial Public Offering
Subsidiary, Sale of Stock [Line Items]
Sale of Units (in shares)	9,200,000	8,000,000
Share price		$ 10.00		$ 10.00
Proceeds from issuance of units		$ 80,000,000
Assets Held-in-trust		$ 80,000,000
Initial Public Offering \| Public Warrants
Subsidiary, Sale of Stock [Line Items]
Shares per unit		1
Warrants per unit		0.33
Shares per warrant		1
Exercise price of warrants		$ 11.50
Over-allotment option
Subsidiary, Sale of Stock [Line Items]
Sale of Units (in shares)	1,200,000
Proceeds from issuance of units	$ 12,000,000
Private Placement
Subsidiary, Sale of Stock [Line Items]
Sale of Units (in shares)	24,000	410,000
Share price	$ 10.00	$ 10.00
Shares per unit	1
Proceeds from issuance of units	$ 240,000	$ 4,100,000

Private Placement (Details) - USD ($)			4 Months Ended
Private Placement (Details) - USD ($)	Dec. 01, 2020	Nov. 23, 2020	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of units	$ 12,240,000		$ 86,113,691
Private Placement Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants per unit	1
Exercise price of warrant	$ 11.50		$ 11.50
Private Placement
Subsidiary, Sale of Stock [Line Items]
Sale of Units (in shares)	24,000	410,000
Share price	$ 10.00	$ 10.00
Proceeds from issuance of units	$ 240,000	$ 4,100,000
Shares per unit	1
Private Placement \| Private Placement Warrants
Subsidiary, Sale of Stock [Line Items]
Warrants per unit	0.33

Related Party Transactions - Founder Shares (Details)				4 Months Ended	6 Months Ended
Related Party Transactions - Founder Shares (Details)	Nov. 10, 2020 USD ($) shares	Oct. 08, 2020 USD ($) shares	Sep. 04, 2020 USD ($) item $ / shares shares	Dec. 31, 2020 USD ($) shares	Jun. 30, 2021 shares
Related Party Transaction [Line Items]
Aggregate purchase price \| $				$ 25,000
Class B ordinary
Related Party Transaction [Line Items]
Common shares, shares issued (in shares)				2,300,000	2,300,000
Common shares, shares outstanding (in shares)				2,300,000	2,300,000
Class A ordinary
Related Party Transaction [Line Items]
Common shares, shares issued (in shares)				1,447,914	1,829,617
Common shares, shares outstanding (in shares)				1,447,914	1,829,617
Founder Shares \| Class B ordinary
Related Party Transaction [Line Items]
Stock repurchased during the period \| $	$ 0	$ 0
Stock repurchased during the period ( in shares)	575,000	718,750
Common shares, shares issued (in shares)			2,300,000
Common shares, shares outstanding (in shares)			2,300,000
Percentage of issued and outstanding shares after the Initial Public Offering collectively held by initial stockholders				20.00%	20.00%
Founder Shares \| Sponsor
Related Party Transaction [Line Items]
Shares subject to forfeiture				300,000	300,000
Founder Shares \| Sponsor \| Class B ordinary
Related Party Transaction [Line Items]
Number of shares issued			3,593,750
Aggregate purchase price \| $			$ 25,000
Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| item			20
Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination \| item			30
Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences			150 days
Founder Shares \| Sponsor \| Class A ordinary
Related Party Transaction [Line Items]
Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share) \| $ / shares			$ 12.00

Related Party Transactions - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended	4 Months Ended	6 Months Ended		12 Months Ended
	Nov. 18, 2020	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Nov. 23, 2020	Sep. 04, 2020
Related Party Transaction [Line Items]
Repayment of promissory note - related party				$ 147,753
Surrozen Inc [Member]
Related Party Transaction [Line Items]
Proceeds from issuance of redeemable convertible preferred stock					$ 0	$ 49,887,000	$ 49,886,000	$ 28,856,000
Surrozen Inc [Member] \| Series C Redeemable Convertible Preferred Stock [Member]
Related Party Transaction [Line Items]
Issuance of redeemable convertible preferred stock						28,571,423	28,571,423
Surrozen Inc [Member] \| The Regents of the University of California [Member]
Related Party Transaction [Line Items]
Ownership Percentage				9.60%			9.60%
Surrozen Inc [Member] \| The Regents of the University of California [Member] \| Series C Redeemable Convertible Preferred Stock [Member]
Related Party Transaction [Line Items]
Issuance of redeemable convertible preferred stock		4,285,714
Proceeds from issuance of redeemable convertible preferred stock		$ 7,500,000
Surrozen Inc [Member] \| Stanford [Member]
Related Party Transaction [Line Items]
Ownership Percentage				4.40%			4.40%
Promissory Note with Related Party
Related Party Transaction [Line Items]
Maximum borrowing capacity of related party promissory note										$ 300,000
Outstanding balance of related party note									$ 147,753
Administrative Services Agreement
Related Party Transaction [Line Items]
Expenses per month	$ 55,000
Expenses incurred and paid	$ 55,000		$ 165,000		330,000
Related Party Loans \| Working capital loans warrant
Related Party Transaction [Line Items]
Loan conversion agreement warrant			$ 1,500,000	$ 1,500,000	$ 1,500,000		$ 1,500,000
Price of warrant			$ 10.00	$ 10.00	$ 10.00		$ 10.00

Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
COMMITMENTS
Deferred fee per unit	$ 0.35	$ 0.35
Deferred underwriting fee payable	$ 3,220,000	$ 3,220,000

Shareholders' Equity - Preferred Stock Shares (Details) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Preferred shares, shares authorized	1,000,000	1,000,000
Preferred stock, par value, (per share)	$ 0.0001	$ 0.0001
Preferred shares, shares issued	0	0
Preferred shares, shares outstanding	0	0

Shareholders' Equity - Common Stock Shares (Details)	Jun. 30, 2021 item $ / shares shares	Dec. 31, 2020 item $ / shares shares
Class A ordinary
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	350,000,000	350,000,000
Common shares, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Common shares, votes per share \| item	1	1
Common shares, shares issued (in shares)	1,829,617	1,447,914
Common shares, shares outstanding (in shares)	1,829,617	1,447,914
Common stock subject to possible redemption, issued (in shares)	7,804,383	8,186,086
Class B ordinary
Class of Stock [Line Items]
Common shares, shares authorized (in shares)	150,000,000	150,000,000
Common shares, par value (in dollars per share) \| $ / shares	$ 0.0001	$ 0.0001
Common shares, votes per share \| item	1	1
Common shares, shares issued (in shares)	2,300,000	2,300,000
Common shares, shares outstanding (in shares)	2,300,000	2,300,000
Common stock subject to possible redemption, issued (in shares)	2,300,000	2,300,000

Warrant Liability (Details)	4 Months Ended	6 Months Ended
Warrant Liability (Details)	Dec. 31, 2020 item d $ / shares	Jun. 30, 2021 item d $ / shares
Class of Warrant or Right [Line Items]
Threshold number of business days before sending notice of redemption to warrant holders \| item		30
Trading period after business combination used to measure dilution of warrant \| d		20
Warrants
Class of Warrant or Right [Line Items]
Maximum period after business combination in which to file registration statement	20 days	20 days
Period of time within which registration statement is expected to become effective	60 days	60 days
Private Placement Warrants
Class of Warrant or Right [Line Items]
Restrictions on transfer period of time after business combination completion	30 days	30 days
Public Warrants
Class of Warrant or Right [Line Items]
Warrant exercise period condition one	30 days	30 days
Warrant exercise period condition two	1 year	1 year
Public Warrants expiration term	5 years	5 years
Warrant redemption condition minimum share price scenario two	$ 18.00	$ 18.00
Share price trigger used to measure dilution of warrant	$ 9.20	$ 9.20
Percentage of gross new proceeds to total equity proceeds used to measure dilution of warrant	60	60
Trading period after business combination used to measure dilution of warrant \| d	20
Warrant exercise price adjustment multiple	115	115
Warrant redemption price adjustment multiple	100	100
Public Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00
Class of Warrant or Right [Line Items]
Warrant redemption condition minimum share price	$ 10.00	$ 10.00
Warrant redemption condition minimum share price scenario two	18.00	18.00
Redemption price per public warrant (in dollars per share)	$ 0.01	$ 0.01
Threshold trading days for redemption of public warrants \| item	20	20
Threshold consecutive trading days for redemption of public warrants \| item	30	30
Threshold number of business days before sending notice of redemption to warrant holders \| item	30
Redemption period	30 days	30 days
Warrant redemption price adjustment multiple	180	180
Public Warrants \| Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $10.00
Class of Warrant or Right [Line Items]
Warrant redemption condition minimum share price	$ 10.00	$ 10.00
Warrant redemption condition minimum share price scenario two	18.00	18.00
Redemption price per public warrant (in dollars per share)	$ 0.10	$ 0.10
Threshold trading days for redemption of public warrants \| item	30	30
Redemption period	30 days	30 days

Fair Value Measurements (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Assets:
Marketable securities held in Trust Account	$ 92,029,147	$ 91,997,501
Liabilities:
Warrant Liability	5,138,148	3,404,014
Level 1 \| Recurring
Assets:
Marketable securities held in Trust Account	92,029,147	91,997,501
Level 1 \| Recurring \| Public Warrants
Liabilities:
Warrant Liability	4,753,334	3,250,667
Level 3 \| Recurring \| Private Placement Warrants
Liabilities:
Warrant Liability	$ 384,814	$ 153,347

Fair Value Measurements - Summary Of Key Inputs Into The Binomial Lattice Simulation Model For The Private Placement Warrants And Public Warrants (Details)	Dec. 31, 2020 yr	Nov. 23, 2020 yr
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, Measurement Input	0.4	0.4
Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, Measurement Input	5	5
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, Measurement Input	16	12.0
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, Measurement Input	11.50	11.50
Fair value of Units
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants, Measurement Input	10.12	9.81

Fair Value Measurements - Summary of fair value of the warrant liabilities (Details) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Mar. 31, 2021
Warrants Liabilities
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at the beginning	$ 1,597,900	$ 2,601,180	$ 3,404,014
Change in valuation inputs or other assumptions	1,806,114	2,536,968	(802,834)
Balance at the end	3,404,014	5,138,148	2,601,180
Private Placement Warrants
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at the beginning	77,900	117,180	153,347
Change in valuation inputs or other assumptions	75,447	267,634	(36,167)
Balance at the end	153,347	384,814	117,180
Public Warrants
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at the beginning	1,520,000	2,484,000	3,250,667
Change in valuation inputs or other assumptions	1,730,667	2,269,334	(766,667)
Balance at the end	$ 3,250,667	$ 4,753,334	$ 2,484,000

Fair Value Measurements - Additional Information (Details) - USD ($)	1 Months Ended	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Nov. 23, 2020
Warrants Liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Transfers out of level 3	$ 1,597,900
Transfers in or out of level 3		$ 0
Private Placement Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Aggregate value of warrants	153,347,000,000		$ 82,460
Warrants per share			$ 57
Public Warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Aggregate value of warrants	$ 3,250,667,000,000		$ 1,748,000
Warrants per share			$ 57

Fair Value Measurements - Summary of Fair Value Measurements, Recurring and Nonrecurring (Detail) - Surrozen Inc [Member] - Fair Value, Recurring [Member] - USD ($)
$ in Thousands

Jun. 30, 2021

Dec. 31, 2020

Dec. 31, 2019

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

$ 15,014

$ 48,296

$ 28,223

Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

8,416

^[1]

31,896

^[1],[2]

28,223

^[2]

Corporate Bonds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

1,115

Commercial Paper [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

6,598

15,285

^[3]

Fair Value, Inputs, Level 1 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

8,416

31,896

28,223

Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

8,416

^[1]

31,896

^[1],[2]

28,223

^[2]

Fair Value, Inputs, Level 1 [Member] | Corporate Bonds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

^[3]

Fair Value, Inputs, Level 2 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

6,598

16,400

Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

^[1]

^[1],[2]

^[2]

Fair Value, Inputs, Level 2 [Member] | Corporate Bonds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

1,115

Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

6,598

15,285

^[3]

Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

^[1]

^[1],[2]

$ 0

^[2]

Fair Value, Inputs, Level 3 [Member] | Corporate Bonds [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Assets, Fair Value Disclosure

$ 0

^[3]

[1]	Money market funds are included in cash and cash equivalents on the condensed balance sheets as of June 30, 2021 and December 31, 2020.
[2]	Money market funds are included in cash and cash equivalents on the balance sheets as of December 31, 2020 and 2019.
[3]	Marketable securities with original maturities of three months or less, in the amount of $2.2 million, are included in cash and cash equivalents on the balance sheet as of December 31, 2020.

Fair Value Measurements - Summary of Fair Value Measurements, Recurring and Nonrecurring (Parenthetical) (Detail) - Surrozen Inc [Member] - Marketable Securities With Maturity Of Less Than Three Months [Member] - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities at fair value	$ 6.6
Cash and Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities at fair value	$ 2.2	$ 2.2

Fair Value Measurements - Summary of Debt Securities, Available-for-sale (Detail) - Surrozen Inc [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 6,598	$ 16,400
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	6,598	16,400
Corporate Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		1,115
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Estimated Fair Value		1,115
Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,598	15,285
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	$ 6,598	$ 15,285

Fair Value Measurements - Summary Of Debt Securities, Available-For-Sale (Parenthetical) (Detail) - Surrozen Inc [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Securities, Available-for-sale [Line Items]
Short term investments	$ 6,598	$ 14,200	$ 0
Available for sale debt securities in continuous unrealized position for less than twelve months	0	1,100
Debt securities available for sale continuous position less than twelve months accumulated loss		1,000
Marketable Securities With Maturity Of Less Than Three Months [Member]
Debt Securities, Available-for-sale [Line Items]
Marketable securities at fair value	6,600
Marketable Securities With Maturity Of Less Than Three Months [Member] \| Cash and Cash Equivalents [Member]
Debt Securities, Available-for-sale [Line Items]
Marketable securities at fair value	$ 2,200	$ 2,200

Balance Sheet Components - Summary of Property, Plant and Equipment (Detail) - Surrozen Inc [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment		$ 13,583	$ 12,442
Less accumulated depreciation and amortization		(7,747)	(5,810)
Property and equipment, net	$ 5,393	5,836	6,632
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment		7,052	7,052
Computer equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment		137	137
Furniture and office equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment		310	285
Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment		$ 6,084	$ 4,968

Balance Sheet Components - Summary of Property, Plant and Equipment (Parenthetical) (Detail) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Surrozen Inc [Member]
Depreciation expense	$ 1,003	$ 1,017	$ 1,937	$ 2,283

Balance Sheet Components - Schedule of Accrued Liabilities (Detail) - USD ($)	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Accrued liabilities	$ 1,544,646	$ 290,148
Surrozen Inc [Member]
Payroll and related expenses	1,557,000	1,673,000	$ 1,242,000
Liability for early exercised stock options	296,000	188,000	124,000
Accrued research and development expenses	3,569,000	1,305,000	0
Accrued professional service fees	889,000	0
Other accrued expenses	247,000	228,000	61,000
Accrued liabilities	$ 6,558,000	$ 3,394,000	$ 1,427,000

Balance Sheet Components - Schedule of Other Assets (Detail) - Surrozen Inc [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Assets Noncurrent Disclosure [Line Items]
Deferred transaction costs	$ 1,344	$ 0
Other	40	39
Other assets	$ 1,384	$ 39	$ 49

Leases - Summary Of Lessee, Operating Lease, Liability, Maturity (Detail) - Surrozen Inc [Member] - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
2021	$ 1,405	$ 2,818
2022	2,486	2,486
2023	2,564	2,564
2024	2,646	2,646
2025	891	891
Total lease payments	9,992	11,405
Less: Imputed interest	(1,430)	(1,808)
Operating lease liability	$ 8,562	$ 9,597	$ 10,700

Leases - Summary Of Supplemental Information Relating To Operating Leases (Detail) - Surrozen Inc [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Cash paid for amounts included in the measurement of lease liabilities (in thousands)	$ 2,520	$ 2,266
Weighted-average remaining lease term (in years)	4 years 2 months 8 days	5 years 3 months 29 days
Weighted-average discount rate	8.40%	8.50%

Leases - Additional Information (Detail) - Surrozen Inc [Member] $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($) ft²	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 31, 2020 ft²	Aug. 31, 2016 ft²
Lessee, Lease, Description [Line Items]
Area of real estate \| ft²		6,478				32,813
Operating lease month of expiry of lease			2025-04
Lease incentive from lessor			$ 4,600
Restricted cash non current	$ 405		$ 405	$ 405
Operating lease term			18 months
Operating lease right of use assets	4,928		$ 5,556	5,985
Operating lease liabilities	8,562		9,597	10,700
Operating lease expense	$ 1,000	$ 800	$ 1,800	1,600
Other Income [Member]
Lessee, Lease, Description [Line Items]
Operating sublease income				$ 300
Eighteen Months [Member] \| January Two Thousand And Eighteen Lease Agreement For Office Space [Member]
Lessee, Lease, Description [Line Items]
Area of real estate \| ft²					6,478
Operating lease term	18 months
CALIFORNIA \| Eight Years [Member] \| August Two Thousand And Sixteen Lease Agreement For Office Space [Member]
Lessee, Lease, Description [Line Items]
Area of real estate \| ft²						32,813
Operating lease month of expiry of lease	2025-04
Lease incentive from lessor	$ 4,600
Restricted cash non current	$ 400

License Agreements - Additional Information (Detail) - Surrozen Inc [Member] - USD ($) $ in Thousands	1 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Mar. 31, 2016	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
License Agreements [Line Items]
Stock issued during period, shares, issued for services		241,688
Exercise of stock options			720,531		407,000
Research and development expense			$ 18,866	$ 10,076	$ 25,684	$ 19,603
Stanford License Agreements [Member] \| Stanford [Member]
License Agreements [Line Items]
Payments for milestone agreement or earned Royalties on achievement of milestones		$ 900	0		0	0
Payments for achievement of specified development and regulatory milestones	$ 425
Milestone payments due					0	0
Research and development expense			50,000	40,000
Stanford License Agreements [Member] \| Stanford [Member] \| Maximum [Member]
License Agreements [Line Items]
Payments for milestone agreement or earned Royalties on achievement of milestones		$ 5,000
UCSF License and Option Agreements [Member]
License Agreements [Line Items]
Payments for milestone agreement or earned Royalties on achievement of milestones					0	0
Milestone payments due					$ 0	0
Exercise of stock options					0
Research and development expense					$ 100	100
UCSF License and Option Agreements [Member] \| Stanford [Member]
License Agreements [Line Items]
Payments for milestone agreement or earned Royalties on achievement of milestones			0
Research and development expense			0	0
Annual license maintenance fee			25,000	0
Distributed Bio Subscription Agreement [Member]
License Agreements [Line Items]
Payments for milestone agreement or earned Royalties on achievement of milestones					0	0
Payments for achievement of specified development and regulatory milestones			5,900		5,900
Milestone payments due					0	0
Payments for milestone agreement on achievement of milestones					$ 200	$ 300
Distributed Bio Subscription Agreement [Member] \| Stanford [Member]
License Agreements [Line Items]
Payments for milestone agreement or earned Royalties on achievement of milestones			0
Payments for milestone agreement on achievement of milestones			$ 0	$ 0

Redeemable Convertible Preferred Stock - Summary of the Redeemable convertible preferred stock (Detail) - Surrozen Inc - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Series A Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Authorized	33,555,555	33,555,555		33,555,555
Temporary Equity, Shares Issued	33,555,555	33,555,555		33,555,555		33,555,555
Temporary Equity, Liquidation Preference Per Share	$ 1.00	$ 1.00		$ 1.00		$ 1.00
Temporary Equity, Liquidation Preference	$ 33,556	$ 33,556		$ 33,556		$ 33,500
Series B Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Authorized	33,162,954	33,162,954		35,000,000
Temporary Equity, Shares Issued	33,162,954	33,162,954		33,162,954	33,162,954
Temporary Equity, Liquidation Preference Per Share	$ 1.50	$ 1.50		$ 1.50	$ 1.50
Temporary Equity, Liquidation Preference	$ 49,744	$ 49,744		$ 49,744	$ 49,700
Series C Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Authorized	28,571,429	28,571,429
Temporary Equity, Shares Issued	28,571,423	28,571,423	28,571,429
Temporary Equity, Liquidation Preference Per Share	$ 1.75	$ 1.75	$ 1.75
Temporary Equity, Liquidation Preference	$ 50,000	$ 50,000	$ 50,000
Redeemable convertible preferred stock
Temporary Equity [Line Items]
Temporary Equity, Shares Authorized	95,289,938	95,289,938		68,555,555
Temporary Equity, Shares Issued	95,289,932	95,289,932		66,718,509
Temporary Equity, Liquidation Preference	$ 133,300	$ 133,300		$ 83,300

Redeemable Convertible Preferred Stock - Additional Information (Detail) - USD ($)	4 Months Ended	6 Months Ended		12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Temporary Equity [Line Items]
Stock Issued During Period, Value, New Issues	$ 25,000
Minimum
Temporary Equity [Line Items]
Stock Issued During Period, Value, New Issues				$ 250,000,000.0
Surrozen Inc
Temporary Equity [Line Items]
Conversion of Stock, Description			1/10
Dividends Payable	$ 0	$ 0		0
Surrozen Inc \| Maximum
Temporary Equity [Line Items]
Proceeds from Issuance Initial Public Offering		40,000,000.0		$ 40,000,000.0
Surrozen Inc \| Minimum
Temporary Equity [Line Items]
Stock Issued During Period, Value, New Issues		$ 250,000,000.0
Surrozen Inc \| Series A Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Issued	33,555,555	33,555,555		33,555,555	33,555,555		33,555,555
Temporary Equity, Liquidation Preference Per Share	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00
Temporary Equity, Liquidation Preference	$ 33,556,000	$ 33,556,000		$ 33,556,000	$ 33,556,000		$ 33,500,000
Redeemable Preferred Stock Dividends		$ 0.08		$ 0.08
Temporary Equity, Liquidation Preference Per Share	$ 1.00	$ 1.00		$ 1.00	$ 1.00		$ 1.00
Surrozen Inc \| Series B Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Issued	33,162,954	33,162,954		33,162,954	33,162,954	33,162,954
Temporary Equity, Liquidation Preference Per Share	$ 1.50	$ 1.50		$ 1.50	$ 1.50	$ 1.50
Temporary Equity, Liquidation Preference	$ 49,744,000	$ 49,744,000		$ 49,744,000	$ 49,744,000	$ 49,700,000
Redeemable Preferred Stock Dividends		$ 0.12		$ 0.12
Temporary Equity, Liquidation Preference Per Share	$ 1.50	$ 1.50		$ 1.50	$ 1.50	$ 1.50
Surrozen Inc \| Series C Redeemable Convertible Preferred Stock
Temporary Equity [Line Items]
Temporary Equity, Shares Issued	28,571,423	28,571,423	28,571,429	28,571,423
Temporary Equity, Liquidation Preference Per Share	$ 1.75	$ 1.75	$ 1.75	$ 1.75
Temporary Equity, Liquidation Preference	$ 50,000,000	$ 50,000,000	$ 50,000,000.0	$ 50,000,000
Redeemable Preferred Stock Dividends		$ 0.14		$ 0.14
Temporary Equity, Liquidation Preference Per Share	$ 1.75	$ 1.75	$ 1.75	$ 1.75

Common Stock - Summary of Common Stock for Future Issuance (Detail) - Surrozen Inc - shares	Jun. 30, 2021	Dec. 31, 2020
Schedule of Common Stock Capital Shares Reserved for Future Issuance [Line Items]
Common stock reserved for future issuance	104,162,627	102,882,908
Redeemable Convertible Preferred Stock as Converted Issued
Schedule of Common Stock Capital Shares Reserved for Future Issuance [Line Items]
Common stock reserved for future issuance	95,289,932	95,289,932
Redeemable Convertible Preferred Stock as Converted Unissued
Schedule of Common Stock Capital Shares Reserved for Future Issuance [Line Items]
Common stock reserved for future issuance	6	6
Options Outstanding
Schedule of Common Stock Capital Shares Reserved for Future Issuance [Line Items]
Common stock reserved for future issuance	8,429,189	6,093,611
Shares Available for Future Stock Option Grants
Schedule of Common Stock Capital Shares Reserved for Future Issuance [Line Items]
Common stock reserved for future issuance	443,500	1,499,359

Stock-Based Compensation Plan - Summary of Stock Option Activity (Details) - Surrozen Inc - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Outstanding, Beginning Balance	6,093,611	4,091,000
Number of Options Granted	3,094,625	2,600,000
Number of Options Exercised	(720,531)	(407,000)
Number of Options Cancelled	(38,516)	(190,000)
Number of Options Outstanding, Ending Balance	8,429,189	6,093,611	4,091,000
Number of Options Options outstanding and exercisable	8,429,189	6,094,000
Number of Options Options vested and expect to vest	8,429,189	6,094,000
Weighted Average Exercise Price Outstanding, Beginning Balance	$ 0.40	$ 0.17
Weighted Average Exercise Price Granted	1.85	0.76
Weighted Average Exercise Price Exercised	0.40	0.44
Weighted Average Exercise Price Cancelled	0.85	0.31
Weighted Average Exercise Price Outstanding, Ending Balance	0.93	0.40	$ 0.17
Weighted Average Exercise Price Options outstanding and exercisable	0.93	0.40
Weighted Average Exercise Price Options vested and expect to vest	$ 0.93	$ 0.40
Weighted Average Remaining Contractual Life (In Years)	8 years 7 months 6 days	8 years 5 months 4 days	8 years 7 months 28 days
Weighted Average Remaining Contractual Life (In Years) Options outstanding and exercisable	8 years 7 months 6 days	8 years 5 months 4 days
Weighted Average Remaining Contractual Life (In Years) Options vested and expect to vest	8 years 7 months 6 days	8 years 5 months 4 days
Aggregate Intrinsic Value	$ 7,332	$ 7,868
Aggregate Intrinsic Value Options outstanding and exercisable	7,332	7,868
Aggregate Intrinsic Value Options vested and expect to vest	$ 7,332	$ 7,868

Stock-Based Compensation Plan - Summary of RSU Activity (Details) - Surrozen Inc - Restricted Stock - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares RSAs, unvested, Beginning Balance	263,022	461,000
Number of Shares RSAs, Granted	1,100,000	100,000
Number of Shares RSAs, Cancelled	(93,750)	(29,000)
Number of Shares RSAs, Vested	(154,686)	(269,000)
Number of Shares RSAs, unvested, Ending Balance	1,114,586	263,022
Weighted Average Grant Date Fair Value RSAs, unvested, Beginning Balance	$ 0.69	$ 0.27
Weighted Average Grant Date Fair Value RSAs, Granted	1.75	1.20
Weighted Average Grant Date Fair Value RSAs, Cancelled	1.71	0.09
Weighted Average Grant Date Fair Value RSAs, Vested	1.13	0.22
Weighted Average Grant Date Fair Value RSAs, unvested, Ending Balance	$ 1.59	$ 0.69

Stock-Based Compensation Plan - Schedule of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Using Black-Scholes Option Pricing Model (Details) - Surrozen Inc	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 days 22 hours	5 days 23 hours
Expected volatility	63.43%	59.24%
Risk-free interest rate	0.78%	1.36%
Dividend yield
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			6 years 25 days	6 years 29 days
Expected volatility			62.88%	64.12%
Risk-free interest rate			1.48%	2.48%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			5 years 11 months 15 days	5 years 11 months 1 day
Expected volatility			58.71%	59.76%
Risk-free interest rate			0.31%	1.42%

Stock-Based Compensation Plan - Summary of Stock-based Compensation Expense (Details) - Surrozen Inc - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,007	$ 308	$ 635	$ 790
Research and Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	347	201	423	687
General and Administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 660	$ 107	$ 212	$ 103

Stock-Based Compensation Plan - Additional Information (Details) - Surrozen Inc $ / shares in Units, $ in Thousands			6 Months Ended		12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2015 $ / shares shares	Jun. 30, 2021 USD ($) d $ / shares shares	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) d $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Reserved For Future Issuance	102,882,908		104,162,627		102,882,908
contractual life			8 years 7 months 6 days		8 years 5 months 4 days	8 years 7 months 28 days
Total stock-based compensation expense \| $			$ 1,007	$ 308	$ 635	$ 790
Employee Stock Option \| Share Based Compensation Award Remaining Vesting Tranche Per Month
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Vested Per Month \| d			0.02083
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares RSAs, Granted			1,100,000		100,000
Granted in Period, weighted average fair value \| $ / shares			$ 1.75		$ 1.20
Number of RSU oustanding	263,022		1,114,586		263,022	461,000
Early Exercise of Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period			4 years		4 years
Number of Options Vested Per Month \| d			0.02083		0.02083
Repurchase Price Per Share \| $ / shares	$ 0.32		$ 0.48		$ 0.32
Early exercises of options oustanding	0.6		615,938		0.6
Founder Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense \| $					$ 400
Number of Shares RSAs, Granted		3,400,000
Granted in Period, weighted average fair value \| $ / shares		$ 0.0001
Number of RSU oustanding	3,400,000				3,400,000
Founder Restricted Stock Awards \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSU Vested Per Month \| d					0.02083
Founder Restricted Stock Awards \| Share Based Compensation Award Remaining Vesting Tranche Per Month
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSU Vested Per Month \| d					0.02083
2015 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Award, Number of Additional Shares Authorized			17,450,000		14,450,000
Shares Reserved For Future Issuance	1,499,359		443,500		1,499,359
Purchase price of common stock expressed as a percentage of its fair value			100.00%		100.00%
Unrecognized stock-based compensation expense \| $	$ 2,500		$ 6,600		$ 2,500
Weighted-average period	3 years 3 months 10 days		3 years 4 months 2 days
2015 Stock Plan \| Share-based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense \| $					$ 10	$ 400
2015 Stock Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years		10 years
contractual life			10 years		10 years
Vesting Period			4 years		4 years
Intrinsic value of options exercised \| $			$ 1,000		$ 200	$ 100
Weighted average grant date fair value \| $ / shares			$ 1.08		$ 0.74	$ 0.31
2015 Stock Plan \| Employee Stock Option \| Shareholder
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock expressed as a percentage of its fair value			110.00%		110.00%
Percentage of stockholders	10.00%		10.00%		10.00%
2015 Stock Plan \| Employee Stock Option \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Vesting			25.00%		25.00%
2015 Stock Plan \| Employee Stock Option \| Share Based Compensation Award Remaining Vesting Tranche Per Month
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Options Vested Per Month \| d					0.02083
2015 Stock Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Period			4 years		4 years
Fair value of RSAs vested \| $			$ 300		$ 300	$ 800
Number of RSU Vested Per Month \| d			0.02083		0.02083

Income Taxes - Summary of Net Deferred Tax Assets (Detail) - Surrozen Inc [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Net operating loss carryforwards	$ 22,585	$ 13,830
Lease liabilities	2,487	2,749
Research and development credits	2,166	1,508
Accrual and reserves	457	319
Capitalized intangible costs	156	171
Stock-based compensation	2	3
Other	5	0
Gross deferred tax assets	27,858	18,580
Less valuation allowance	(25,941)	(16,339)
Deferred tax assets, net of valuation allowance	1,917	2,241
Deferred tax liabilities
Right-of-use assets	(1,555)	(1,675)
Fixed assets	(340)	(552)
Other	(22)	(14)
Gross deferred tax liabilities	(1,917)	(2,241)
Total net deferred tax assets	$ 0	$ 0

Income Taxes - Summary of Tax Benefits (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Contingency [Line Items]
Balance at end of the year	$ 0
Surrozen Inc [Member]
Income Tax Contingency [Line Items]
Balance at beginning of the year	673,000	$ 188,000
Additions based on tax positions related to current year	248,000	263,000
Additions based on tax positions of prior year	0	222,000
Balance at end of the year	$ 921,000	$ 673,000

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate TO Effective Income Tax Rate (Detail) - Surrozen Inc [Member]	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statutory rate	21.00%	21.00%
State tax	7.96%	8.46%
Tax credits	0.84%	0.98%
Change in valuation allowance	(29.43%)	(28.78%)
Other	(0.37%)	(1.66%)
Total	0.00%	0.00%

Income Taxes - Additional Information (Details) - Surrozen Inc [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Line Items]
Provision for (benefit from) income taxes	$ 0.0	$ 0.0
Valuation allowance deferred tax asset increase amount	$ 9.6	$ 7.0
Income tax examination likelihood of unfavorable settlement	An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained
Minimum threshold percentage in which uncertain tax position will be recognized	50.00%
Maximum limit of business interest expense percent	30.00%
Maximum limit of charitable contribution deductions percent	10.00%
Coronavirus Aid Relief and Economic Securities Act [Member]
Income Tax Disclosure [Line Items]
Percentage of net operating loss carryforward to offset taxable income	100.00%
Maximum limit of business interest expense percent	50.00%
Maximum limit of charitable contribution deductions percent	25.00%
Minimum [Member]
Income Tax Disclosure [Line Items]
Open tax year	2015
Maximum [Member]
Income Tax Disclosure [Line Items]
Open tax year	2020
Tax Year 2020 [Member]
Income Tax Disclosure [Line Items]
Employee retention credits	$ 0.3
Domestic Tax Authority [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	80.8
Domestic Tax Authority [Member] \| Research Tax Credit Carryforward [Member]
Income Tax Disclosure [Line Items]
Tax credit carry forward	$ 1.5
Tax credit carry forwards expiration start year	2036
Domestic Tax Authority [Member] \| Indefinite Tax Year [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	$ 68.3
State and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Net operating loss carryforwards	80.6
State and Local Jurisdiction [Member] \| Research Tax Credit Carryforward [Member]
Income Tax Disclosure [Line Items]
Tax credit carry forward	$ 1.9

401(k) Plan - Additional Information (Details)	Jan. 01, 2016
Surrozen Inc [Member] \| Surrozen 401(k) Plan and Trust [Member]
Defined Contribution Plan Disclosure [Line Items]
Maximum percentage of employee gross pay the employee may contribute to a defined contribution plan	100.00%

Subsequent Events - Additional Information (Details) - USD ($)			4 Months Ended
	Aug. 11, 2021	Apr. 15, 2021	Dec. 31, 2020
Proceeds from issuance of warrants			$ 4,340,000
Business Combination Agreement [Member]
Business acquisition equity interest issued or issuable value assigned		$ 200,000,000
Subscription Agreement [Member] \| PIPE Investors [Member]
Stock issued during period shares new shares		12,020,000
Sale of stock price per share		$ 10.00
Subscription Agreement [Member] \| PIPE Investors [Member] \| PIPE Warrants [Member]
Proceeds from issuance of warrants		$ 120,200,000
Common Stock [Member] \| Business Combination Agreement [Member]
Business acquisition share price		$ 10.00
Common Stock [Member] \| Subscription Agreement [Member] \| PIPE Investors [Member]
Warrant voting right per share		1
Class of warrant or right exercise price of warrants or rights		$ 11.50
Surrozen Inc [Member]
Common stock, conversion basis		Each unit consists of one share of New Surrozen’s common stock and one-third of one redeemable warrant for one share of New Surrozen’s common stock.
Surrozen Inc [Member] \| PIPE Financing [Member]
Proceeds from issuance of common stock	$ 144,700,000
Common stock, conversion basis	0.1757