$AEON
AEON Biopharma, Inc.

2022 Q2 Form 10-Q Financial Statement

#000110465922090142 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $427.2K $389.1K
YoY Change -97.1%
Operating Profit -$427.2K -$389.1K
YoY Change 7.22% 93.7%
Interest Expense $2.311M $3.162M
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.311M $3.162M
YoY Change -163.73% -51.5%
Pretax Income $1.884M $2.773M
YoY Change -146.81%
Income Tax $16.97K
% Of Pretax Income 0.9%
Net Earnings $1.867M $2.773M
YoY Change -146.39% -56.11%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $54.12K $80.39K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.760K $166.2K
YoY Change -99.93%
Cash & Equivalents $7.758K $166.2K $497.4K
Short-Term Investments
Other Short-Term Assets $240.5K $352.3K
YoY Change -82.9%
Inventory
Prepaid Expenses $240.5K $352.3K $337.8K
Receivables
Other Receivables
Total Short-Term Assets $248.3K $518.5K $835.2K
YoY Change -82.01% -75.75% 931.14%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $276.3M $276.1M
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $276.3M $276.1M $276.1M
YoY Change 0.01% 0.04%
TOTAL ASSETS
Total Short-Term Assets $248.3K $518.5K $835.2K
Total Long-Term Assets $276.3M $276.1M $276.1M
Total Assets $276.5M $276.6M $276.9M
YoY Change -0.4% -0.54% 341813.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $848.8K $741.8K
YoY Change -63.46%
Accrued Expenses $100.0K $50.00K
YoY Change -90.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $965.8K $791.8K $834.6K
YoY Change 367.81% 69.2% 1300.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $11.84M $14.01M
YoY Change 3553.71%
Total Long-Term Liabilities $11.84M $14.01M
YoY Change -85.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $965.8K $791.8K $834.6K
Total Long-Term Liabilities $11.84M $14.01M
Total Liabilities $12.80M $14.80M $17.88M
YoY Change -47.64% -49.02% 29905.01%
SHAREHOLDERS EQUITY
Retained Earnings -$12.40M -$14.19M -$16.96M
YoY Change -641.46% 2027.16% 472657.66%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.37M -$14.16M -$16.93M
YoY Change
Total Liabilities & Shareholders Equity $276.5M $276.6M $276.9M
YoY Change -0.4% -0.54% 341813.0%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $1.867M $2.773M
YoY Change -146.39% -56.11%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$158.5K -$411.7K
YoY Change -98.9% -25.76%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $80.50K
YoY Change
Cash From Investing Activities $0.00 $80.50K
YoY Change -100.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -158.5K -411.7K
Cash From Investing Activities 0.000 80.50K
Cash From Financing Activities 0.000 0.000
Net Change In Cash -158.5K -331.2K
YoY Change -98.34% -122.97%
FREE CASH FLOW
Cash From Operating Activities -$158.5K -$411.7K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1 — Organization and Business Operation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Organization and General</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Priveterra Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on November 17, 2020. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (“Business Combination”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">As of June 30, 2022, the Company had not commenced any operations. All activity for the period from November 17, 2020, the Company’s inception, through June 30, 2022, relates to the Company’s formation and the initial public offering (“IPO”), described below, and identifying a target company for a business combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form of interest income from the proceeds derived from the IPO and unrealized gains and losses on the change in fair value of it warrants. The Company has selected December 31 as its fiscal year end.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’s sponsor is Priveterra Sponsor, LLC, a Delaware limited liability company (the “Sponsor”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Financing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The registration statement for the Company’s IPO was declared effective on February 8, 2021 (the “Effective Date”). On February 11, 2021, the Company consummated an IPO of 27,600,000 units at $10.00 per unit (the “Units”), which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 3,600,000 Units, at $10.00 per Unit, generating gross proceeds of $276,000,000, which is discussed in Note 3.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Simultaneously with the closing of the IPO, the Company consummated the sale of 5,213,333 warrants (the “Private Placement Warrants”), at a price of $1.50 per warrant, which is discussed in Note 4. Each warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share, generating gross proceeds of $7,820,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Transaction costs of the IPO amounted to $15,630,212 consisting of $5,520,000 of underwriting fees, $9,660,000 of deferred underwriting fees, and $450,212 of other offering costs. Of the transaction costs, $655,046 is included in offering costs on the statements of operations and $14,975,165 is included in equity.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Trust Account</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Following the closing of the IPO on February 11, 2021, $276,000,000 ($10.00 per Unit) from the net offering proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), located in the United States with Continental Stock Transfer &amp; Trust Company acting as trustee and will be 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 (“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 the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its franchise and income tax obligations, if any, the proceeds from the Company’s IPO and the sale of the Private Placement Warrants will not be released from the Trust Account until the earliest of (i) the completion of initial Business Combination, (ii) the redemption of the Company’s public shares if the Company does not complete an initial Business Combination within 24 months from the closing of the IPO, subject to applicable law, or (iii) the redemption of the Company’s public shares properly submitted in connection with a stockholder vote to amend its amended and restated certificate of incorporation to modify the substance or timing of the Company’s obligation to redeem 100% of its public shares if the Company has not consummated an initial business combination within 24 months from the closing of the IPO or with respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Initial Business Combination</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company will provide its public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a stockholder meeting called to approve the initial Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The stockholders will be entitled to redeem their shares for a pro rata portion of the amount then on deposit in the Trust Account (initially approximately $10.00 per share, plus 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).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The shares of common stock subject to redemption are recorded at a redemption value and classified as temporary equity upon the IPO, in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the Business Combination.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Sponsor, officers and directors have agreed to (i) waive their redemption rights with respect to their founder shares and public shares in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their founder shares and public shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation, and (iii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares if the Company fails to complete the initial Business Combination within the Combination Period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Liquidation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company will have 24 months from the closing of the IPO to complete the initial Business Combination (the “Combination Period”). However, if the Company is unable to complete the initial Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s board of directors, liquidate and dissolve, subject, in each case, to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’s Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.10 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Company’s IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked its Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether its Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Company’s Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that its Sponsor would be able to satisfy those obligations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Liquidity, Capital Resources and Going Concern</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’s liquidity needs up to February 11, 2021, the date of the IPO, had been satisfied through a capital contribution from the Sponsor of $25,000 (see Note 5) for the founder shares and the loans under an unsecured promissory note from the Sponsor of $73,295 (see Note 5). In order to finance transaction costs in connection with a Business Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 5).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company’s IPO was on February 11, 2021. As of June 30, 2022, the Company had $7,758 in its operating bank account, and working capital deficit of $492,202 (excluding taxes payable which is funded by earnings from the Trust Account) and has incurred and expects to incur additional significant costs in pursuit of its financing and acquisition plans.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt;">Additionally, the Company has until February 11, 2023 to consummate a Business Combination. In connection with the Company’s assessment of going concern considerations in accordance with FASB ASC Topic 205-40, “Presentation of Financial Statements– Going Concern,” Management has determined that the liquidity condition and mandatory liquidation, should a Business Combination not occur, and potential subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. The Company intends to complete a Business Combination before the mandatory liquidation date. No adjustments have been made to the carrying amounts of assets or liabilities</p>
pmgmu Condition For Future Business Combination Number Of Businesses Minimum
ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum
1
CY2022Q2 pmgmu Transaction Costs
TransactionCosts
15630212
CY2022Q2 pmgmu Sale Of Stock Underwriting Fees
SaleOfStockUnderwritingFees
5520000
CY2022Q2 pmgmu Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
9660000
CY2022Q2 pmgmu Sale Of Stock Other Offering Costs
SaleOfStockOtherOfferingCosts
450212
CY2022Q2 pmgmu Transaction Costs Included In Operation Statement
TransactionCostsIncludedInOperationStatement
655046
CY2022Q2 pmgmu Transaction Costs Included In Equity Statement
TransactionCostsIncludedInEquityStatement
14975165
pmgmu Investments Maximum Maturity Term
InvestmentsMaximumMaturityTerm
P185D
pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination After Extension
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombinationAfterExtension
P24M
pmgmu Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination After Extension
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombinationAfterExtension
P24M
CY2022Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination After Extension
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombinationAfterExtension
P24M
pmgmu Maximum Allowed Dissolution Expenses
MaximumAllowedDissolutionExpenses
100000
CY2022Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2022Q2 pmgmu Cash At Operating Bank Account
CashAtOperatingBankAccount
7758
CY2022Q2 pmgmu Working Capital
WorkingCapital
492202
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The preparation of 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 condensed financial statements and the reported amounts of revenues and expenses during the reporting period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these condensed financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates.</p>
CY2022Q2 us-gaap Cash
Cash
8000
CY2021Q4 us-gaap Cash
Cash
497000
pmgmu Investments Maximum Maturity Term
InvestmentsMaximumMaturityTerm
P185D
CY2022Q2 pmgmu Initial Business Combination Shares Issuable As Percent Of Outstanding Share
InitialBusinessCombinationSharesIssuableAsPercentOfOutstandingShare
0.01
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;">Concentration of Credit Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">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 Deposit Insurance Coverage limit of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</p>
pmgmu Amount Of Federal Depository Insurance Coverage
AmountOfFederalDepositoryInsuranceCoverage
250000
CY2021 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
276000000
CY2021 pmgmu Temporary Equity Proceeds Allocated To Warrants
TemporaryEquityProceedsAllocatedToWarrants
-11408000
CY2021 pmgmu Common Stock Issuance Costs
CommonStockIssuanceCosts
-14975165
CY2021 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
26383165
CY2021Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
276000000
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
79687
CY2022Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
276079687
pmgmu Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
0
CY2021Q2 pmgmu Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
0
pmgmu Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
0
CY2022Q2 pmgmu Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
0
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0093
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0037
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q2 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
2178027
CY2021Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
7384800
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
80500
CY2022Q2 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
80500
CY2021Q1 pmgmu Advance Notice Prior To Applicable Deadline Affiliates Or Designees Must Deposit Into Trust Account
AdvanceNoticePriorToApplicableDeadlineAffiliatesOrDesigneesMustDepositIntoTrustAccount
P30D
CY2021Q1 pmgmu Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
1
CY2021Q1 pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombination
P18M
CY2021Q1 pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination After Extension
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombinationAfterExtension
P24M
CY2021Q1 pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombination
P18M
CY2021Q1 pmgmu Threshold Period From Closing Of Proposed Public Offering To Consummate Initial Business Combination After Extension
ThresholdPeriodFromClosingOfProposedPublicOfferingToConsummateInitialBusinessCombinationAfterExtension
P24M
CY2022Q2 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
75000
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
150000
CY2022Q2 pmgmu Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2022Q2 pmgmu Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
9660000
CY2022Q2 pmgmu Maximum Number Of Demands For Registration Of Securities
MaximumNumberOfDemandsForRegistrationOfSecurities
3
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0

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