0001140361-21-010864 | 10-K | XBRL Viewer | Arya Sciences Acquisition Corp III

Initial Public Offering	12 Months Ended
Dec. 31, 2020
Initial Public Offering [Abstract]
Initial Public Offering	Note 3 — Initial Public Offering On August 11, 2020, the Company consummated its Initial Public Offering of 14,950,000 Public Shares, including the 1,950,000 Public Shares as a result of the underwriters’ full exercise of their over-allotment option, at an offering price of $10.00 per Public Share, generating gross proceeds of $149.5 million, and incurring offering costs of approximately $8.8 million, inclusive of approximately $5.2 million in deferred underwriting commissions.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 — Summary of Significant Accounting Policies

Basis of Presentation

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

Use of Estimates

The preparation of the financial statements in conformity with U.S. 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 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 from those estimates.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth 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 that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

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 had $1,926 in cash equivalents as of December 31, 2020 held in the Trust Account.

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, and investments held in Trust Account. At December 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

Investment Securities Held in Trust Account

Upon the closing of the Initial Public Offering and the Private Placement, the Company was required to place net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement in a Trust Account, which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations, as determined by management of the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account. Investments held in Trust Account are classified as trading securities, which are presented on the balance sheet at fair value at the end of the reporting period. Gains and losses resulting from the change in fair value of trading securities is included in investment income on Trust Account in the accompanying statement of operations. The estimated fair values of investments held in Trust Account are determined using available market information, other than for investments in open-ended money market funds with published daily net asset values (“NAV”), in which case the Company uses NAV as a practical expedient to fair value. The NAV on these investments is typically held constant at $1.00 per unit.

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.

As of December 31, 2020, the carrying values of cash, prepaid expenses and accrued expenses approximate their fair values due to the short-term nature of the instruments. The Company’s investments held in Trust Account is comprised of investments in U.S. Treasury securities with an original maturity of 180 days or less and are recognized at fair value. The fair value of investments held in Trust Account is determined using quoted prices in active markets.

Offering Costs Associated with the Initial Public Offering

Offering costs consisted of underwriters’ commissions, legal, accounting, and other costs incurred that were directly related to the Initial Public Offering and that were charged to shareholders’ equity upon the completion of the Initial Public Offering.

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 FASB ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A 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, Class A 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 the occurrence of uncertain future events. Accordingly, at December 31, 2020, 14,023,673 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.

Net Income (Loss) Per Ordinary Share

Net income (loss) per share is computed by dividing net income by the weighted-average number of ordinary shares outstanding during the period. The Company’s statement of operations includes a presentation of income (loss) per share for ordinary shares subject to redemption in a manner similar to the two-class method of income per share. Net income per ordinary share, basic and diluted, for Class A ordinary shares is calculated by dividing the net gain, dividends and interest on investments held in Trust Account, net of applicable taxes available to be withdrawn from the Trust Account, resulting in net income of approximately $53,000 for the period from March 27, 2020 (inception) through December 31, 2020 by the weighted average number of Class A ordinary shares outstanding for the period. Net loss per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net loss, less income attributable to Class A ordinary shares by the weighted average number of Class B ordinary shares outstanding for the period.

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under FASB ASC Topic 740, “Income Taxes,” which prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions 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. There were no unrecognized tax benefits as of December 31, 2020. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts were accrued for interest and penalties for the period from March 27, 2020 (inception) through 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 may be subject to potential examination by U.S. federal, U.S. state or foreign taxing authorities in the area of income taxes. These potential examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with U.S. federal, U.S. state and foreign tax laws. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman federal income tax regulations, income taxes are not levied on the Company. Consequently, deferred tax assets and income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Recent Accounting Pronouncements

The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2020	Mar. 30, 2021	Jun. 30, 2020
Entity Listings [Line Items]
Entity Registrant Name	ARYA Sciences Acquisition Corp III
Entity Central Index Key	0001808805
Current Fiscal Year End Date	--12-31
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Address, State or Province	NY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Public Float			$ 167,621,650
Class A Ordinary Shares [Member]
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		15,449,000
Class B Ordinary Shares [Member]
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		3,737,500

Shareholders' Equity (Details)	9 Months Ended
Shareholders' Equity (Details)	Dec. 31, 2020 $ / shares shares	Aug. 11, 2020 shares	Aug. 06, 2020 shares	Apr. 02, 2020 $ / shares shares
Stockholders' Equity [Abstract]
Stock conversion percentage threshold	20.00%
Stock conversion basis at time of business combination	1
Preference shares, shares authorized (in shares)	1,000,000
Preference shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Preference shares, shares issued (in shares)	0
Preference shares, shares outstanding (in shares)	0
Class A Ordinary Shares [Member]
Stockholders' Equity [Abstract]
Ordinary shares, shares authorized (in shares)	479,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Ordinary shares, shares issued (in shares)	1,425,327
Ordinary shares including common stock subject to possible redemption shares, Outstanding	15,449,000
Ordinary shares, shares outstanding (in shares)	1,425,327
Ordinary shares subject to possible redemption (in shares)	14,023,673
Class B Ordinary Shares [Member]
Stockholders' Equity [Abstract]
Ordinary shares, shares authorized (in shares)	20,000,000
Ordinary shares, par value (in dollars per share) \| $ / shares	$ 0.0001
Ordinary shares, shares issued (in shares)	3,737,500			3,593,750
Ordinary shares, shares outstanding (in shares)	3,737,500
Sponsor [Member] \| Class B Ordinary Shares [Member]
Stockholders' Equity [Abstract]
Ordinary shares, par value (in dollars per share) \| $ / shares				$ 0.0001
Ordinary shares, shares outstanding (in shares)		487,500	3,737,500
Sponsor [Member] \| Class B Ordinary Shares [Member] \| Maximum [Member]
Stockholders' Equity [Abstract]
Shares subject to forfeiture (in shares)			487,500

Fair Value Measurements (Details)	9 Months Ended
Fair Value Measurements (Details)	Dec. 31, 2020 USD ($)
Investments held in Trust Account [Abstract]
Transfers from Level 1 to Level 2	$ 0
Transfers from Level 2 to Level 1	0
Transfers in into Level 3	0
Transfers out of Level 3	0
Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member]
Investments held in Trust Account [Abstract]
Investments held in Trust Account	149,552,952
Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| US Treasury Securities [Member]
Investments held in Trust Account [Abstract]
Investments held in Trust Account	149,551,026
Recurring [Member] \| Quoted Prices in Active Markets (Level 1) [Member] \| Cash Equivalents - Money Market Funds [Member]
Investments held in Trust Account [Abstract]
Investments held in Trust Account	1,926
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Investments held in Trust Account [Abstract]
Investments held in Trust Account	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| US Treasury Securities [Member]
Investments held in Trust Account [Abstract]
Investments held in Trust Account	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Cash Equivalents - Money Market Funds [Member]
Investments held in Trust Account [Abstract]
Investments held in Trust Account	0
Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member]
Investments held in Trust Account [Abstract]
Investments held in Trust Account	0
Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member] \| US Treasury Securities [Member]
Investments held in Trust Account [Abstract]
Investments held in Trust Account	0
Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member] \| Cash Equivalents - Money Market Funds [Member]
Investments held in Trust Account [Abstract]
Investments held in Trust Account	$ 0

Related Party Transactions, Promissory Note, Related Party Loans and Administrative Support Agreement (Details) - USD ($)			9 Months Ended
	Aug. 11, 2020	Apr. 02, 2020	Dec. 31, 2020
Related Party Loans [Abstract]
Loan proceeds			$ 136,590
Repayment of debt to related party			200,000
Administrative Support Agreement [Abstract]
General and administrative expenses			576,035
Sponsor [Member] \| Promissory Note [Member]
Related Party Loans [Abstract]
Related party transaction		$ 300,000
Loan proceeds		$ 200,000
Repayment of debt to related party	$ 200,000
Sponsor [Member] \| Administrative Support Agreement [Member]
Administrative Support Agreement [Abstract]
Monthly fee			10,000
General and administrative expenses			48,000
Sponsor Affiliate of Sponsor or Certain Company Officers and Directors [Member] \| Working Capital Loans [Member]
Related Party Loans [Abstract]
Conversion value			$ 1,500,000
Conversion price (in dollars per share)			$ 10.00
Borrowings outstanding			$ 0

STATEMENT OF OPERATIONS	9 Months Ended
STATEMENT OF OPERATIONS	Dec. 31, 2020 USD ($) $ / shares shares
Loss from Operations
General and administrative expenses	$ 576,035
Loss from operations	(576,035)
Other income:
Net gain, dividends and interest on investments held in Trust Account	52,952
Net loss	$ (523,083)
Class A Ordinary Shares Subject to Redemption [Member]
Other income:
Basic and diluted weighted average shares outstanding (in shares) \| shares	14,950,000
Basic and diluted net income (loss) per share (in dollars per share) \| $ / shares	$ 0
Class A Ordinary Shares not Subject to Redemption and Class B Ordinary Shares [Member]
Other income:
Basic and diluted weighted average shares outstanding (in shares) \| shares	3,764,852
Basic and diluted net income (loss) per share (in dollars per share) \| $ / shares	$ (0.15)

Summary of Significant Accounting Policies (Details)	9 Months Ended
Summary of Significant Accounting Policies (Details)	Dec. 31, 2020 USD ($) $ / shares shares
Cash and Cash Equivalents [Abstract]
Cash equivalents	$ 1,926
Investment Securities Held In Trust Account [Abstract]
Net asset value investments (in dollars per share) \| $ / shares	$ 1.00
Net Income (Loss) Per Share [Abstract]
Net income on investments	$ 52,952
Income Taxes [Abstract]
Unrecognized tax benefits	0
Accrued interest and penalties	$ 0
Class A Ordinary Shares [Member]
Common stock subject to possible redemption [Abstract]
Ordinary shares subject to possible redemption (in shares) \| shares	14,023,673

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - 9 months ended Dec. 31, 2020 - USD ($)	Ordinary Shares [Member] Class A Ordinary Shares [Member]	Ordinary Shares [Member] Class B Ordinary Shares [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Beginning balance at Mar. 26, 2020	$ 0	$ 0	$ 0	$ 0	$ 0
Beginning balance (in shares) at Mar. 26, 2020	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Class B ordinary shares to Sponsor		$ 374	24,626	0	25,000
Issuance of Class B ordinary shares to Sponsor (in shares)		3,737,500
Sale of units in initial public offering, gross	$ 1,495		149,498,505	0	149,500,000
Sale of units in initial public offering, gross (in shares)	14,950,000
Offering costs			(8,755,181)	0	(8,755,181)
Sale of private placement units to Sponsor in private placement	$ 50		4,989,950	0	4,990,000
Sale of private placement units to Sponsor in private placement (in shares)	499,000
Shares subject to possible redemption	$ (1,402)	$ 0	(140,235,328)	0	(140,236,730)
Shares subject to possible redemption (in shares)	(14,023,673)	0
Net loss			0	(523,083)	(523,083)
Ending balance at Dec. 31, 2020	$ 143	$ 374	$ 5,522,572	$ (523,083)	$ 5,000,006
Ending balance (in shares) at Dec. 31, 2020	1,425,327	3,737,500

BALANCE SHEET	Dec. 31, 2020 USD ($)
Current assets:
Cash	$ 1,001,032
Prepaid expenses	303,759
Total current assets	1,304,791
Investments held in Trust Account	149,552,952
Total assets	150,857,743
Current liabilities:
Accrued expenses	388,507
Total current liabilities	388,507
Deferred underwriting commissions	5,232,500
Total liabilities	5,621,007
Commitments and Contingencies (Note 5)
Class A ordinary shares, $0.0001 par value; 14,023,673 shares subject to possible redemption at $10.00 per share	140,236,730
Shareholders' Equity:
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding	0
Additional paid-in capital	5,522,572
Accumulated deficit	(523,083)
Total shareholders' equity	5,000,006
Total Liabilities and Shareholders' Equity	150,857,743
Class A Ordinary Shares [Member]
Shareholders' Equity:
Common stock	143
Class B Ordinary Shares [Member]
Shareholders' Equity:
Common stock	$ 374

Summary of Significant Accounting Policies (Policies)