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PROK

ProKidney Corp.

PROK

ProKidney Corp. • NASDAQ
$2.22 ▲ 4.72% (+0.10)
Market Cap $624.73 M
52w High $7.13
52w Low $0.46
Dividend Yield 0%
P/E -4.04
Volume 852.62K
Outstanding Shares 124.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $217K ▼ $37.358M ▼ $-16.469M ▲ -7.589K% ▼ $-0.12 ▲ $-33.883M ▲
Q2-2025 $221K ▼ $39.93M ▼ $-16.552M ▲ -7.49K% ▼ $-0.13 $-34.651M ▲
Q1-2025 $230K ▲ $41.618M ▼ $-16.734M ▲ -7.276K% ▲ $-0.13 ▲ $-35.761M ▲
Q4-2024 $76K ▲ $51.647M ▲ $-21.278M ▼ -27.997K% ▼ $-0.17 ▼ $-45.205M ▼
Q3-2024 $0 $48.973M $-17.91M 0% $-0.14 $-41.907M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $271.725M ▼ $351.608M ▼ $33.27M ▲ $-1.008B ▼
Q2-2025 $294.728M ▼ $372.133M ▼ $32.68M ▼ $-1.002B ▼
Q1-2025 $328.498M ▼ $406.061M ▼ $36.084M ▼ $-998.553M ▼
Q4-2024 $358.292M ▼ $441.073M ▼ $39.436M ▲ $-994.954M ▼
Q3-2024 $406.812M $474.793M $31.325M $-979.712M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-16.469M ▲ $-26.596M ▲ $29.018M ▲ $7.961M ▲ $10.383M ▲ $-31.793M ▲
Q2-2025 $-36.965M ▲ $-31.416M ▼ $18.565M ▼ $-14K ▼ $-12.865M ▼ $-34.528M ▼
Q1-2025 $-37.952M ▲ $-29.592M ▼ $28.289M ▲ $-12K ▼ $-1.315M ▲ $-30.727M ▲
Q4-2024 $-48.483M ▼ $-24.171M ▲ $15.08M ▲ $123K ▼ $-8.968M ▲ $-49.68M ▼
Q3-2024 $-41.053M $-29.241M $-81.635M $4.456M $-106.42M $-31.645M

Five-Year Company Overview

Income Statement

Income Statement ProKidney is still a pure research-stage biotech: it has essentially no product revenue yet, and all activity runs through research and development and overhead. Losses are steady and sizable but not extreme for a late‑stage biotech, and the trend over the last couple of years shows expenses rising in line with advancing clinical trials. Earnings per share remain negative, reflecting continued investment and no commercial income to offset it. Overall, this is a classic pre‑revenue, trial‑driven income statement where success or failure hinges on future approvals, not current sales performance.

Balance Sheet

Balance Sheet The company holds a meaningful but shrinking cash and asset base compared with prior years, with no financial debt on the books, which reduces interest burden and refinancing risk. However, shareholder equity has turned materially negative, mainly due to accumulated losses exceeding the capital raised. That signals a thin financial cushion and a need for future funding through new capital, partnerships, or other sources if trials and commercialization continue on their current path. The balance sheet is typical of a small, late‑stage biotech: asset‑light, no hard collateral, and very dependent on market access to capital.

Cash Flow

Cash Flow Cash flow is consistently negative from operations, reflecting the cost of clinical development, manufacturing build‑out, and overhead without any revenue coming in. Investment spending on facilities and equipment is modest but adds to cash outflow, leading to ongoing negative free cash flow. While the burn rate is not extreme for a company at this stage, the pattern is clear: ProKidney is consuming cash each year and will likely need additional funding over time unless partnered funding or other non‑dilutive sources emerge. The key question is how long existing cash can sustain current trial and manufacturing plans.

Competitive Edge

Competitive Edge ProKidney is aiming at a very large and underserved market: chronic kidney disease in patients at high risk of eventual dialysis or transplant. Its approach is differentiated — an autologous cell therapy meant to restore kidney function rather than just slow decline — and is supported by an extensive patent portfolio, complex manufacturing know‑how, and a regulatory fast‑track designation in the U.S. These factors together create a meaningful moat for this specific therapeutic approach. At the same time, the company is highly concentrated in a single lead program and faces competition from more traditional drugs, as well as the usual scientific, regulatory, manufacturing, and reimbursement uncertainties that come with pioneering cell therapies.

Innovation and R&D

Innovation and R&D Innovation is the core of ProKidney’s story. Its REACT platform uses a patient’s own kidney cells, expanded outside the body and then re‑injected to potentially repair damaged tissue — a step beyond typical disease‑slowing drugs. Early clinical data have been encouraging, and the therapy is now in late‑stage testing with support from an expedited FDA pathway. The company also plans to scale manufacturing to treat many thousands of patients and may extend the platform to additional kidney disease settings over time. However, the business is heavily dependent on one main product candidate, and the value of all this R&D rests on the outcome of pivotal trials and eventual regulatory decisions.

Summary

ProKidney is a late‑stage, pre‑revenue biotech that has staked its future on a single, novel cell therapy for chronic kidney disease. Financially, it runs steady losses, carries no debt, and has negative equity, with ongoing cash burn that implies a need for future capital. Strategically, it operates in a very large market with few truly restorative treatment options, holds meaningful intellectual property and regulatory advantages, and has early data that support its approach. The main strengths are its differentiated science and clear focus; the main risks are binary clinical and regulatory outcomes, manufacturing and adoption challenges, and reliance on external financing while it works toward potential approval and commercialization.

NEWS

November 10, 2025 · 4:15 PM UTC

ProKidney Reports Third Quarter 2025 Financial Results and Provides Regulatory and Clinical Updates

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November 6, 2025 · 11:00 AM UTC

ProKidney Presents Full Results from the Phase 2 REGEN-007 Trial of Rilparencel at the American Society of Nephrology Kidney Week 2025

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October 29, 2025 · 7:30 AM UTC

ProKidney to Participate in Two Upcoming Conferences: Guggenheim Healthcare Innovation Conference and the Jefferies Global Healthcare Conference

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October 20, 2025 · 7:30 AM UTC

ProKidney Announces Two Abstracts Selected for Presentation at the American Society of Nephrology's Kidney Week 2025

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