ProKidney (PROK) Q2 2026 earnings summary

Executive summary

• Focused on developing rilparencel, an autologous cell therapy for advanced CKD and type 2 diabetes, with Phase 3 PROACT 1 trial enrollment completed for accelerated approval analysis and topline data expected in Q2 2027; confirmatory endpoint results anticipated in 2029.

• No product sales to date; revenue is solely from leasing activities related to manufacturing facilities.

• Completed domestication from Cayman Islands to Delaware in July 2025, streamlining corporate structure and tax status.

• Appointed Kenneth Locke as Chief Technical Officer, bringing extensive R&D and supply chain expertise.

Financial highlights

• Net loss attributable to Class A common stockholders was $28.4M for Q2 2026, compared to $16.6M in Q2 2025; six-month net loss was $48.5M vs. $33.3M year-over-year.

• Revenue from leasing was $150K for Q2 2026, down from $221K in Q2 2025.

• Research and development expenses rose to $36.1M in Q2 2026 from $25.9M in Q2 2025, driven by increased clinical trial and manufacturing activity.

• General and administrative expenses decreased to $12.4M in Q2 2026 from $14.0M in Q2 2025, mainly due to lower compensation and professional fees.

• Cash and cash equivalents plus marketable securities totaled $181.6M as of June 30, 2026, down from $224.9M at March 31, 2026.

Outlook and guidance

• Cash runway expected to support operations into mid-2027, but current resources are not sufficient to fund operations for 12 months beyond the August 10, 2026 filing date; substantial doubt exists about ability to continue as a going concern.

• Additional funding will be required through equity, debt, or collaborations; failure to secure funding may require scaling back or ceasing operations.

• Topline results for the pivotal eGFR slope endpoint in PROACT 1 anticipated in Q2 2027; confirmatory composite endpoint results expected in the second half of 2029.