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Mar 31, 2023
ProKidney Q1 2023 Earnings Report
ProKidney reported financial results for the first quarter ended March 31, 2023, and provided an update on recent corporate developments.
Key Takeaways
ProKidney reported its Q1 2023 financial results, highlighting the advancement of the Phase 3 clinical development of REACT and plans for manufacturing and organizational development. The company's cash, cash equivalents, and marketable securities totaled $463.7 million as of March 31, 2023.
Continued to advance the Phase 3 clinical development of REACT.
Patient enrollment in proact 1 continues according to plan and targets interim data by year end 2024.
Completed enrollment in REGEN-007 with a total of 53 subjects randomized.
Preparing for the initiation of patient enrollment into proact 2, a Phase 3 randomized.
ProKidney
ProKidney
Forward Guidance
ProKidney is focused on advancing its clinical programs, including REACT, and anticipates initial data from the REGEN-007 study in late 2023 and interim data from proact 1 by the end of 2024.
Positive Outlook
- Patient enrollment in proact 1 continues according to plan.
- Targeting interim data from proact 1 by year end 2024.
- Completed enrollment in REGEN-007.
- Anticipates initial data from REGEN-007 in late 2023.
- Preparing for patient enrollment into proact 2 in the second half of 2023.
Challenges Ahead
- The inability to maintain the listing of the Company’s Class A ordinary shares on the Nasdaq.
- The inability of the Company to raise financing in the future.
- Uncertainties inherent in cell therapy research and development.
- The fact that interim results from our clinical programs may not be indicative of future results.
- The impact of COVID-19 or geo-political conflict such as the war in Ukraine on the Company’s business