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Mar 31, 2025
ProKidney Q1 2025 Earnings Report
ProKidney reported its financial results for the first quarter of 2025, showing a net loss and continued investment in research and development.
Key Takeaways
ProKidney Corp. reported a net loss of $16.734 million for the three months ended March 31, 2025, with operating expenses totaling $41.618 million, primarily driven by research and development activities. The company generated $0.230 million in revenue from leasing activities and maintained a strong cash position with $97.805 million in cash and cash equivalents.
Net loss for Q1 2025 was $16.734 million, an increase from $9.492 million in Q1 2024.
Total operating expenses increased to $41.618 million in Q1 2025 from $40.076 million in Q1 2024, primarily due to higher general and administrative costs.
Revenue from leasing activities was $0.230 million in Q1 2025, with no revenue reported in Q1 2024.
Cash and cash equivalents stood at $97.805 million as of March 31, 2025, a slight decrease from $99.120 million at December 31, 2024.
Forward Guidance
ProKidney expects its existing cash, cash equivalents, and marketable securities to fund operations and capital expenditures into mid-2027. The company anticipates increased expenses due to ongoing research and clinical development, particularly for rilparencel, and additional costs associated with operating as a public company.
Positive Outlook
- Existing cash, cash equivalents, and marketable securities are expected to fund operations until mid-2027.
- Rilparencel has received Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA, potentially expediting approval.
- The FDA confirmed that the PROACT 1 trial could be sufficient for a Biologics License Application (BLA) submission.
- The accelerated approval pathway is available for rilparencel if an acceptable endpoint, such as eGFR slope, is used.
- The company continues to engage with the FDA to define details for the accelerated pathway and advance the U.S. clinical development program.
Challenges Ahead
- Expenses are expected to increase substantially due to ongoing research and clinical development, third-party manufacturing costs, and efforts to identify new product candidates.
Historical Earnings Impact
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