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Jun 30
ProKidney Q2 2025 Earnings Report
ProKidney reported a reduced net loss in Q2 2025 while advancing its lead candidate, rilparencel, toward accelerated approval.
Key Takeaways
ProKidney narrowed its net loss in Q2 2025 and strengthened its regulatory position with the FDA for rilparencel, supported by strong topline data and a robust cash balance.
Net loss attributable to Class A stockholders was $16.55 million, down from $12.5 million YoY due to changes in noncontrolling interest.
Cash and marketable securities totaled $294.7 million, supporting operations into mid-2027.
FDA confirmed eGFR slope as surrogate endpoint for rilparencel accelerated approval.
Positive Phase 2 topline data showed a 78% improvement in eGFR slope post-treatment.
ProKidney
ProKidney
Forward Guidance
ProKidney expects topline Phase 3 data in Q2 2027 to support accelerated approval for rilparencel, while existing cash reserves support operations into mid-2027.
Positive Outlook
- FDA alignment on eGFR slope as surrogate endpoint for accelerated approval.
- Topline Phase 2 data showed clinically meaningful improvement in kidney function.
- Cash reserves of $294.7M support operations into mid-2027.
- More than half of patients enrolled for accelerated approval analysis.
- Safety profile of rilparencel remained consistent with previous studies.
Challenges Ahead
- No approved commercial therapies generating recurring revenue.
- Net loss continues despite slight improvement YoY.
- Marketable securities declined from prior quarter.
- High R&D and G&A expenses continue to weigh on earnings.
- Regulatory approval still years away with topline Phase 3 data not expected until 2027.