$PROK

PROKIDNEY CORP.

CIK:0001850270|SEC Filings

Condensed Consolidated Statements of Operations - Unaudited - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue	$ 150	$ 221	$ 376	$ 451
Operating expenses
Research and development	36,095	25,882	69,937	53,145
General and administrative	12,428	14,048	23,745	28,403
Total operating expenses	48,523	39,930	93,682	81,548
Operating loss	(48,373)	(39,709)	(93,306)	(81,097)
Interest income	1,938	3,593	4,265	7,620
Interest expense	(1)	(1)	(16)	(1)
Net loss before income taxes	(46,436)	(36,117)	(89,057)	(73,478)
Income tax expense	0	848	0	1,439
Net loss before noncontrolling interest	(46,436)	(36,965)	(89,057)	(74,917)
Net loss attributable to noncontrolling interest	(18,014)	(20,413)	(40,598)	(41,631)
Net loss available to Class A common stockholders	(28,422)	(16,552)	(48,459)	(33,286)
Common Class A [Member]
Operating expenses
Net loss available to Class A common stockholders	$ (28,422)	$ (16,552)	$ (48,459)	$ (33,286)
Weighted average shares of Class A common stock outstanding, Basic	186,560,999	130,730,840	164,366,352	129,858,450
Weighted average shares of Class A common stock outstanding, Diluted	186,560,999	130,730,840	164,366,352	129,858,450
Net loss per share attributable to Class A common stock, Basic	$ (0.15)	$ (0.13)	$ (0.29)	$ (0.26)
Net loss per share attributable to Class A common stock, Diluted	$ (0.15)	$ (0.13)	$ (0.29)	$ (0.26)

Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss before noncontrolling interest	$ (89,057)	$ (74,917)
Adjustments to reconcile net loss before noncontrolling interest to net cash flows used in operating activities:
Depreciation and amortization	3,336	3,065
Equity-based compensation	10,539	12,957
Gain on marketable securities, net	(669)	(1,942)
Loss on lease disposition	0	143
Loss on disposal of equipment	0	464
Changes in operating assets and liabilities
Interest receivable	171	672
Prepaid and other assets	2,287	7,202
Accounts payable and accrued expenses	(8,665)	(8,126)
Income taxes payable	0	(526)
Net cash flows used in operating activities	(82,058)	(61,008)
Cash flows from investing activities
Purchases of marketable securities	(76,789)	(98,138)
Sales and maturities of marketable securities	132,040	149,239
Purchase of equipment and facility expansion	(7,618)	(4,247)
Net cash flows provided by investing activities	47,633	46,854
Cash flows from financing activities
Proceeds from sales of Class A ordinary shares, net of offering costs	7	0
Payments on finance leases	(8)	(26)
Exercise of stock options	757	0
Net cash flows (used in) provided by financing activities	756	(26)
Net change in cash and cash equivalents	(33,669)	(14,180)
Cash, beginning of period	108,537	99,120
Cash, end of period	74,868	84,940
Supplemental disclosure of non-cash investing and financing activities:
Right of use assets obtained in exchange for lease obligations	0	2,005
Exchange of Class B common stock	125,024	5,253
Exchange of Class B common stock	125,025	5,252
Impact of equity transactions and compensation on redeemable noncontrolling interest	39,885	7,756
Equipment and facility expansion included in accounts payable and accrued expenses	$ 71	$ 395

Condensed Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 74,868	$ 108,537
Marketable securities	106,696	161,480
Interest receivable	956	1,127
Prepaid assets	2,827	2,808
Prepaid clinical	3,649	3,923
Other current assets	772	2,804
Total current assets	189,768	280,679
Fixed assets, net	56,037	51,231
Right of use assets, net	3,211	3,664
Total assets	249,016	335,574
Current liabilities
Accounts payable	1,610	940
Lease liabilities	1,129	1,071
Accrued expenses and other	19,971	28,731
Total current liabilities	22,710	30,742
Income tax payable, net of current portion	1,074	1,074
Lease liabilities, net of current portion	2,394	2,965
Total liabilities	26,178	34,781
Commitments and contingencies
Redeemable noncontrolling interest	1,106,370	1,311,990
Stockholders' deficit
Additional paid-in capital	434,765	258,552
Accumulated other comprehensive (loss) gain	(34)	56
Accumulated deficit	(1,318,294)	(1,269,835)
Total stockholders' deficit	(883,532)	(1,011,197)
Total liabilities and shareholders' deficit	249,016	335,574
Common Class A [Member]
Stockholders' deficit
Common stock value	21	14
Common Class B [Member]
Stockholders' deficit
Common stock value	$ 10	$ 16