No new clinical data or guidance change — the stock will trade on the unchanged PROACT 1 timeline (enrollment mid-2026, data Q2 2027). The updated 80% powering assumption for the surrogate endpoint is a minor technical clarification, not a de-risking event. Monitor for enrollment completion announcement in the coming months as the next catalyst.
Price Chart
Executive Summary
ProKidney reported Q1 2026 financial results that were in line with consensus, with a net loss of $20.0M available to Class A common stockholders ($-0.14 EPS) versus the $-0.14 estimate. The company reiterated its key clinical milestones: Phase 3 PROACT 1 enrollment completion mid-2026 and pivotal eGFR slope data in Q2 2027. Cash burn accelerated to $41.7M in operating cash flow (vs $29.6M in Q1 2025), reducing the cash runway to $224.9M, still supporting operations into mid-2027. The filing is neutral — no new data, no guidance change, and the clinical timeline remains on track.
Key Financial Metrics
Key Facts
- Q1 2026 net loss available to Class A common stockholders was $20.0M ($-0.14 EPS), in line with consensus of $-0.14
- Revenue was $226K, essentially flat vs $230K in Q1 2025
- Cash, cash equivalents and marketable securities totaled $224.9M at March 31, 2026, down from $270.0M at December 31, 2025
- Operating cash flow was -$41.7M in Q1 2026 vs -$29.6M in Q1 2025, a 41% increase in cash burn
- Phase 3 PROACT 1 enrollment for accelerated approval efficacy analysis remains on track for mid-2026, with pivotal topline results expected Q2 2027
- The statistical powering assumption for the surrogate endpoint (eGFR slope) was updated to 80% (from prior 90%) in the 8-K Item 8.01
- Cash runway guidance unchanged: operations funded into mid-2027
Financial Impact
Q1 2026 net loss of $20.0M on $226K revenue; cash burn increased 41% YoY to $41.7M operating cash flow; cash position $224.9M provides runway into mid-2027
Risk Factors
- Cash burn accelerated to $41.7M/quarter, reducing runway faster than prior run-rate implied
- Phase 3 PROACT 1 trial failure risk remains binary — no interim data to de-risk
- No new financing announced; if enrollment or data timeline slips, the company may need to raise capital before mid-2027
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-225848 |
| Document: prok-20260515.htm | 0001193125-26-225848 |
| Document: prok-ex99_2.htm | 0001193125-26-225848 |
| Document: 0001193125-26-225848-index-headers.html | 0001193125-26-225848 |
| Document: 0001193125-26-225848-index.html | 0001193125-26-225848 |
| Document: 0001193125-26-225848.txt | 0001193125-26-225848 |
| 8-K Data (Synthetic) | 0001193125-26-225848 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $1.61 $1.85 | ▲ +14.91% | ▲ +15.97% | $1.72 (+6.83%) |
Aug 10, 2026 7w ago | Press Release | $1.61 $1.85 | ▲ +14.91% | ▲ +15.97% | $1.72 (+6.83%) |
May 15, 2026 20w ago | 8-K | $1.66 $1.67 | ▲ +0.60% | ▼ −1.52% | $1.72 (+3.61%) |
May 15, 2026 20w ago | Press Release | $1.66 $1.67 | ▲ +0.60% | ▼ −1.52% | $1.72 (+3.61%) |
Apr 17, 2026 24w ago | DEFA14A | $2.10 $1.61 | ▼ −23.33% | ▼ −27.54% | $1.72 (−18.10%) |
Mar 18, 2026 28w ago | Press Release | $1.95 $2.18 | ▲ +11.79% | ▲ +4.17% | $1.72 (−11.79%) |
US Market Status
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