The stock will trade on PROACT 1 enrollment milestones and the Q2 2027 topline readout, not quarterly financials. Monitor for enrollment completion announcements in mid-2026 and any FDA interactions. Cash runway into mid-2027 provides no near-term financing urgency, but the burn rate implies a potential capital raise before the readout if enrollment delays occur.
Price Chart
Executive Summary
ProKidney reported Q1 2026 EPS of -$0.14, essentially in line with the -$0.14 consensus (a 1.8% miss), with negligible revenue of $226K. The key catalyst is the on-track enrollment completion for the Phase 3 PROACT 1 accelerated approval analysis in mid-2026, with pivotal topline eGFR slope results expected in Q2 2027. Cash burn continues, with $224.9M in cash supporting operations into mid-2027, but no fundamental financial improvement was reported.
Key Financial Metrics
Key Facts
- Q1 2026 EPS of -$0.14 vs consensus -$0.14 (in line, 1.8% miss)
- Revenue of $226K vs consensus $100K (beat, but immaterial for a clinical-stage biotech)
- Cash, cash equivalents and marketable securities: $224.9M as of March 31, 2026, down from $270.0M at year-end 2025
- Net loss before noncontrolling interest: $42.6M in Q1 2026 vs $38.0M in Q1 2025
- R&D expenses increased to $33.8M from $27.3M YoY, driven by PROACT 1 study costs
- Phase 3 PROACT 1 enrollment on track to complete in mid-2026; pivotal topline results expected Q2 2027
- FDA confirmed eGFR slope as surrogate endpoint for accelerated approval under RMAT designation
- Phase 2 REGEN-007 results published in CJASN in January 2026
- Cash runway into mid-2027
Financial Impact
No material financial impact from Q1 results; cash burn of ~$45M per quarter continues. Key value driver is the PROACT 1 readout in Q2 2027.
Risk Factors
- PROACT 1 enrollment delays or failure to meet eGFR slope endpoint
- Cash burn may require dilutive financing before mid-2027 if enrollment or readout is delayed
- Regulatory risk: FDA may require additional studies beyond PROACT 1 for approval
- Competition from other CKD therapies (SGLT2 inhibitors, finerenone)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3296021 |
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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