ProKidney Corp · Q2 2023 earnings

Briefing

Reported second quarter financial results and recent corporate highlights.

ProKidney reported financial results for the second quarter ended June 30, 2023. The company had cash, cash equivalents and marketable securities totaling $446.1 million as of June 30, 2023. Research and development expenses were $26.4 million for the three months ended June 30, 2023, and general and administrative expenses were $13.5 million for the same period. Net loss before noncontrolling interest was $34.8 million for the three months ended June 30, 2023.

• Closed on purchase of a 210,000 square foot facility in Greensboro, N.C. to support future potential commercial manufacturing needs for REACT.
• Received an incentive package totaling up to approximately $33.7 million in tax credits, as well as up to $1.9 million in energy credits from Duke Energy.
• Continued enrolling subjects in proact 1, a Phase 3 study evaluating REACT, with initial interim data expected by the end of 2024.
• Continued preparation to initiate patient enrollment in proact 2, a Phase 3 study to assess the safety and efficacy of REACT, with initial interim data expected by the end of 2025.

Headline financials

Revenue & EPS history

The company expects to reach several important inflection points in the coming months, including updated interim data from its Phase 2 RMCL-002 study in the second half of 2023, potentially furthering an understanding of the durability of kidney function preservation found with REACT in patients with advanced stage CKD. Around the end of 2023, the company is also planning to report on the progress of participants in its open-label Phase 2 REGEN-007 study of REACT.