PROK · ProKidney Corp.

ProKidney reported Q1 2026 results showing increased R&D spend of $33.8 million, up $6.5 million year-over-year primarily from PROACT 1 clinical and manufacturing costs, offset partially by $1.6 million reduction in completed trial expenses; compensation rose $1.2 million with added personnel. G&A declined $3.1 million to $11.3 million due to lower compensation from prior award vestings and forfeitures, plus $1.4 million cut in professional fees tied to 2025 domestication and restructuring. Net loss widened to $42.6 million from $38.0 million, reflecting R&D investments in the Phase 3 PROACT 1 trial. Cash position of $224.9 million as of March 31 provides runway into mid-2027, down from $270.0 million at year-end 2025, supporting ongoing operations without near-term dilution risk. CEO Bruce Culleton highlighted momentum from Phase 2 REGEN-007 data, FDA alignment on accelerated approval via eGFR slope surrogate, and enrollment progress, with pivotal topline expected Q2 2027. Updated PROACT 1 powering at 90% for 1.75 and 80% for 1.5 mL/min/1.73m² effect size matches FDA RMAT-accepted efficacy threshold, bolstered by REGEN-007's 4.6 improvement in bilateral dosing arm. Item 8.01 notes surrogate endpoint powering update to 80%. Updated investor presentation available on website signals ongoing investor engagement.