Key Highlights

  • Net loss per Class A share was USD 0.17, against USD 0.12 a year earlier.
  • Research and development expenses were USD 40.8 million, against USD 26.8 million.
  • Cash, cash equivalents and marketable securities were USD 141.9 million at September 30, 2026.
  • A USD 200 million Jefferies sales agreement was signed on October 29, 2026.

ProKidney (NASDAQ:PROK) reported a third-quarter 2026 net loss available to Class A common stockholders of USD 35.6 million, or USD 0.17 per share, against an estimate of a loss of USD 0.16 per share. Revenue, which consists of leasing revenue, was USD 174 thousand, against an estimate of USD 124.60 thousand. The company is focused on developing rilparencel, a candidate for patients with advanced chronic kidney disease and type 2 diabetes.

Quarterly Financial Results

Revenue was USD 174 thousand for the three months ended September 30, 2026, against USD 217 thousand a year earlier. The filing states it relates to leasing revenue. Research and Development expenses were USD 40.8 million, against USD 26.8 million. The filing attributes the USD 14.0 million increase to USD 7.4 million in clinical study and Manufacturing material costs from continued enrollment in its ongoing Phase 3 trial, USD 1.8 million in compensation costs, USD 3.5 million in other operational costs and approximately USD 1.3 million in professional fees as it prepares for regulatory filings.

General and administrative expenses were USD 13.1 million, against USD 11.9 million, and the filing links the increase primarily to compensation costs of approximately USD 1.7 million from additional hiring, partly offset by lower Impairment charges and professional fees. Total Operating Expense was USD 53.9 million, against USD 38.8 million, and the loss from operations was USD 53.8 million.

Interest income was USD 1.5 million, against USD 3.3 million. Net loss before noncontrolling interest was USD 51.8 million, against USD 35.8 million. Net loss attributable to noncontrolling interest was USD 16.2 million, and net loss available to Class A common stockholders was USD 35.6 million, against USD 16.5 million a year earlier.

For the nine months, net loss available to Class A common stockholders was USD 84.1 million, or USD 0.47 per share, against USD 49.8 million, or USD 0.38 per share.

Rilparencel and Clinical Program

The filing describes rilparencel as containing autologous Selected Renal Cells prepared from a participant's own kidney cells and reinjected into the kidneys through a minimally invasive outpatient procedure that does not require preconditioning or immunosuppression. It is being evaluated in the ongoing Phase 3 REGEN-006 (PROACT 1) study in participants with advanced chronic kidney disease and type 2 diabetes.

The company states it has completed several Phase 2 studies in participants with advanced chronic kidney disease and that rilparencel received Regenerative Medicine Advanced Therapy designation from the U.S. Food and Drug Administration. It adds that rilparencel was generally well tolerated across Phase 2 studies. The company has no product candidates approved for sale and has not generated Revenue from product sales.

Liquidity and Going Concern

At September 30, 2026, existing cash and cash equivalents and marketable securities were USD 141.9 million. The filing states that, based on its current business plan, these funds are not sufficient to fund obligations for the 12 months following the filing of the quarterly report, and that these matters raise substantial doubt about the company's ability to continue as a going concern. It states the ability to execute its operating plan depends on obtaining additional funding through Equity offerings, debt financings or licensing and collaboration arrangements, and that there can be no assurance such funds are available.

On October 29, 2026, the company entered into a new Open Market Sale Agreement with Jefferies under which it may offer and sell Class A common stock with an aggregate offering price of up to USD 200 million. During the nine months ended September 30, 2026, it sold 2,798 shares under its 2025 sales agreement with Jefferies for net proceeds of USD 7 thousand.

Weighted average Class A shares outstanding were 207,760,422 for the quarter, against 134,992,796 a year earlier. The company completed a domestication from the Cayman Islands to Delaware effective July 1, 2025.