ProKidney Reports $230,000 Revenue in Q1 2025, Net Loss Increases to $37.9 Million

ProKidney Corp. reported its financial results for the first quarter of 2025, revealing a revenue of $230,000, a significant increase from zero revenue in the same period last year. The company attributed this revenue to leasing activities associated with properties acquired in Winston-Salem, North Carolina. However, ProKidney's operating expenses rose to $41.6 million, up from $40.1 million in the prior year, primarily driven by increased general and administrative costs, which rose by $1.5 million due to higher personnel expenses and professional fees.

The net loss for the quarter was $37.9 million, compared to a loss of $35.3 million in the first quarter of 2024. The loss attributable to Class A ordinary shareholders was $16.7 million, or $0.13 per share, an increase from a loss of $9.5 million, or $0.16 per share, in the previous year. The increase in net loss was largely due to higher operating expenses, despite a decrease in interest income, which fell to $4.0 million from $4.8 million.

In terms of operational developments, ProKidney continues to focus on its lead product candidate, rilparencel, which is in Phase 3 clinical trials aimed at treating chronic kidney disease. The company has received regenerative medicine advanced therapy (RMAT) designation from the FDA, which may expedite the approval process. Notably, ProKidney has discontinued its Phase 3 REGEN-016 trial, focusing instead on the REGEN-006 trial, which is expected to support a potential Biologics License Application (BLA) submission.

As of March 31, 2025, ProKidney's total assets were reported at $406.1 million, a decrease from $441.1 million at the end of 2024. The company’s cash and cash equivalents stood at $97.8 million, down from $99.1 million. The decrease in total assets was primarily due to a reduction in marketable securities. ProKidney's employee headcount has also increased, reflecting its ongoing investment in research and development as it prepares for potential commercialization of rilparencel.

Looking ahead, ProKidney expects to continue incurring significant expenses as it advances its clinical development programs. The company anticipates that its existing cash and marketable securities will fund operations into mid-2027, although it acknowledges the need for additional funding to support its growth strategy. The management remains focused on navigating the complexities of drug development and regulatory approval processes while managing operational costs effectively.