ProKidney Reports $221,000 Revenue in Q2 2025, Continues to Operate at a Loss

ProKidney Corp. reported its financial results for the second quarter of 2025, revealing a revenue of $221,000 for the three months ended June 30, 2025, compared to no revenue in the same period of the previous year. For the first half of 2025, the company generated $451,000 in revenue, marking a significant milestone as it transitions from a research-focused entity to one that is beginning to recognize income from leasing activities associated with its facilities. Despite this revenue, ProKidney continues to operate at a loss, with a net loss of $36.965 million for the second quarter, slightly improved from a net loss of $38.466 million in the same quarter of 2024.

The company’s operating expenses for the second quarter decreased to $39.930 million from $43.056 million year-over-year, primarily due to reduced research and development costs, which fell to $25.882 million from $29.404 million. This reduction was attributed to the completion of certain clinical trials and lower professional fees related to compliance issues. However, general and administrative expenses increased slightly, reflecting ongoing investments in personnel and operational activities. The overall operating loss for the quarter was $39.709 million, an improvement from the previous year's loss of $43.056 million.

In terms of strategic developments, ProKidney is advancing its lead product candidate, rilparencel, which is currently undergoing a Phase 3 clinical trial known as PROACT 1. The trial aims to evaluate the efficacy of rilparencel in preserving kidney function in patients with type 2 diabetes and advanced chronic kidney disease. The company has amended the trial protocol to focus on specific patient subgroups and anticipates topline data readout in the second quarter of 2027. Additionally, ProKidney completed a domestication process effective July 1, 2025, transitioning its jurisdiction of incorporation from the Cayman Islands to Delaware, which is expected to streamline its operations and enhance its corporate governance.

Operationally, ProKidney's total assets decreased to $372.133 million as of June 30, 2025, down from $441.073 million at the end of 2024. The company reported a cash and cash equivalents balance of $84.940 million, a decline from $99.120 million at the end of the previous fiscal year. The decrease in cash is attributed to ongoing operational expenditures and investments in clinical trials. The company’s employee headcount has also increased as it continues to build its team to support its clinical and operational needs.

Looking ahead, ProKidney expects to continue incurring significant expenses as it advances its clinical programs and prepares for potential commercialization of rilparencel. The company anticipates that its existing cash and marketable securities will fund operations into mid-2027, but it acknowledges the need for additional funding to support its growth strategy. ProKidney plans to explore various financing options, including public or private equity sales, to ensure it can sustain its operations and development efforts in the competitive biotechnology landscape.