ProKidney
PROKNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $1.11 Prior regular-session close from the quote source.
- $1.11–$1.18 Regular-session low and high so far today.
- 595.6K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 8 projected Projected for 2027-02-08 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $0.87–$2.88 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own PROK if its clinical benefit is real, additive to modern kidney drugs, and financeable without ruinous dilution.
PROK price history
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Investment thesis
What must happen next
ProKidney’s kidney-focused therapy must prove an additive, clinically meaningful disease-modifying benefit over modern CKD standard of care; otherwise the product will not earn payer, physician, or patient adoption.HoldingMateriality: High
FY2025 annual GAAP revenue was $0.893 million versus $0.076 million in FY2024, confirming the company is still effectively pre-commercial and that future value depends on clinical validation rather than existing sales. If the therapy changes CKD outcomes, the company can become a valuable commercial biotech; if not, current revenue potential is negligible.
Watch: Late-stage trial data fail to show a clinically meaningful kidney-function or disease-progression benefit versus contemporary standard care.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP revenue was $0.893 million versus $0.076 million in FY2024, confirming the company is still effectively pre-commercial and.
Open source ↗ProKidney must fund clinical development through value-creating data or regulatory milestones without being forced into distressed equity, debt, or royalty financing.HoldingMateriality: High
Cash was $108.537 million at FY2025 year-end, up from $99.120 million at FY2024 year-end. The asset can be promising yet still fail shareholders if financing occurs on terms that transfer most of the upside away from existing owners.
Watch: A trial expansion, enrollment delay, or FDA request for additional follow-up increases cash needs before a decisive clinical catalyst.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $108.537 million at FY2025 year-end, up from $99.120 million at FY2024 year-end.
Open source ↗Management must keep development spending aligned with the next clinical milestones, because prolonged trial execution without decisive data would make the cash burn the dominant driver of per-share value.HoldingMateriality: Medium
FY2025 annual GAAP operating cash flow was negative $120.117 million, slightly better than negative $126.351 million in FY2024. Disciplined burn preserves option value; uncontrolled burn turns clinical delay into dilution even before the science is resolved.
Watch: Clinical-site activation problems, enrollment shortfalls, or longer follow-up requirements push pivotal data farther out.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP operating cash flow was negative $120.117 million, slightly better than negative $126.351 million in FY2024.
Open source ↗The company’s specialized biologic/cell-therapy operations must become a source of reliability and defensibility rather than a bottleneck that limits label expansion, reimbursement, or margins.HoldingMateriality: Medium
FY2025 annual GAAP operating income was negative $165.007 million, reflecting the large fixed-cost investment required before commercialization. For a personalized therapy, manufacturing quality and logistics can be the difference between a protected franchise and an uncommercializable science project.
Watch: FDA CMC feedback identifies manufacturing comparability, potency, sterility, or release-testing problems.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP operating income was negative $165.007 million, reflecting the large fixed-cost investment required before commercialization.
Open source ↗A low-liability balance sheet must preserve negotiating leverage with partners and financiers while the clinical asset remains unproven.StrengtheningMateriality: Medium
FY2025 liabilities were $34.781 million, down from $39.436 million at FY2024 year-end. Low financial leverage gives shareholders more time and bargaining power; debt or royalty overhang would reduce the value of a positive clinical outcome.
Watch: The company adds secured debt, royalty financing, or preferred securities to bridge clinical milestones.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 liabilities were $34.781 million, down from $39.436 million at FY2024 year-end.
Open source ↗
Full investment case & evidence
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Original research
ProKidney’s kidney-focused therapy must prove an additive, clinically meaningful disease-modifying benefit over modern CKD standard of care; otherwise the product will not earn payer, physician, or patient adoption. If the therapy changes CKD outcomes, the company can become a valuable commercial biotech; if not, current revenue potential is negligible.
ProKidney must fund clinical development through value-creating data or regulatory milestones without being forced into distressed equity, debt, or royalty financing. The asset can be promising yet still fail shareholders if financing occurs on terms that transfer most of the upside away from existing owners.
Management must keep development spending aligned with the next clinical milestones, because prolonged trial execution without decisive data would make the cash burn the dominant driver of per-share value. Disciplined burn preserves option value; uncontrolled burn turns clinical delay into dilution even before the science is resolved.
The company’s specialized biologic/cell-therapy operations must become a source of reliability and defensibility rather than a bottleneck that limits label expansion, reimbursement, or margins. For a personalized therapy, manufacturing quality and logistics can be the difference between a protected franchise and an uncommercializable science project.
A low-liability balance sheet must preserve negotiating leverage with partners and financiers while the clinical asset remains unproven. Low financial leverage gives shareholders more time and bargaining power; debt or royalty overhang would reduce the value of a positive clinical outcome.
All standing thesis claims
Original report summary
its clinical benefit is real, additive to modern kidney drugs, and financeable without ruinous dilution.
Bull case and bear case
Bull case and bear case for Prokidney
Where the evidence on Prokidney stands: Holding on the latest evidence (Nov 12, 2026). Of its 5 thesis points, 1 strengthening and 4 holding.
Bull case: what the evidence supports
ProKidney’s kidney-focused therapy must prove an additive, clinically meaningful disease-modifying benefit over modern CKD standard of care; otherwise the product will not earn payer, physician, or patient adoption.
ProKidney must fund clinical development through value-creating data or regulatory milestones without being forced into distressed equity, debt, or royalty financing.
Management must keep development spending aligned with the next clinical milestones, because prolonged trial execution without decisive data would make the cash burn the dominant driver of per-share value.
The company’s specialized biologic/cell-therapy operations must become a source of reliability and defensibility rather than a bottleneck that limits label expansion, reimbursement, or margins.
A low-liability balance sheet must preserve negotiating leverage with partners and financiers while the clinical asset remains unproven.
Bear case: what would count against it
Late-stage trial data fail to show a clinically meaningful kidney-function or disease-progression benefit versus contemporary standard care.
A trial expansion, enrollment delay, or FDA request for additional follow-up increases cash needs before a decisive clinical catalyst.
Clinical-site activation problems, enrollment shortfalls, or longer follow-up requirements push pivotal data farther out.
Thesis-Break Engine
Thesis-break watch · Prokidney
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Prokidney filed an SEC 8-K on 2026-11-09: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Prokidney filed an SEC 8-K on 2026-10-29: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Prokidney filed an SEC 8-K on 2026-08-10: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Late-stage trial data fail to show a clinically meaningful kidney-function or disease-progression benefit versus contemporary standard care.
- A trial expansion, enrollment delay, or FDA request for additional follow-up increases cash needs before a decisive clinical catalyst.
- Clinical-site activation problems, enrollment shortfalls, or longer follow-up requirements push pivotal data farther out.
- FDA CMC feedback identifies manufacturing comparability, potency, sterility, or release-testing problems.
- The company adds secured debt, royalty financing, or preferred securities to bridge clinical milestones.
PROK news
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Financial statements
PROK income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
PROK: quick answers
- When does Prokidney (PROK) report earnings next?
- Prokidney's next results are projected for February 8, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 9, 2026. Earnings calendar