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what it is
ProKidney is trying to turn a patient’s own kidney cells into a treatment that delays kidney failure.
how it gets paid
Last year Prokidney made $76K in revenue. clinical service reimbursements was the main engine at $28K, or 37% of sales.
what just happened
The whole update is that revenue was $668K and the business still lost money.
At a glance
B balance sheet — gets the job done, barely
-$0.62 fy2024 eps est
Street rev est ~$0 vs ~$76K reported (FY scale)
n/m operating margin — pre-revenue; ratios are meaningless
2.0 beta
xvary composite: 47/100 — below average
What they do
ProKidney is trying to turn a patient’s own kidney cells into a treatment that delays kidney failure.
The edge is focus. ProKidney has 204 employees and one lead asset, rilparencel, in a Phase III study for advanced chronic kidney disease. Autologous cell therapy (your own cells become your treatment, so what: the match is personal) is hard to copy fast, which is why one good data readout can rerate a $677 million company.
How they make money
$76K
annual revenue
clinical service reimbursements
$28K
process development support
$20K
manufacturing-related services
$16K
other operating revenue
$12K
The products that matter
lead cell therapy candidate
Rilparencel (REK-001)
Q2 2027 data · core of the thesis
it is the asset carrying most of the $677M market cap. if phase 3 data disappoints in Q2 2027, the equity story breaks with it.
single asset
cell therapy manufacturing platform
Cell Therapy Platform
$0 commercial revenue
it supports rilparencel development, but it has not produced a commercial business. until approval happens, this is infrastructure in search of a market.
pre-revenue
Key numbers
~$76K
rev est vs reported
Consensus revenue rounds to ~$0M, but filings still show tiny reported revenue (~$76K on the annual bridge here vs larger single-quarter prints). You are funding R&D, not a scaled business.
-$0.62
2024 EPS est.
EPS (profit per share, so what: what the business earns for each share you own) is expected at -$0.62, which keeps dilution on the table.
$3M
long-term debt
Debt is only $3M, so leverage is not the immediate problem. The problem is paying for development before any product revenue arrives.
2.0
beta
Beta of 2.0 means the stock has moved about twice as hard as the market, so your timing risk is real even when the business does nothing new.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- long-term debt $3M (0% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PROK right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The whole update is that revenue was $668K and the business still lost money.
One filing window shows ~$76K of annual-scale revenue; a later quarter printed ~$668K — different periods, not the same year sliced two ways. Quarterly EPS stayed negative through 2024, which is steady loss-making, not operating leverage.
$668K
latest revenue
-$0.12
last EPS
-$0.62
2024 EPS est.
the number that mattered
$668K matters because it shows some quarterly inflow, but against a $677M market cap it is still a rounding error.
source: SEC filing and consensus data, 2026
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What could go wrong
the #1 risk is phase 3 failure for rilparencel in chronic kidney disease.
med
Clinical failure
There is one lead asset and no commercial fallback. If rilparencel misses in Q2 2027, most of the $677M market cap loses its reason to exist.
This risk effectively touches 100% of the equity thesis.
med
Dilution before the catalyst
Prokidney had $295M in cash as of June 2025, but the business also posted a $71.0M trailing net loss. If spending stays elevated or timelines slip, fresh capital becomes likely.
More shares issued before data means you own less of any eventual upside.
med
Regulatory path gets harder
The program depends on the market accepting the trial design and endpoint package. If regulators push back on that path, the commercial timeline stretches and the cash need grows with it.
Delay is not as fatal as failure, but it can still crush a pre-revenue biotech.
A negative readout would hit the whole thesis at once, while a delayed readout could still force dilution against a $677M valuation and a business producing just $744K in trailing revenue.
source: institutional data · regulatory filings · risk analysis
Pay attention to
catalyst
Q2 2027 phase 3 data readout
This is the event the stock is trading toward. If the timing moves, the whole risk-reward changes with it.
cash
cash burn against the $295M balance
Quarterly updates matter because the company is not funded by revenue. The burn rate tells you how soon financing pressure becomes real.
financing
any sign of pre-readout capital raising
A raise before Q2 2027 would not be shocking. It would be dilution math arriving on schedule.
sentiment
whether volatility cools from extreme levels
With a 2.0 beta and 5 / 100 price stability, this stock reacts hard to small signals. If that calms down, it usually means the market sees cleaner execution.
Analyst rankings
coverage depth
thin
There is not enough ranking depth here to lean on consensus the way you would with a megacap.
short-term read
event-driven
in human-speak, analysts can talk about cash and timing, but the stock still lives or dies on one program.
signal quality
limited
Price targets and rankings matter less when the business has $744K in trailing revenue and one clinical shot.
source: institutional data
Institutional activity
institutional ownership data for PROK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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