ProKidney Q3 loss widens on higher R&D costs

Overview

• U.S. cell therapy firm's Q3 net loss widened as R&D and G&A expenses increased

• Company ended Q3 with $142 mln in cash and marketable securities, supporting operations into mid-2027

• On track for pivotal Phase 3 PROACT 1 topline results in Q2 2027

Outlook

• ProKidney expects pivotal Phase 3 PROACT 1 topline results in Q2 2027

• Company anticipates completing full enrollment for PROACT 1 confirmatory analysis in Q1 2027

• ProKidney expects current cash to support operations into mid-2027

Result Drivers

• CLINICAL TRIAL COSTS - Higher R&D expenses were driven by increased clinical study and manufacturing costs for the ongoing PROACT 1 study

• OPERATIONAL EXPENSES - Professional fees, other operational costs, and compensation rose due to continued enrollment and preparation for regulatory filings

• PATIENT RECRUITMENT - Accelerated patient recruitment for PROACT 1 expected to increase total enrollment above 500

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 2 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Prokidney Corp is $7.00, about 519.5% above its November 11 closing price of $1.13

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)