ProKidney (PROK) AI Stock Analysis

• Market Cap: $580.56M
• Dividend Yield: N/A
• Average Volume (3M): 613.69K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.09
• Revenue Growth: N/A
• EPS Growth: 2.35%
• Country: US
• Employees: 204
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.14
• Shares Outstanding: 141,545,440
• 10 Day Avg. Volume: 524,259
• 30 Day Avg. Volume: 613,687
• PEG Ratio: 0.11
• Price to Book (P/B): 1.00
• Price to Sales (P/S): 335.98
• P/FCF Ratio: -2.50
• Enterprise Value/Market Cap: 0.79
• Enterprise Value/Revenue: 510.46
• Enterprise Value/Gross Profit: -233.29
• Enterprise Value/Ebitda: -3.08
• 1Y Price Target: $7.33
• Price Target Upside: 279.79% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 4
• EPS Forecast (FY): -0.62
• Revenue Forecast (FY): $216.67K

• Rating: 46 Neutral
• Price Target: $2.00 ▲(3.63% Upside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is held back primarily by weak financial performance—minimal revenue, large ongoing losses, and heavy negative free cash flow—indicating continued funding dependence. Technicals also lean bearish with the stock trading below key moving averages. Offsetting these, corporate updates around Phase 3 progress, regulatory alignment, and manufacturing expansion provide a moderate positive catalyst backdrop, while valuation signals are limited because earnings-based metrics and dividends are not supportive.

Positive Factors

Manufacturing Scale-up

Building dedicated, scalable manufacturing for an autologous cell therapy materially reduces commercialization risk by de‑risking supply chain, supporting consistent clinical supply and enabling a transition to commercial volumes if approved. This is a durable operational asset that supports margin sustainability and execution capacity post-approval.

Regulatory Alignment & RMAT

Agreement with FDA on a surrogate endpoint and RMAT status lowers regulatory risk and shortens potential time to market versus a full traditional pathway. This structural regulatory alignment can materially reduce development uncertainty and resource needs, improving the odds of earlier conditional approval and strategic planning.

Clinical Progress & Enrollment

Expanded Phase 3 enrollment combined with positive Phase 2 signals strengthens the clinical evidence base and statistical robustness of pivotal analyses. Larger, well‑powered trials and supportive earlier data are durable positives that reduce late‑stage clinical risk and better position the program for regulatory review and payer discussions.

Negative Factors

High Cash Burn

Sustained, large negative operating and free cash flow implies ongoing funding dependence and a high likelihood of future dilution or financing needs. Durable execution risk rises if capital markets tighten, and cash constraints can delay trials, manufacturing buildout, or regulatory interactions needed to reach commercialization.

Minimal Revenue & Losses

Revenue remains negligible while operating losses are large, indicating the business is far from self‑sustaining. This structural lack of cash generation increases reliance on external capital, weakens return profiles, and means long lead times before margins can be demonstrated or scaled commercially.

Long Clinical/Regulatory Runway

Multi‑year timelines to surrogate and confirmatory readouts extend commercialization and revenue realization risk well into 2027–2029. The prolonged development horizon increases execution and market risk, sustains cash burn, and leaves outcomes exposed to changes in competitive landscape, standards of care, or regulatory expectations.

ProKidney Business Overview & Revenue Model

Company Description

ProKidney Corp., a clinical-stage biotechnology, engages in developing cellular therapy candidates. It is developing Renal Autologous Cell Therapy, an autologous homologous cell admixture that is in a Phase III development program, as well as Phase II clinical trials for the treatment of moderate to severe diabetic kidney disease; and Phase I clinical trial for patients with congenital anomalies of the kidney and urinary tract. The company was founded in 2015 and is headquartered in Winston-Salem, North Carolina.

How the Company Makes Money

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ProKidney Financial Statement Overview

Summary

Very small revenue base ($0.893M in 2025) alongside deep operating losses (EBIT -$165.0M) and net losses (-$82.6M) indicates an early-stage, pre-profit model. Cash burn remains heavy (operating cash flow and free cash flow both -$120.1M in 2025), implying continued reliance on external funding despite low leverage and a stronger 2025 equity position.

Income Statement

Revenue remains very small despite improvement in 2025 ($0.893M, +20.0% year over year vs. 2024), and profitability is deeply negative. The company generated large operating losses (2025 EBIT of -$165.0M) and a sizable net loss (2025 net income of -$82.6M), indicating the business is still firmly in investment/burn mode. While the net loss narrowed versus 2024 (-$61.2M in 2024), overall margins remain severely pressured due to the extremely low revenue base, making near-term earnings quality and scalability a key weakness.

Balance Sheet

Leverage is low, with modest total debt in 2025 ($3.0M) and a very low debt-to-equity ratio (0.01), which reduces financial risk and provides flexibility. However, equity has been volatile and notably negative in 2022–2024 before turning strongly positive in 2025 (stockholders’ equity of $300.8M), suggesting significant capital structure changes and potential dilution/financing dependency typical for biotech. Returns on equity are weak due to ongoing losses (2025 return on equity of -0.27).

Cash Flow

Cash generation is a clear weakness: operating cash flow is materially negative across the period and remained heavy in 2025 (-$120.1M), with free cash flow also negative (-$120.1M). Free cash flow deteriorated in 2025 (down 18.1%), pointing to continued cash burn rather than stabilization. While free cash flow tracked net income directionally (free cash flow to net income ~1.0 in 2025), the absolute level of cash outflow implies ongoing reliance on external funding until revenue scales meaningfully.

Breakdown	Dec 2025	Mar 2025	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	893.00K	76.00K	0.00	0.00	0.00
Gross Profit	-4.83M	76.00K	0.00	-3.04M	0.00
EBITDA	-165.01M	-158.49M	-125.59M	-143.99M	-53.12M
Net Income	-151.61M	-61.19M	-35.47M	-108.03M	-55.15M
Balance Sheet
Total Assets	335.57M	441.07M	420.55M	518.00M	40.30M
Cash, Cash Equivalents and Short-Term Investments	270.02M	358.29M	362.95M	490.25M	20.56M
Total Debt	2.96M	3.24M	4.41M	2.40M	1.33M
Total Liabilities	34.78M	39.44M	29.22M	13.06M	13.38M
Stockholders Equity	300.79M	-994.95M	-1.10B	-1.10B	26.92M
Cash Flow
Free Cash Flow	-120.12M	-155.86M	-124.27M	-78.94M	-55.49M
Operating Cash Flow	-120.12M	-126.35M	-90.07M	-77.09M	-50.30M
Investing Cash Flow	103.97M	20.41M	-329.98M	-1.74M	-5.19M
Financing Cash Flow	25.57M	144.41M	-9.55M	548.52M	71.47M

ProKidney Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.93
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PROK, the sentiment is Negative. The current price of 1.93 is below the 20-day moving average (MA) of 2.24, below the 50-day MA of 2.16, and below the 200-day MA of 2.35, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 37.16 is Neutral, neither overbought nor oversold. The STOCH value of 7.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PROK.

ProKidney Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RLAY	59 Neutral	$1.77B	-5.25	-43.17%	―	-16.50%	33.02%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PHAT	50 Neutral	$883.33M	-14.30	55.14%	―	460.30%	33.03%
URGN	49 Neutral	$857.78M	-7.34	170.21%	―	8.00%	-10.15%
NRIX	47 Neutral	$1.48B	-5.54	-57.51%	―	48.32%	-1.91%
PROK	46 Neutral	$580.56M	-1.98	13.38%	―	―	2.35%
RZLT	44 Neutral	$238.29M	-2.69	-64.81%	―	―	26.65%

ProKidney Corporate Events

ProKidney Expands Phase 3 REGEN-006 Trial Enrollment Plans

ProKidney has updated its investor presentation to reflect an increased total target enrollment of approximately 470 subjects for its Phase 3 REGEN-006 (PROACT 1) trial of rilparencel in advanced chronic kidney disease, while keeping statistical powering assumptions unchanged. The company still expects topline readout of the surrogate endpoint, eGFR slope, in the second quarter of 2027 and now projects topline data for the confirmatory composite time-to-event endpoint in the second half of 2029, milestones that frame the potential pathway toward accelerated and then full approval of its lead cell therapy and signal a long clinical and regulatory runway with implications for patients, investors and the broader kidney-disease treatment landscape.

The most recent analyst rating on (PROK) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on ProKidney stock, see the PROK Stock Forecast page.

ProKidney Advances Rilparencel Program and Manufacturing Expansion

ProKidney has updated its investor presentation, outlining progress and plans for rilparencel, its autologous kidney cell therapy designed to stabilize kidney function and delay or prevent dialysis in advanced chronic kidney disease patients at highest risk of kidney failure. In 2025, the company aligned with the U.S. Food and Drug Administration on an accelerated approval pathway using eGFR slope as a surrogate endpoint, reported positive Phase 2 data at a major nephrology conference, accelerated enrollment in its pivotal Phase 3 PROACT 1 trial, and expanded its dedicated manufacturing facilities to support both clinical supply and future commercial launch. Looking ahead to 2026, ProKidney aims to complete enrollment for the accelerated approval analysis by mid-year, continue generating and presenting mechanistic data, maintain regulatory dialogue under its RMAT designation in preparation for a potential biologics license application in 2027, and further build out its scalable manufacturing infrastructure, with current cash projected to fund operations into mid-2027, underscoring a period of focused execution that could be pivotal for patients, investors and partners in the kidney disease treatment landscape.

The most recent analyst rating on (PROK) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on ProKidney stock, see the PROK Stock Forecast page.