ProKidney (PROK) AI Stock Analysis

• Market Cap: $634.76M
• Dividend Yield: N/A
• Average Volume (3M): 878.46K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.01
• Revenue Growth: N/A
• EPS Growth: 2.35%
• Country: US
• Employees: 204
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.12
• Shares Outstanding: 141,545,440
• 10 Day Avg. Volume: 600,704
• 30 Day Avg. Volume: 878,464
• PEG Ratio: -0.31
• Price to Book (P/B): -0.17
• Price to Sales (P/S): 2177.35
• P/FCF Ratio: -1.06
• Enterprise Value/Market Cap: 1.96
• Enterprise Value/Revenue: 1.67K
• Enterprise Value/Gross Profit: -1.90K
• Enterprise Value/Ebitda: -8.32
• 1Y Price Target: $5.33
• Price Target Upside: 155.02% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $2.00 ▼(-4.31% Downside)

The score is primarily held down by weak financial performance (large losses, heavy cash burn, and deeply negative equity), reinforced by bearish technicals (price below key moving averages and negative MACD). Positive corporate progress on the Phase 3 program and regulatory pathway provides some offset, but long timelines and limited valuation support keep the overall score low.

Positive Factors

Regulatory Pathway Alignment

Alignment with the FDA on an accelerated approval pathway and RMAT designation provides durable regulatory clarity and a feasible registration strategy. This reduces development uncertainty, can shorten time-to-market, and improves attractiveness to partners and investors for long-term execution.

Manufacturing Capacity Expansion

Building dedicated manufacturing infrastructure for an autologous cell therapy materially reduces commercialization execution risk. Owning scalable facilities improves supply reliability, quality control, and cost management—critical for patient-specific therapies and durable commercial readiness.

Modest Absolute Debt

Low absolute debt reduces near-term solvency and interest-service pressures, giving the company more runway flexibility. For a cash-burning development-stage biotech, limited leverage lessens immediate liquidity stress and allows capital raises to focus on R&D and manufacturing scale-up.

Negative Factors

High Cash Burn

Sustained, large negative operating and free cash flow mean the company will repeatedly need external capital or must cut programs. Persistent burn strains financial resilience, heightens dilution risk, and can force delays or compromises in trials, manufacturing, or commercialization planning.

Negative Equity & Shrinking Assets

Deeply negative shareholders’ equity and declining assets reflect accumulated deficits and shrinking balance-sheet flexibility. This structural weakness limits strategic options, increases reliance on dilutive financing, and raises long-term execution and partnership risks for sustained development.

Extended Clinical Timelines

Multi-year timelines to pivotal and confirmatory readouts extend the period without commercial revenue and amplify execution and financing risk. Long development horizons increase exposure to competitive, regulatory, and technological shifts that can materially affect ultimate market opportunity.

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

ProKidney makes money primarily through the development and commercialization of its innovative cellular therapies for chronic kidney disease, particularly through its flagship product, Renal Autologous Cell Therapy (REACT). The company seeks to generate revenue by advancing this product through clinical trials and achieving regulatory approval, which would allow it to market the therapy to healthcare providers and hospitals. Additionally, ProKidney may enter into partnerships or licensing agreements with larger pharmaceutical companies to enhance distribution capabilities and expand market reach, which could provide upfront payments, milestone payments, and royalties as key revenue streams.

ProKidney Financial Statement Overview

Summary

Development-stage profile with very small revenue ($744K TTM) against large ongoing losses (TTM EBIT -$171.2M; net income -$71.0M) and substantial cash burn (TTM operating cash flow -$111.8M; free cash flow -$146.7M). Low absolute debt (~$4.2M) helps, but deeply negative equity (~-$1.01B) and shrinking assets raise balance-sheet risk and reliance on external financing.

Income Statement

PROK remains a pre-commercial biotech with minimal revenue: revenue was $76K in 2024 (annual) and improved to $744K in TTM (Trailing-Twelve-Months), showing better top-line traction off a small base. However, profitability is deeply negative, with large operating losses (TTM EBIT of -$171.2M and net income of -$71.0M), indicating a heavy cost structure relative to revenue. Gross profit also turned negative in TTM (gross profit of -$0.65M), reinforcing that the business has not yet reached a stable, scalable revenue model.

Balance Sheet

Leverage appears modest in absolute terms (TTM total debt of ~$4.2M), which reduces near-term debt-servicing risk. The key weakness is the capital structure: stockholders’ equity is deeply negative (TTM: about -$1.01B), which is a significant balance-sheet red flag and suggests substantial accumulated deficits and/or dilution-related accounting impacts. Total assets declined versus 2024 (from ~$441.1M to ~$351.6M in TTM), pointing to balance-sheet contraction over time.

Cash Flow

Cash burn remains substantial and persistent, with operating cash flow at -$111.8M in TTM (Trailing-Twelve-Months) and free cash flow at -$146.7M, consistent with an R&D-heavy development stage. Free cash flow improved modestly versus 2024 (positive free-cash-flow growth in TTM after a decline in 2024), but the company is still far from self-funding operations. A relative positive is that cash flow losses track net losses (free cash flow is roughly 1.2x net loss in both TTM and 2024), indicating losses are largely reflected in cash rather than being masked by non-cash items.

Breakdown	TTM	Mar 2025	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	744.00K	76.00K	0.00	0.00	0.00	0.00
Gross Profit	-654.00K	76.00K	0.00	-3.04M	0.00	0.00
EBITDA	-149.50M	-158.49M	-125.59M	-143.99M	-53.12M	-26.06M
Net Income	-71.03M	-61.19M	-35.47M	-108.03M	-55.15M	-26.75M
Balance Sheet
Total Assets	351.61M	441.07M	420.55M	518.00M	40.30M	16.70M
Cash, Cash Equivalents and Short-Term Investments	271.73M	358.29M	362.95M	490.25M	20.56M	4.58M
Total Debt	4.24M	3.24M	4.41M	2.40M	1.33M	1.56M
Total Liabilities	33.27M	39.44M	29.22M	13.06M	13.38M	6.84M
Stockholders Equity	-1.01B	-994.95M	-1.10B	-1.10B	26.92M	9.86M
Cash Flow
Free Cash Flow	-146.73M	-155.86M	-124.27M	-78.94M	-55.49M	-30.64M
Operating Cash Flow	-111.78M	-126.35M	-90.07M	-77.09M	-50.30M	-25.18M
Investing Cash Flow	90.95M	20.41M	-329.98M	-1.74M	-5.19M	-5.46M
Financing Cash Flow	8.06M	144.41M	-9.55M	548.52M	71.47M	19.99M

ProKidney Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2.09
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PROK, the sentiment is Positive. The current price of 2.09 is above the 20-day moving average (MA) of 2.03, below the 50-day MA of 2.18, and below the 200-day MA of 2.20, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 50.01 is Neutral, neither overbought nor oversold. The STOCH value of 84.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PROK.

ProKidney Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PHAT	57 Neutral	$930.14M	-3.14	―	―	460.30%	33.03%
RLAY	53 Neutral	$1.58B	-5.06	-41.14%	―	-16.50%	33.02%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NRIX	51 Neutral	$1.59B	-5.19	-49.63%	―	48.32%	-1.91%
URGN	50 Neutral	$1.04B	-6.30	―	―	8.00%	-10.15%
PROK	44 Neutral	$634.76M	-4.02	―	―	―	2.35%
RZLT	44 Neutral	$345.95M	-3.55	-74.02%	―	―	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.