ProKidney reported first-quarter 2026 results showing a wider net loss, higher research spending, lower general and administrative costs, and a reduced cash balance as it pushed its lead kidney-disease program deeper into phase 3.
Cash, cash equivalents and marketable securities fell to $224.9 million at March 31, 2026, from $270.0 million at Dec. 31, 2025, a decline of $45.1 million. Even so, the company said that cash position should fund operations and capital spending into mid-2027.
Research and development expenses rose to $33.8 million from $27.3 million a year earlier, up $6.6 million, or about 24%. The company said the increase was driven mainly by $6.5 million of higher clinical study and manufacturing costs tied to its ongoing PROACT 1 trial, plus a $1.2 million increase in compensation costs, partially offset by a $1.6 million decline in costs for completed or terminated trials.
General and administrative expenses declined to $11.3 million from $14.4 million in the prior-year quarter, down $3.1 million, or about 22%. ProKidney attributed that drop largely to a $1.7 million reduction in compensation costs and a $1.4 million decrease in professional fees and other operating costs.
Net loss before noncontrolling interest widened to $42.6 million from $38.0 million a year earlier, an increase of $4.6 million, or about 12%.
On the clinical side, ProKidney said it remains on track to complete enrollment for the surrogate endpoint analysis in mid-2026, with pivotal topline results expected in the second quarter of 2027. The company said the phase 2 REGEN-007 study showed a 4.6 ml/min/1.73m² improvement in annual eGFR slope in group 1, comparing the pre-injection period with the period after the last rilparencel injection.
At quarter-end, ProKidney had 301,953,977 Class A and Class B shares outstanding. As a result of these announcements, the company's shares have moved -3.22% on the market, and are now trading at a price of $1.655. If you want to know more, read the company's complete 8-K report here.
