ProKidney Reports Full Year 2024 Financial Results and Business Highlights

Core Insights - ProKidney Corp. experienced significant advancements in 2024, focusing on chronic kidney disease (CKD) and preparing for the market introduction of its lead product, rilparencel [2][4][6] Financial Highlights - As of December 31, 2024, ProKidney had cash, cash equivalents, and marketable securities totaling $358.3 million, a slight decrease from$363.0 million in 2023, which is expected to fund operations into mid-2027 [4] - Research and development expenses rose to $127.7 million in 2024 from$106.7 million in 2023, primarily due to increased personnel costs and clinical trial expenses [5] - General and administrative expenses increased to $56.1 million in 2024 from$44.8 million in 2023, driven by higher cash-based compensation and an impairment charge [6][8] - The net loss before noncontrolling interest was $163.3 million in 2024, compared to$135.4 million in 2023 [8][17] Clinical and Regulatory Developments - The Phase 3 REGEN-006 (PROACT 1) trial was refined to target advanced CKD patients, with the FDA confirming an accelerated approval pathway for rilparencel if an acceptable surrogate endpoint is used [2][7] - Full data from Group 1 of the Phase 2 REGEN-007 study is expected in Q2 2025, with interim results showing kidney function stabilization for 18 months in patients with advanced CKD and diabetes [7][12] - The company discontinued the Phase 3 REGEN-016 (PROACT 2) study to focus on the more promising REGEN-006 trial [7] Funding and Equity - ProKidney secured $140 million in equity funding in 2024, which will extend its cash runway into mid-2027 [2][6] - The total number of shares outstanding as of December 31, 2024, was 291,748,124 [9]