ProKidney completes Phase 3 PROACT 1 patient enrollment
The biotechnology company reported a net loss of $46.4 million for the second quarter ended June 30, 2026.
ProKidney (PROK), a biotechnology company, completed patient enrollment for the Phase 3 PROACT 1 accelerated approval efficacy analysis in the second quarter of 2026. The company met the mid-2026 target it had previously guided during the first quarter of 2026 and the 2025 fiscal year.
Net loss before noncontrolling interest widened to $46.4 million in the second quarter of 2026, compared with a loss of $37.0 million in the second quarter of 2025. Revenue for the period declined to $150,000, down from $221,000 in the same quarter of the previous year.
Research and development expenses rose to $36.1 million in the second quarter of 2026 from $25.9 million in the second quarter of 2025. The increase was primarily due to an $8.7 million rise in clinical study and manufacturing costs associated with the PROACT 1 study.
General and administrative expenses decreased to $12.4 million from $14.0 million in the prior-year quarter. The decline was primarily due to a $1.2 million reduction in compensation costs related to equity forfeitures and the vesting of prior awards.
Cash, cash equivalents, and marketable securities totaled $181.6 million as of June 30, 2026. This represented a decrease from the $224.9 million the company held as of March 31, 2026.
In June 2026, ProKidney appointed Kenneth Locke as chief technical officer. The appointment was intended to strengthen its leadership regarding the supply chain and manufacturing.