Overview

• U.S. cell therapy developer posted Q1 net loss of $42.6 mln, EPS loss of $0.14

• R&D expenses rose on higher clinical and manufacturing costs for Phase 3 PROACT 1 trial

• Company ended Q1 with $224.9 mln in cash and marketable securities, funding operations into mid-2027

Outlook

• ProKidney expects existing cash to fund operations into mid-2027

Result Drivers

• CLINICAL TRIAL COSTS - Higher R&D expenses were mainly due to increased clinical study and manufacturing costs for the ongoing Phase 3 PROACT 1 trial

• LOWER ADMINISTRATIVE COSTS - General and administrative expenses fell due to reduced compensation and professional fees

Company press release: ID:nGNX8tgFt3

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		-$0.14
Q1 Operating Expenses		$45.16 mln
Q1 Operating Income		-$44.93 mln
Q1 Pretax Profit		-$42.62 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Prokidney Corp is $7.00, about 309.4% above its May 14 closing price of $1.71

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