Detailed financial statements for ProKidney Corp. (PROK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
ProKidney Corp. is a biotechnology firm currently in the clinical trial phase, specializing in the development of innovative cell-based treatments. Their flagship product is Renal Autologous Cell Therapy (RAC-T), a unique cellular admixture derived from a patient's own cells. RAC-T is undergoing significant clinical evaluation; it is concurrently in Phase III and Phase II trials for individuals with moderate to severe diabetic kidney disease.
Analysis Summary
Trailing-twelve-month margins: gross margin -252.6%, operating margin -216.6%, net margin -106.0%.
At the current price of $1.85, PROK has negative trailing earnings (P/E not meaningful) and an ROE of 8.83%. Market capitalisation stands at $622M.
Balance sheet quality for PROK: current ratio of 9.1, net cash position of $266.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | $76000 | $893000 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | $76000 | $893000 |
| Research & Development | $75.2M | $21.0M | $46.3M | $82.1M | $106.7M | $127.7M | $114.1M |
| Selling, General & Admin | $4.2M | $6.0M | $8.9M | $70.9M | $44.8M | $56.1M | $51.8M |
| Operating Expenses | $79.4M | $27.0M | $55.1M | $153.0M | $151.5M | $183.8M | $165.9M |
| Operating Income | -$79.4M | -$27.0M | -$55.1M | -$153.0M | -$151.5M | -$183.7M | -$165.0M |
| EBITDA | -$18.3M | -$26.1M | -$53.1M | -$144.0M | -$125.6M | -$158.5M | -$144.6M |
| Interest Expense | 0 | 0 | 0 | $215000 | $12000 | $9000 | $4000 |
| Pre-tax Income | -$79.3M | -$27.0M | -$55.1M | -$147.2M | -$129.5M | -$163.9M | -$151.2M |
| Income Tax | $361000 | -$232000 | $38000 | $896000 | $6.0M | -$598000 | $414000 |
| Net Income | -$79.6M | -$26.7M | -$55.1M | -$108.0M | -$35.5M | -$61.2M | -$69.0M |
| EPS | $-1.01 | $-0.14 | $-1.73 | $-1.76 | $-0.57 | $-0.62 | $-0.52 |
| EPS (Diluted) | $-1.01 | $-0.14 | $-1.73 | $-1.76 | $-0.57 | $-0.62 | $-0.52 |
| Shares Outstanding (Diluted) | $78.5M | $186.5M | $31.9M | $61.5M | $61.7M | $97.9M | $133.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $217000 | $225000 | $226000 | $150000 |
| Gross Profit | $217000 | -$1.2M | -$1.2M | $150000 |
| Operating Income | -$38.5M | -$45.4M | -$44.9M | -$48.4M |
| EBITDA | -$33.6M | -$41.0M | -$41.2M | -$45.0M |
| Net Income | -$16.5M | -$19.2M | -$22.6M | -$28.4M |
| EPS | $-0.12 | $-0.14 | $-0.16 | $-0.15 |
| EPS (Diluted) | $-0.12 | $-0.14 | $-0.16 | $-0.15 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $15.2M | $4.6M | $20.6M | $490.3M | $60.6M | $99.1M | $108.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | $302.3M | $259.2M | $161.5M |
| Receivables | 0 | 0 | 0 | 0 | $1.4M | $2.4M | $1.1M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $15.4M | $5.6M | $27.3M | $504.7M | $374.1M | $395.9M | $280.7M |
| Property, Plant & Equipment | $3.3M | $10.5M | $12.6M | $13.1M | $46.4M | $45.2M | $54.9M |
| Goodwill | 0 | $641358 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $857000 | $642 | $428000 | $213000 | 0 | 0 | 0 |
| Total Assets | $19.6M | $16.7M | $40.3M | $518.0M | $420.6M | $441.1M | $335.6M |
| Accounts Payable | $480000 | $781000 | $2.8M | $3.0M | $5.1M | $3.6M | $940000 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.7M | $5.5M | $12.3M | $10.9M | $25.0M | $36.2M | $30.7M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $3.7M | $6.8M | $13.4M | $13.1M | $29.2M | $39.4M | $34.8M |
| Retained Earnings | -$79.6M | -$106.4M | -$161.5M | -$1.10B | -$1.14B | -$1.20B | -$1.27B |
| Total Equity | $15.9M | $9.9M | $26.9M | -$1.10B | -$1.10B | -$995.0M | -$1.01B |
| Total Debt | $1.1M | $1.6M | $1.3M | $2.4M | $4.4M | $3.2M | $4.0M |
| Net Debt | -$14.1M | -$3.0M | -$19.2M | -$487.9M | -$358.5M | -$355.1M | -$266.0M |
| Working Capital | $12.7M | $83000 | $15.0M | $493.8M | $349.1M | $359.7M | $249.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $95.3M | $108.5M | $101.9M | $74.9M |
| Total Assets | $351.6M | $335.6M | $292.8M | $249.0M |
| Total Liabilities | $33.3M | $34.8M | $29.7M | $26.2M |
| Total Equity | -$1.01B | -$1.01B | -$1.02B | -$883.5M |
| Total Debt | $4.2M | $4.0M | $3.8M | $3.5M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$79615 | -$26.7M | -$55.1M | -$148.1M | -$135.4M | -$163.3M | -$151.6M |
| Depreciation & Amortization | $867 | $964000 | $2.0M | $3.0M | $3.9M | $5.4M | $6.6M |
| Stock-based Compensation | $498 | $730000 | $699000 | $74.5M | $30.8M | $29.4M | $25.3M |
| Change in Working Capital | -$115 | -$126000 | $2.2M | -$6.5M | $16.7M | $4.0M | $1.3M |
| Operating Cash Flow | -$76806 | -$25.2M | -$50.3M | -$77.1M | -$90.1M | -$126.4M | -$120.1M |
| Capital Expenditure | -$1305 | -$5.5M | -$5.2M | -$1.8M | -$34.2M | -$29.5M | -$15.2M |
| Acquisitions | -$1663 | 0 | $1000 | $108000 | 0 | 0 | $18.2M |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$9.5M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$78111 | -$30.6M | -$55.5M | -$78.9M | -$124.3M | -$155.9M | -$135.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$26.6M | -$32.5M | -$41.7M | -$40.4M |
| Capital Expenditure | -$5.2M | -$5.8M | -$3.8M | -$3.8M |
| Free Cash Flow | -$31.8M | -$38.3M | -$45.5M | -$44.2M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $5.7M | $4.9M | $5.6M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | | +1075.0% |
| Net Income Growth (YoY) | | +66.4% | -106.2% | -95.9% | +67.2% | -72.5% | -12.7% |
| EPS Growth (YoY) | | +86.1% | -1135.7% | -1.7% | +67.6% | -8.8% | +16.1% |
| Shares Change (YoY) | | +137.5% | -82.9% | +93.0% | +0.3% | +58.7% | +36.8% |
| FCF Growth (YoY) | | -39122.4% | -81.1% | -42.2% | -57.4% | -25.4% | +13.2% |
| Gross Margin | | | | | | 100.0% | 100.0% |
| Operating Margin | | | | | | -241678.9% | -18477.8% |
| EBITDA Margin | | | | | | -208542.1% | -16194.7% |
| Net Margin | | | | | | -80507.9% | -7725.2% |
| FCF Margin | | | | | | -205078.9% | -15152.6% |
| Effective Tax Rate | -0.5% | 0.9% | -0.1% | -0.6% | -4.6% | 0.4% | -0.3% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.00 | $-0.16 | $-1.74 | $-1.28 | $-2.01 | $-1.59 | $-1.01 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $78.5M | $186.5M | $31.9M | $61.5M | $61.7M | $97.9M | $133.9M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 8.83% |
| Return on Invested Capital | -68.08% |
| Return on Assets | -34.82% |
| Gross Margin | -252.57% |
| Operating Margin | -21664.55% |
| Net Margin | -10599.76% |
Financial Health
| Debt / Equity | -0.00 |
| Current Ratio | 8.36 |
| Piotroski F-Score | 1 |
| Altman Z-Score | 5.72 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -10.01 | -72.21 | -5.72 | -3.90 | -3.12 | -2.73 | -4.31 |
| P/B | 49.98 | 191.15 | 11.73 | -0.38 | -0.10 | -0.17 | -0.30 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2177.35 | 335.98 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -241678.9% | -18477.8% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -80507.9% | -7725.2% |