Revenue remains negligible at $226,000 for 2026Q1, while R&D expenses of $33.8 million continue to drive an operating margin of -198.8%.
| Sales/Revenue | 889K | 893K | 76K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 190.52% | 1075% | - | - | - | - | - | - |
| Cost of Goods Sold | 2.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -2M | 893K | 76K | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | -224.41% | 100% | 100% | - | - | - | - | - |
| Gross Profit Growth % | - | 1075% | - | - | - | - | - | - |
| Operating Expenses | 166.56M | 165.9M | 183.75M | 151.52M | 153.01M | 55.11M | 27.02M | 79.38M |
| OpEx % of Revenue | - | 18577.83% | 241778.95% | - | - | - | - | - |
| Selling, General & Admin | 43.56M | 51.78M | 56.08M | 44.81M | 70.94M | 8.86M | 5.98M | 4.16M |
| SG&A % of Revenue | - | 5798.1% | 73794.74% | - | - | - | - | - |
| Research & Development | 120.7M | 114.12M | 127.67M | 106.71M | 82.07M | 46.26M | 21.04M | 75.22M |
| R&D % of Revenue | - | 12779.73% | 167984.21% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -168.55M | -165.01M | -183.68M | -151.52M | -153.01M | -55.11M | -27.02M | -79.38M |
| Operating Margin % | -18959.73% | -18477.83% | -241678.95% | - | - | - | - | - |
| Operating Income Growth % | - | 10.16% | -21.22% | 0.97% | -177.64% | -103.93% | 65.96% | - |
| EBITDA | -162.53M | -158.43M | -178.24M | -147.67M | -149.97M | -53.13M | -26.06M | -78.51M |
| EBITDA Margin % | -18282.34% | -17741.55% | -234531.58% | - | - | - | - | - |
| EBITDA Growth % | 9.23% | 11.12% | -20.71% | 1.54% | -182.29% | -103.86% | 66.81% | - |
| D&A (Non-Cash Add-back) | 6.02M | 6.58M | 5.43M | 3.85M | 3.04M | 1.98M | 964K | 867K |
| EBIT | -161.7M | -151.19M | -163.92M | -129.44M | -147.02M | -55.11M | -27.02M | -19.16M |
| Net Interest Income | 12.09M | 13.81M | 19.74M | 22.07M | 5.77M | 2K | 43K | 126 |
| Interest Income | 12.11M | 13.81M | 19.75M | 22.08M | 5.98M | 2K | 43K | 126 |
| Interest Expense | 19K | 4K | 9K | 12K | 215K | 0 | 0 | 0 |
| Other Income/Expense | 12.09M | 13.81M | 19.74M | 22.07M | 5.77M | 2K | 43K | 126K |
| Pretax Income | -156.46M | -151.2M | -163.93M | -129.45M | -147.24M | -55.11M | -26.98M | -79.25M |
| Pretax Margin % | -17599.33% | -16931.47% | -215701.32% | - | - | - | - | - |
| Income Tax | -20.21M | 414K | -598K | 6M | 896K | 38K | -232K | 361K |
| Effective Tax Rate % | 12.92% | -0.27% | 0.36% | -4.63% | -0.61% | -0.07% | 0.86% | -0.46% |
| Net Income | -74.84M | -68.99M | -61.19M | -35.47M | -108.03M | -55.15M | -26.75M | -79.61M |
| Net Margin % | -8418% | -7725.2% | -80507.89% | - | - | - | - | - |
| Net Income Growth % | -9.36% | -12.75% | -72.51% | 67.17% | -95.9% | -106.16% | 66.4% | - |
| Net Income (Continuing) | -136.24M | -151.61M | -163.34M | -135.45M | -148.13M | -55.15M | -26.75M | -79.61M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.29B | 1.31B | 1.4B | 1.49B | 1.6B | 0 | 0 | 0 |
| EPS (Diluted) | -0.53 | -0.52 | -0.62 | -0.57 | -1.76 | -1.73 | -0.14 | -1.01 |
| EPS Growth % | 8.33% | 16.13% | -8.77% | 67.61% | -1.73% | -1135.71% | 86.14% | - |
| EPS (Basic) | - | -0.52 | -0.62 | -0.57 | -1.76 | -1.73 | -0.14 | -1.01 |
| Diluted Shares Outstanding | 141.93M | 133.94M | 97.92M | 61.71M | 61.54M | 31.89M | 186.5M | 78.53M |
| Basic Shares Outstanding | 141.93M | 133.94M | 97.92M | 61.71M | 61.54M | 31.89M | 186.5M | 78.53M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical Trial Execution Risk
As reported in recent financial filings, ProKidney's quarterly revenue remains negligible at approximately $226,000, confirming its status as a pre-commercial entity where top-line growth is driven by non-recurring agreements rather than sustainable product demand, rendering traditional growth metrics largely irrelevant for assessing the company's long-term viability.
The absence of a consistent revenue stream highlights that the company is currently in a pure research and development phase. Investors should interpret these minor revenue figures as incidental to clinical trial activities rather than indicators of market penetration or commercial success.
Based on the company's income statement, R&D expenses consistently dominate the cost structure, with quarterly outlays frequently exceeding $30 million, which underscores the heavy capital requirements necessary to sustain the ongoing Phase III PROACT clinical trials for the REACT platform in the current fiscal environment.
The concentration of spending in R&D reflects the high-stakes nature of the company's clinical pipeline. This cost structure suggests that management is prioritizing trial progression over near-term expense discipline, which is typical for late-stage biotech but necessitates constant capital market access.
According to quarterly data, stock-based compensation remains a significant non-cash expense, often reaching over $6 million per quarter, which effectively dilutes existing shareholders while obscuring the true cash-based operating deficit that the company faces as it navigates the expensive final stages of its clinical development.
The reliance on equity-based incentives suggests a strategy to preserve cash, yet it creates a persistent overhang of dilution for investors. Analysts should monitor the relationship between these non-cash charges and the actual cash burn rate to better understand the company's true runway.
While the company currently reports a 100% gross margin in periods without COGS, historical data suggests that the transition to commercial-scale autologous cell therapy will likely introduce significant variable costs, potentially compressing future margins and challenging the long-term profitability of the REACT platform's bespoke manufacturing model.
The current lack of COGS is an accounting artifact that masks the operational reality of producing individualized therapies. Investors should be wary of assuming that current margin profiles will persist, as the logistical and manufacturing hurdles of cell therapy often lead to lower-than-expected gross profitability at scale.
Quick answers to the most common questions about buying PROK stock.
For fiscal year 2025, ProKidney Corp. (PROK) reported total revenue of $0.9M.
ProKidney Corp. (PROK) reported a net loss of $69.0M for the fiscal year ending 2025.
ProKidney Corp. (PROK) reported an operating income of $-165.0M, resulting in an operating profit margin of -18477.8%. This margin reflects the operational efficiency of the business before interest and taxes.
ProKidney Corp. (PROK) generated $0.9M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.