ProKidney Corp. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant developments in its operations and financial position. As of September 30, 2024, the company had cash and cash equivalents of $108.1 million, a notable increase from $60.6 million at the end of 2023. Total current assets rose to $430.2 million from $374.1 million, contributing to total assets of $474.8 million, up from $420.6 million.

Despite these increases in assets, ProKidney continues to face substantial operating losses. For the three months ended September 30, 2024, operating expenses were $49.0 million, compared to $46.6 million in the same period of 2023. The operating loss for the quarter was $(49.0) million, reflecting a slight increase from $(46.6) million year-over-year. The net loss before income taxes for the quarter was $(43.4) million, up from $(41.1) million in 2023. The net loss attributable to Class A ordinary shareholders for the same period was $(17.9) million, compared to $(11.0) million in the prior year.

For the nine months ended September 30, 2024, the total operating expenses increased to $132.1 million from $127.3 million in 2023, with a net loss of $(114.9) million compared to $(113.7) million in the previous year. Research and development expenses saw a net increase of approximately $3.7 million, driven by higher cash-based compensation and professional fees, while general and administrative expenses rose by $1.1 million, primarily due to a $5.3 million impairment charge related to the Greensboro facility.

Strategically, ProKidney has focused on advancing its lead product candidate, rilparencel, through various clinical trials. The company is currently engaged in a global Phase 3 development program for rilparencel in diabetic kidney disease and has recently amended its trial protocols to target specific patient populations. In June 2024, ProKidney raised approximately $136.6 million through the sale of Class A ordinary shares, which is expected to fund operations into mid-2026.

As of September 30, 2024, ProKidney reported a total shareholders' deficit of $(979.7) million, an improvement from $(1.1) billion at the end of 2023. The company continues to rely on external funding to support its operations, with no revenue generated from product sales to date. The financial statements reflect ongoing challenges, including the need for substantial additional funding to support clinical development and operational costs.