ProKidney Financials
Financial Health Signals
ProKidney passes 1 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, ProKidney generates $2.07 in operating cash flow (-$126.4M OCF vs -$61.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
ProKidney earns $-20408.4 in operating income for every $1 of interest expense (-$183.7M vs $9K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows ProKidney (PROK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
ProKidney generated $76K in revenue in fiscal year 2024.
ProKidney's EBITDA was -$178.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 20.7% from the prior year.
ProKidney generated -$155.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 25.4% from the prior year.
ProKidney reported -$61.2M in net income in fiscal year 2024. This represents a decrease of 72.5% from the prior year.
ProKidney held $99.1M in cash against $0 in long-term debt as of fiscal year 2024.
ProKidney's operating margin was -241678.9% in fiscal year 2024, reflecting core business profitability.
ProKidney's net profit margin was -80507.9% in fiscal year 2024, showing the share of revenue converted to profit.
ProKidney invested $127.7M in research and development in fiscal year 2024. This represents an increase of 19.6% from the prior year.
ProKidney spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
ProKidney invested $29.5M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 13.7% from the prior year.
PROK Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $217K-1.8% | $221K-3.9% | $230K+202.6% | $76K | $0 | $0 | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $26.8M+3.6% | $25.9M-5.1% | $27.3M-31.5% | $39.8M+35.3% | $29.4M+8.0% | $27.2M | N/A | $32.2M |
| SG&A Expenses | $11.9M-15.0% | $14.0M-2.1% | $14.4M+21.0% | $11.9M-13.1% | $13.7M+6.3% | $12.8M | N/A | $14.4M |
| Operating Income | -$38.5M+2.9% | -$39.7M+4.1% | -$41.4M+19.7% | -$51.6M-19.8% | -$43.1M-7.4% | -$40.1M | N/A | -$46.6M |
| Interest Expense | $2K+100.0% | $1K | $0-100.0% | $2K-33.3% | $3K+50.0% | $2K | N/A | $2K |
| Income Tax | $560K-34.0% | $848K+43.5% | $591K-65.3% | $1.7M+3139.3% | -$56K-157.1% | $98K | N/A | $913K |
| Net Income | -$16.5M+0.5% | -$16.6M+1.1% | -$16.7M+21.4% | -$21.3M-70.1% | -$12.5M-31.8% | -$9.5M | N/A | -$11.0M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PROK Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $351.6M-5.5% | $372.1M-8.4% | $406.1M-7.9% | $441.1M-11.6% | $499.2M+28.7% | $387.8M-7.8% | $420.6M-6.9% | $451.8M |
| Current Assets | $300.0M-7.5% | $324.4M-9.8% | $359.7M-9.1% | $395.9M-12.1% | $450.3M+32.4% | $340.2M-9.1% | $374.1M-7.9% | $406.4M |
| Cash & Equivalents | $95.3M+12.2% | $84.9M-13.2% | $97.8M-1.3% | $99.1M-53.8% | $214.5M+154.2% | $84.4M+39.1% | $60.6M-68.3% | $191.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $1.4B-1.1% | $1.4B-2.1% | $1.4B-2.2% | $1.4B-2.4% | $1.5B-0.8% | $1.5B-2.6% | $1.5B-1.3% | $1.5B |
| Current Liabilities | $29.1M+2.8% | $28.3M-13.9% | $32.8M-9.4% | $36.2M+75.9% | $20.6M+6.7% | $19.3M-22.9% | $25.0M+19.3% | $21.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$1.0B-0.6% | -$1.0B-0.4% | -$998.6M-0.4% | -$995.0M-2.3% | -$972.4M+11.3% | -$1.1B+0.7% | -$1.1B-1.0% | -$1.1B |
| Retained Earnings | -$1.3B-1.3% | -$1.2B-1.4% | -$1.2B-1.4% | -$1.2B-3.4% | -$1.2B-1.1% | -$1.1B-0.8% | -$1.1B-0.5% | -$1.1B |
PROK Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$26.6M+15.3% | -$31.4M-6.2% | -$29.6M-22.4% | -$24.2M+36.9% | -$38.3M-10.5% | -$34.6M-36.5% | -$25.4M-6.8% | -$23.8M |
| Capital Expenditures | $5.2M+67.0% | $3.1M+174.2% | $1.1M-95.6% | $25.5M+3910.8% | $636K-33.8% | $960K-38.9% | $1.6M-94.4% | $27.9M |
| Free Cash Flow | -$31.8M+7.9% | -$34.5M-12.4% | -$30.7M+38.2% | -$49.7M-27.6% | -$38.9M-9.3% | -$35.6M-32.1% | -$27.0M+47.9% | -$51.7M |
| Investing Cash Flow | $29.0M+56.3% | $18.6M-34.4% | $28.3M+87.6% | $15.1M-47.2% | $28.6M-51.1% | $58.4M+160.9% | -$95.8M-237.8% | -$28.4M |
| Financing Cash Flow | $8.0M+56964.3% | -$14K-16.7% | -$12K-109.8% | $123K-99.9% | $139.8M+1075807.7% | -$13K+99.9% | -$9.5M-73069.2% | -$13K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PROK Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -17759.9%+208.0pp | -17967.9%+26.9pp | -17994.8%+49861.8pp | -67856.6% | N/A | N/A | N/A | N/A |
| Net Margin | -7589.4%-99.8pp | -7489.6%-213.9pp | -7275.7%+20721.7pp | -27997.4% | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -4.7%-0.2pp | -4.5%-0.3pp | -4.1%+0.7pp | -4.8%-2.3pp | -2.5%-0.1pp | -2.5% | N/A | -2.4% |
| Current Ratio | 10.32-1.2 | 11.48+0.5 | 10.96+0.0 | 10.93-10.9 | 21.87+4.2 | 17.62+2.7 | 14.94-4.4 | 19.37 |
| Debt-to-Equity | -1.35+0.0 | -1.37+0.0 | -1.41+0.0 | -1.44+0.1 | -1.51-0.2 | -1.35+0.0 | -1.38+0.0 | -1.41 |
| FCF Margin | -14651.2%+972.4pp | -15623.5%-2264.0pp | -13359.6%+52008.9pp | -65368.4% | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$995.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
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Frequently Asked Questions
What is ProKidney's annual revenue?
ProKidney (PROK) reported $76K in total revenue for fiscal year 2024. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is ProKidney profitable?
No, ProKidney (PROK) reported a net income of -$61.2M in fiscal year 2024, with a net profit margin of -80507.9%.
What is ProKidney's EBITDA?
ProKidney (PROK) had EBITDA of -$178.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is ProKidney's operating margin?
ProKidney (PROK) had an operating margin of -241678.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is ProKidney's net profit margin?
ProKidney (PROK) had a net profit margin of -80507.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is ProKidney's free cash flow?
ProKidney (PROK) generated -$155.9M in free cash flow during fiscal year 2024. This represents a -25.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is ProKidney's operating cash flow?
ProKidney (PROK) generated -$126.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are ProKidney's total assets?
ProKidney (PROK) had $441.1M in total assets as of fiscal year 2024, including both current and long-term assets.
What are ProKidney's capital expenditures?
ProKidney (PROK) invested $29.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does ProKidney spend on research and development?
ProKidney (PROK) invested $127.7M in research and development during fiscal year 2024.
What is ProKidney's current ratio?
ProKidney (PROK) had a current ratio of 10.93 as of fiscal year 2024, which is generally considered healthy.
What is ProKidney's debt-to-equity ratio?
ProKidney (PROK) had a debt-to-equity ratio of -1.44 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is ProKidney's return on assets (ROA)?
ProKidney (PROK) had a return on assets of -13.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is ProKidney's cash runway?
Based on fiscal year 2024 data, ProKidney (PROK) had $99.1M in cash against an annual operating cash burn of $126.4M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is ProKidney's debt-to-equity ratio negative or unusual?
ProKidney (PROK) has negative shareholder equity of -$995.0M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is ProKidney's Piotroski F-Score?
ProKidney (PROK) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are ProKidney's earnings high quality?
ProKidney (PROK) has an earnings quality ratio of 2.07x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can ProKidney cover its interest payments?
ProKidney (PROK) has an interest coverage ratio of -20408.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.