0000950170-25-069251 | 10-Q | XBRL Viewer

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Leases - Schedule of future minimum lease payments under non-cancelable operating leases excluding the effect of straight-line rent and variable rental payments (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Leases [Abstract]
2025 (remaining nine months)	$ 413
2026	522
2027	495
2028	289
2029	13
Thereafter	0
Lessor, Operating Lease, Payment to be Received, Total	$ 1,732

Equity Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Equity Based Compensation

Note 10: Equity-Based Compensation

2022 Incentive Equity Plan

On July 11, 2022, the shareholders of the Company approved the ProKidney Corp. 2022 Incentive Equity Plan (the “2022 Plan”) which provides for the issuance of equity-based awards to the Company’s employees, non-employee directors, individual consultants, advisors and other service providers. The 2022 Plan provides for the issuance of equity awards in the form of incentive stock options, which are intended to satisfy the requirements of Section 422 of the Internal Revenue Code of 1986, as amended, or nonqualified stock options, which are not intended to meet those requirements, stock appreciation rights, restricted stock, restricted stock units, performance awards or other cash or stock-based awards as determined appropriate by the plan administrator. In settlement of its obligations under this plan, the Company will issue new Class A ordinary shares.

The Company has issued incentive and non-qualified stock option awards under the 2022 Plan to certain employees, individual consultants and non-employee directors of the Company. Given that the Company has established a full valuation allowance against its deferred tax assets, the Company has recognized no tax benefit related to these awards.

Time-Vested Awards

The Company uses the Black-Scholes option pricing model to calculate the fair value of time-vested stock options granted. These awards generally vest ratably over a three or four-year period and the option awards expire after a term of ten years from the date of grant. The fair value of stock options granted was estimated using the following assumptions during the three months ended March 31, 2025:


	Three Months Ended March 31,
	2025	2024
Expected volatility	99.0% - 99.7%	82.9% - 84.9%
Expected life of options, in years	6.0 - 6.1	5.5 - 6.1
Risk-free interest rate	4.1% - 4.4%	3.8% - 4.2%
Expected dividend yield	0.0%	0.0%

The following table summarizes the activity related to the Company’s time-vested stock option awards granted under the 2022 Plan for the three months ended March 31, 2025:


	Number of Shares			Weighted Average Exercise Price
Time-vested options outstanding at January 1, 2025		19,778,670		$	5.45
Granted		10,892,600			1.24
Forfeited		(1,866,103	)		1.85
Time-vested options outstanding at March 31, 2025		28,805,167		$	4.09
Time-vested options exercisable at March 31, 2025		7,512,752		$	7.11
Weighted average remaining contractual life	7.6 years
Time-vested options vested and expected to vest at March 31, 2025		28,805,167		$	4.09
Weighted average remaining contractual life	8.8 years

As of March 31, 2025, the Company had total unrecognized stock-based compensation expense of approximately $44,516,000 related to the time-vested grants under the 2022 Plan, which is expected to be recognized on a straight-line basis over a weighted average period of 3.0 years. The weighted average grant date fair value for the option grants during the three months ended March 31, 2025 and 2024 was $1.00 and $1.15, respectively.

The aggregate intrinsic value of the in-the-money time-vested awards outstanding and those exercisable as of March 31, 2025 was $0 in each instance.

Performance-Based Awards

The Company has issued stock options to certain of its employees which vest based on the achievement of both operational performance metrics and service rendered over a specific time period. The following table summarizes the activity related to the Company’s performance-based stock option awards granted under the 2022 Plan for the three months ended March 31, 2025:


	Number of Shares			Weighted Average Exercise Price
Performance-based options outstanding at January 1, 2025		1,671,250		$	1.62
Forfeited		(82,500	)		2.30
Performance-based options outstanding at March 31, 2025		1,588,750		$	1.59
Performance-based options exercisable at March 31, 2025		963,750		$	1.52
Weighted average remaining contractual life	8.8 years
Performance-based options vested and expected to vest at March 31, 2025		1,588,750		$	1.59
Weighted average remaining contractual life	8.8 years

As of March 31, 2025, the Company had total unrecognized stock-based compensation expense of approximately $13,000 related to the performance-based grants under the 2022 Plan, which is expected to be recognized on a straight-line basis over a weighted average period of 0.3 years.

Legacy Profits Interests

The Deed for the Establishment of a Limited Partnership of PKLP, dated as of August 5, 2021 (the “Limited Partnership Agreement”) which replaced the Amended and Restated Limited Liability Company Agreement of ProKidney LLC as the governing document of the parent entity in the Company, allowed for the issuance of Profits Interests (as defined in the Limited Partnership Agreement) to employees, directors, other service providers of the Company and others denominated in the form of one or more Class B Units of PKLP (as defined in the Limited Partnership Agreement).

Under the Limited Partnership Agreement, Legacy GP determined the terms and conditions of the Profits Interests issued. The threshold value assigned to each grant was not to be less than the fair market value of PKLP on the date of grant. Profits Interests awarded would vest at a rate of 25% on the latter of the first anniversary of employment and the first anniversary of the Acquisition Date with the remaining 75% to vest in increments of 25% on each anniversary following the first anniversary date, ratably over a three or four-year period from the date of grant, in annual installments of 33.3% over the three-year period from the date of grant, in increments of 6.25% each calendar quarter following the first anniversary date, or were fully vested upon issuance.

On January 17, 2022, PKLP amended and restated its Limited Partnership Agreement (the “Amended and Restated Limited Partnership Agreement”) which provided that certain qualified distribution events would result in holders of Profits Interests receiving disproportionate distributions from PKLP until each such holder’s valuation threshold had been reduced to zero in order to “catch up” such holder’s distributions to its pro rata share of aggregate cumulative distributions, and once sufficient distributions to a holder of Profits Interests had been made in accordance with the foregoing, the associated Class B Units of PKLP would automatically be converted into Class A Units of PKLP (as defined in the Limited Partnership Agreement).

Upon consummation of the Business Combination discussed in Note 1, PKLP’s existing Class B and B-1 Units were “caught up” and were converted into Class A Units of PKLP. The resulting vested and unvested Class A Units of PKLP were then recapitalized into Post-Combination ProKidney Common Units or Restricted Common Units of the Company, respectively. This recapitalization resulted in a decrease in the number of awards held by each participant. As such, the number of Profits Interests and related per unit values within these financial statements have been adjusted to reflect this recapitalization. Upon recapitalization, the Restricted Common Units maintained the vesting schedules associated with the original Profits Interest awards.

The following table summarizes the activity related to the Profits Interest awards for the three months ended March 31, 2025:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested awards outstanding at January 1, 2025		1,755,686		$	7.37
Vested		(949,678	)		7.37
Forfeited		(26,152	)		7.36
Unvested awards outstanding at March 31, 2025		779,856		$	7.38

As of March 31, 2025, the unrecognized compensation expense related to these awards was $4,567,000. The current weighted average remaining period over which the unrecognized compensation expense is expected to be recognized is 0.8 years.

The aggregate intrinsic value of the unvested profits interests outstanding at March 31, 2025 was $683,000. The aggregate fair value of profits interests vested during the three months ended March 31, 2025 and 2024 was $1,575,000 and $1,604,000, respectively.

Equity-Based Compensation Expense

Compensation expense related to equity-based awards is included in research and development and general and administrative expense as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Research and development	$	2,710	$	3,230
General and administrative		3,706		4,450
Total equity-based compensation expense	$	6,416	$	7,680

The following table summarizes our equity-based compensation by type of award (in thousands):


	Three Months Ended March 31,
	2025		2024
Time-vested stock options	$	4,947	$	5,162
Performance-based stock options		5		276
Market-vested stock options		–		–
Legacy profits interests		1,464		2,242
Total equity-based compensation expense	$	6,416	$	7,680

Related Party Transactions	3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]
Related Party Transactions	Note 6: Related Party Transactions Exchange Agreement On the Closing Date, the Company entered into an exchange agreement with PKLP and certain Closing ProKidney Unitholders (the “Exchange Agreement”) pursuant to which, subject to the procedures and restrictions therein, from and after the waiver or expiration of any contractual lock-up period (including pursuant to the Lock-Up Agreement (as defined below)) the holders of Post-Combination ProKidney Common Units as defined in the Exchange Agreement (or certain permitted transferees thereof) have the right from time to time at and after 180 days following the Closing to exchange their Post-Combination ProKidney Common Units and an equal number of Class B ordinary shares of the Company on a one-for-one basis for Class A ordinary shares of the Company (the “Exchange”); provided, that, subject to certain exceptions, the Company, at its sole election, subject to certain restrictions, may, other than in the case of certain secondary offerings, instead settle all or a portion of the Exchange in cash based on a volume weighted average price (“VWAP”) of a Class A ordinary share. The Exchange Agreement provides that, as a general matter, a holder of Post-Combination ProKidney Common Units will not have the right to exchange Post-Combination ProKidney Common Units if the Company determines that such exchange would be prohibited by law or regulation or would violate other agreements with the Company and its subsidiaries to which the holder of Post-Combination ProKidney Common Units may be subject, including the Second Amended and Restated ProKidney Limited Partnership Agreement and the Exchange Agreement. Lock-Up Agreement On the Closing Date, the Company, SCS Sponsor III LLC and certain Closing ProKidney Unitholders entered into a lock-up agreement (the “Lock-Up Agreement”). The Lock-Up Agreement contains certain restrictions on transfer with respect to the SCS Sponsor III LLC and the Closing ProKidney Unitholders party thereto. Such restrictions began at the Closing and end on the earlier of (i) the date that is 180 days after the Closing and (ii)(a) for 33% of the Lock-Up Shares (other than the Earnout Shares and the PIPE Shares), the date on which the last reported sale price of a Class A ordinary share of the Company equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period commencing at least 30 days after the Closing and (b) for an additional 50% of the Lock-Up Shares (other than the Earnout Shares and the Private Placement Shares (as each such term is defined in the Lock-Up Agreement)), the date on which the last reported sale price of a Class A ordinary share of the Company equals or exceeds $15.00 per share for any 20 trading days within any 30-trading day period commencing at least 30 days after the Closing. Notwithstanding the above, (i) the lock-up period for any Earnout Shares will expire not earlier than 180 days after such Earnout Shares are issued; (ii) 50% of the Lock-Up Shares held by certain Closing ProKidney Unitholders and their affiliates will remain locked up until the earlier of four years following the Closing and the date that PKLP receives notice of any regulatory market authorization, including full or conditional authorization, to market its lead product candidate, rilparencel (but, in any event, not earlier than 180 days following the Closing or (in the case of Earnout Shares) the date of issuance); and (iii) the lock-up period for the Private Placement Shares expired 30 days after the Closing. The restrictions on transfer set forth in the Lockup Agreement are subject to customary exceptions. During January 2023, the lock-up period for 50% of the shares held by the Closing ProKidney Unitholders (other than the Earnout Shares) expired. Tax Receivable Agreement On the Closing Date, the Company entered into a tax receivable agreement (the “Tax Receivable Agreement”) with the Closing ProKidney Unitholders. Pursuant to the Tax Receivable Agreement, among other things, the Company will be required to pay the Closing ProKidney Unitholders party thereto 85% of certain tax savings recognized by the Company, if any, as a result of the increases in tax basis attributable to exchanges by the Closing ProKidney Unitholders of Post-Combination ProKidney Common Units for Class A ordinary shares of the Company or, subject to certain restrictions, cash, pursuant to the Exchange Agreement and certain other tax attributes of PKLP and tax benefits related to entering into the Tax Receivable Agreement. Earnout Rights At the Closing, certain shareholders were issued an aggregate of 17,500,000 Earnout Restricted Common Units and 17,500,000 Earnout Restricted Stock Rights (collectively, the “Earnout Rights”). The Earnout Rights vest in three equal tranches if, during the five-year period after Closing, the VWAP of a Class A ordinary share reaches $15.00 per share, $20.00 per share and $25.00 per share. Likewise, the Earnout Rights will vest upon a change of control with a per share price exceeding those same VWAP thresholds within a five-year period immediately following the Closing. Upon vesting, the Earnout Rights will automatically convert into Post Combination ProKidney Common Units and Class B ordinary shares. Consulting Services Agreement between ProKidney-KY and Nefro Health On January 1, 2020, ProKidney-KY (formerly known as inRegen) entered into a consulting services agreement with Nefro Health (“Nefro”), an Irish partnership controlled and majority-owned by Mr. Pablo Legorreta, a director of the Company, ProKidney GP Limited, a private limited company incorporated under the laws of Ireland (“Legacy GP”) and a holder of over 5% of Class A Units in PKLP, pursuant to which Nefro provides consulting services for the research and development of the Company’s product candidates, including the conduct of clinical trials in North America and the European Union, the design and manufacturing of ProKidney’s product candidates as well as pre-commercialization activities, which are primarily performed by Mr. Legorreta. Under the agreement, Nefro receives $25,000 per quarter and is reimbursed for any out-of-pocket expenses incurred in connection with activities Nefro conducted under the agreement. ProKidney-KY has paid Nefro an aggregate of $25,000 for each of the three months ended March 31, 2025 and 2024, respectively. The initial term of the consulting services agreement continued through December 31, 2020 and was renewed pursuant to the provision allowing for automatic renewals for additional periods of one year each unless terminated by either party by providing written notice to the other party at least ninety (90) days prior to the scheduled termination date. Either party may terminate this agreement upon the occurrence of a material breach by the other party in the performance of its obligations under the agreement or in respect of any provision, representation, warranty or covenant if such breach has not been cured within thirty (30) days after receiving written notice from the non-breaching party. Additionally, either of the parties may terminate the consulting services agreement for any reason upon giving thirty (30) days’ advance notice of such termination to the other party. In the event of such termination, ProKidney-KY will be obligated to pay Nefro any earned but unpaid consulting fee as of the termination date. Consulting Services Agreement between ProKidney-US and Nefro Health On January 1, 2020, ProKidney-US (formerly known as Twin City Bio, LLC) entered into a consulting services agreement with Nefro, pursuant to which Nefro provides consulting services for the research and development of the Company’s product candidates, including the conduct of clinical trials in North America and the European Union, the design and manufacturing of the Company’s product candidates as well as pre-commercialization activities, which are primarily performed by Mr. Legorreta. Under the agreement, Nefro receives $25,000 per quarter and is reimbursed for any out-of-pocket expenses incurred in connection with activities Nefro conducted under the agreement. ProKidney-US has paid Nefro an aggregate of $25,000 for each of the three months ended March 31, 2025 and 2024, respectively. The initial term of the consulting services agreement continued through December 31, 2020 and was renewed pursuant to the provision allowing for automatic renewals for additional periods of one year each unless terminated by either party by providing written notice to the other party at least ninety (90) days prior to the scheduled termination date. Either party may terminate this agreement upon the occurrence of a material breach by the other party in the performance of its obligations under the agreement or in respect of any provision, representation, warranty or covenant if such breach has not been cured within thirty (30) days after receiving written notice from the non-breaching party. Additionally, either of the parties may terminate the consulting services agreement for any reason upon giving thirty (30) days’ advance notice of such termination to the other party. In the event of such termination, ProKidney-US will be obligated to pay Nefro any earned but unpaid consulting fee as of the termination date.

Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions

Note 6: Related Party Transactions

Exchange Agreement

On the Closing Date, the Company entered into an exchange agreement with PKLP and certain Closing ProKidney Unitholders (the “Exchange Agreement”) pursuant to which, subject to the procedures and restrictions therein, from and after the waiver or expiration of any contractual lock-up period (including pursuant to the Lock-Up Agreement (as defined below)) the holders of Post-Combination ProKidney Common Units as defined in the Exchange Agreement (or certain permitted transferees thereof) have the right from time to time at and after 180 days following the Closing to exchange their Post-Combination ProKidney Common Units and an equal number of Class B ordinary shares of the Company on a one-for-one basis for Class A ordinary shares of the Company (the “Exchange”); provided, that, subject to certain exceptions, the Company, at its sole election, subject to certain restrictions, may, other than in the case of certain secondary offerings, instead settle all or a portion of the Exchange in cash based on a volume weighted average price (“VWAP”) of a Class A ordinary share. The Exchange Agreement provides that, as a general matter, a holder of Post-Combination ProKidney Common Units will not have the right to exchange Post-Combination ProKidney Common Units if the Company determines that such exchange would be prohibited by law or regulation or would violate other agreements with the Company and its subsidiaries to which the holder of Post-Combination ProKidney Common Units may be subject, including the Second Amended and Restated ProKidney Limited Partnership Agreement and the Exchange Agreement.

Lock-Up Agreement

On the Closing Date, the Company, SCS Sponsor III LLC and certain Closing ProKidney Unitholders entered into a lock-up agreement (the “Lock-Up Agreement”). The Lock-Up Agreement contains certain restrictions on transfer with respect to the SCS Sponsor III LLC and the Closing ProKidney Unitholders party thereto. Such restrictions began at the Closing and end on the earlier of (i) the date that is 180 days after the Closing and (ii)(a) for 33% of the Lock-Up Shares (other than the Earnout Shares and the PIPE Shares), the date on which the last reported sale price of a Class A ordinary share of the Company equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period commencing at least 30 days after the Closing and (b) for an additional 50% of the Lock-Up Shares (other than the Earnout Shares and the Private Placement Shares (as each such term is defined in the Lock-Up Agreement)), the date on which the last reported sale price of a Class A ordinary share of the Company equals or exceeds $15.00 per share for any 20 trading days within any 30-trading day period commencing at least 30 days after the Closing. Notwithstanding the above, (i) the lock-up period for any Earnout Shares will expire not earlier than 180 days after such Earnout Shares are issued; (ii) 50% of the Lock-Up Shares held by certain Closing ProKidney Unitholders and their affiliates will remain locked up until the earlier of four years following the Closing and the date that PKLP receives notice of any regulatory market authorization, including full or conditional authorization, to market its lead product candidate, rilparencel (but, in any event, not earlier than 180 days following the Closing or (in the case of Earnout Shares) the date of issuance); and (iii) the lock-up period for the Private Placement Shares expired 30 days after the Closing. The restrictions on transfer set forth in the Lockup Agreement are subject to customary exceptions.

During January 2023, the lock-up period for 50% of the shares held by the Closing ProKidney Unitholders (other than the Earnout Shares) expired.

Tax Receivable Agreement

On the Closing Date, the Company entered into a tax receivable agreement (the “Tax Receivable Agreement”) with the Closing ProKidney Unitholders. Pursuant to the Tax Receivable Agreement, among other things, the Company will be required to pay the Closing ProKidney Unitholders party thereto 85% of certain tax savings recognized by the Company, if any, as a result of the increases in tax basis attributable to exchanges by the Closing ProKidney Unitholders of Post-Combination ProKidney Common Units for Class A ordinary shares of the Company or, subject to certain restrictions, cash, pursuant to the Exchange Agreement and certain other tax attributes of PKLP and tax benefits related to entering into the Tax Receivable Agreement.

Earnout Rights

At the Closing, certain shareholders were issued an aggregate of 17,500,000 Earnout Restricted Common Units and 17,500,000 Earnout Restricted Stock Rights (collectively, the “Earnout Rights”). The Earnout Rights vest in three equal tranches if, during the five-year period after Closing, the VWAP of a Class A ordinary share reaches $15.00 per share, $20.00 per share and $25.00 per share. Likewise, the Earnout Rights will vest upon a change of control with a per share price exceeding those same VWAP thresholds within a five-year period immediately following the Closing. Upon vesting, the Earnout Rights will automatically convert into Post Combination ProKidney Common Units and Class B ordinary shares.

Consulting Services Agreement between ProKidney-KY and Nefro Health

On January 1, 2020, ProKidney-KY (formerly known as inRegen) entered into a consulting services agreement with Nefro Health (“Nefro”), an Irish partnership controlled and majority-owned by Mr. Pablo Legorreta, a director of the Company, ProKidney

GP Limited, a private limited company incorporated under the laws of Ireland (“Legacy GP”) and a holder of over 5% of Class A Units in PKLP, pursuant to which Nefro provides consulting services for the research and development of the Company’s product candidates, including the conduct of clinical trials in North America and the European Union, the design and manufacturing of ProKidney’s product candidates as well as pre-commercialization activities, which are primarily performed by Mr. Legorreta. Under the agreement, Nefro receives $25,000 per quarter and is reimbursed for any out-of-pocket expenses incurred in connection with activities Nefro conducted under the agreement. ProKidney-KY has paid Nefro an aggregate of $25,000 for each of the three months ended March 31, 2025 and 2024, respectively. The initial term of the consulting services agreement continued through December 31, 2020 and was renewed pursuant to the provision allowing for automatic renewals for additional periods of one year each unless terminated by either party by providing written notice to the other party at least ninety (90) days prior to the scheduled termination date. Either party may terminate this agreement upon the occurrence of a material breach by the other party in the performance of its obligations under the agreement or in respect of any provision, representation, warranty or covenant if such breach has not been cured within thirty (30) days after receiving written notice from the non-breaching party. Additionally, either of the parties may terminate the consulting services agreement for any reason upon giving thirty (30) days’ advance notice of such termination to the other party. In the event of such termination, ProKidney-KY will be obligated to pay Nefro any earned but unpaid consulting fee as of the termination date.

Consulting Services Agreement between ProKidney-US and Nefro Health

On January 1, 2020, ProKidney-US (formerly known as Twin City Bio, LLC) entered into a consulting services agreement with Nefro, pursuant to which Nefro provides consulting services for the research and development of the Company’s product candidates, including the conduct of clinical trials in North America and the European Union, the design and manufacturing of the Company’s product candidates as well as pre-commercialization activities, which are primarily performed by Mr. Legorreta. Under the agreement, Nefro receives $25,000 per quarter and is reimbursed for any out-of-pocket expenses incurred in connection with activities Nefro conducted under the agreement. ProKidney-US has paid Nefro an aggregate of $25,000 for each of the three months ended March 31, 2025 and 2024, respectively. The initial term of the consulting services agreement continued through December 31, 2020 and was renewed pursuant to the provision allowing for automatic renewals for additional periods of one year each unless terminated by either party by providing written notice to the other party at least ninety (90) days prior to the scheduled termination date. Either party may terminate this agreement upon the occurrence of a material breach by the other party in the performance of its obligations under the agreement or in respect of any provision, representation, warranty or covenant if such breach has not been cured within thirty (30) days after receiving written notice from the non-breaching party. Additionally, either of the parties may terminate the consulting services agreement for any reason upon giving thirty (30) days’ advance notice of such termination to the other party. In the event of such termination, ProKidney-US will be obligated to pay Nefro any earned but unpaid consulting fee as of the termination date.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information

Note 11: Segment Information

We regularly review our operating segments and the approach used by management to evaluate performance and allocate resources. We manage our business as a single operating segment. The Company’s Chief Executive Officer is considered to be the Company’s chief operating decision maker under the requirements of Topic 280 of the ASC “Segments”. The primary measure of profit/loss reviewed by the chief operating decision maker (“CODM”) is net loss before noncontrolling interest.

The Company does not have any product candidates approved for sale and has not generated any revenue from product sales. The Company recognizes lease revenue related to lease agreements held with certain third parties which leased space in the buildings which also house the Company’s manufacturing operations.

We manage our assets on a total company basis, not by operating segment. Therefore, our CODM does not regularly review any asset information other than total Company assets. See the Company’s Condensed Consolidated Balance Sheets for total assets. The majority of the Company’s long-lived assets are located in the United States.

The following table provides selected income statement information for our single reportable segment (in thousands):


	For the Three Months Ended March 31,
	2025			2024
Net loss before noncontrolling interest	$	(37,952	)	$	(35,333	)
Rental income		230			–
Depreciation and amortization		1,384			832
Equity-based compensation		6,416			7,680
Income tax (benefit) expense		591			98
Interest expense		–			(2	)
Interest income		4,027			4,843

The following table provides significant expense categories that are regularly reported to the CODM (in thousands):


	For the Three Months Ended March 31,
	2025			2024
Revenue	$	230		$	–

Clinical trial expense		7,524			8,308
Cash compensation		13,253			10,611
Cash operating expenses		13,143			12,374
Other segment items (1)		4,262			4,040
Net loss before noncontrolling interest	$	(37,952	)	$	(35,333	)

(1)

Other segment items primarily include interest income, equity-based compensation and depreciation.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Equity Based Compensation (Additional Information) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Equity-based compensation	$ 5,599,000	$ 6,039,000
Weighted average period	9 months 18 days
Aggregate intrinsic value, outstanding	$ 1,575,000	$ 1,604,000
Number of shares, options outstanding	30,393,917	21,845,327
Unrecognized compensation expense remaining period	9 months 18 days
Limited Partnership Agreement [Member]
Profits interest vesting description	Profits Interests awarded would vest at a rate of 25% on the latter of the first anniversary of employment and the first anniversary of the Acquisition Date with the remaining 75% to vest in increments of 25% on each anniversary following the first anniversary date, ratably over a three or four-year period from the date of grant, in annual installments of 33.3% over the three-year period from the date of grant, in increments of 6.25% each calendar quarter following the first anniversary date, or were fully vested upon issuance.
Time Vested Awards [Member]
Unrecognized stock-based compensation expense	$ 44,516,000
Weighted average period	3 years
Weighted average grant date fair value of options granted	$ 1	$ 1.15
Intrinsic value of time-vested awards exercised	$ 0
Number of shares granted	10,892,600
Number of shares, options outstanding	28,805,167		19,778,670
Unrecognized compensation expense remaining period	3 years
Performance-Based Awards [Member]
Unrecognized stock-based compensation expense	$ 13,000
Weighted average period	3 months 18 days
Number of shares, options outstanding	1,588,750		1,671,250
Unrecognized compensation expense remaining period	3 months 18 days
Profits Interest awards [Member]
Unrecognized compensation expense	$ 4,567,000
Aggregate intrinsic value outstanding	$ 683,000

Investments - Schedule of Marketable Securities Measured At Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Cash Equivalents	$ 97,805	$ 99,120
Marketable Securities	230,693	259,172
Fair Value Measurements Recurring [Member]
Amortized Cost	273,866	314,850
Unrealized Gains	200	340
Unrealized Losses	(27)	(44)
Fair Value	274,039	315,146
Cash Equivalents	43,346	55,974
Marketable Securities	230,693	259,172
Fair Value Measurements Recurring [Member] \| Fair Value Inputs Level 2 [Member] \| Money Market Funds [Member]
Amortized Cost	6,583	5,979
Unrealized Gains
Unrealized Losses
Fair Value	6,583	5,979
Cash Equivalents	6,583	5,979
Marketable Securities
Fair Value Measurements Recurring [Member] \| Fair Value Inputs Level 2 [Member] \| Time Deposit [Member]
Amortized Cost	2,535	6,725
Unrealized Gains	3	12
Unrealized Losses
Fair Value	2,538	6,737
Cash Equivalents
Marketable Securities	2,538	6,737
Fair Value Measurements Recurring [Member] \| Fair Value Inputs Level 2 [Member] \| Commercial Paper [Member]
Amortized Cost	15,486	34,850
Unrealized Gains	20	46
Unrealized Losses		(2)
Fair Value	15,506	34,894
Cash Equivalents		3,147
Marketable Securities	15,506	31,747
Fair Value Measurements Recurring [Member] \| Fair Value Inputs Level 2 [Member] \| Asset Backed Securities [Member]
Amortized Cost	6,408	6,905
Unrealized Gains	19	30
Unrealized Losses
Fair Value	6,427	6,935
Cash Equivalents
Marketable Securities	6,427	6,935
Fair Value Measurements Recurring [Member] \| Fair Value Inputs Level 2 [Member] \| Government Bonds [Member]
Amortized Cost	71,862	80,509
Unrealized Gains	36	62
Unrealized Losses	(1)
Fair Value	71,897	80,571
Cash Equivalents	30,953	46,848
Marketable Securities	40,944	33,723
Fair Value Measurements Recurring [Member] \| Fair Value Inputs Level 2 [Member] \| Corporate Debt Securities [Member]
Amortized Cost	170,992	179,882
Unrealized Gains	122	190
Unrealized Losses	(26)	(42)
Fair Value	171,088	180,030
Cash Equivalents	5,810
Marketable Securities	$ 165,278	$ 180,030

Related Party Transactions - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Related Party Transaction [Line Items]
Description Of Terms Earnout Shares	ordinary share of the Company equals or exceeds $12.50 per share for any 20 trading days within any 30-trading day period commencing at least 30 days after the Closing and (b) for an additional 50% of the Lock-Up Shares (other than the Earnout Shares and the Private Placement Shares (as each such term is defined in the Lock-Up Agreement)), the date on which the last reported sale price of a Class A ordinary share of the Company equals or exceeds $15.00 per share for any 20 trading days within any 30-trading day period commencing at least 30 days after the Closing. Notwithstanding the above, (i) the lock-up period for any Earnout Shares will expire not earlier than 180 days after such Earnout Shares are issued
ProKidney US and Nefro Health [Member]
Related Party Transaction [Line Items]
Quarterly Related Party Fee	$ 25,000	$ 25,000
Costs And Expenses Related Party	25,000
Nefro consulting service	$ 25,000	$ 25,000
RCU [Member]
Related Party Transaction [Line Items]
Earnout Restricted Common Units Issued	17,500,000
RSR [Member]
Related Party Transaction [Line Items]
Earnout restricted stock right shares	17,500,000

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted net loss per share

The following table sets forth the computation of basic and diluted net loss per share for the three months ended March 31, 2025 and 2024 (in thousands, except share and per share amounts):


	For the Three Months Ended March 31,
	2025			2024
Numerator
Net loss	$	(37,952	)	$	(35,333	)
Less: Net loss attributable to noncontrolling interests		(21,218	)		(25,841	)
Net loss available to Class A ordinary shareholders of ProKidney Corp., basic and diluted	$	(16,734	)	$	(9,492	)

Denominator
Weighted average Class A ordinary shares or ProKidney Corp. outstanding, basic and diluted		128,976,366			60,951,721

Net loss per Class A ordinary share
Net loss per Class A ordinary share of ProKidney Corp., basic and diluted	$	(0.13	)	$	(0.16	)

Outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following:


	As of March 31,
	2025		2024
Antidilutive securities
ProKidney Corp. Class B ordinary shares		163,161,681		167,723,553
Unvested Restricted Stock Rights		779,856		2,312,356
Earnout Rights		17,500,000		17,500,000
Stock options granted under the 2022 Equity Incentive Plan		30,393,917		21,845,327

Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2: Significant Accounting Policies

Unaudited Interim Financial Statements

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying Condensed Consolidated Balance Sheet as of March 31, 2025, Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024, Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2025 and 2024, Condensed Consolidated Statement of Changes in Redeemable Noncontrolling Interest and Shareholders’ Deficit for the three months ended March 31, 2025 and 2024 and Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 are unaudited. These unaudited financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.

The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of March 31, 2025, the results of operations for the three months ended March 31, 2025 and 2024 and cash flows for the three months ended March 31, 2025 and 2024. Certain prior year amounts have been reclassified to conform to the current year presentation. The December 31, 2024 Condensed Consolidated Balance Sheet included herein was derived from the audited financial statements but does not include all disclosures or notes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the audited financial statements and the accompanying notes for the year ended December 31, 2024, contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 17, 2025.

Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). These unaudited consolidated financial statements are presented in U.S. Dollars.

Interim results are not necessarily indicative of results for an entire year.

Use of Estimates

The preparation of unaudited condensed consolidated financial statements, in accordance with GAAP, requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the amounts of expenses during the reported periods. Certain estimates in these condensed consolidated financial statements have been made in connection with the calculation of research and development expenses, equity-based compensation expense and the provision for or benefit from income taxes. The Company bases its estimates on historical experience and various other assumptions, including in certain circumstances future projections, which management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.

Cash Equivalents and Marketable Securities

The Company considers all highly liquid investments with an original maturity of 90 days or less on the date of purchase to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these items.

The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as short-term due to its availability for use in its current operations. The cost of securities sold is determined using the specific identification method.

The Company considers all available evidence to evaluate if a credit loss exists, and if so, recognizes an allowance for credit loss.

Concentrations of Credit Risk

Cash and equivalents are the primary financial instruments held by the Company that are potentially subject to concentrations of credit risk. The Company’s cash and equivalents are deposited in accounts at large financial institutions, and such amounts may exceed federally insured limits.

Accrued Expenses

Accrued expenses as presented in the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Compensation	$	4,137	$	10,217
Severance		943		1,236
Clinical study related costs		16,663		16,452
Facility related costs		2,533		369
Accrued legal costs		862		395
Manufacturing improvement costs		72		72
Accrued consulting and professional fees		745		557
Other accrued expenses		1,617		1,839
Total accrued expenses and other	$	27,572	$	31,137

Research and Development Costs

Research and development costs are expensed as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including salaries, benefits, third party license fees, and external costs of outside vendors engaged to conduct manufacturing and preclinical development activities and clinical trials.

The Company records accruals based on estimates of services received, efforts expended, and amounts owed pursuant to contracts with numerous contract research organizations. In the normal course of business, the Company contracts with third parties to perform various clinical study activities in the ongoing development of potential products. The financial terms of these agreements are subject to negotiation and variation from contract to contract and may result in uneven payment flows. Payments under the contracts depend on factors such as the achievement of certain events and the completion of portions of the clinical study or similar conditions. The objective of the Company’s accrual policy is to match the recording of expenses in its financial statements to the actual services received and efforts expended. As such, expense accruals related to clinical studies are recognized based on the company’s estimate of the degree of completion of the event or events specified in the specific clinical study.

The Company records nonrefundable advance payments it makes for future research and development activities as prepaid expenses. Prepaid expenses are recognized as expense in the Condensed Consolidated Statement of Operations and Comprehensive Loss as the Company receives the related goods or services.

Costs incurred in obtaining technology licenses are charged to research and development expense as purchased in-process research and development if the technology licensed has not reached technological feasibility and has no alternative future use.

Fixed Assets

Fixed assets are stated at cost, less accumulated depreciation. Generally, expenditures for maintenance and repairs are charged to expense and major improvements or replacements are capitalized. The Company computes depreciation and amortization using the straight-line method over the estimated useful life of the asset. Leasehold improvements are amortized over the lesser of the life of the lease or the estimated useful life of the leasehold improvement. The estimated useful lives are as follows:


Buildings	25-30 years
Computer equipment and software	3-5 years
Furniture and equipment	5-7 years
Leasehold improvements	remainder of lease term

Fixed assets consisted of the following (in thousands):


	March 31, 2025			December 31, 2024
Land	$	1,405		$	1,405
Buildings		21,095			21,095
Leasehold improvements		22,195			21,822
Furniture and equipment		6,452			5,647
Computer equipment and software		856			838
Construction in progress		3,730			2,447
Less: accumulated depreciation		(12,407	)		(11,032	)
Total fixed assets, net	$	43,326		$	42,222

Depreciation expense for the three months ended March 31, 2025 and 2024 was $1,384,000 and $832,000, respectively.

Impairment of Long-Lived Assets and Assets Held for Sale

Long-lived assets such as fixed assets and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset.

The Company’s real property in Greensboro, North Carolina continues to meet the criteria for held-for-sale accounting. The carrying value of this asset has been reflected as a component of total current assets in the accompanying Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024.

No impairment charges were recorded for the three months ended March 31, 2025 or 2024.

Income Taxes

The Company uses the liability method in accounting for income taxes as required by ASC Topic 740 — Income Taxes, under which deferred tax assets and liabilities are recorded for the future tax consequences attributable to the differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, available taxes in the carryback periods, projected future taxable income and tax planning strategies in making this assessment. Accordingly, the Company has provided a full valuation allowance to offset the net deferred tax assets at March 31, 2025 and December 31, 2024.

Interest and penalties related to income taxes are included in the expense for income taxes in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company has not incurred any significant interest or penalties related to income taxes in any of the periods presented.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy that prioritizes the inputs used to measure fair value is described below. The three levels of inputs used to measure fair value are as follows:

•

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities

•

Level 2 – Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable through correlation with market data

•

Level 3 – Unobservable inputs that are supported by little or no market data, which require the reporting entity to develop its own assumptions

For assets and liabilities recorded at fair value, it is the Company’s policy to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements, in accordance with the fair value hierarchy. Fair value measurements for assets and liabilities where there exists limited or no observable market data are based primarily upon estimates and are often calculated based on the economic and competitive environment, the characteristics of the asset or liability and other factors. Therefore, fair value measurements cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there may be inherent weaknesses in any calculation technique and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the calculated current or future fair values. The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures.

The carrying values of cash equivalents, accounts payable, and accrued liabilities approximate fair value due to the short term nature of these instruments.

Leases

The Company determines if an arrangement is a lease at inception. Balances recognized related to the Company’s operating and finance leases are included in right-of-use assets, net and lease liabilities in the Condensed Consolidated Balance Sheets. Right of use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Lease terms may include options to extend or terminate the lease if it is reasonably certain that the Company will exercise the option. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments. The right of use asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The Company has elected a practical expedient to not separate its lease and non-lease components and instead account for them as a single lease component. Leases with a term of 12 months or less are not recorded on the balance sheet.

Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Lease payments for short-term leases are recorded to operating expense on a straight-line basis and variable lease payments are recorded in the period in which the obligation for those payments is incurred.

Contingent Liabilities

The Company records reserves for contingent liabilities when it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements, and the amount of the loss can be reasonably estimated.

Equity-Based Compensation

Compensation expense for equity-based compensation awards issued is based on the fair value of the award at the date of grant, and compensation expense is recognized for time-vested awards earned over the service period on a straight-line basis. The Company recognizes equity-based compensation for options containing performance-based vesting conditions over the requisite service period if it is probable that the performance conditions will be satisfied. The Company records forfeitures of equity-based compensation awards as they occur.

The grant date fair value of time and performance-based stock option awards is estimated using the Black-Scholes option pricing formula. Due to the lack of sufficient historical trading information with respect to its own shares, the Company estimates expected volatility based on the volatility of its own Class A ordinary shares as well as a portfolio of selected stocks of companies believed to have market and economic characteristics similar to its own. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant. Due to a lack of historical exercise data, the Company estimates the expected life of its outstanding stock options using the simplified method specified under Staff Accounting Bulletin Topic 14.D.2.

Segments

The Company operates in only one segment.

Recently Issued Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which requires entities to disclose disaggregated information about their effective tax rate reconciliation and income taxes paid. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the disclosure requirements related to this new standard.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, which requires disclosure of additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the disclosure requirements related to this new standard

Redeemable Noncontrolling Interest - Summary of company non controlling interest (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net loss before noncontrolling interest	$ (37,952)	$ (35,333)
(Increase)/Decrease In ProKidney Corp. additional paid-in capital for vesting of Restricted Common Units in ProKidney LP	5,173	8,672
Change from net loss available to Class A ordinary shareholders and change in ownership interest in ProKidney LP	(23,508)	(18,813)
Subsidiaries [Member] \| Noncontrolling Interest [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
(Increase)/Decrease in ProKidney Corp. accumulated deficit for impact of subsidiary equity-based compensation	817	1,640
Common Class A [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
(Increase)/Decrease in ProKidney Corp. additional paid-in capital for exchange of Common Units in ProKidney LP for Class A ordinary shares	(2,418)	(2,289)
Common Class A [Member] \| Noncontrolling Interest [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Net loss before noncontrolling interest	$ (16,734)	$ (9,492)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Investments - Schedule of Maturity for Marketable Securities (Details) $ in Thousands	Mar. 31, 2025 USD ($)
Investments [Abstract]
Due in 1 year or less	$ 263,897
Due in 1 year through 5 years	10,142
Total	$ 274,039

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Significant Accounting Policies - Summary of Accrued expense (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Compensation	$ 4,137	$ 10,217
Severance	943	1,236
Clinical study related costs	16,663	16,452
Facility related costs	2,533	369
Accrued legal costs	862	395
Manufacturing improvement costs	72	72
Accrued consulting and professional fees	745	557
Other accrued expenses	1,617	1,839
Total accrued expenses and other	$ 27,572	$ 31,137

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	May 12, 2025
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Registrant Name	ProKidney Corp.
Entity Central Index Key	0001850270
Securities Act File Number	001-40560
Entity Tax Identification Number	98-1586514
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	2000 Frontis Plaza Blvd.
Entity Address, Address Line Two	Suite 250
Entity Address, City or Town	Winston-Salem
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27103
City Area Code	336
Local Phone Number	999-7019
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Class A ordinary shares, $0.0001 par value per share
Trading Symbol	PROK
Security Exchange Name	NASDAQ
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		129,536,121
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		163,166,903

Investments (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Marketable Debt Securities [Member]
Allowance for credit losses for investments	$ 0	$ 0	$ 0	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During the quarter ended March 31, 2025, the Rule 10b5-1 trading arrangement adopted by Darin Weber, Chief Regulatory Officer was modified on January 15, 2025 and is intended to satisfy the affirmative defense of Rule 10b5-1(c). The Rule 10b5-1 trading arrangement provides for the sale of up to an aggregate of 103,480 shares of our Class A ordinary shares until December 17, 2025. On May 8, 2025, ProKidney Corp. (the “Company”), through its wholly owned subsidiary, ProKidney Acquisition Company, LLC, entered into a purchase and sale agreement with Williams Development Group, LLC (the “Agreement”) to sell the Company’s real property located in Greensboro, North Carolina for approximately $19.5 million in cash. The Agreement contains customary representations and closing conditions for a transaction of this type.
Name	Darin Weber
Title	Chief Regulatory Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	January 15, 2025
Aggregate Available	103,480

Redeemable Noncontrolling Interest (Additional Information) (Details)	Mar. 31, 2025
Exchange Agreement [Member] \| PKLP [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Non controlling interest percentge	55.70%

Description of Business and Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2025
Description of Organization and Business Operations [Line Items]
Incorporation date of entity	Feb. 25, 2021

Investments - Schedule of Investments Fair Values and Gross Unrealized Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Less than 12 months, fair value	$ 90,719	$ 36,312
Less than 12 months, unrealized loss	(27)	(44)
12 months or greater, fair value	0	0
12 months or greater, unrealized loss	0	0
Total, fair value	90,719	36,312
Total, unrealized loss	(27)	(44)
Commercial Paper [Member]
Less than 12 months, fair value		3,869
Less than 12 months, unrealized loss		(2)
12 months or greater, fair value		0
12 months or greater, unrealized loss		0
Total, fair value		3,869
Total, unrealized loss		(2)
Asset Backed Securities [Member]
Less than 12 months, fair value	923
Less than 12 months, unrealized loss
12 months or greater, fair value	0
12 months or greater, unrealized loss	0
Total, fair value	923
Total, unrealized loss
Government Bonds [Member]
Less than 12 months, fair value	49,740
Less than 12 months, unrealized loss	(1)
12 months or greater, fair value	0
12 months or greater, unrealized loss	0
Total, fair value	49,740
Total, unrealized loss	(1)
Corporate Debt Securities [Member]
Less than 12 months, fair value	40,056	32,443
Less than 12 months, unrealized loss	(26)	(42)
12 months or greater, fair value	0	0
12 months or greater, unrealized loss	0	0
Total, fair value	40,056	32,443
Total, unrealized loss	$ (26)	$ (42)

Leases (Additional Information) (Details) - USD ($)	3 Months Ended
Leases (Additional Information) (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Leases [Abstract]
Operating lease expense	$ 321,000	$ 422,000
Cash paid for operating leases	$ 261,000
Operating lease, weighted average remaining lease term	3 years 3 months 18 days
Finance lease, weighted average remaining lease term	4 years 8 months 12 days
Operating lease, weighted average discount rate	10.70%
Finance lease, weighted average discount rate	5.60%
Rental income	$ 230,000,000

Significant Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2025 USD ($) Segment	Mar. 31, 2024 USD ($)
Accounting Policies [Abstract]
Asset Impairment Charges	$ 0	$ 0
Depreciation expense	$ 1,384,000	$ 832,000
Number of Reportable Segments \| Segment	1

Condensed Consolidated Balance Sheets (Parenthetical) - Unaudited - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Common Class A [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	129,536,121	128,054,417
Common stock shares outstanding	129,536,121	128,054,417
Common Class B [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	163,161,681	163,693,707
Common stock shares outstanding	163,161,681	163,693,707

Segment Information - Summary of Income Statement Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Segment Reporting Information [Line Items]
Rental income	$ 230,000
Depreciation and amortization	1,600	$ 1,102
Equity-based compensation	6,416	7,679
Income tax (benefit) expense	591	98
Interest expense	0	(2)
Interest income	4,027	4,843
Reportable Segment [Member]
Segment Reporting Information [Line Items]
Net loss before noncontrolling interest	(37,952)	(35,333)
Rental income	230	0
Depreciation and amortization	1,384	832
Equity-based compensation	6,416	7,680
Income tax (benefit) expense	591	98
Interest expense	0	(2)
Interest income	$ 4,027	$ 4,843

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Investments

3 Months Ended

Mar. 31, 2025

Investments [Abstract]

Investments

Note 3: Investments

Cash equivalents and marketable securities are measured at fair value and within Level 2 in the fair value hierarchy, because we use quoted market prices to the extent available or alternative pricing sources and models utilizing market observable inputs to determine fair value.

The following tables summarize our cash equivalents and marketable securities measured at fair value on a recurring basis (in thousands):


As of March 31, 2025
	Fair Value Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash Equivalents		Marketable Securities
Money market funds	Level 2	$	6,583	$	–	$	–		$	6,583	$	6,583	$	–
Time deposits	Level 2		2,535		3		–			2,538		–		2,538
Commercial paper	Level 2		15,486		20		–			15,506		–		15,506
Asset backed securities	Level 2		6,408		19		–			6,427		–		6,427
Government bonds	Level 2		71,862		36		(1	)		71,897		30,953		40,944
Corporate debt securities	Level 2		170,992		122		(26	)		171,088		5,810		165,278
Total		$	273,866	$	200	$	(27	)	$	274,039	$	43,346	$	230,693


As of December 31, 2024
	Fair Value Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash Equivalents		Marketable Securities
Money market funds	Level 2	$	5,979	$	–	$	–		$	5,979	$	5,979	$	–
Time deposits	Level 2		6,725		12		–			6,737		–		6,737
Commercial paper	Level 2		34,850		46		(2	)		34,894		3,147		31,747
Asset backed securities	Level 2		6,905		30		–			6,935		–		6,935
Government bonds	Level 2		80,509		62		–			80,571		46,848		33,723
Corporate debt securities	Level 2		179,882		190		(42	)		180,030		–		180,030
Total		$	314,850	$	340	$	(44	)	$	315,146	$	55,974	$	259,172

The following table shows the fair value of the Company’s cash equivalents and marketable securities, by contractual maturity, as of March 31, 2025 (in thousands):


	March 31, 2025
Due in 1 year or less	$	263,897
Due in 1 year through 5 years		10,142
Total	$	274,039

The following table shows fair values and gross unrealized losses recorded to accumulated other comprehensive income, aggregated by category and the length of time that individual securities have been in a continuous loss position (in thousands):


As of March 31, 2025
	Less than 12 months					12 Months or Greater				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Asset backed securities	$	923	$	–		$	–	$	–	$	923	$	–
Government bonds		49,740		(1	)		–		–		49,740		(1	)
Corporate debt securities		40,056		(26	)		–		–		40,056		(26	)
Total	$	90,719	$	(27	)	$	–	$	–	$	90,719	$	(27	)


As of December 31, 2024
	Less than 12 months					12 Months or Greater				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Commercial paper	$	3,869	$	(2	)	$	–	$	–	$	3,869	$	(2	)
Corporate debt securities		32,443		(42	)		–		–		32,443		(42	)
Total	$	36,312	$	(44	)	$	–	$	–	$	36,312	$	(44	)

The Company holds debt securities of companies with high credit quality and has determined that there was no material change in the credit risk of its debt securities during the three months ended March 31, 2025 and 2024. As such, the Company has not recognized an allowance for credit losses related to our marketable debt securities during the three months ended March 31, 2025 and 2024. As of March 31, 2025, there were 39 investment positions that were in an unrealized loss position.

Shareholders' Equity (Additional Information) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Common Class A [Member]
Class of Stock [Line Items]
Common stock, par value	$ 0.0001	$ 0.0001
Class A Ordinary Shares [Member] \| Sales Agreement with Jefferies LLC [Member]
Class of Stock [Line Items]
Aggregate Offering Price	$ 100.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Equity Based Compensation - Summary of Compensation Expense Related to Share-Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	$ 6,416	$ 7,680
Time-Vested Stock Options [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	4,947	5,162
Performance-Based Awards [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	5	276
Market-Vested Stock Options [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	0	0
Legacy Profits Interests [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	1,464	2,242
Research and Development [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	2,710	3,230
General and Administrative [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total equity-based compensation expense	$ 3,706	$ 4,450

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Schedule of Fixed Assets

Fixed assets consisted of the following (in thousands):


	March 31, 2025			December 31, 2024
Land	$	1,405		$	1,405
Buildings		21,095			21,095
Leasehold improvements		22,195			21,822
Furniture and equipment		6,452			5,647
Computer equipment and software		856			838
Construction in progress		3,730			2,447
Less: accumulated depreciation		(12,407	)		(11,032	)
Total fixed assets, net	$	43,326		$	42,222

Condensed Consolidated Balance Sheets of Accrued expense

Accrued expenses as presented in the Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 consisted of the following (in thousands):


	March 31, 2025		December 31, 2024
Compensation	$	4,137	$	10,217
Severance		943		1,236
Clinical study related costs		16,663		16,452
Facility related costs		2,533		369
Accrued legal costs		862		395
Manufacturing improvement costs		72		72
Accrued consulting and professional fees		745		557
Other accrued expenses		1,617		1,839
Total accrued expenses and other	$	27,572	$	31,137

Condensed Consolidated Statements of Comprehensive Loss - Unaudited - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Comprehensive Income [Abstract]
Net loss including noncontrolling interest	$ (37,952)	$ (35,333)
Other comprehensive income:
Unrealized income (loss) on marketable securities	(124)	(647)
Other comprehensive income	(124)	(647)
Total comprehensive loss including noncontrolling interest	(38,076)	(35,980)
Less: Total comprehensive loss attributable to noncontrolling interest	(21,287)	(26,314)
Total comprehensive loss attributable to Class A ordinary shareholders	$ (16,789)	$ (9,666)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Leases - Schedule of Maturities of Lease Liabilities for the Company's Operating and Finance Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Operating Leases
2025 (remaining nine months)	$ 840
2026	1,244
2027	1,102
2028	712
2029	50
Thereafter	0
Total lease payments	3,948
Less: imputed interest	(669)
Present value of lease liabilities	3,279	$ 3,133
Finance Leases
2025 (remaining nine months)	17
2026	22
2027	22
2028	22
2029	20
Thereafter	0
Total lease payments	103
Less: imputed interest	(13)
Present value of lease liabilities	90	$ 103
Total
2025 (remaining nine months)	857
2026	1,266
2027	1,124
2028	734
2029	70
Thereafter	0
Total lease payments	4,051
Less: imputed interest	(682)
Present value of lease liabilities	$ 3,369

Redeemable Noncontrolling Interest (Tables)

3 Months Ended

Mar. 31, 2025

Noncontrolling Interest [Abstract]

Summary of company and transfers to noncontrolling interest

The following is a summary of net income attributable to the Company and transfers to noncontrolling interest (in thousands):


	For the Three Months Ended March 31,
	2025			2024
Net loss available to Class A ordinary shareholders	$	(16,734	)	$	(9,492	)
(Increase)/Decrease in ProKidney Corp. accumulated deficit for impact of subsidiary equity-based compensation		817			1,640
(Increase)/Decrease in ProKidney Corp. additional paid-in capital for exchange of Common Units in ProKidney LP for Class A ordinary shares		(2,418	)		(2,289	)
(Increase)/Decrease in ProKidney Corp. additional paid-in capital for vesting of Restricted Common Units in ProKidney LP		(5,173	)		(8,672	)
Change from net loss available to Class A ordinary shareholders and change in ownership interest in ProKidney LP	$	(23,508	)	$	(18,813	)

Segment Information - Significant expense categories that are regularly reported to the chief operating decision maker (Details) - Reportable Segment [Member] - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Segment Reporting Information [Line Items]

Revenue

$ 230

$ 0

Net loss before noncontrolling interest

(37,952)

(35,333)

Clinical trial expense

Segment Reporting Information [Line Items]

Other Expenses

7,524

8,308

Cash compensation

Segment Reporting Information [Line Items]

Other Expenses

13,253

10,611

Cash operating expenses

Segment Reporting Information [Line Items]

Other Expenses

13,143

12,374

Other segment items

Segment Reporting Information [Line Items]

Other Expenses

^[1]

$ 4,262

$ 4,040

[1]	Other segment items primarily include interest income, equity-based compensation and depreciation.

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References

+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

Description of Business and Basis of Presentation

3 Months Ended

Mar. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Basis of Presentation

Note 1: Description of Business and Basis of Presentation

Description of Business

ProKidney Corp. (the “Company” or “ProKidney”) was originally incorporated as Social Capital Suvretta Holdings Corp. III (“SCS”). SCS was a blank check company incorporated as a Cayman Islands exempted company on February 25, 2021. SCS was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

On January 18, 2022, SCS executed a definitive business combination agreement (the “Business Combination Agreement”), with ProKidney LP (“PKLP”), a limited partnership under the laws and regulations of Ireland. Pursuant to the terms of the Business Combination Agreement, PKLP became a subsidiary of SCS and was organized in an umbrella partnership corporation (“Up-C”) structure, which would provide potential future tax benefits for SCS when the equity holders ultimately exchanged their pass-through interests for Class A ordinary shares. The business combination between SCS and PKLP (the “Business Combination”) closed (the “Closing”) on July 11, 2022 (the “Closing Date”). Upon consummation of the transaction, SCS changed its name to ProKidney Corp.

The Business Combination was accounted for as a reverse recapitalization transaction between entities under common control, through which PKLP was considered the accounting acquiror and predecessor entity. The Business Combination was reflected as the equivalent of PKLP issuing stock for the net assets of SCS accompanied by a recapitalization with no goodwill or intangible assets recognized.

ProKidney Corp., through its operating subsidiaries, ProKidney, which is incorporated under the Cayman Islands Companies Act (as amended) as an exempted company (“ProKidney-KY”) and ProKidney LLC, a limited liability company under the laws of Delaware (“ProKidney-US”) is focused on the development of rilparencel, which has the potential to preserve kidney function in patients with chronic kidney disease or delay or eliminate the need for dialysis and organ transplantation.

Principles of Consolidation

ProKidney is a holding company, and its principal asset is a controlling equity interest in PKLP and its wholly-owned operating subsidiaries ProKidney-KY and ProKidney-US. The Company has determined that PKLP is a variable-interest entity for accounting purposes and that ProKidney is the primary beneficiary of PKLP because (through its managing member interest in PKLP and the fact that the senior management of ProKidney is also the senior management of PKLP) it has the power and benefits to direct all of the activities of PKLP, which include those that most significantly impact PKLP’s economic performance. The Company has therefore consolidated PKLP’s results pursuant to Accounting Standards Codification Topic 810, “Consolidation” in its Condensed Consolidated Financial Statements. As of March 31, 2025, various holders own non-voting interests in PKLP, representing a 55.7% economic interest in PKLP, effectively restricting ProKidney’s interest to 44.3% of PKLP’s economic results, subject to increase in the future, should ProKidney purchase additional non-voting common units (“PKLP Units”) of PKLP, or should the holders of PKLP Units decide to exchange such units (together with shares of Class B ordinary shares) for Class A ordinary shares (or cash) pursuant to the Exchange Agreement (as defined in Note 6). The Company will not be required to provide financial or other support for PKLP. However, ProKidney will control its business and other activities through its managing member interest in PKLP, and its management is the management of PKLP. Nevertheless, because ProKidney will have no material assets other than its interests in PKLP and its subsidiaries, any financial difficulties at PKLP could result in ProKidney recognizing a loss.

All intercompany transactions and balances have been eliminated.

Equity Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Assumptions of the Valuation in Stock Option Activity

The fair value of stock options granted was estimated using the following assumptions during the three months ended March 31, 2025:


	Three Months Ended March 31,
	2025	2024
Expected volatility	99.0% - 99.7%	82.9% - 84.9%
Expected life of options, in years	6.0 - 6.1	5.5 - 6.1
Risk-free interest rate	4.1% - 4.4%	3.8% - 4.2%
Expected dividend yield	0.0%	0.0%

Summary of Stock Option Awards Granted, Activity

The following table summarizes the activity related to the Company’s time-vested stock option awards granted under the 2022 Plan for the three months ended March 31, 2025:


	Number of Shares			Weighted Average Exercise Price
Time-vested options outstanding at January 1, 2025		19,778,670		$	5.45
Granted		10,892,600			1.24
Forfeited		(1,866,103	)		1.85
Time-vested options outstanding at March 31, 2025		28,805,167		$	4.09
Time-vested options exercisable at March 31, 2025		7,512,752		$	7.11
Weighted average remaining contractual life	7.6 years
Time-vested options vested and expected to vest at March 31, 2025		28,805,167		$	4.09
Weighted average remaining contractual life	8.8 years

Summary of Performance-Based Stock Option Activity

The following table summarizes the activity related to the Company’s performance-based stock option awards granted under the 2022 Plan for the three months ended March 31, 2025:


	Number of Shares			Weighted Average Exercise Price
Performance-based options outstanding at January 1, 2025		1,671,250		$	1.62
Forfeited		(82,500	)		2.30
Performance-based options outstanding at March 31, 2025		1,588,750		$	1.59
Performance-based options exercisable at March 31, 2025		963,750		$	1.52
Weighted average remaining contractual life	8.8 years
Performance-based options vested and expected to vest at March 31, 2025		1,588,750		$	1.59
Weighted average remaining contractual life	8.8 years

Summary of Profits Interest awards, Activity

The following table summarizes the activity related to the Profits Interest awards for the three months ended March 31, 2025:


	Number of Shares			Weighted Average Grant Date Fair Value
Unvested awards outstanding at January 1, 2025		1,755,686		$	7.37
Vested		(949,678	)		7.37
Forfeited		(26,152	)		7.36
Unvested awards outstanding at March 31, 2025		779,856		$	7.38

Summary of Compensation Expense Related to Share-Based Awards

Compensation expense related to equity-based awards is included in research and development and general and administrative expense as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Research and development	$	2,710	$	3,230
General and administrative		3,706		4,450
Total equity-based compensation expense	$	6,416	$	7,680

The following table summarizes our equity-based compensation by type of award (in thousands):


	Three Months Ended March 31,
	2025		2024
Time-vested stock options	$	4,947	$	5,162
Performance-based stock options		5		276
Market-vested stock options		–		–
Legacy profits interests		1,464		2,242
Total equity-based compensation expense	$	6,416	$	7,680

Leases (Tables)

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Schedule of future minimum lease payments under non-cancelable operating leases excluding the effect of straight-line rent and variable rental payments

Future minimum lease payments under non-cancelable operating leases as of March 31, 2025 excluding the effect of straight-line rent and variable rental payments are as follows (in thousands):


	Total
2025 (remaining nine months)	$	413
2026		522
2027		495
2028		289
2029		13
Thereafter		—
Total	$	1,732

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 4: Income Taxes

ProKidney is considered to be an exempted Cayman Islands company and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States.

The Company’s subsidiary, PKLP, is organized as a limited partnership and is classified as a partnership for U.S. income tax purposes.

The difference between the Company’s effective tax rates and the Cayman statutory rate of 0% is primarily attributable to the recording of a tax provision for U.S. federal and state taxes for the Company’s subsidiary, ProKidney-US, which is treated as a C corporation for income tax purposes.

The Company’s subsidiary, ProKidney-KY, has been granted, by the Government in Council of the Cayman Islands, tax concessions under an undertaking certificate exempting it from any tax levied on profits, income, gains or appreciations in relation to its operations or in the nature of estate duty or inheritance tax for a period of twenty years from January 20, 2016. ProKidney-KY elected to be treated as an entity disregarded from its owner for U.S. tax purposes, and as a result, it has not recorded an income tax provision.

As discussed in Note 6, the Company is party to a tax receivable agreement with a related party which provides for the payment by the Company to holders of PKLP prior to the Closing (“Closing ProKidney Unitholders”) of 85% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes (or, in some circumstances, the Company is deemed to realize) as a result of certain transactions. As no transactions have occurred which would trigger a liability under this agreement, the Company has not recognized any liability related to this agreement as of March 31, 2025.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, available taxes in the carryback periods, projected future taxable income and tax planning strategies in making this assessment.

There were no net unrecognized tax benefits as of March 31, 2025 which, if recognized, would affect our effective tax rate. We expect none of the gross unrecognized tax benefits will decrease within the next year.

There were no significant changes in the Company’s uncertain tax positions during the three months ended March 31, 2025 and 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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+ Details

Leases - Schedule of Classification of Operating and Finance Lease Assets and Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Operating leases:
Right of use assets	$ 2,988	$ 2,869
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right Of Use Assets Operating And Finance Lease	Right Of Use Assets Operating And Finance Lease
Operating lease liabilities, current	$ 840	$ 740
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating And Finance Lease Liabilities Current	Operating And Finance Lease Liabilities Current
Operating lease liabilities, noncurrent	$ 2,439	$ 2,393
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating And Finance Lease Liabilities Non Current Portion	Operating And Finance Lease Liabilities Non Current Portion
Total operating lease liabilities	$ 3,279	$ 3,133
Finance leases:
Right of use assets	$ 85	$ 97
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Right Of Use Assets Operating And Finance Lease	Right Of Use Assets Operating And Finance Lease
Finance lease liabilities, current	$ 17	$ 25
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating And Finance Lease Liabilities Current	Operating And Finance Lease Liabilities Current
Finance lease liabilities, noncurrent	$ 73	$ 78
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Operating And Finance Lease Liabilities Non Current Portion	Operating And Finance Lease Liabilities Non Current Portion
Total finance lease liabilities	$ 90	$ 103

Equity Based Compensation - Schedule of Profits Interest Awards, Activity (Details) - Profits Interest Awards [Member]	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Unvested Awards Outstanding, Beginning Balance \| shares	1,755,686
Number of Shares, Vested \| shares	(949,678)
Number of Shares, Forfeited \| shares	(26,152)
Number of Shares, Unvested Awards Outstanding, Ending Balance \| shares	779,856
Weighted Average Grant Date Fair Value, Unvested Awards Outstanding, Beginning Balance \| $ / shares	$ 7.37
Weighted Average Grant Date Fair Value, Vested \| $ / shares	7.37
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	7.36
Weighted Average Grant Date Fair Value, Unvested Awards Outstanding, Ending Balance \| $ / shares	$ 7.38

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Condensed Consolidated Statements of Changes in Redeemable Noncontrolling Interest and Shareholders' Deficit - Unaudited - USD ($) $ in Thousands	Total	Redeemable Noncontrolling Interest [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Accumulated Deficit [Member]	Common Class A [Member]	Class A Ordinary Shares [Member] Common Stock [Member]	Class B Ordinary Shares [Member] Common Stock [Member]
Beginning balance at Dec. 31, 2023	$ (1,103,396)	$ 1,494,732	$ 36,114	$ 130	$ (1,139,663)		$ 6	$ 17
Beginning balance, shares at Dec. 31, 2023							59,880,347	168,297,916
Equity-based compensation	6,039	1,640	6,039
Vesting of Class B restricted stock rights, shares								1,166,620
Exchange of Class B ordinary shares for Class A ordinary shares	2,289
Exchange of Class B ordinary shares for Class A ordinary shares	2,289	(2,289)	2,289
Exchange of Class B ordinary shares for Class A ordinary shares, shares							1,740,983	(1,740,983)
Impact of equity transactions on redeemable noncontrolling interest	(8,672)	8,672	(8,672)
Unrealized income on marketable securities	(174)	(473)		(174)
Net loss and comprehensive loss attributable to noncontrolling interest	25,841	(25,841)
Net Income (Loss)	(9,492)				(9,492)	$ (9,492)
Ending balance at Mar. 31, 2024	(1,096,062)	1,459,097	53,114	(44)	(114,915)		$ 6	$ 17
Ending balance, shares at Mar. 31, 2024							61,621,330	167,723,553
Beginning balance at Dec. 31, 2024	(994,954)	1,396,591	205,736	130	(1,200,849)		$ 13	$ 16
Beginning balance, shares at Dec. 31, 2024							128,054,417	163,693,707
Equity-based compensation	5,599	817	5,599
Vesting of Class B restricted stock rights, shares								949,678
Exchange of Class B ordinary shares for Class A ordinary shares	2,418
Exchange of Class B ordinary shares for Class A ordinary shares	2,418	(2,418)	2,418
Exchange of Class B ordinary shares for Class A ordinary shares, shares							1,481,704	(1,481,704)
Impact of equity transactions on redeemable noncontrolling interest	(5,173)	5,173	(5,173)
Unrealized income on marketable securities	(55)	(69)		(55)
Net loss and comprehensive loss attributable to noncontrolling interest	21,218	(21,218)
Net Income (Loss)	(16,734)				(16,734)	$ (16,734)
Ending balance at Mar. 31, 2025	$ (998,553)	$ 1,368,530	$ 218,926	$ 75	$ (1,217,583)		$ 13	$ 16
Ending balance, shares at Mar. 31, 2025							129,536,121	163,161,681

Net Loss per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Net Loss per Share

Note 9: Net Loss per Share

Basic net loss per share is calculated by dividing net loss attributable to Class A ordinary shareholders by the weighted-average shares of Class A ordinary shares outstanding without the consideration for potential dilutive securities. Diluted net loss per share represents basic net loss per share adjusted to include the effects of all potentially dilutive shares. Diluted net loss per share is the same as basic loss per share for all periods as the inclusion of potentially issuable shares would be antidilutive.

The following table sets forth the computation of basic and diluted net loss per share for the three months ended March 31, 2025 and 2024 (in thousands, except share and per share amounts):


	For the Three Months Ended March 31,
	2025			2024
Numerator
Net loss	$	(37,952	)	$	(35,333	)
Less: Net loss attributable to noncontrolling interests		(21,218	)		(25,841	)
Net loss available to Class A ordinary shareholders of ProKidney Corp., basic and diluted	$	(16,734	)	$	(9,492	)

Denominator
Weighted average Class A ordinary shares or ProKidney Corp. outstanding, basic and diluted		128,976,366			60,951,721

Net loss per Class A ordinary share
Net loss per Class A ordinary share of ProKidney Corp., basic and diluted	$	(0.13	)	$	(0.16	)

Outstanding anti-dilutive securities not included in the diluted net loss per share calculation include the following:


	As of March 31,
	2025		2024
Antidilutive securities
ProKidney Corp. Class B ordinary shares		163,161,681		167,723,553
Unvested Restricted Stock Rights		779,856		2,312,356
Earnout Rights		17,500,000		17,500,000
Stock options granted under the 2022 Equity Incentive Plan		30,393,917		21,845,327

Condensed Consolidated Balance Sheets - Unaudited - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 97,805	$ 99,120
Marketable securities	230,693	259,172
Interest receivable	1,752	2,447
Prepaid assets	3,014	4,192
Prepaid clinical	6,968	11,505
Assets held for sale	19,368	19,368
Other current assets	62	80
Total current assets	359,662	395,884
Fixed assets, net	43,326	42,222
Right of use assets, net	3,073	2,967
Total assets	406,061	441,073
Current liabilities
Accounts payable	3,122	3,633
Lease liabilities	857	765
Accrued expenses and other	27,572	31,137
Income taxes payable	1,257	682
Total current liabilities	32,808	36,217
Income tax payable, net of current portion	764	748
Lease liabilities, net of current portion	2,512	2,471
Total liabilities	36,084	39,436
Commitments and contingencies
Redeemable noncontrolling interest	1,368,530	1,396,591
Shareholders' deficit
Additional paid-in capital	218,926	205,736
Accumulated other comprehensive (loss) gain	75	130
Accumulated deficit	(1,217,583)	(1,200,849)
Total shareholders' deficit	(998,553)	(994,954)
Total liabilities and shareholders' deficit	406,061	441,073
Common Class A [Member]
Shareholders' deficit
Common stock value	13	13
Common Class B [Member]
Shareholders' deficit
Common stock value	$ 16	$ 16

Significant Accounting Policies - Summary of Fixed Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (12,407)	$ (11,032)
Total fixed assets, net	43,326	42,222
Land
Property, Plant and Equipment [Line Items]
Fixed Assets Gross	1,405	1,405
Buildings
Property, Plant and Equipment [Line Items]
Fixed Assets Gross	$ 21,095	21,095
Buildings \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Buildings \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	25 years
Computer equipment and software
Property, Plant and Equipment [Line Items]
Fixed Assets Gross	$ 856	838
Computer equipment and software \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Computer equipment and software \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Furniture and equipment
Property, Plant and Equipment [Line Items]
Fixed Assets Gross	$ 6,452	5,647
Furniture and equipment \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Furniture and equipment \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property Plant And Equipment Estimated Useful Lives	remainder of lease term
Fixed Assets Gross	$ 22,195	21,822
Construction in progress
Property, Plant and Equipment [Line Items]
Construction in progress	$ 3,730	$ 2,447

Equity Based Compensation - Summary of Assumptions of the Valuation in Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility, minimum	99.00%	82.90%
Expected volatility, maximum	99.70%	84.90%
Risk-free interest rate, minimum	4.10%	3.80%
Risk-free interest rate, maximum	4.40%	4.20%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life of options, in years	6 years	5 years 6 months
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected life of options, in years	6 years 1 month 6 days	6 years 1 month 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities
Net loss before noncontrolling interest	$ (37,952)	$ (35,333)
Adjustments to reconcile net loss before noncontrolling interest to net cash flows used in operating activities:
Depreciation and amortization	1,600	1,102
Equity-based compensation	6,416	7,679
Gain on marketable securities, net	(1,069)	(2,313)
Loss on disposal of equipment	300	28
Changes in operating assets and liabilities
Interest receivable	695	(529)
Prepaid and other assets	5,729	564
Accounts payable and accrued expenses	(5,902)	(5,942)
Income taxes payable	591	98
Net cash flows used in operating activities	(29,592)	(34,646)
Cash flows from investing activities
Purchases of marketable securities	(55,449)	(55,415)
Sales and maturities of marketable securities	84,873	114,774
Purchase of equipment and facility expansion	(1,135)	(960)
Net cash flows provided by investing activities	28,289	58,399
Cash flows from financing activities
Payments on finance leases	(12)	(13)
Net cash flows used in financing activities	(12)	(13)
Net change in cash and cash equivalents	(1,315)	23,740
Cash, beginning of period	99,120	60,649
Cash, end of period	97,805	84,389
Supplemental disclosure of non-cash investing and financing activities:
Right of use assets obtained in exchange for lease obligations	322	1,674
Exchange of Class B ordinary shares	2,418	2,289
Impact of equity transactions and compensation on redeemable noncontrolling interest	4,426	7,507
Equipment and facility expansion included in accounts payable and accrued expenses	$ 1,653	$ 305

Equity Based Compensation - Summary of Performance-Based Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Options Outstanding, Ending Balance	30,393,917
Weighted average remaining contractual life	8 years 9 months 18 days
Performance-Based Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Options Outstanding, Beginning Balance	1,671,250
Number of Shares, Forfeited	(82,500)
Number of Shares, Options Outstanding, Ending Balance	1,588,750
Number of Shares, Options Exercisable	963,750
Number of Shares, Options Vested and Expected to Vest	1,588,750
Weighted Average Remaining Contractual Life	8 years 9 months 18 days
Weighted Average Exercise Price, Options Outstanding, Beginnig Balance \| $ / shares	$ 1.62
Weighted Average Exercise Price, Granted \| $ / shares	2.3
Weighted Average Exercise Price, Options Outstanding, Ending Balance \| $ / shares	1.59
Weighted Average Exercise Price, Options Exercisable \| $ / shares	1.52
Weighted Average Exercise Price, Options Vested and Expected to Vest \| $ / shares	$ 1.59

Income Taxes (Additional Information) (Details)	3 Months Ended
Income Taxes (Additional Information) (Details)	Mar. 31, 2025 USD ($)
Income Tax Disclosure [Abstract]
Effective Income Tax Rate	0.00%
Uncertain tax positions	$ 0

Segment Information (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Income Statement Information

The following table provides selected income statement information for our single reportable segment (in thousands):


	For the Three Months Ended March 31,
	2025			2024
Net loss before noncontrolling interest	$	(37,952	)	$	(35,333	)
Rental income		230			–
Depreciation and amortization		1,384			832
Equity-based compensation		6,416			7,680
Income tax (benefit) expense		591			98
Interest expense		–			(2	)
Interest income		4,027			4,843

Shareholders' Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Shareholders' Equity

Note 8: Shareholders’ Equity

In January 2024, the Company entered into an Open Market Sale AgreementSM (“Sales Agreement”) with Jefferies LLC (“Jefferies”) as the sales agent, pursuant to which the Company may offer and sell, from time to time, through Jefferies, shares of its Class A ordinary shares having an aggregate offering price of up to $100.0 million by any method deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act. The shares are offered and sold pursuant to the Company’s shelf registration statement on Form S-3.

During the three months ended March 31, 2025 and 2024, the Company did not sell any shares under the Sales Agreement.

Redeemable Noncontrolling Interest

3 Months Ended

Mar. 31, 2025

Noncontrolling Interest [Abstract]

Redeemable Noncontrolling Interest

Note 7: Redeemable Noncontrolling Interest

The Company is subject to the Exchange Agreement with respect to the Post-Combination ProKidney Common Units representing the outstanding 55.7% noncontrolling interest in PKLP (see Note 1). The Exchange Agreement requires the surrender of an equal number of Post-Combination ProKidney Common Units and Class B ordinary shares for (i) Class A ordinary shares on a one-for-one basis or (ii) cash (based on the fair market value of the Class A ordinary shares as determined pursuant to the Exchange Agreement), at the Company’s option (as the managing member of PKLP), subject to customary conversion rate adjustments for share splits, share dividends and reclassifications. The exchange value is determined based on a five-day VWAP of the Class A ordinary shares as defined in the Exchange Agreement, subject to customary conversion rate adjustments for share splits, share dividends and reclassifications.

The redeemable noncontrolling interest is recognized at the higher of (1) its initial fair value plus accumulated earnings/losses associated with the noncontrolling interest or (2) the redemption value as of the balance sheet date. At March 31, 2025, the redeemable noncontrolling interest was recorded based on its initial fair value plus accumulated losses associated with the noncontrolling interest which was higher than the redemption value as of the balance sheet date.

Changes in the Company’s ownership interest in PKLP while the Company retains its controlling interest in PKLP are accounted for as equity transactions, and the Company is required to adjust noncontrolling interest and equity for such changes. The following is a summary of net income attributable to the Company and transfers to noncontrolling interest (in thousands):


	For the Three Months Ended March 31,
	2025			2024
Net loss available to Class A ordinary shareholders	$	(16,734	)	$	(9,492	)
(Increase)/Decrease in ProKidney Corp. accumulated deficit for impact of subsidiary equity-based compensation		817			1,640
(Increase)/Decrease in ProKidney Corp. additional paid-in capital for exchange of Common Units in ProKidney LP for Class A ordinary shares		(2,418	)		(2,289	)
(Increase)/Decrease in ProKidney Corp. additional paid-in capital for vesting of Restricted Common Units in ProKidney LP		(5,173	)		(8,672	)
Change from net loss available to Class A ordinary shareholders and change in ownership interest in ProKidney LP	$	(23,508	)	$	(18,813	)

Condensed Consolidated Statements of Operations - Unaudited - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenue	$ 230	$ 0
Operating Expenses [Abstract]
Research and development	27,263	27,233
General and administrative	14,355	12,843
Total operating expenses	41,618	40,076
Operating loss	(41,388)	(40,076)
Interest income	4,027	4,843
Interest expense	0	(2)
Net loss before income taxes	(37,361)	(35,235)
Income tax (benefit) expense	591	98
Net loss before noncontrolling interest	(37,952)	(35,333)
Net loss attributable to noncontrolling interest	(21,218)	(25,841)
Net loss available to Class A ordinary shareholders	(16,734)	(9,492)
Common Class A [Member]
Operating Expenses [Abstract]
Net loss available to Class A ordinary shareholders	$ (16,734)	$ (9,492)
Weighted average Class A ordinary shares outstanding, Basic	128,976,366	60,951,721
Weighted average Class A ordinary shares outstanding, Diluted	128,976,366	60,951,721
Net loss per share attributable to Class A ordinary shares, Basic	$ (0.13)	$ (0.16)
Net loss per share attributable to Class A ordinary shares, Diluted	$ (0.13)	$ (0.16)

Net Loss per Share - Schedule of computation of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Numerator
Net loss	$ (37,952)	$ (35,333)
Less: Net loss attributable to noncontrolling interest	$ (21,218)	$ (25,841)
Antidilutive securities
Earnout Rights	17,500,000	17,500,000
Stock options granted under the 2022 Equity Incentive Plan	30,393,917	21,845,327
Restricted Stock Rights [Member]
Antidilutive securities
Unvested Restricted Stock Rights	779,856	2,312,356
Common Class A [Member]
Numerator
Net loss Available To Class A ordinary Shareholders of ProKidney Corp., Basic	$ (16,734)	$ (9,492)
Net loss Available To Class A ordinary Shareholders of ProKidney Corp., Diluted	$ (16,734)	$ (9,492)
Denominator
Weighted average Class A ordinary shares or ProKidney Corp. outstanding, Basic	128,976,366	60,951,721
Weighted average Class A ordinary shares or ProKidney Corp. outstanding, Diluted	128,976,366	60,951,721
Net loss per share attributable to Class A ordinary shares, Basic	$ (0.13)	$ (0.16)
Net loss per share attributable to Class A ordinary shares, Diluted	$ (0.13)	$ (0.16)
Antidilutive securities
ProKidney Corp. ordinary shares	129,536,121		128,054,417
Common Class B [Member]
Antidilutive securities
ProKidney Corp. ordinary shares	163,161,681	167,723,553	163,693,707

Segment Information (Additional Information) (Details)	3 Months Ended
Segment Information (Additional Information) (Details)	Mar. 31, 2025 Segment
Segment Reporting [Abstract]
Number of operating segment	1

Subsequent Events (Additional Information) (Details) - shares	Mar. 31, 2025	Dec. 31, 2024
Common Class A [Member]
Subsequent Event [Line Items]
Common Stock, Shares, Issued	129,536,121	128,054,417
Common Class B [Member]
Subsequent Event [Line Items]
Common Stock, Shares, Issued	163,161,681	163,693,707

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (16,734)	$ (9,492)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (g)(3)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.5-03(20))
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-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Investments (Tables)

3 Months Ended

Mar. 31, 2025

Investments [Abstract]

Schedule of Cash, Cash Equivalents and Marketable Securities

The following tables summarize our cash equivalents and marketable securities measured at fair value on a recurring basis (in thousands):


As of March 31, 2025
	Fair Value Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash Equivalents		Marketable Securities
Money market funds	Level 2	$	6,583	$	–	$	–		$	6,583	$	6,583	$	–
Time deposits	Level 2		2,535		3		–			2,538		–		2,538
Commercial paper	Level 2		15,486		20		–			15,506		–		15,506
Asset backed securities	Level 2		6,408		19		–			6,427		–		6,427
Government bonds	Level 2		71,862		36		(1	)		71,897		30,953		40,944
Corporate debt securities	Level 2		170,992		122		(26	)		171,088		5,810		165,278
Total		$	273,866	$	200	$	(27	)	$	274,039	$	43,346	$	230,693


As of December 31, 2024
	Fair Value Hierarchy	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Cash Equivalents		Marketable Securities
Money market funds	Level 2	$	5,979	$	–	$	–		$	5,979	$	5,979	$	–
Time deposits	Level 2		6,725		12		–			6,737		–		6,737
Commercial paper	Level 2		34,850		46		(2	)		34,894		3,147		31,747
Asset backed securities	Level 2		6,905		30		–			6,935		–		6,935
Government bonds	Level 2		80,509		62		–			80,571		46,848		33,723
Corporate debt securities	Level 2		179,882		190		(42	)		180,030		–		180,030
Total		$	314,850	$	340	$	(44	)	$	315,146	$	55,974	$	259,172

Summary of Scheduled Maturity for Marketable Securities

The following table shows the fair value of the Company’s cash equivalents and marketable securities, by contractual maturity, as of March 31, 2025 (in thousands):


	March 31, 2025
Due in 1 year or less	$	263,897
Due in 1 year through 5 years		10,142
Total	$	274,039

Schedule of Investments Fair Values and Gross Unrealized Losses


As of March 31, 2025
	Less than 12 months					12 Months or Greater				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Asset backed securities	$	923	$	–		$	–	$	–	$	923	$	–
Government bonds		49,740		(1	)		–		–		49,740		(1	)
Corporate debt securities		40,056		(26	)		–		–		40,056		(26	)
Total	$	90,719	$	(27	)	$	–	$	–	$	90,719	$	(27	)


As of December 31, 2024
	Less than 12 months					12 Months or Greater				Total
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
Commercial paper	$	3,869	$	(2	)	$	–	$	–	$	3,869	$	(2	)
Corporate debt securities		32,443		(42	)		–		–		32,443		(42	)
Total	$	36,312	$	(44	)	$	–	$	–	$	36,312	$	(44	)

Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

Note 5: Leases

The Company has operating leases for real estate (primarily its operating facilities) and certain equipment with various expiration dates. The Company also has finance leases for certain equipment. During the year ended December 31, 2024, the Company purchased two multi-tenant buildings in Winston-Salem, North Carolina, which it had previously occupied under the terms of a real estate lease. In connection with this purchase, the Company assumed the existing lease agreements held with certain third parties which leased space in these buildings.

Lessee Leases

For the three months ended March 31, 2025 and 2024, the Company’s rent expense was $321,000 and $422,000, respectively. Cash paid for operating leases during the three months ended March 31, 2025 was $261,000.

The following table summarizes the classification of operating and finance lease assets and obligations in the Company's Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025		December 31, 2024
Operating leases:
Right of use assets	$	2,988	$	2,869

Operating lease liabilities, current	$	840	$	740
Operating lease liabilities, noncurrent		2,439		2,393
Total operating lease liabilities	$	3,279	$	3,133

Finance leases:
Right of use assets	$	85	$	97

Finance lease liabilities, current	$	17	$	25
Finance lease liabilities, noncurrent		73		78
Total finance lease liabilities	$	90	$	103

Maturities of lease liabilities for the Company’s operating and finance leases are as follows as of March 31, 2025 (in thousands):


	Operating Leases			Finance Leases			Total
2025 (remaining nine months)	$	840		$	17		$	857
2026		1,244			22			1,266
2027		1,102			22			1,124
2028		712			22			734
2029		50			20			70
Thereafter		—			—			—
Total lease payments		3,948			103			4,051
Less: imputed interest		(669	)		(13	)		(682	)
Present value of lease liabilities	$	3,279		$	90		$	3,369

The weighted average remaining lease term for operating leases is 3.3 years, and 4.7 years for finance leases. The weighted average discount rate for operating leases is 10.7% and 5.6% for finance leases.

Lessor Leases

The Company leases a portion of its facilities in Winston-Salem, North Carolina under agreements that are classified as operating leases. In addition to the rental payments, tenants pay a fixed rate for their pro rata share of real estate taxes, insurance and other facility operating expenses. These amounts are recognized as revenues on a straight-line basis over the term of the related leases. For leasing revenues where collectability is not considered probable, lease income is recognized on a cash basis and all previously recognized tenant accounts receivables, including straight-line rent, are fully reserved in the period in which the lease income is determined not to be probable of collection. These lease agreements terminate between 2026 and 2029.

The leasing revenue for the three months ended March 31, 2025 was $230,000 and there was no such revenue for the three months ended March 31, 2024. Future minimum lease payments under non-cancelable operating leases as of March 31, 2025 excluding the effect of straight-line rent and variable rental payments are as follows (in thousands):


	Total
2025 (remaining nine months)	$	413
2026		522
2027		495
2028		289
2029		13
Thereafter		—
Total	$	1,732

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Unaudited Interim Financial Statements

Interim results are not necessarily indicative of results for an entire year.

Use of Estimates

Cash Equivalents and Marketable Securities

The Company considers all available evidence to evaluate if a credit loss exists, and if so, recognizes an allowance for credit loss.

Concentration of Credit Risk

Concentrations of Credit Risk

Research and Development Costs

Fixed Assets


Buildings	25-30 years
Computer equipment and software	3-5 years
Furniture and equipment	5-7 years
Leasehold improvements	remainder of lease term

Fixed assets consisted of the following (in thousands):


	March 31, 2025			December 31, 2024
Land	$	1,405		$	1,405
Buildings		21,095			21,095
Leasehold improvements		22,195			21,822
Furniture and equipment		6,452			5,647
Computer equipment and software		856			838
Construction in progress		3,730			2,447
Less: accumulated depreciation		(12,407	)		(11,032	)
Total fixed assets, net	$	43,326		$	42,222

Depreciation expense for the three months ended March 31, 2025 and 2024 was $1,384,000 and $832,000, respectively.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets and Assets Held for Sale

No impairment charges were recorded for the three months ended March 31, 2025 or 2024.

Income Taxes

Fair Value Measurements

•

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities

•

Level 2 – Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable through correlation with market data

•

Level 3 – Unobservable inputs that are supported by little or no market data, which require the reporting entity to develop its own assumptions

The carrying values of cash equivalents, accounts payable, and accrued liabilities approximate fair value due to the short term nature of these instruments.

Leases

Contingent Liabilities

Equity-Based Compensation

Segments

The Company operates in only one segment

Recently Issued Accounting Pronouncements

Equity Based Compensation - Summary of Stock Option Awards Granted, Activity (Details)	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Options Outstanding, Ending Balance	30,393,917
Time-Vested Awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Options Outstanding, Beginning Balance	19,778,670
Number of Shares, Granted	10,892,600
Number of Shares, Forfeited	(1,866,103)
Number of Shares, Options Outstanding, Ending Balance	28,805,167
Number of Shares, Options Exercisable	7,512,752
Weighted Average Remaining Contractual Life	7 years 7 months 6 days
Number of Shares, Options Vested and Expected to Vest	28,805,167
Weighted Average Remaining Contractual Life	8 years 9 months 18 days
Weighted Average Exercise Price, Options Outstanding, Beginnig Balance \| $ / shares	$ 5.45
Weighted Average Exercise Price, Granted \| $ / shares	1.24
Weighted Average Exercise Price, Forfeited \| $ / shares	1.85
Weighted Average Exercise Price, Options Outstanding, Ending Balance \| $ / shares	4.09
Weighted Average Exercise Price, Options Exercisable \| $ / shares	7.11
Weighted Average Exercise Price, Options Vested and Expected to Vest \| $ / shares	$ 4.09