Curious about ProKidney net worth and its financial journey? In 2024, ProKidney continues to grow its impact in biotechnology, particularly in chronic kidney disease treatment.
With rising revenue drivers like clinical trials, research, and development, ProKidney’s financial outlook has piqued interest.
In this article, Ando Money dives deep into its financial performance and other key contributors.
Quick Facts
| FACT | DETAIL |
|---|---|
| Name | ProKidney Corp. |
| Full Name | ProKidney Corporation |
| Website | https://prokidney.com |
| Industry | Biotechnology |
| Traded as | Nasdaq: PROK |
| Isin | N/A |
| Founded | 2015 |
| Founders | N/A |
| Country/Territory | United States |
| Headquarters | Winston-Salem, North Carolina |
| Chief Executive Officer | Bruce Culleton, M.D. |
| Number of Employees | N/A |
| Market Cap | $1.93 billion |
| Total Assets | $499.2 million |
| Total Equity | $(972.4) million |
| Revenue | N/A |
| Net Income | $(73.8) million |
What is the Net Worth/Market Cap of ProKidney in 2024?
As of 2024, ProKidney’s market cap is valued at $1.93 billion, positioning it among the notable players in the biotechnology sector.
While ProKidney’s market capitalization indicates growth, it’s still navigating its path to profitability.
ProKidney operates in a competitive market, rubbing shoulders with other major biotech companies that focus on innovation and patient care.
If you’re curious about how ProKidney compares to some of the largest biotech companies, here are a few:
- Vertex Pharmaceuticals
- CRISPR Therapeutics
- Bluebird Bio
- Editas Medicine
- Beam Therapeutics
- Allogene Therapeutics
- Sana Biotechnology
- Intellia Therapeutics
Looking for the top companies by valuation? Explore our curated list of the largest corporations dominating the biotech space.
ProKidney Financial Performance Overview
ProKidney, a late-stage cellular therapeutics company, has steadily progressed in 2024, particularly through its Phase 3 clinical trials. Its assets, which total $499.2 million, reflect strong financial positioning.
Despite its current equity deficit of $(972.4) million, the company holds significant cash reserves of $431.5 million, which ensures smooth operations until 2026.
Such liquidity is vital as ProKidney continues its research into chronic kidney disease treatments.
Key Revenue Drivers for ProKidney
ProKidney’s revenue is currently underpinned by its clinical trials, particularly those surrounding its lead product candidate, Rilparencel.
As the company advances in its research, its potential to generate long-term revenue remains high.
In 2024, ProKidney managed to close a $140 million equity offering, bolstering its financial standing and fueling its Phase 3 studies.
Clinical Trials Impact on Financial Growth
ProKidney’s clinical trials are at the heart of its financial growth. The company’s PROACT 1 and PROACT 2 Phase 3 trials are pivotal, with early results showing promise for patients suffering from chronic kidney disease.
These trials not only have the potential to stabilize kidney function but also attract significant financial investments.
As a result, ProKidney’s expenses in research and development were $29.4 million for Q2 2024, up from the previous year.
R&D Expenses and Financial Commitments
ProKidney’s financial commitment to research and development cannot be understated.
The company has significantly increased its R&D expenditure to $29.4 million in Q2 2024, driven by the need to support its growing clinical trials.
This commitment also includes hiring new personnel across various departments, such as clinical development and biostatistics. ProKidney’s continued focus on innovation and medical breakthroughs will likely drive long-term financial returns.
Cash Flow Analysis and Financial Liquidity
As of June 30, 2024, ProKidney has a robust cash and marketable securities balance of $431.5 million.
This figure is a testament to the company’s liquidity and its ability to sustain operations through the completion of its Phase 3 trials.
By maintaining healthy cash reserves, ProKidney ensures it can continue with high-priority clinical studies while handling operational costs efficiently.
Equity and Shareholder Information
ProKidney’s shareholder equity reveals a deficit of $(972.4) million, largely due to the extensive investments made in research and clinical trials.
However, its 289,674,830 shares outstanding as of June 2024 reflect a company poised for growth.
ProKidney’s ability to attract investors through public and direct equity offerings highlights the market’s confidence in the company’s future potential.
Financial Risks and Operational Challenges
While ProKidney’s financial position remains strong in some areas, risks associated with the biotechnology sector persist.
Clinical trials are unpredictable, and ProKidney must navigate potential regulatory hurdles.
Additionally, the net loss of $(73.8) million for the first half of 2024 reflects the inherent financial challenges of developing groundbreaking treatments.
As a result, managing operational costs and meeting key clinical milestones will be critical to ProKidney’s continued financial success.
FAQs About ProKidney
What is ProKidney’s primary product?
Its primary product is Rilparencel, a cellular therapy designed to treat chronic kidney disease.
How much does ProKidney spend on R&D?
In Q2 2024, ProKidney spent $29.4 million on research and development, mainly focused on advancing its clinical trials.
Who is the CEO of ProKidney?
Bruce Culleton, M.D., is the CEO of ProKidney, leading the company through its critical research stages.
Where is ProKidney headquartered?
It is headquartered in Winston-Salem, North Carolina, USA.
What are ProKidney’s cash reserves in 2024?
As of June 30, 2024, the company has $431.5 million in cash and marketable securities.
Conclusion
At Ando Money, we keep a close eye on the financial performance of innovative companies like ProKidney.
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