ProKidney Corp: 1Q EPS: Proact-1 enrollment momentum supports 2Q27 surrogate endpoint data

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ProKidney Corp: 1Q EPS: Proact-1 enrollment momentum supports 2Q27 surrogate endpoint data

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ProKidney Corp

1Q EPS: Proact-1 enrollment momentum

supports 2Q27 surrogate endpoint data

Reiterate Rating: UNDERPERFORM | PO: 1.00 USD | Price: 1.66 USD

Proact-1’s AA data supports early-2028 BLA 18 May 2026

ProKidney (PROK)’s 1Q EPS was largely uneventful given the company is pre- Equity

commercial. The company reiterated key development timelines for the company’s sole

revenue driver, cell therapy REACT (rilparencel) with the only update being potential BLA

Key Changessubmission is now early 2028 (vs prior 4Q27). REACT’s pivotal trial, “Proact-1”, for the

treatment of diabetic type 2 chronic kidney disease remains on track to deliver key (US$) Previous Current

catalyst, eGFR slope (surrogate endpoint), in 2Q27 supporting early 2028 BLA 2026E EPS -1.30 -1.23

submission. We are encouraged by 1) enrollment momentum supporting targeting 2027E EPS -1.34 -1.27

surrogate endpoint cohort (N~320) completion by mid-‘26; 2) cash runway affirmed to 2028E EPS -1.45 -1.38

mid-‘27. Recall that surrogate endpoint cohort is targeting ~80% powering to achieve

the FDA’s requirement of showing ≥1.5mL/min/1.73m2 difference vs sham. We continue Dina Ramadane Research Analyst

to model 40% POS for Proact-1 based on prior supportive Phase 2 data. We update our BofAS

model for 1Q financials and smooth operating expenses to reflect clinical development +1 646 556 0492 dina.ramadane@bofa.com

timelines (Exhibit 1). We reiterate our Underperform rating and $1/share PO on our view Jason M. Gerberry

around trial risk and an end-market that may prove niche absent compelling data. Research Analyst

BofAS

See page 3 for summary of model changes & glossary. jason.gerberry@bofa.com

Chi M. Fong