ProKidney (PROK.O): Advancing Toward Potentially Transformative Catalyst in 2Q27. Enrollment Complete for Ph3 AA Efficacy Analysis

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11 Aug 2026 08:39:55 ET │ 13 pages

ProKidney (PROK.O)

Advancing Toward Potentially Transformative Catalyst in 2Q27.

Enrollment Complete for Ph3 AA Efficacy Analysis

CITI'S TAKE

The key update this quarter is that PROK completed enrollment of patients

contributing to the pivotal Ph3 PROACT 1 accelerated approval efficacy

analysis, continuing to support a 2Q27 topline readout of the annualizedeGFR-slope surrogate endpoint. This efficacy analysis is expected to

include ~320 patients. PROACT 1 remains on track to complete full

enrollment of ~470 patients in 2H26 for the confirmatory composite timeto-event analysis with topline results still anticipated in 2H29 to support

possible full approval. For additional details on the accelerated approval

and confirmatory analyses, see our prior note here. PROK ended the quarter

with ~$182M in cash, which supports operations into mid-2027. Our TP

remains $10 after updating our model for 2Q26 financials.

n

Buy / High Risk

Price (10 Aug 26 16:00)

US$1.69

Target price

US$10.00

Expected share price return 491.7%

Expected dividend yield

0.0%

Expected total return

491.7%

Market Cap

US$510M

Price Performance

(RIC: PROK.O, BB: PROK US)

Yigal Nochomovitz, Ph.D. AC

EPS (US$)

Q1

Q2

Q3

Q4

FY

FC Cons

VA Cons

2025A

-0.13A

-0.12A

-0.14A

-0.50A

-0.52A

-0.43A

2026E

-0.14A

-0.15A

-0.16E

-0.62E

-0.55E

-0.66E

Previous

-0.14A

-0.14E

-0.15E

-0.14E

-0.57E

na

2027E

na

-0.68E

-0.56E

-0.78E

Previous

na

-0.61E

na

2028E

na

-0.10E

-0.43E

Previous

na

-0.07E

na

Caroline DePaul

Joohwan Kim

Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus.

Click here for Visible Alpha consensus data