ProKidney Corp.

Worth knowing

• Paying shareholders without free cash flow. Paid out $9M over the 3 fiscal years to 2025 with -$415M of free cash flow.

  ProKidney returned $9M in buybacks and dividends over three fiscal years while its free cash flow totalled -$415M. The money came from its cash pile or from borrowing.

• Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

  ProKidney's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

• Stock pay outran buybacks. Stock-based pay expense $86M vs $9M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years ProKidney recorded $86M of stock-based pay expense and spent $9M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years ProKidney recorded $86M of stock-based pay expense and spent $9M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Stock-based pay is a large cost. Stock pay was 2837% of revenue in 2025.

  ProKidney paid employees $25M in stock in 2025, 2837% of its $1M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.