Here are 1-3 brief analogies for ProKidney (PROK):

• ProKidney is like a Vertex Pharmaceuticals for chronic kidney disease, developing innovative therapies for a specific, severe chronic condition.
• It's a biotechnology company aiming to revolutionize chronic kidney disease treatment with cell therapy, similar to how Gilead Sciences transformed HIV or Hepatitis C care.
• Think of it as a BioNTech or Moderna, but developing a novel cell therapy platform for chronic kidney disease rather than vaccines.

• REGEN-001: An autologous cell therapy candidate currently in late-stage clinical trials for the treatment of chronic kidney disease (CKD) due to type 2 diabetes.

ProKidney (symbol: PROK) is a clinical-stage biopharmaceutical company focused on developing therapies for chronic kidney disease, specifically its lead product candidate, REACT (Renal Autologous Cell Therapy), for diabetic kidney disease (DKD).

As a clinical-stage company, ProKidney does not currently have any commercialized products generating revenue, and therefore, does not have "major customers" in the traditional sense of entities purchasing its products.

Upon potential regulatory approval and commercialization of REACT, ProKidney would sell its cell therapy primarily to other companies, specifically healthcare providers and institutions that administer such advanced therapies to patients. These would include:

• Hospitals and Medical Centers: Major medical centers and hospital systems with specialized departments for nephrology or cell therapy administration would be primary purchasers. These institutions, whether for-profit or non-profit, operate as legal entities that procure medical treatments.
• Specialized Clinics/Infusion Centers: Clinics focused on kidney care or those equipped to handle advanced cell therapies would also be direct purchasers.
• Integrated Delivery Networks (IDNs) / Large Healthcare Systems: These are organizations that own and operate multiple hospitals, clinics, and other healthcare facilities, potentially making consolidated purchasing decisions for their network. While specific future major customers cannot be identified at this stage, examples of publicly traded healthcare systems that operate hospitals and clinics include HCA Healthcare (symbol: HCA) and Tenet Healthcare (symbol: THC), though these are merely illustrative of the *types* of entities that could become customers upon commercialization and market penetration.

Given ProKidney's current clinical stage and lack of commercial sales, it is not possible to identify specific existing "major customer companies" by name or symbol. The customer base would be distributed across numerous healthcare institutions upon successful market entry.

• Lonza Group AG (Symbol: LONN)
• Cryoport, Inc. (Symbol: CYRX)

Bruce Culleton, MD Chief Executive Officer

Dr. Culleton assumed the role of Chief Executive Officer of ProKidney in November 2023, having previously joined the company in July 2023 as Executive Vice President, Clinical Development and Commercialization. He has held leadership positions at CVS Kidney Care, serving as Vice President and General Manager, and Vice President and Chief Medical Officer. His career also includes roles as Vice President, Global Clinical Development and World Wide Vice President, Medical Affairs at Becton Dickinson, and Vice President, Renal Therapeutic Area at Baxter Healthcare. Before entering the industry in 2007, Dr. Culleton was a Clinical Associate Professor at the University of Calgary, where he was involved in establishing the Alberta Kidney Disease Network.

James Coulston, CPA Chief Financial Officer

Mr. Coulston has served as ProKidney's Chief Financial Officer since January 2022. Prior to this role, he was ProKidney's Senior Vice President, Finance from January 2021 to December 2021, and Vice President, Finance from February 2019 to December 2020. Before joining ProKidney, Mr. Coulston was the Executive Director, Finance of Banner Life Sciences LLC, a privately held clinical-stage pharmaceutical company, from August 2015 to January 2019. He also previously served as Senior Director of Finance and Controller at Targacept, Inc.

Todd C. Girolamo, JD, MBA Chief Legal Officer and Secretary

Mr. Girolamo joined ProKidney as Chief Legal Officer in March 2022. He previously spent 11 years at Caladrius Biosciences, Inc. (now Lisata Therapeutics, Inc.), where he held positions including Chief Legal Officer, Senior Vice President of Corporate Development, and Corporate Secretary. Mr. Girolamo began his legal career in private practice, focusing on securities law, intellectual property, employment law, and general commercial litigation.

Darin J. Weber, PhD Chief Regulatory Officer, SVP and Head of Global Regulatory Affairs, Quality Management, Biometrics and Market Access

Dr. Weber joined ProKidney in September 2020 as Senior Vice President of Regulatory Development and was later promoted to Chief Regulatory Officer, SVP and Head of Global Regulatory Affairs, Quality Management, Biometrics and Market Access. He brings over 25 years of experience in cellular and tissue-based regenerative medicine products. His prior roles include Senior Vice President of Regulatory and Quality at Medeor Therapeutics, Executive Vice President of Global Regulatory Affairs and Quality Management at Mesoblast, and Senior Consultant for Cell and Gene Therapies at Biologics Consulting Group. Dr. Weber also held increasing responsibilities at the FDA's Center for Biologics Evaluation and Research, including serving as Chief of the Cellular Therapies Branch.

Joseph M. Stavas, MD, MPH Senior Vice President of Clinical Affairs

Dr. Stavas has served as ProKidney's Senior Vice President of Clinical Affairs since December 2022. He initially joined ProKidney in October 2019 as Senior Vice President of Clinical Development. Dr. Stavas possesses over 30 years of experience in medical practice, academics, and research endeavors, and has been affiliated with ProKidney since 2012.

ProKidney's main product is rilparencel (also known as REACT®), a cell therapy aimed at treating chronic kidney disease (CKD), particularly in diabetic patients.

The addressable markets for ProKidney's rilparencel are as follows:

• The initial target market for REACT® is 4-5 million diabetic patients in the United States who have CKD stages 3a, 3b, and 4, are at very high risk of renal failure with severe albuminuria, and have eGFRs between 20-50 ml/min/1.73m².
• More specifically, ProKidney is developing rilparencel for patients with Stage 3b/4 CKD and diabetes, a population that includes 1 to 2 million people in the U.S.
• Globally, and more broadly, there are over 75 million CKD patients in the United States and the European Union combined, and this population is projected to increase by 22% between 2020 and 2040.

1. Regulatory Approval and Commercialization of Rilparencel: The most substantial driver of future revenue growth for ProKidney hinges on the accelerated approval and subsequent commercial launch of rilparencel for chronic kidney disease (CKD) in patients with type 2 diabetes. The U.S. Food and Drug Administration (FDA) has confirmed an accelerated approval pathway for rilparencel based on the estimated glomerular filtration rate (eGFR) slope as a surrogate endpoint. ProKidney anticipates reporting topline data from the Phase 3 PROACT 1 study to support an accelerated approval application in the second quarter of 2027. This would mark the company's transition to a commercial entity, initiating its first significant revenue streams.
2. Market Penetration and Patient Adoption of Rilparencel: Following regulatory approval, the successful market penetration and widespread patient adoption of rilparencel will be critical for scaling revenue. The therapy is designed to preserve kidney function in a patient population with a high unmet medical need. Analysts project substantial annual revenue growth rates for ProKidney in the coming years, contingent on the successful launch and uptake of rilparencel.
3. Potential for Broader Indications and Label Expansion for REACT: Beyond the initial target indication of CKD in patients with type 2 diabetes, rilparencel (REACT) is based on a proprietary cell therapy platform capable of treating multiple chronic kidney diseases. Successful clinical development and subsequent regulatory approvals for additional CKD indications or patient populations would significantly expand the addressable market for rilparencel, thereby driving further long-term revenue growth.

Share Repurchases

• ProKidney repurchased 7,256,367 Class A ordinary shares for approximately $9.5 million on November 19, 2023.

Share Issuance

• As of September 30, 2025, the total number of Class A and Class B common stock shares outstanding was 295,266,876.
• The number of shares outstanding increased by 102.08% in the year leading up to November 7, 2025.
• Upon going public in July 2022 via a SPAC merger, 180,000,000 Class A ordinary shares were issued or issuable to ProKidney Unitholders, and 52,480,000 Class A ordinary shares were purchased by investors at $10.00 per share.

Capital Expenditures

• ProKidney's capital expenditures were -$32.16 million in the last 12 months as of November 8, 2025.
• The company expects its existing cash, cash equivalents, and marketable securities to cover operating expenses and capital expenditure requirements into mid-2027.
• Purchases of equipment and facility expansion amounted to $1.135 million for the three months ended March 31, 2025.