PROKIDNEY CORP. Segments Disclosure
Note 11: Segment Information
The Company regularly reviews its operating segments and the approach used by management to evaluate performance and allocate resources. The Company manages its business as a operating segment. The Company’s Chief Executive Officer is considered to be the Company’s chief operating decision maker under the requirements of Topic 280 of the ASC “Segments”. The primary measure of profit/loss reviewed by the chief operating decision maker (“CODM”) is net loss before noncontrolling interest.
The Company does not have any product candidates approved for sale and has not generated any revenue from product sales. During 2024, the Company began recognizing lease revenue related to existing lease agreements held with certain third parties which leased space in the buildings which also house the Company’s manufacturing operations.
The Company manages its assets on a total company basis, not by operating segment. Therefore, its chief operating decision maker does not regularly review any asset information other than total Company assets. See the Company’s Consolidated Balance Sheets for total assets. The majority of the Company’s long-lived assets are located in the United States.
The following table provides selected income statement information for the Company’s single reportable segment (in thousands):
|
For the Years Ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Net loss before noncontrolling interest |
$ |
(151,612 |
) |
|
$ |
(163,335 |
) |
|
$ |
(135,447 |
) |
Rental income |
|
893 |
|
|
|
76 |
|
|
|
– |
|
Depreciation and amortization |
|
5,722 |
|
|
|
4,337 |
|
|
|
2,956 |
|
Equity-based compensation |
|
25,336 |
|
|
|
29,372 |
|
|
|
30,846 |
|
Income tax (benefit) expense |
|
414 |
|
|
|
(598 |
) |
|
|
5,996 |
|
Interest expense |
|
4 |
|
|
|
9 |
|
|
|
12 |
|
Interest income |
|
13,813 |
|
|
|
19,752 |
|
|
|
22,083 |
|
The following table provides significant expense categories that are regularly reported to the chief operating decision maker (in thousands):
|
For the Years Ended December 31, |
|
|||||||||
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenue |
$ |
893 |
|
|
$ |
76 |
|
|
$ |
– |
|
|
|
|
|
|
|
|
|
|
|||
Clinical trial expense |
|
35,427 |
|
|
|
50,235 |
|
|
|
42,513 |
|
Cash compensation |
|
56,365 |
|
|
|
48,025 |
|
|
|
31,374 |
|
Cash operating expenses |
|
42,931 |
|
|
|
45,459 |
|
|
|
49,431 |
|
Other segment items (1) |
|
17,782 |
|
|
|
19,692 |
|
|
|
12,129 |
|
Net loss before noncontrolling interest |
$ |
(151,612 |
) |
|
$ |
(163,335 |
) |
|
$ |
(135,447 |
) |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 18, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.