PROKIDNEY CORP.

Our business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may adversely affect our business, financial condition, results of operations, cash flows, and prospects. These risks are discussed more fully in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on March 18, 2026 (the “2025 Annual Report”). There have been no material changes to the risk factors described in the 2025 Annual Report, except for the addition of the risk factor set forth below.

Our recurring losses, negative cash flows, and accumulated deficit raise substantial doubt about our ability to continue as a going concern.

We have generated losses from operations for each year since our inception, and as of June 30, 2026, we had an accumulated deficit of $1,318,294,000. We expect to continue incurring significant and increasing operating losses for the foreseeable future as we conduct additional research, development, and clinical study activities for our product candidates, together with the general and administrative expenses associated with our operations. As of June 30, 2026, we had cash and cash equivalents and marketable securities of $181,564,000. Based on our current business plan, we have concluded that our existing cash resources will not be sufficient to fund our anticipated level of operations for at least the 12 months following the filing date of this Quarterly Report on Form 10-Q on August 10, 2026. These conditions raise substantial doubt about our ability to continue as a going concern for a period of at least 12 months from the date these financial statements are issued. Our independent registered public accounting firm has included an explanatory paragraph in its report on our financial statements with respect to this uncertainty (See Note 1).