ProKidney Completes Incorporation Shift Cayman Islands Delaware

ProKidney Corp., a late clinical-stage cellular therapeutics company focusing on chronic kidney disease, has completed its domestication from the Cayman Islands to Delaware, effective July 1, 2025, following shareholder approval in May. This move aims to enhance investor confidence by increasing financial transparency under Delaware’s stricter regulations and potentially benefiting from recent tax changes exempting U.S.-based corporations from minimum corporate taxes. The company’s Class A and Class B ordinary shares were converted to common stock under the new Delaware corporation, with its Nasdaq trading symbol 'PROK' unchanged despite a new CUSIP number. ProKidney, valued at $173 million and with a strong liquidity position, does not anticipate any impact on daily operations due to the transition. The company is developing rilparencel (REACT®), an autologous cellular therapy in Phase 2 and Phase 3 trials aiming to preserve kidney function in high-risk diabetic patients, which has received FDA RMAT designation. Despite recent stock declines and financial challenges, ProKidney continues to advance its clinical programs supported by its healthy cash reserves.