ProKidney Corp. (PROK) is a pre-commercial-stage cell therapy company with no approved products and no product revenue as of December 31, 2025. The liquidation analysis produces a deeply negative recovery to Class A equity, consistent with the prior period. Under liquidation-lens haircuts, recoverable assets are dominated by cash and marketable securities: cash of $108.5M at 100% recovery, plus available-for-sale securities of $202.0M (tagged as AvailableForSaleSecuritiesDebtSecurities) at a conservative 95-97% haircut given near-term maturities, yielding roughly $300-308M in liquid asset recovery. PP&E net book value is $51.2M; at a 50-60% haircut this recovers approximately $26-31M. The ROU operating lease asset ($3.6M) and finance lease ROU ($0.1M) carry near-zero liquidation value. Intangibles are effectively zero (AmortizationOfIntangibleAssets is $0 and ProceedsFromSaleOfIntangibleAssets of $18.2M in 2025 suggests the company sold IP during the year, reducing the remaining intangible base). Total haircut asset recovery is approximately $326-339M against total liabilities at face value of only $34.8M (Liabilities tag), producing a positive recovery on the consolidated balance sheet of roughly $291-305M. However, Class A equity holders face a critical structural subordination: the redeemable noncontrolling interest (RedeemableNoncontrollingInterestEquityOtherCarryingAmount) stands at $1.312 billion, which absorbs virtually all net assets before any residual flows to Class A. Adjusted for NCI claims at face, Class A equity recovery is deeply negative, consistent with the reported StockholdersEquity deficit of negative $1.011 billion. The company burned $120.1M in operating cash in 2025, down from approximately $130M+ in 2024. The 2025 Sales Agreement (capacity $200M via Jefferies ATM) raised $24.2M in 2025. The prior 10-Q (September 30, 2025) indicated management's runway estimate extends into mid-2027 based on existing cash and securities. Net loss for fiscal 2025 was $151.6M consolidated, versus $163.3M in 2024, indicating a modest deceleration. The company sold intangible assets for $18.2M in 2025 (not separately described in XBRL narrative but tagged as ProceedsFromSaleOfIntangibleAssets); the filing does not separately disclose what intangibles were sold. Impairment charges of $318K were recognized in 2025, down materially from the $5M Greensboro facility impairment in 2024. Operating lease future obligations total $4.9M undiscounted; finance lease obligations are de minimis at $88K. No debt instruments are present. The structural feature most affecting liquidation recovery to Class A holders is the $1.31B NCI carrying value relative to total consolidated net assets of approximately $301M — a coverage ratio well below 1:1 for Class A.
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