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ProKidney Corp. (NASDAQ:PROK) Morgan Stanley 23rd Annual Global Healthcare Conference September 8, 2025 7:00 AM EDT

Company Participants

Bruce Culleton - CEO & Director
James Coulston - Chief Financial Officer

Conference Call Participants

Judah Frommer - Morgan Stanley, Research Division

Presentation

Judah Frommer
Equity Analyst

Good morning, everyone. Welcome to the Morgan Stanley Global Healthcare Research Conference. I'm Judah Frommer. I'm one of the smid-cap biotech analysts here at Morgan Stanley. We're just going to start out with a brief disclosure. For important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative.

We're excited to kick the conference off in this track with ProKidney, and I'm excited to welcome Bruce and James to the stage. So thanks for being here, guys. It's been an exciting year for ProKidney. But before we dive in, maybe you could provide a quick intro to the company for those who may be less familiar. And kind of talk about the unmet need you're addressing in chronic kidney disease.

Bruce Culleton
CEO & Director

Sure. So first, Judah, thanks to you and Morgan Stanley for inviting us. We're happy to be here kicking it off this morning. So ProKidney is a company that's headquartered in Winston-Salem and Boston. We have an autologous cell therapy. It's called rilparencel. Rilparencel is intended to keep people who have advanced chronic kidney disease off dialysis. We have an employee base of about 250 people. We went public in 2022. And we're currently in a Phase III study, which we'll talk about in a few minutes.

Question-and-Answer Session

Judah Frommer
Morgan Stanley, Research Division

Okay. Great. So speaking of that Phase III study, there have been some changes to the Phase III program for rilparencel. Since it began, most recently, you


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