ProKidney Corp. (NASDAQ:PROK) Q3 2023 Earnings Call Transcript

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Pablo Legorreta: One topic that hasn’t been discussed that I think is worth just mentioning so that everyone understands what’s going on here is that proact 2 has not changed and the enrollment here is 20 to 44, which really will have all of the stage 3b range from 30 to 44. And what we see us positive of having the other study, the other Phase III study with that range of enrollment criteria, 20 to 44, is that it will give us the possibility of actually having a broader label, right, because it’s going to have a lot of stage 3b patients. So I think by having the two studies with slightly different ranges of enrollment criteria, we see that as beneficial.

Operator: At this time, we have reached the end of the question-and-answer session. And I’ll now turn the call over to Dr. Bruce Culleton for closing remarks.

Pablo Legorreta: Bruce, before you do that, I’d just like to share with all of you perspective I have on what’s going on here. I’ve been investing in life sciences for about three decades. And one of the things that I’ve seen over and over again in my history, investing in so many different drugs and so many therapeutic areas is this view of how many patients get benefit when you have a product. And what has been a common theme in my investment history is, and I can reflect back and look at our investments in TNF inhibitors, in rheumatoid arthritis, Crohn’s, psoriasis, in multiple sclerosis, in many, many other areas. And when I see in those cases that — because it’s super hard the things that are very difficult to treat for more than half of the patients to get benefit.

It just doesn’t happen. So take cancer, for example, it’s actually even lower, right? 20%, 25% of patients responding and we get excited — certainly, we get very excited. So when you see a situation where a meaningful number of patients is doing well, I get very excited. And I think what’s great about what we’re seeing here is exactly that when I go and work with ProKidney at that time, what I was hoping was that about certain patients would respond and that we would actually slow the decline, which at the time, it was somewhere in the 5 points of eGFR per year on treated patients and the SGLT2s showed about 4 points of decline per year went through with SGLT2. And at Royalty Pharma, we actually looked at several of those drugs and actually have a Royalty in one of them, but in Royalty [indiscernible] inhibitors.

So space that we followed closely. But what’s really exciting of what we’re seeing today with REACT is not only a slowdown of the decline in function but a preservation of function, which is really unique and unprecedented. And I think from that perspective, I think what we’re seeing today in a small trial, 80 patients, but it’s a good number of patients is this preservation of function, which is unprecedented. And I’ll stop there and pass it back to you, Bruce.

Dr. Bruce Culleton: Thanks, Pablo. I’d like to just thank everyone for joining today and your insightful questions. Sure, you can tell that I’m excited to lead ProKidney during this next phase of its development. A final thank you to Dr. Bertram for everything that you’ve done, Tim, for the last 20 years to get us to where we are today. And for everyone on the call, I look forward to our future interactions.

Operator: Thank you. This will conclude today’s conference. You may disconnect your lines at this time. We thank you for your participation.

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