Net Loss per Share

6 Months Ended

Jun. 30, 2023

Note 8: Net Loss per Share

Basic net loss per share is calculated by dividing net loss attributable to Class A ordinary shareholders by the weighted-average shares of Class A ordinary shares outstanding without the consideration for potential dilutive securities. Diluted net loss per share represents basic net loss per share adjusted to include the effects of all potentially dilutive shares. Diluted net loss per share is the same as basic loss per share for all periods as the inclusion of potentially issuable shares would be antidilutive.

The Company analyzed the calculation of net loss per share for periods prior to the Business Combination on July 11, 2022 and determined that it resulted in values that would not be meaningful to the users of the consolidated financial statements, as the capital structure completely changed as a result of the Business Combination. Therefore, net loss per share information has not been presented for periods prior to the Business Combination. The basic and diluted net loss per share attributable to Class A ordinary shareholders for the three and six months ended June 30, 2022, has not been presented as it represents a period prior to the Closing of the Business Combination.

The following table sets forth the computation of basic and diluted net loss per share for the three and six months ended June 30, 2023 (in thousands, except share and per share amounts):


	Three Months Ended June 30,			Six Months Ended June 30,
	2023			2023
Numerator
Net loss	$	(34,823	)	$	(71,732	)
Less: Net loss attributable to noncontrolling interests		(25,705	)		(52,949	)
Net loss available to Class A ordinary shareholders of ProKidney Corp., basic and diluted	$	(9,118	)	$	(18,783	)

Denominator
Weighted average Class A ordinary shares or ProKidney Corp. outstanding, basic and diluted		64,562,209			64,551,281

Net loss per Class A Unit
Net loss per Class A ordinary share of ProKidney Corp., basic and diluted	$	(0.14	)	$	(0.29	)

Antidilutive securities
ProKidney Corp. Class B ordinary shares		173,663,427			173,663,427
Unvested Restricted Stock Rights		5,952,288			5,952,288
Earnout Rights		17,500,000			17,500,000
Stock options granted under the 2022 Equity Incentive Plan		15,718,932			15,718,932