XML 33 R23.htm IDEA: XBRL DOCUMENT v3.23.1

Equity Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of stock option awards granted, Activity

The following table summarizes the activity related to the Company’s time-vested stock option awards granted under the 2022 Plan for the three months ended March 31, 2023:

		Number of Shares				Weighted Average Exercise Price
Time-vested options outstanding at January 1, 2023			5,865,108			$	10.30
Granted			5,344,700				8.99
Forfeited			(258,000	)			8.49
Time-vested options outstanding at March 31, 2023			10,951,808			$	9.70
Time-vested options exercisable at March 31, 2023			592,160			$	9.87
Weighted average remaining contractual life		9.1 years
Time-vested options vested and expected to vest at March 31, 2023			10,951,808			$	9.70
Weighted average remaining contractual life		9.2 years

Summary of Profits Interest awards, Activity

three months ended March 31, 2023:

		Number of Shares				Weighted Average Grant Date Fair Value
Unvested awards outstanding at January 1, 2023			8,369,795			$	7.08
Vested			(1,866,541	)			7.15
Forfeited			(327,713	)			7.84
Awards outstanding at March 31, 2023			6,175,541			$	7.02

Summary of assumptions of the valuation in stock option activity

The fair value of stock options granted was estimated using the following assumptions during the three months ended March 31, 2023:

		For the Three Months Ended March 31, 2023
Expected volatility		81.8% - 82.3%
Expected life of options, in years		6.0 - 6.1
Risk-free interest rate		3.5% - 4.2%
Expected dividend yield		0.0%

Summary of assumptions of the valuation scenarios

The following reflects the key assumptions used in each of the valuation scenarios for the awards granted during the three months ended March 31, 2022:

		OPM				PWERM
Total equity value (in thousands)		$	280,400			$	1,750,000
Expected volatility of total equity			95	%			60	%
Discount for lack of market			30	%			15	%
Expected time to exit event		3.7 years				0.5 years

Schedule of Compensation expense related to share-based awards

Compensation expense related to share-based awards is included in research and development and general and administrative expense as follows (in thousands):

	Three Months Ended March 31,							
	2023				2022			
Research and development	$	5,159			$	17,367		
General and administrative		7,861				35,319		
Total equity-based compensation expense	$	13,020			$	52,686		

X

- Definition

Schedule of share based payment award profits interest valuation assumptions table text block.

+ References

No definition available.

+ Details

Name:	prok_ScheduleOfShareBasedPaymentAwardProfitsInterestValuationAssumptionsTableTextBlock
Namespace Prefix:	prok_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in outstanding nonvested restricted stock units.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration