ORKA
Oruka Therapeutics, Inc.28.94
-1.16-3.85%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
No earnings call transcript available
Key Stats
Market Cap
1.40BP/E (TTM)
-Basic EPS (TTM)
-Dividend Yield
0%Recent Filings
10-K
FY2025 results
Oruka Therapeutics posted FY2025 net loss of $105M on $122M opex, up 39% y/y, as R&D surged 34% to $101M from clinical momentum: Phase 1 data confirmed ORKA-001's ~100-day half-life and ORKA-002's 75-80 days, EVERLAST-A (Phase 2a) dosed Q3, EVERLAST-B (Phase 2b) launched Dec with first patients, ORCA-SURGE (ORKA-002 Phase 2) started Feb 2026. Q4 accelerated with $25M R&D (vs FY avg ~$21M/qtr derived), driven by CMO scale-up and CRO trials, while G&A rose 64% on staffing. Cash hit $480M post-$170M PIPE, funding runway past 2027. Clinical delays could stall momentum.
8-K
New director with pharma launch expertise
10-Q
Q3 FY2025 results
Oruka Therapeutics posted a Q3 net loss of $30.3 million, up 6% year-over-year from $28.6 million, driven by higher research and development expenses of $29.0 million (up 13%) tied to clinical trial advancements for ORKA-001 and ORKA-002, while general and administrative costs rose 36% to $5.1 million amid team expansion. Operating losses widened to $34.1 million, offset by $3.8 million in interest income, yielding diluted EPS of -$0.55 on 44.1 million shares—consistent with the $30.3 million loss allocation. Cash and equivalents climbed to $91.3 million, with total liquidity at $500.9 million after netting $169.6 million from the September 2025 PIPE financing, supporting runway through at least mid-2027. No debt burdens; free cash flow not disclosed in the 10-Q. Yet competition from established IL-23 and IL-17 inhibitors looms large.
8-K
$180M PIPE closed
Oruka Therapeutics closed a $180 million private placement on September 19, 2025, selling 10.9 million common shares at $15.00 and pre-funded warrants for 1.1 million shares at $14.999 to institutional investors. Cash now funds operations through 2027 Phase 2 readouts for psoriasis candidate ORKA-001. Post-close, 48.4 million shares outstanding; fully diluted ~67.1 million.
10-Q
Q2 FY2025 results
Oruka Therapeutics posted a Q2 net loss of $24.6M, up 10% y/y from $22.2M, driven by ramped R&D spending on clinical trials for psoriasis candidates ORKA-001 and ORKA-002, while interest income of $3.9M from a $351.5M cash pile softened the blow. Operating expenses climbed 32% y/y to $28.4M, with R&D at $24.1M (up 29%) reflecting higher personnel and stock-based comp costs, yet external R&D dipped 4% as Paragon work eased. Cash burn hit $44.0M YTD, but the balance sheet stays solid with no debt and ample liquidity to fund trials through at least mid-2026. The merger with Pre-Merger Oruka closed in August 2024 for $275M in stock and warrants, recognizing no goodwill as it was a reverse recap. Competition from entrenched IL-23 and IL-17 therapies could squeeze market share if half-life extensions underperform.
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