Oruka Therapeutics, Inc.

Listed Company

ORKACIK 0000907654NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-105.43M

Total Assets

$488.62M

Equity

$471.93M

Shares Out

49.54M

Op. Cash Flow

$-88.21M

Business

Oruka Therapeutics, Inc. is a clinical-stage biopharmaceutical company developing engineered monoclonal antibody therapeutics for psoriasis and other inflammatory and immunology indications. It primarily develops high-affinity, extended half-life antibodies—lead programs ORKA-001 (IL-23p19), ORKA-002 (IL-17A/F), and earlier-stage ORKA-003—plus combination regimens and accompanying discovery collaborations and licensing arrangements. Its operations center on research and development, intellectual property licensing, and outsourced manufacturing and quality activities. Oruka targets patients in the United States and other key global markets and plans commercialization through internal efforts and external partnerships.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	101	75	1	5	14
General and administrative	21	13	6	6	6
Total operating expenses	122	88	7	11	19
Loss from operations	−122	−88	−7	−11	−19
Interest income	17	6	—	—	—
Interest expense	—	−1	—	—	—
Other income (expense), net	−12,000	4,000	—	—	—
Total other income, net	17	4	—	—	—
Net loss	−105	−84	−5	−10	−19

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-01-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	47	62	—	37	42
Marketable securities, current	290	314	—	—	—
Prepaid expenses and other current assets	7	1	—	—	—
Total current assets	344	377	1,000	38	43
Marketable securities, long-term	143	18	—	—	—
Property and equipment, net	288,000	162,000	—	10,000	25,000
Operating lease right-of-use assets	2	876,000	—	247,000	343,000
Other non-current assets	103,000	43,000	—	12,000	18,000
Total assets	489	396	1,000	38	43
Accounts payable	4	3	—	—	—
Accrued expenses and other current liabilities	11	3	—	—	—
Operating lease liability, current	619,000	213,000	—	—	—
Total current liabilities	15	13	—	637,000	1
Operating lease liability, non-current	1	755,000	—	204,000	280,000
Total liabilities	17	14	—	841,000	1
Commitments and contingencies (Note 15)	—	—	—	—	—
Common stock, $0.001 par value as of December 31, 2025 and 2024; 545,000,000 shares authorized as of December 31, 2025 and 2024, 48,722,309 and 37,440,510 shares issued and outstanding as of December 31, 2025 and 2024, respectively	49,000	37,000	—	14,000	14,000
Additional paid-in capital	658	463	1,000	—	—
Accumulated other comprehensive income (loss)	546,000	−41,000	—	—	—
Accumulated deficit	−189	−84	—	−189	−183
Total stockholders equity	472	382	1,000	37	42
Total liabilities and stockholders equity	489	396	1,000	38	43

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	24	15	686,000	556,000	497,000
Net accretion of premiums and discounts on marketable securities	−5	−2	—	—	—
Non-cash interest expense	—	1	—	—	—
Non-cash lease expense	458,000	127,000	—	—	—
Depreciation expense	83,000	27,000	—	—	—
Prepaid expenses and other current assets	−4	−1	—	—	—
Other non-current assets	−60,000	−43,000	6,000	0	−6,000
Accounts payable	693,000	3	—	—	—
Accrued expenses and other current liabilities	7	3	−526,000	−934,000	435,000
Operating lease liability	−448,000	−14,000	—	—	—
Related party accounts payable and other current liabilities	−6	6	—	—	—
Net cash used in operating activities	−88	−58	−5	−11	−19
Purchases of property and equipment	−209,000	−189,000	0	−2,000	−43,000
Purchases of marketable securities	−521	−330	—	—	—
Proceeds from maturities of marketable securities	424	—	—	—	—
Net cash used in investing activities	−97	−330	0	−2,000	−43,000
Proceeds from issuance of Pre-Merger Oruka Series A Preferred Stock, net of issuance costs paid	—	3	—	—	—
Proceeds from issuance of notes payable to related party, net of issuance costs paid	—	25	—	—	—
Proceeds from the Pre-Closing Financing, net	—	228	—	—	—
Proceeds from the PIPE Financings, net	170	189	—	—	—
Cash acquired in connection with the reverse recapitalization	—	5	—	—	—
Proceeds from issuance of common stock upon exercise of stock options and employee warrants and purchases under employee stock purchase plan	671,000	54,000	—	—	24
Net cash provided by financing activities	170	450	0	0	23
Net (decrease) increase in cash and cash equivalents	−15	62	—	—	—
Operating lease liability arising from obtaining operating right-of-use asset	1	982,000	—	—	84,000
Assets acquired in connection with the reverse recapitalization	—	114,000	—	—	—
Other liabilities assumed in connection with the reverse recapitalization	—	−54,000	—	—	—
Non-cash accrued interest on convertible note converted to common stock	—	1	—	—	—
Non-cash exchange of Pre-Merger Oruka Series A Preferred Stock for Company Series B Convertible Preferred Stock	—	3	—	—	—
Conversion of Series A non-voting convertible preferred stock to common stock	—	53	—	—	—
Reclassification of the Paruka warrant from liability to equity	10	10	—	—	—

Filings

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