Oruka Therapeutics, Inc. Segments Disclosure
12. Segment Disclosures
The Company operates and manages its business activities on a consolidated basis and operates in one reportable segment.
The Company operates as a single reportable and operating segment. Its , serving as the Chief Operating Decision Maker (“CODM”), oversees operations on an aggregated basis to allocate resources effectively. In assessing the Company’s financial performance, the CODM regularly reviews total operating expenses and consolidated net loss.
The measure of segment assets is reported on the balance sheet as total consolidated assets. The Company’s long-lived assets consist primarily of property and equipment, net. As of December 31, 2025 all of long-lived assets were in the U.S.
The table summarizes the segment loss from operations, including significant segment expenses (in thousands):
| Year Ended December 31, 2025 | Period from February 6, 2024 (inception) to December 31, 2024 | |||||||
| Research and development personnel-related (excluding stock-based compensation) | $ | 14,957 | $ | 3,959 | ||||
| General and administrative personnel-related (excluding stock-based compensation) | 7,811 | 5,054 | ||||||
| Research and development stock-based compensation | 17,019 | 11,992 | ||||||
| General and administrative stock-based compensation | 7,221 | 2,927 | ||||||
| External research and development | 64,378 | 57,680 | ||||||
| Other research and development | 4,286 | 1,429 | ||||||
| General and administrative, excluding personnel-related and stock-based compensation | 6,379 | 5,082 | ||||||
| Total operating expenses | 122,051 | 88,123 | ||||||
| Loss from operations | $ | (122,051 | ) | $ | (88,123 | ) | ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.