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ORKA

Oruka Therapeutics, Inc.

ORKA

Oruka Therapeutics, Inc. • NASDAQ
$30.10 ▼ -1.18% (-0.36)
Market Cap $1.13 B
52w High $31.00
52w Low $5.49
Dividend Yield 19.36%
P/E 0
Volume 175.05K
Outstanding Shares 37.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $34.105M ▲ $-30.277M ▼ 0% $-0.69 ▼ $-30.257M ▼
Q2-2025 $0 $28.429M ▲ $-24.574M ▼ 0% $-0.58 ▼ $-24.555M ▼
Q1-2025 $0 $25.086M ▼ $-20.999M ▲ 0% $-0.5 ▲ $-20.983M ▲
Q4-2024 $0 $38.329M ▲ $-33.392M ▼ 0% $-1.54 ▲ $-37.438M ▼
Q3-2024 $0 $29.449M $-28.623M 0% $-1.91 $-28.119M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $349.155M ▲ $509.251M ▲ $22.46M ▲ $486.791M ▲
Q2-2025 $328.406M ▼ $357.418M ▼ $13.776M ▲ $343.642M ▼
Q1-2025 $349.094M ▼ $377.112M ▼ $12.387M ▼ $364.725M ▼
Q4-2024 $375.648M ▼ $396.019M ▼ $13.798M ▼ $382.221M ▲
Q3-2024 $410.875M $414.09M $71.722M $342.368M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-30.277M ▼ $-21.602M ▲ $-122.449M ▼ $169.908M ▲ $25.857M ▲ $-21.701M ▲
Q2-2025 $-24.574M ▼ $-23.145M ▼ $4.86M ▼ $109K ▲ $-18.176M ▼ $-23.179M ▼
Q1-2025 $-20.999M ▲ $-20.869M ▼ $42.866M ▲ $0 ▲ $21.997M ▲ $-20.882M ▼
Q4-2024 $-25.781M ▲ $-18.818M ▲ $-329.956M ▼ $-526K ▼ $-349.3M ▼ $-18.836M ▲
Q3-2024 $-28.623M $-34.857M $-171K $450.051M $377.592M $-35.028M

Five-Year Company Overview

Income Statement

Income Statement Oruka is a classic early-stage biotech story: there is essentially no product revenue yet, and all activity is centered on research and development. The company reports recurring losses, but the scale of those losses has remained relatively modest in absolute terms. Earnings per share look very weak, but that is heavily distorted by repeated reverse stock splits rather than a sudden deterioration in the underlying business. Overall, the income statement shows a company still firmly in the investment phase, spending to build value in its pipeline rather than generating commercial returns.

Balance Sheet

Balance Sheet The balance sheet is very simple and very lean. Assets are small and largely made up of cash, with no meaningful physical assets and no debt. Equity closely tracks total assets, which suggests the business has been funded almost entirely with investor capital rather than borrowing. On the plus side, the absence of debt reduces financial pressure. On the minus side, the small asset base highlights how dependent Oruka is on continued access to capital markets or partnership funding as it advances its programs. The narrative that the company is well-capitalized through several years likely reflects cash from its SPAC transaction that is not fully visible in the historical figures shown.

Cash Flow

Cash Flow Cash flow follows the typical early biotech pattern: money consistently flows out to fund operations, mainly R&D and overhead, with no offsetting inflows from product sales. Investment spending on equipment or facilities appears minimal, which aligns with a lean, outsourcing-heavy model. The current cash burn looks modest, but even a modest burn can be meaningful when the overall cash pool is not large. Future clinical trial expansion will likely increase cash needs over time, so ongoing access to financing or partnering will remain critical.

Competitive Edge

Competitive Edge Oruka is trying to carve out a niche in a very crowded inflammatory skin disease market by focusing on much less frequent dosing. Its strategy targets known, validated pathways—IL‑23 and IL‑17—which lowers scientific risk compared with untested biology. The main differentiator is engineering antibodies to stay in the body far longer, potentially allowing injections only once or a few times per year. That could be very attractive in a space where patients now receive injections every month or two. However, Oruka competes against large, well-funded pharmaceutical companies with established psoriasis brands, strong sales footprints, and deep clinical data. Oruka’s advantage is its highly focused platform and partnership with a specialist antibody engineering firm, but it still needs to prove in trials that its drugs are not just more convenient, but at least as safe and effective as existing options.

Innovation and R&D

Innovation and R&D Innovation is clearly the heart of Oruka’s story. The company is building a platform around half-life extension for antibodies, aiming to combine proven drug targets with far less frequent dosing. Its lead program, an IL‑23 inhibitor, and its second IL‑17A/F program are both designed to match or exceed current best-in-class drugs on efficacy while requiring fewer injections. Oruka is also exploring a sequential treatment strategy that uses a faster-acting drug to gain quick control and a long-acting one for maintenance, which is a more creative approach to chronic disease management. Beyond psoriasis, the company is testing or planning to test its assets in other inflammatory conditions, which, if successful, would broaden the opportunity. All of this is still in early or mid-stage development, so scientific, clinical, and regulatory risks are high, but the R&D strategy is coherent and tightly aligned with a clear clinical need: convenience and durable control for chronic skin disease.

Summary

Oruka is an early-stage, research-driven biotech with no current product revenue, modest but persistent operating losses, and a very simple, mostly cash-based balance sheet with no debt. The business model today is all about investing in a differentiated antibody platform rather than generating profits. Financially, that means ongoing cash burn and reliance on external capital, although management and outside research suggest there is currently enough funding runway for the next several years. Strategically, Oruka’s bet is that very infrequent dosing for chronic skin conditions can stand out in a crowded market dominated by large pharmaceutical players. Its pipeline and partnerships are tightly focused on that theme, and the technology has shown promising early signals in prolonging drug action. The main swing factors for the company’s future will be clinical trial results, the ability to translate convenience into clear clinical and commercial value, and continued access to funding as programs advance. Overall, the story is high risk and high uncertainty, but with a clearly defined scientific and clinical thesis at its core.

NEWS

November 12, 2025 · 4:05 PM UTC

Oruka Therapeutics Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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October 29, 2025 · 7:00 AM UTC

Oruka Therapeutics to Present at Multiple November Investor Conferences

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September 17, 2025 · 1:02 AM UTC

Oruka Therapeutics Announces $180 Million Private Placement

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September 17, 2025 · 1:00 AM UTC

Oruka Therapeutics Announces Positive Interim Phase 1 Results for ORKA-001

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