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olivLaw · US equity research

Oruka Therapeutics, Inc. ORKA

Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)

101.41USD+1.87% · 1 dayClose 04 Nov 2026

Oruka Therapeutics is a clinical-stage biopharmaceutical company developing monoclonal antibodies for psoriasis and other inflammatory conditions, aiming for dosing once or twice a year. As of mid-2026 the company reported cash and marketable securities of about 1.1 billion USD, and Phase 2a data for ORKA-001 showed 63.5% of treated participants reaching PASI 100 at Week 16.

At the close of 04 Nov 2026, Oruka Therapeutics, Inc. (ORKA) stock was 101.41 USD (+1.87% on the day), with market capitalisation 6.7 bn USD, beta 1.27, 52-week range 26.38–113.08 USD. Latest reported quarter (Q2 2026): net income of -41.2 m USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
6.7 bn USD
shares as of 31 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.37 · TTM to 31 Dec 2023
E/P (TTM)
-0.36%
TTM to 31 Dec 2023
Dividend yield
unavailable
Beta (2y)
1.27
Volatility (1y) 67%
52-week range
26.38113.08

Price history

Loading chart…

Technical reading

RSI (14)
70.3
overbought (≥ 70)
Bollinger (20, 2)
66.18 – 104.54
in the upper half of the band · %B 0.92 · band width 44.9%
SMA 50 / 200
88.16 / 70.22
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
3.68 / 1.15
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+20.2%−1.1%+21.3 pp—
3 months+4.3%−0.5%+4.8 pp—
6 months+45.3%+4.4%+40.9 pp—
Year to date+234.6%+12.3%+222.3 pp—
1 year+269.7%+13.5%+256.2 pp+19.6%
3 years+344.8%+76.4%+268.4 pp+33.9%
5 years+221.3%+63.7%+157.7 pp—
Max drawdown (1y)
−36.4%
18 Aug 2026 → 16 Oct 2026
Max drawdown (5y)
−86.4%
23 Aug 2024 → 08 Apr 2025
Compound annual growth (5y)
+26.3%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
unavailable USD
unavailable YoY
Net income
-41.2 m USD
unavailable YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
unavailable / unavailable

Quarterly statements · USD

Fiscal yearQ3 '23Q4 '23Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue0 ≈0——————
Research & development322.0 k47.0 k19.9 m24.1 m29.0 m27.6 m29.1 m43.3 m
Operating income-1.9 m-1.6 m-25.1 m-28.4 m-34.1 m-34.4 m-36.4 m-50.1 m
Depreciation & amortisation4.0 k ≈3.0 k——————
Net income-1.4 m-1.1 m-21.0 m-24.6 m-30.3 m-29.6 m-31.8 m-41.2 m
Diluted EPS-0.10-0.08 ≈-0.40-0.46————
Operating cash flow-1.7 m ≈-1.1 m-20.9 m-23.1 m ≈-21.6 m ≈-22.6 m-23.6 m-33.1 m ≈
Capex——13.0 k34.0 k ≈99.0 k ≈63.0 k73.0 k0 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20172018201920202021202220232025
Revenue0000000unavailable
Revenue YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Net income-18.5 m-7.9 m-5.5 m-9.7 m-19.3 m-9.9 m-5.3 m-105.4 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailableunavailableunavailable-1.39-0.69-0.37unavailable
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %unavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Free cash flow-17.5 m-8.2 m-4.8 m-7.7 m-18.8 m-10.9 m-5.0 m-88.4 m

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
46.9 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
471.9 m USD
Total assets
488.6 m USD
Debt / equity
unavailable
Current ratio
22.37x
ROE
unavailable
ROA
-21.6%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Revenue
2022
0
2023
0
2025
—

SEC (XBRL)· 01 Feb 2024verified

Research & development
2022
4.7 m
2023
1.0 m
2025
100.6 m

SEC (XBRL)· 12 Mar 2026verified

Operating income
2022
-10.6 m
2023
-7.3 m
2025
-122.1 m

SEC (XBRL)· 12 Mar 2026verified

Depreciation & amortisation
2022
20.0 k
2023
15.0 k
2025
—

SEC (XBRL)· 01 Feb 2024verified

EBITDA
2022
-10.6 m ≈
2023
-7.3 m ≈
2025
—

SEC (XBRL)· 01 Feb 2024derived

Interest expense
2022
—
2023
—
2025
—

SEC (XBRL)· 18 Mar 2021verified

Pre-tax income
2022
—
2023
—
2025
-105.4 m

SEC (XBRL)· 12 Mar 2026verified

Income tax
2022
0
2023
0
2025
—

SEC (XBRL)· 01 Feb 2024verified

Net income
2022
-9.9 m
2023
-5.3 m
2025
-105.4 m

SEC (XBRL)· 12 Mar 2026verified

Diluted EPS
2022
-0.69
2023
-0.37
2025
—

SEC (XBRL)· 01 Feb 2024verified

Weighted average diluted shares
2022
14.4 m
2023
14.4 m
2025
—

SEC (XBRL)· 01 Feb 2024verified

Balance sheet · USD

Cash
2022
42.4 m
2023
37.4 m
2025
46.9 m

SEC (XBRL)· 12 Mar 2026verified

Current assets
2022
42.7 m
2023
37.6 m
2025
343.9 m

SEC (XBRL)· 12 Mar 2026verified

Property, plant & equipment, net
2022
25.0 k
2023
10.0 k
2025
288.0 k

SEC (XBRL)· 12 Mar 2026verified

Total assets
2022
43.1 m
2023
37.9 m
2025
488.6 m

SEC (XBRL)· 12 Mar 2026verified

Accounts payable
2022
334.0 k
2023
362.0 k
2025
—

SEC (XBRL)· 01 Feb 2024verified

Current liabilities
2022
1.1 m
2023
637.0 k
2025
15.4 m

SEC (XBRL)· 12 Mar 2026verified

Total liabilities
2022
1.4 m
2023
841.0 k
2025
16.7 m

SEC (XBRL)· 12 Mar 2026verified

Equity
2022
41.7 m †
2023
37.0 m †
2025
471.9 m †

SEC (XBRL)· 12 Mar 2026verified

Cash flow · USD

Operating cash flow
2022
-10.9 m
2023
-5.0 m
2025
-88.2 m

SEC (XBRL)· 12 Mar 2026verified

Capex
2022
2.0 k
2023
0
2025
209.0 k

SEC (XBRL)· 12 Mar 2026verified

Free cash flow
2022
-10.9 m ≈
2023
-5.0 m ≈
2025
-88.4 m ≈

SEC (XBRL)· 12 Mar 2026derived

Investing cash flow
2022
-2.0 k
2023
0
2025
-96.7 m

SEC (XBRL)· 12 Mar 2026verified

Financing cash flow
2022
0
2023
0
2025
170.3 m

SEC (XBRL)· 12 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
the base of the ratio is not positive
Revenue CAGR 3Y
unavailable
the base of the ratio is not positive
Revenue CAGR 5Y
unavailable
the base of the ratio is not positive
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
-18.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-17.8%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-13.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
38.5x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
11.7x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-100.9 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
235.0 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-101.2 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
6.7 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-2.0%
computed by olivLawTTM to 30 Jun 2026
P/B
6.0x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-1.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 2 of at least 6
  • score weight coverage: 12.5% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

101.41 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 6.7 bn USD

Key indicators

Market capitalisation
6.7 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
6.0x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-18.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
unavailable
input data missing
Revenue growth (YoY)
unavailable
the base of the ratio is not positive
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

24/37 reporting lines present
Latest full fiscal year: 2023
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 10 Aug 2026
verified 1491derived 134

Score by group

13% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Pharmaceutical Preparations (SIC 2834)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Qualityunavailableunavailable—
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet38.5x100 (on a fixed band)33%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-1.5%0 (on a fixed band)67%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partialunavailable · 0/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Oruka Therapeutics, Inc. (ORKA). Latest full fiscal year: 2023; data up to 2026-06-30.

Figures computed from the financial statements: revenue 0 USD in 2023; ROE -18.2%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 38.5x

What contradicts it

  • FCF yield: -1.5%

Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 38.6x
EV/EBITDA
—
vertical median 25.4x
P/S
—
vertical median 6.7x
P/B
6.0x
vertical median 4.1x
above median (+45.9%)
ROE
-18.2%
vertical median -6.2%
below median
Net margin
—
vertical median 3.6%
EBIT margin
—
vertical median -8.1%
Revenue YoY
—
vertical median 6.0%
Net debt/EBITDA
—
vertical median -0.1x
Dividend yield
—
vertical median 2.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LLYEli Lilly And Company1,334.0 bn46.086.1%31.9%+44.7%+32% / +140%
JNJJohnson & Johnson665.2 bn41.920.0%16.2%+6.0%+34% / +79%
ONCBeone Medicines Ltd.558.4 bn869.914.7%10.7%+40.2%+11% / +102%
ABBVAbbVie Inc.521.1 bn50.7—15.7%+8.6%+29% / +107%
MRKMerck & Co., Inc.370.7 bn154.75.1%3.6%+1.3%+43% / +47%
ABTAbbott Laboratories200.1 bn43.09.2%9.7%+5.7%−10% / +11%
PFEPfizer Inc175.5 bn43.94.4%6.3%−1.6%+20% / +1%
VRTXVertex Pharmaceuticals Inc139.2 bn35.320.8%30.7%+8.9%+27% / +55%
BMYBristol-Myers Squibb Company131.2 bn14.244.1%18.5%−0.2%+30% / +30%
TEVATeva Pharmaceutical Industries Limited48.8 bn97.46.6%3.6%+4.3%+56% / +326%
ZTSZoetis Inc.36.9 bn14.764.4%27.5%+2.3%−30% / −50%
ROIVRoivant Sciences Ltd.27.6 bn—-6.2%-3,535.0%−71.6%+84% / +300%
RPRXRoyalty Pharma plc26.2 bn47.76.9%25.7%+5.1%+69% / +150%
UTHRUnited Therapeutics Corporation25.9 bn23.019.1%38.6%+10.6%+25% / +154%
INSMInsmed Inc24.1 bn—-72.5%-39.9%+66.7%−47% / +340%
VTRSViatris Inc.22.1 bn—-23.6%-23.9%−3.0%+80% / +109%
ALNYAlnylam Pharmaceuticals, Inc.21.6 bn8.1126.6%52.8%+65.2%−64% / −4%
TGTXTg Therapeutics, Inc.9.4 bn22.5100.3%55.2%+87.3%+85% / +381%
ORKAOruka Therapeutics, Inc.6.7 bn—-18.2%—unavailable+270% / +345%
BLRXBioLineRx Ltd4.9 bn—-12.8%-171.7%−95.9%−46% / −97%
AGIOAgios Pharmaceuticals, Inc.1.9 bn—-34.3%-418.2%+48.0%+7% / +41%
SLSSELLAS Life Sciences Group, Inc.1.8 bn—-39.6%—−100.0%+464% / +779%
SVRASavara Inc957.4 m—-105.5%—unavailable−26% / +21%
PBYIPuma Biotechnology, Inc.551.8 m20.522.0%11.6%−0.9%+112% / +174%
STTKShattuck Labs, Inc.516.9 m—-39.2%-5,256.8%−82.5%+145% / +163%

1- and 3-year price returns: for ORKA from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Oruka Therapeutics is a clinical-stage biopharmaceutical company developing monoclonal antibodies for psoriasis and other inflammatory conditions, aiming for dosing once or twice a year. As of mid-2026 the company reported cash and marketable securities of about 1.1 billion USD 2, and Phase 2a data for ORKA-001 showed 63.5% of treated participants reaching PASI 100 at Week 16 2.

SWOT

Strengths

  • The company has substantial financial resources that allow several clinical studies to run at the same time 23.
  • The strategy rests on validated biological mechanisms, which may reduce technical and biological development risk 1.
  • Extended half-life could allow much less frequent dosing than existing therapies, a potentially important benefit for patients 1.

Weaknesses

  • The company has no approved products and has not generated product revenue, and losses continue 12.
  • Success depends heavily on two main programs, so a failure of either would have a major impact 1.
  • Research spending is rising quickly, and the company will depend on capital raised over long periods 13.

Opportunities

  • Expansion into hidradenitis suppurativa and inflammatory bowel disease could open additional markets 23.
  • Combinations across programs, including with ORKA-004, could create a differentiated position in inflammatory disease 3.
  • Longer-term study results could support an annual dosing schedule, which could influence physician choice 3.

Threats

  • Competition from large companies with greater resources could limit market penetration 1.
  • Study delays or regulatory setbacks could postpone the commercial timeline 1.
  • Macroeconomic and geopolitical conditions could affect access to capital and share price volatility 1.

Risks

  • Dependence on clinical programshigh

    The company depends heavily on two programs, which may not reach their announced goals on the expected timelines 1.

  • Capital requirementsmedium

    The company will need additional funding, and capital may not be available on acceptable terms, with possible dilution for shareholders 1.

  • Regulatory processhigh

    Approval by regulators is lengthy and uncertain, and post-approval obligations can be costly 1.

  • Intellectual property protectionmedium

    The ability to obtain and protect patents is uncertain, and licensed technology may carry rights retained by the licensor 1.

  • Reliance on third partiesmedium

    The company relies on outside partners for development and manufacturing, and their failure could affect programs 1.

Investment thesis

What would need to be true (bull case)

  • If the EVERLAST-A data at 28 and 52 weeks confirm durable response, the company could demonstrate the benefit of infrequent dosing 23.
  • Solid financial resources could support several programs at once without depending immediately on capital markets 3.
  • Expansion into new indications, including hidradenitis suppurativa and inflammatory bowel disease, could raise the portfolio's potential 23.

What would break the thesis

  • If Phase 2 or 3 data fail to confirm an advantage over existing therapies, the value of the programs could fall considerably 1.
  • Rising losses and research spending could require new share issuances, with dilution for shareholders 23.
  • Competition from companies with far greater resources could limit market share even if the products prove effective 1.

What to watch

  • EVERLAST-A Week 28 data for ORKA-001Q3 2026
  • EVERLAST-A 52-week data and EVERLAST-B Week 16 dataQ4 2026
  • ORCA-SURGE Week 16 data for ORKA-002Q1 2027
  • Start of the ORKA-001 Phase 3 program and BLA filing2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Oruka Therapeutics, Inc. (Nasdaq: ORKA) was formed through the August 2024 merger with ARCA biopharma, which had acquired rights to intellectual property developed by Paragon Therapeutics 1. The company focuses on high-affinity monoclonal antibodies with extended half-life, designed for psoriasis and other inflammatory and immunology indications 1. It is still in clinical development, has no products approved for sale and has not generated product revenue 1.

The lead program ORKA-001 targets the p19 subunit of interleukin-23 and ORKA-002 targets IL-17A and IL-17F, also tested in hidradenitis suppurativa 12. ORKA-004, an anti-TL1A antibody, is expected to enter the clinic and is planned for combinations with the two main programs 3. The strategy aims for subcutaneous dosing once or twice a year, which if confirmed could reduce dosing frequency versus existing therapies 1.

The net loss was 105.4 million USD for fiscal 2025 1 and reached 73.0 million USD in the first six months of 2026 2. Research and development expenses rose to 43.3 million USD in the second quarter of 2026 3, reflecting more clinical trials and staff. The company says its current resources are expected to fund operations through a BLA filing for ORKA-001 3.

Segments

ORKA-001 (IL-23p19, psoriasis)

The lead program targets moderate-to-severe psoriasis and includes the EVERLAST-A and EVERLAST-B studies. In Phase 2a, 63.5% of treated participants reached PASI 100 at Week 16 2, and Week 28 data for all participants are expected at the end of the third quarter of 2026 3. EVERLAST-B has enrolled 187 subjects, with a Phase 3 program expected to begin in the first half of 2027 3.

ORKA-002 (IL-17A/F, psoriasis and HS)

ORKA-002 targets IL-17A and IL-17F and is being developed for psoriasis, hidradenitis suppurativa and psoriatic arthritis 1. Week 16 data from ORCA-SURGE in psoriasis are now expected in the first quarter of 2027, and ORCA-SPLASH in hidradenitis suppurativa has been initiated 3.

ORKA-004 (TL1A)

ORKA-004 is a half-life extended antibody targeting TL1A, which the company expects to enter the clinic in the fourth quarter of 2026 3. Combination studies with ORKA-001 and ORKA-002 are planned to start in 2027 3.

Market context

The target market is chronic inflammatory skin disease, where biologics targeting IL-23 and IL-17 already form the standard of care for psoriasis and psoriatic arthritis 1. The source notes that approved medicines have advanced care but have not fully addressed disease, with a significant share of patients not reaching complete skin clearance 1. If these market dynamics hold, a therapy with less frequent dosing could become relevant to patients and physicians 1.

Market growth depends on Phase 2 and 3 success and on possible expansion into hidradenitis suppurativa and inflammatory bowel disease, which the Paragon license was amended to include in May 2026 3. The sources give no market size estimates, so any assessment of commercial potential remains speculative.

Competitive position

The company acknowledges competition from larger entities with greater financial resources and expertise in research, manufacturing and commercialization 1. Smaller or early-stage companies may also develop similar programs 1.

Approved IL-23 and IL-17 therapies are the main direct competitors, including bimekizumab, cited as a reference for ORKA-002 1. The risk of biosimilars and rapid market uptake by rival products is also noted 1.

  • Bimzelx (bimekizumab)

    Approved therapy blocking IL-17A and IL-17F, used as a reference for ORKA-002 1.

  • Approved anti-IL-23 therapies

    The class includes several FDA-approved biologics, including risankizumab, cited as a reference for ORKA-001 1.

  • Approved anti-IL-17 therapies

    The class includes several FDA-approved biologics that already hold a firm position in psoriasis treatment 1.

  • Biosimilars and large producers

    The company flags the risk that biosimilars or larger competitors with superior resources gain market share quickly 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Oruka Therapeutics, Inc. · 12 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Oruka Therapeutics, Inc. · 10 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Oruka Therapeutics, Inc. · 10 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.