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Oruka Therapeutics
Oruka Therapeutics (ORKA) investor relations material
Oruka Therapeutics Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Mar, 2026
Executive summary
Completed enrollment for EVERLAST-A Phase 2 trial of ORKA-001 in December 2025; 16-week data expected in Q2 2026 and longer-term data in 2H 2026.
Initiated Phase 2 ORCA-SURGE trial for ORKA-002 in psoriasis in February 2026; data expected in 2027.
Added Chris Martin to Board of Directors in December 2025, enhancing commercial expertise.
Financial highlights
Cash, cash equivalents, and marketable securities totaled $479.6 million as of December 31, 2025.
Net cash used in operating activities was $22.6 million for Q4 2025 and $88.2 million for the full year 2025.
R&D expenses were $27.6 million for Q4 2025 and $100.6 million for the full year, up from $25.5 million and $75.1 million in 2024.
G&A expenses were $6.8 million for Q4 2025 and $21.4 million for the full year, up from $4.8 million and $13.1 million in 2024.
Net loss was $29.6 million for Q4 2025 and $105.4 million for the full year, compared to $25.8 million and $83.7 million in 2024.
Other income, net was $4.8 million for Q4 2025 and $16.6 million for the full year, mainly from interest income.
Outlook and guidance
EVERLAST-A 16-week data expected in Q2 2026; 28-week and 52-week follow-up data in 2H 2026.
EVERLAST-B enrollment ongoing; data anticipated in 2027 to support Phase 3 initiation.
ORCA-SURGE Phase 2 trial for ORKA-002 in psoriasis ongoing, with data expected in 2027.
Phase 2 trial of ORKA-002 in hidradenitis suppurativa planned for 2H 2026.
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Latest events from Oruka Therapeutics
- Annual and semi-annual biologics could redefine psoriatic disease treatment standards.ORKA
Leerink Global Healthcare Conference 202611 Mar 2026 - Ultra-long-acting antibodies target annual or biannual dosing and remission in psoriatic disease.ORKA44th Annual J.P. Morgan Healthcare Conference15 Jan 2026
- Advancing long-acting biologics for psoriasis with annual dosing and robust clinical catalysts ahead.ORKACorporate presentation12 Jan 2026
- Ultra-long-acting biologics aim to transform psoriatic disease care with multi-year remission.ORKATD Cowen 45th Annual Healthcare Conference22 Dec 2025
- Up to $500M in securities, including $200M ATM, to fund R&D after positive Phase 1 psoriasis data.ORKARegistration Filing16 Dec 2025
- Registering 39.4M shares for resale post-PIPEs, with lead antibody program advancing in Phase 2.ORKARegistration Filing16 Dec 2025
- Biopharma launches $200M at-the-market offering to fund antibody programs for psoriasis.ORKARegistration Filing16 Dec 2025
- Registering 39.4M shares for resale, with 59% of stock at risk of dilution and price pressure.ORKARegistration Filing16 Dec 2025
- Board recommends director elections, auditor ratification, and annual say-on-pay votes.ORKAProxy Filing2 Dec 2025
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Frequently asked questions
Oruka Therapeutics Inc. is a biopharmaceutical company focused on developing innovative treatments for various medical conditions. The company specializes in research and development activities, aiming to address unmet medical needs through advanced therapeutic solutions. Oruka Therapeutics operates within the healthcare sector, leveraging cutting-edge technologies to create potential treatments for patients worldwide. The company is headquartered in Westminster, Colorado, and its shares are listed on the Nasdaq.
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