Oruka Therapeutics (ORKA) Corporate presentation summary

Pipeline and market opportunity

• Psoriasis advanced therapies represent a $31B market today, projected to reach $39B by 2030; Bimzelx generated ~$1.4B in psoriasis sales in its second year.

• ORKA-001 is an ultra-long-acting IL-23p19 antibody; ORKA-002 targets IL-17A/F, with potential Q6M dosing in psoriasis and Q3M dosing in hidradenitis suppurativa.

• Pipeline also includes ORKA-004, a TL1A program with initiation planned for 4Q26, and ORKA-003, a program with an undisclosed target.

ORKA-001

• In EVERLAST-A, 71.4% achieved PASI 100 and 87.3% achieved PASI 90 at Week 28, six months after the last dose; placebo crossovers showed similar response rates.

• Phase 1 PK/PD supports potential annual dosing: a single 600 mg dose maintained levels above the stated effective trough for a year, with sustained STAT3 inhibition.

• Safety was described as consistent with the IL-23p19 class; no injection-site reactions were reported, and anti-drug antibodies had no reported impact on safety, efficacy or PK.

• EVERLAST-A Week 52 data were scheduled for December 2026; EVERLAST-B Week 16 data were expected in 4Q26, with Phase 3 initiation planned for 1H27.

• Potential maintenance approaches include dosing every 6 or 12 months, or treating upon disease recurrence, depending on response after induction.

ORKA-002

• ORKA-002 showed potency comparable to bimekizumab in assays and a human half-life of 75–80 days, stated as more than 3x longer than bimekizumab.

• Modeling projects potential Q6M dosing in psoriasis and Q3M dosing in hidradenitis suppurativa.

• ORCA-SURGE is a Phase 2 psoriasis dose-ranging trial with Week 16 data expected in 1Q27; ORCA-SPLASH is a Phase 2 hidradenitis suppurativa trial with a Week 16 HiSCR75 primary endpoint.