Oruka Therapeutics (ORKA) Q3 2026 earnings summary

Executive summary

• Clinical-stage pipeline advanced across psoriasis and hidradenitis suppurativa; no product revenue and continued operating losses. Cash, cash equivalents and marketable securities totaled $1.2B at Sept. 30, 2026, expected to fund operating plans for at least 12 months from filing.

• ORKA-001 Phase 2 showed durable psoriasis responses through Week 28; ORKA-002 Phase 2 trials were underway in psoriasis and hidradenitis suppurativa.

Financial highlights

• Q3 2026 operating expenses were $62.1M, up 82% YoY; operating loss was $62.1M vs. $34.1M, and net loss was $50.0M vs. $30.3M.

• Q3 basic and diluted common-stockholder EPS was $(0.63) vs. $(0.55); 9M EPS was $(1.67) vs. $(1.40).

• 9M 2026 operating expenses were $148.7M, up 70% YoY; net loss was $123.0M vs. $75.9M.

• Q3 revenue was $0; other income, net, was $12.2M vs. $3.8M, primarily reflecting interest on higher cash and marketable-security balances.

• Sept. 30 cash and cash equivalents were $191.5M; current and long-term marketable securities totaled $1.015B.

Outlook and guidance

• ORKA-001 Phase 3 psoriasis trials planned for 1H 2027 with the 600 mg dose, pending regulatory discussions.

• EVERLAST-A Week 52 data expected in Dec. 2026; ORCA-SURGE Week 16 data in Q1 2027; EVERLAST-B Week 52 data in H2 2027.

• ORKA-004 clinical development anticipated in Q4 2026; combination Phase 2 trials planned for 2027.

• Existing cash, cash equivalents and marketable securities expected to fund operating plans for at least 12 months from filing; R&D and G&A expenses expected to rise substantially as development expands.