Oruka Therapeutics (ORKA) Q4 2025 earnings summary

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.