Oruka Therapeutics (ORKA) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company developing novel monoclonal antibody therapeutics for psoriasis and other inflammatory and immunology indications.

• Lead program ORKA-001 targets IL-23 for psoriasis; co-lead ORKA-002 targets IL-17A/17F for psoriasis and psoriatic arthritis.

• Strategy leverages antibody engineering to improve efficacy and dosing, aiming for new standards in large I&I markets.

• Recent interim Phase 1 results for ORKA-001 showed a long half-life, favorable safety, and potential for once-yearly dosing.

• Phase 2 trials (EVERLAST-A and EVERLAST-B) for ORKA-001 in moderate-to-severe psoriasis began in Q3 2025, with efficacy data expected in H2 2026.

Financial performance and metrics

• On September 19, 2025, completed a PIPE financing: 10,933,405 shares at $15.00/share and 1,066,666 pre-funded warrants at $14.999/warrant.

• As of June 30, 2025: 37,450,745 shares of common stock and 137,138 shares of Series B Preferred Stock outstanding.

• Historical net tangible book value as of June 30, 2025: $343.6 million ($9.18/share); pro forma after offering: $537.2 million ($11.22/share).

Use of proceeds and capital allocation

• Net proceeds from the offering intended for general corporate purposes, including R&D and working capital.

• Management retains broad discretion over use of funds; proceeds may be invested in short/intermediate-term investment grade securities pending use.