Oruka Therapeutics (ORKA) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company developing 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 to set 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

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

• On September 19, 2025, 10,933,405 shares of common stock were issued at $15.00 per share and 1,066,666 pre-funded warrants at $14.999 per warrant in a private placement.

• Historical net tangible book value as of June 30, 2025 was $343.6 million ($9.18 per share); pro forma net tangible book value after the offering would be $537.2 million ($11.22 per share).

• Immediate dilution to new investors estimated at $7.96 per share if sold at $19.18 per share.

Use of proceeds and capital allocation

• Net proceeds from the offering are intended for general corporate purposes, including research and development and working capital.

• Pending use, proceeds may be invested in short- and intermediate-term, investment grade interest-bearing securities.