ORKA Stock — Oruka Therapeutics Inc.: Cash, EV, Pipeline

What they do

Our name is derived from or , for “skin,” and arukah , for “restoration,” and reflects our mission to deliver therapies for chronic skin diseases that provide patients the most possible freedom from their condition. Our strategy is to apply antibody engineering and format innovations to validated modes of action, which we believe will enable us to improve meaningfully upon the efficacy and dosing regimens of standard-of-care medicines while significantly reducing technical and biological risk.

Source: 10-K FY2025 via SEC EDGAR

Share price

$102.86

Market cap

$6,810.3M

Cash

$1,125.6M

Enterprise value

$5,684.7M

Balance sheet

Cash	$1,125.6M
Debt	$0.0M
Net cash	$1,125.6M
Enterprise value	$5,684.7M
Basic shares	66.2M shares
Fully diluted shares	93.5M shares
Fully diluted market cap	$9,621.1M
Cash per share	$17.00
Quarterly burn	$33.1M
Cash runway	34.0 quarters

Cash figures as of 2026-06-30. Database snapshot: 2026-11-07.

Share structure

Common

66.2M

Pre-funded warrants

5.7M

Options

5.2M

RSUs

0.4M

Warrants

3.6M

Converts

0.0M

Conv preferred

11.4M

ESPP reserve

1.0M

FDSO

93.5M

Cap table as of 2026-07-31.

Price history

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Next catalyst

ORKA-001 · Est. Nov 15, 2026 · quarter midpoint · guided Now

Recently reported

ORKA-001 Phase 2 Positive · 2026-09-23

EVERLAST-A · plaque psoriasis

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	ORKA-001 EVERLAST-B Phase 2 of ORKA-001 in moderate-to-severe plaque psoriasis	Phase 2	moderate-to-severe plaque psoriasis	Q4 2026
GUIDEDDec 1-31 in 24d	ORKA-001 EVERLAST-A Week 52 data	Not disclosed	EVERLAST-A Week 52	December 2026
GUIDEDEst. Feb 14, 2027 in 8 wks quarter midpoint	ORKA-002 ORCA-SURGE Phase 2 Week 16 data in moderate-to-severe plaque psoriasis	Phase 2	moderate-to-severe plaque psoriasis	Q1 2027
Feb 12 - Mar 26 in 14 wks	ORKA-002	Phase 1	Healthy Volunteers	—
Jul 13 - Aug 24 in 8 mo	ORKA-001	Phase 2	Plaque Psoriasis	—
Nov 12 - Dec 24 in 12 mo	ORKA-002	Phase 2	Plaque Psoriasis	—
Nov 12 - Dec 24 in 25 mo	ORKA-002	Phase 2	Hidradenitis Suppurativa (HS)	—
Jun 12 - Jul 24 in 44 mo	ORKA-001	Phase 2	Plaque Psoriasis	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

ORKA-001

Phase 2 · Active Modality: monoclonal antibody

Target IL-23p19

Partnerships Paragon Therapeutics / Paruka: license agreement (up to $12M milestones; $7M paid); Halozyme: Hypercon technology license; WuXi Biologics: cell line license

Indications

Moderate-to-severe plaque psoriasis (PsO) (Phase 2)

Catalysts

— Q4 2026 / H1 2027

Status note Co-lead program. Phase 1 in healthy volunteers completed; Phase 2a EVERLAST-A and dose-ranging Phase 2b EVERLAST-B ongoing in moderate-to-severe PsO; Phase 3 program expected H1 2027.

ORKA-002

Phase 2 · Active Modality: monoclonal antibody

Target IL-17A/F

Partnerships Paragon Therapeutics / Paruka: license agreement (up to $12M milestones; $7M paid); Halozyme: Hypercon technology license

Indications

Moderate-to-severe plaque psoriasis (PsO) (Phase 2)
Hidradenitis suppurativa (HS) (Phase 2)

Catalysts

— Q1 2027

Status note Co-lead program. Phase 2 ORCA-SURGE in moderate-to-severe PsO initiated Feb 2026 with data expected Q1 2027; Phase 2 ORCA-SPLASH in HS initiated.

ORKA-004

Preclinical · Active Modality: monoclonal antibody

Target TL1A

Indications

not disclosed (Preclinical)

Catalysts

— Q4 2026 / 2027

Status note Subcutaneously administered anti-TL1A mAb; planned for development in combination with ORKA-001 and ORKA-002.

ORKA-003

Stage not disclosed · Active Modality: n/a

Indications

not disclosed (Stage not disclosed)

Status note Fourth program targeting an undisclosed pathway; no stage disclosed.

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	ORKA-001 Induction Dose
Lead indication	Plaque Psoriasis
Lead phase	Phase 2
Active trials	6

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07290569	Phase 2	Active, not recruiting	Sponsor	ORKA	—	Plaque Psoriasis	Q4 2026 Est. Nov 15, 2026 · quarter midpoint December 2026
NCT07474792	Phase 2	Recruiting	Sponsor	ORKA	—	Plaque Psoriasis	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
NCT07783542	Phase 2	Recruiting	Sponsor	ORKA	—	Hidradenitis Suppurativa (HS)	—
NCT07449702	Phase 2	Recruiting	Sponsor	ORKA	—	Plaque Psoriasis	Q4 2026 Est. Nov 15, 2026 · quarter midpoint December 2026
NCT07090330	Phase 2	Active, not recruiting	Sponsor	ORKA	—	Plaque Psoriasis	Q4 2026 December 2026
NCT06944379	Phase 1	Active, not recruiting	Sponsor	ORKA	—	Healthy Volunteers	—

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 6 active trials for Oruka Therapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	3,139,030	+1,080,882	2.55%	2026-08-14
RA Capital Management	1,554,597	+1,554,597	1.29%	2026-08-14
Perceptive Advisors	1,345,063	-50,438	1.99%	2026-08-14
Cormorant Asset Management	533,340	no change	2.60%	2026-08-14
Braidwell LP	278,164	+278,164	0.98%	2026-08-14
Great Point Partners	183,330	no change	4.11%	2026-08-14
ADAR1 Capital Management	20,840	no change	0.09%	2026-08-14
Stonepine Capital	7,500	+7,500	0.54%	2026-08-17
Ikarian Capital	0	-242,021	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ORKA — Oruka Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

ORKA — Oruka Therapeutics Inc.