Oruka Therapeutics (ORKA) Q1 2026 earnings summary

Executive summary

• Clinical-stage biopharma focused on monoclonal antibody therapeutics for psoriasis and other inflammatory diseases, with lead programs ORKA-001 and ORKA-002 advancing through Phase 1 and Phase 2 trials.

• Achieved 63.5% PASI 100 rate at 16 weeks in EVERLAST-A trial for ORKA-001, with favorable tolerability and longer-term data expected in 2H 2026.

• Initiated Phase 2 ORCA-SURGE trial for ORKA-002 in psoriasis, with data expected in 2027.

• No product revenue to date; operations funded by equity offerings, including a $700.4M public offering in April 2026.

• Entered collaboration with Halozyme for Hypercon technology to enhance ORKA-001.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $496.0M as of March 31, 2026.

• Net loss for Q1 2026 was $31.8M, up from $21.0M in Q1 2025, reflecting increased R&D and G&A expenses.

• Research and development expenses rose to $29.1M from $19.9M year-over-year, mainly due to increased clinical activity and headcount.

• General and administrative expenses increased to $7.3M from $5.2M year-over-year.

• Other income, net was $4.6M, up from $4.1M year-over-year, primarily from higher interest income.

Outlook and guidance

• Existing cash and securities expected to fund operations for at least 12 months from the filing date and through BLA filing for ORKA-001.

• Anticipates continued substantial losses as clinical development progresses and headcount grows.

• Longer-term efficacy data for ORKA-001 expected in 2H 2026; initial data from EVERLAST-B and ORCA-SURGE expected in 2027.