Oruka Therapeutics (ORKA) Q2 2026 earnings summary

Executive summary

• Clinical-stage biopharma advancing monoclonal antibody therapeutics for psoriasis and other inflammatory diseases, with lead programs ORKA-001 and ORKA-002 in Phase 2 trials and key milestones expected in late 2026 and early 2027.

• EVERLAST-A and EVERLAST-B trials in moderate-to-severe plaque psoriasis progressing, with multiple data readouts scheduled.

• Initiated ORCA-SPLASH Phase 2 trial in hidradenitis suppurativa and announced plans for ORKA-004 clinical entry.

• No product revenue to date; operations funded by equity offerings, including a $658.3M public offering, $38.9M from an ATM program, and $122.5M raised in July 2026.

• Net loss of $41.2M for Q2 2026 and $73.0M for the first half of 2026, reflecting increased R&D and G&A expenses as clinical programs advance.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $1.1B as of June 30, 2026.

• Q2 2026 R&D expenses rose 80% year-over-year to $43.3M, driven by clinical trial activity and a $5M upfront payment to Halozyme.

• G&A expenses increased 58% year-over-year to $6.9M, mainly due to higher personnel and stock-based compensation.

• Interest and other income grew to $8.9M in Q2 2026, reflecting higher cash balances.

• Net loss per share for common stockholders was $(0.55) in Q2 2026, compared to $(0.46) in Q2 2025.

Outlook and guidance

• Sufficient liquidity to fund operations for at least the next 12 months and through a BLA filing for ORKA-001.

• Key upcoming milestones include Phase 2b data for ORKA-001 in Q4 2026, Phase 2 data for ORKA-002 in Q1 2027, and EVERLAST-A/B and ORCA-SURGE data readouts.

• Plans to initiate Phase 3 program for ORKA-001 in H1 2027 and begin clinical development of ORKA-004 in Q4 2026.