Oruka Therapeutics Reports $1.1B Cash Balance

By Tamara Parker • Monday, August 10 10:56 • Permanent Link

Oruka Therapeutics said its cash, cash equivalents and marketable securities totaled $1.1 billion at June 30, 2026, after it raised $700 million in an upsized public offering in April. The company said that balance is expected to fund operations through an anticipated BLA filing for ORKA-001 and continued development of ORKA-002.

Second-quarter research and development spending rose to $43.3 million from $24.1 million a year earlier, an increase of $19.2 million, or about 80%. Oruka said the jump was driven by additional clinical trials and associated program costs, a non-refundable upfront payment to Halozyme, and higher employee compensation, including stock-based compensation tied to increased headcount.

General and administrative expense increased to $6.9 million from $4.3 million, up $2.6 million, or about 60%. The company attributed the increase to employee compensation-related expenses, including stock-based compensation, and costs tied to operating as a larger public company.

Other income, net climbed to $8.9 million from $3.9 million, up $5.0 million, largely because of interest earned on higher cash and marketable securities.

Despite the higher other income, Oruka’s net loss widened to $41.2 million in the second quarter from $24.6 million a year earlier, an increase of $16.6 million, or about 67%.

On the pipeline side, Oruka said EVERLAST-B completed enrollment of 187 subjects in the second quarter, ahead of schedule, and week 16 data are now expected in the fourth quarter of 2026. The company also pushed timing for other readouts: EVERLAST-A week 28 data are expected at the end of the third quarter of 2026, 52-week data in December 2026, and ORCA-SURGE week 16 data in the first quarter of 2027.

Oruka initiated ORCA-SPLASH, a phase 2 trial in moderate-to-severe hidradenitis suppurativa, and said ORKA-004 is expected to enter the clinic in the fourth quarter of 2026. Today the company's shares have moved 2.5% to a price of $101.29. If you want to know more, read the company's complete 8-K report here.

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