0001213900-26-026929
SEC filingOruka Therapeutics, Inc. reported a net loss of $105.4 million for the fiscal year ended December 31, 2025, driven by significant research and development expenses of $100.6 million and general and administrative expenses of $21.4 million. The company generated a loss from operations of $122.1 million, partially offset by total other income, net of $16.6 million, primarily from interest income. As of December 31, 2025, the company had cash, cash equivalents, and marketable securities totaling $479.6 million, with total assets of $488.6 million and stockholders' equity of $471.9 million. The company used $88.2 million in net cash for operating activities and $96.7 million in net cash for investing activities, while financing activities provided $170.3 million in net cash, primarily from equity financings. The company remains a clinical-stage biopharmaceutical company with no product revenue, focusing on developing monoclonal antibody therapeutics for inflammatory and immunology indications.
Oruka Therapeutics, Inc. reported a net loss of $105.4 million for the fiscal year ended December 31, 2025, compared to a net loss of $83.7 million for the period from February 6, 2024 (inception) to December 31, 2024. The company's loss from operations was $122.1 million, driven primarily by research and development expenses of $100.6 million and general and administrative expenses of $21.4 million. Total other income, net was $16.6 million, consisting mainly of interest income of $16.6 million, partially offset by other income (expense), net of -$12K. The company had an accumulated deficit of $189.2 million as of December 31, 2025, reflecting its pre-revenue, clinical-stage status.
The company is a clinical-stage biopharmaceutical company with no products approved for sale and has not generated any revenue from product sales. All operations to date have been funded through equity financings, including the Pre-Closing Financing and subsequent PIPE Financings. The company's focus is on developing novel monoclonal antibody therapeutics for psoriasis and other inflammatory and immunology indications, with lead programs ORKA-001 and ORKA-002 in clinical development.
As a pre-revenue company, Oruka Therapeutics reported negative operating margins with total operating expenses of $122.1 million exceeding any revenue generation. Research and development expenses represented 82.5% of total operating expenses at $100.6 million, while general and administrative expenses accounted for 17.5% at $21.4 million. The company's cost structure reflects its clinical-stage status with significant investment in drug development programs and building organizational infrastructure.
The company used $88.2 million in net cash for operating activities during the fiscal year, primarily due to the net loss of $105.4 million, adjusted for non-cash items including stock-based compensation of $24.2 million. Investing activities used $96.7 million in net cash, mainly for purchases of marketable securities of $521.0 million, partially offset by proceeds from maturities of marketable securities of $424.4 million. Financing activities provided $170.3 million in net cash, primarily from equity financings including the PIPE Financings. As of December 31, 2025, the company had total assets of $488.6 million, including cash and cash equivalents of $46.9 million and marketable securities of $432.6 million. Total liabilities were $16.7 million, resulting in stockholders' equity of $471.9 million.
The company expects its existing cash, cash equivalents, and marketable securities of $479.6 million as of December 31, 2025, to be sufficient to fund operating plans for at least twelve months from the filing date of March 12, 2026. The company anticipates continuing to incur substantial losses for the foreseeable future as it advances clinical development of its product candidates. Key development milestones include sharing Week 16 data from the EVERLAST-A trial of ORKA-001 in Q2 2026, initiating a Phase 2 trial of ORKA-002 in HS in H2 2026, and anticipating data from EVERLAST-B and ORCA-SURGE trials in 2027. The company's transition to profitability depends on successful development, regulatory approval, and commercialization of its product candidates.