ORKA · Oruka Therapeutics, Inc.

Oruka Therapeutics, Inc. has successfully closed a significant equity financing, selling 9,660,000 shares of common stock at $72.50 per share. The transaction, which closed on April 30, 2026, implies gross proceeds of approximately $700 million before deducting underwriting discounts and commissions. This capital raise is material for a clinical-stage or development-stage biotechnology company, significantly bolstering the balance sheet. The underwriting syndicate, led by Leerink Partners, TD Securities, Goldman Sachs, Stifel, and Guggenheim Securities, also secured a 30-day option to purchase up to an additional 1,449,000 shares, potentially increasing the total capital raised.

Concurrent with the financing announcement, the company disclosed a preliminary cash position of approximately $496 million as of March 31, 2026. This figure is an estimate, unaudited, and subject to revision upon finalization of the quarter's accounting records. Investors should note that this cash balance reflects the company's position prior to the receipt of proceeds from the current offering. The offering was executed under a shelf registration statement on Form S-3 (File No. 333-294852), which was declared effective by the SEC on April 10, 2026. The structure allows for efficient access to capital markets, and the speed of the follow-on offering shortly after the shelf's effectiveness indicates active investor demand. The company has agreed to standard indemnification provisions for the underwriters. No specific use of proceeds was detailed in the provided text, though such proceeds are typically allocated to clinical development, R&D, or general corporate purposes.