Biotech Distilled
Substack ↗ Subscribe
Subscribe Substack ↗ About

Home › Companies › ORKA

Oruka Therapeutics

ORKA Rare disease Lead: Phase 2 6 Biotech Distilled articles ↓ 29 filings & releases ↓ Cash $268M (Jun 30, 2026) ↓ 6 verdicts ↓ 6 timing quotes ↓
DermatologyImmunology Protein

Market cap $6.81B 66.2M shares (10-Q, Jul 31, 2026) × $102.86 close Nov 6, 2026

Most recent annual filing: 2026-03-12

Catalyst timeline

2 trackedQuarter catalyst calendar →
  1. ORKA-004 corporate update4Q 2026ORKA-004 corporate update, 4Q 2026, routine
  2. ORKA-002 Ph2 topline1Q 2027ORKA-002 Ph2 topline, 1Q 2027, major

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (7 active programs)

ORKA-004

Target: TL1A
  • Undisclosed indication subcutaneous

Technology platforms

Hypercon · Halozyme

Halozyme's Hypercon microparticle technology enabling hyperconcentration of drugs and biologics to reduce injection volume and support patient-friendly administration; licensed by Oruka for IL-23p19 in psoriatic disease and up to one additional target

Targets: IL-23p19

Capital (as filed)

Cash
$268M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$605M Jun 30, 2026
Long-term investments
$252M Jun 30, 2026
Operating cash flow
−$33.1M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$1.10B cash per the update of Oct 26, 2026 — the company's own words as read there, not the filed figure

Offering documents (2)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (6)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (6 calls)

Every verdict Biotech Distilled has published on Oruka Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-05-13 Buy core Oruka Therapeutics (ORKA) - Scientific Deep Dive for ORKA-001, ORKA-002, and Pipeline Products De-risked IL-23p19 and IL-17A/F biology combined with elite PK engineering, 63.5% PASI 100 at Week 16, and a $1.15B fortress balance sheet make ORKA a high-conviction core holding with extreme M&A appeal.
  2. 2026-06-02 Buy core UPDATE: Oruka Therapeutics (ORKA) - The IBD Door Opens IBD field expansion adds free optionality and M&A appeal while the 15% pullback from post-data highs offers a cleaner entry; core thesis fully intact ahead of Week 28 readout.
  3. 2026-07-02 Hold UPDATE: Oruka Therapeutics (ORKA) - Fairmount Takes Chips Off the Table Fairmount's $300M block sale at $84.43 into a +55% move compresses the risk/reward; the core thesis is intact but the asymmetric setup at $55 no longer exists at $85, warranting trimming for those who rode the move.
  4. 2026-08-11 Buy core UPDATE: Oruka Therapeutics (ORKA) - Four Readouts Before the Snow Melts Catalyst calendar pulled forward dramatically with six readouts in nine months, supply overhang cleared, and $1.2B fortress balance sheet intact, but at $105 the risk/reward is front-loaded onto the imminent Week 28 print so new buyers should wait for weakness.
  5. 2026-09-24 Buy core UPDATE: Oruka Therapeutics (ORKA) - Clearer at Six Months, Without a Single Extra Dose PASI 100 deepened from 63.5% to 71.4% at Week 28 with no dosing since Week 4, retiring dosing-interval risk; stock is 14.5% below August levels with lower risk, making gradual accumulation appropriate ahead of December 52-week remission data.
  6. 2026-10-27 Buy core UPDATE: Oruka Therapeutics (ORKA) - Same Drug, New Sites, Same Answer EVERLAST-B replicated EVERLAST-A's 61% PASI 100 at mostly new sites with a tougher population, retiring replication risk and locking the Phase 3 dose at 600 mg, while December 52-week remission data remains the final key test.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (6 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (29)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 28, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

12 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)