--- title: "Oruka Therapeutics (ORKA) news: going concern and offering" url: "https://aibio.space/companies/oruka-therapeutics/" publisher: "aibio.space (Biotech Investor Relations News)" summary: "ORKA going concern and offering news: Oruka reports $410,875 thousand in cash at September 30, 2024. Oruka Therapeutics, Inc. (NASDAQ: ORKA), United States." --- ORKA Oruka Therapeutics, Inc. NASDAQ · United States # Oruka Therapeutics (ORKA) news ORKA going concern and offering news Financings · 2026-08-21 ## [Oruka Therapeutics files $1,000,000,000 shelf with $500,000,000 sales program](https://aibio.space/news/oruka-therapeutics-files-1-000-000-000-shelf-500-000-000-sales-program/) TD Cowen is the sales agent for up to $500,000,000 of common stock under a sales agreement that sits inside a $1,000,000,000 shelf. The filing puts the outstanding count at 61,069,887 shares on June 30, 2026. ## Latest Oruka Therapeutics news 1. 2026-04-21 Financings [Oruka Therapeutics substitutes selling stockholder in resale prospectus](https://aibio.space/news/oruka-therapeutics-substitutes-selling-stockholder-resale-prospectus/) SILV Fund Ltd. replaces Point72 Associates, LLC for 531,670 shares. The resale prospectus still covers up to 39,425,806 shares, against 49,542,691 outstanding on February 28, 2026. 2. 2025-09-22 Financings [Oruka Therapeutics announces $180 million private placement led by Viking Global](https://aibio.space/news/oruka-therapeutics-announces-180-million-private-placement-led-viking/) The company is selling 10,933,405 shares at $15.00 and pre-funded warrants for 1,066,666 more. Closing was expected on or about September 19, 2025. 3. 2024-11-13 Distress [Oruka reports $410,875 thousand in cash at September 30, 2024](https://aibio.space/news/oruka-reports-410-875-thousand-cash-september-30-2024/) A separate exhibit carries an audited balance sheet dated February 6, 2024, the company's inception. The auditor's report on it raises going-concern doubt. ## Oruka Therapeutics at a glance - **Ticker**: ORKA - **Listing**: NASDAQ - **Country**: United States - **Cash, Jun 30, 2026**: $873.6 million ### Related companies - [Aquestive Therapeutics](https://aibio.space/companies/aquestive-therapeutics/) NASDAQ: AQST - [Sarepta Therapeutics](https://aibio.space/companies/sarepta-therapeutics/) NASDAQ: SRPT - [Fortress Biotech](https://aibio.space/companies/fortress-biotech/) NASDAQ: FBIO - [Minerva Neurosciences](https://aibio.space/companies/minerva-neurosciences/) NASDAQ: NERV - [Northwest Biotherapeutics](https://aibio.space/companies/northwest-biotherapeutics/) OTC: NWBO - [MannKind](https://aibio.space/companies/mannkind/) NASDAQ: MNKD - [TETRALOGIC PHARMACEUTICALS CORP](https://aibio.space/companies/tetralogic-pharmaceuticals/) OTC: TLOG - [Protagenic Therapeutics](https://aibio.space/companies/protagenic-therapeutics/) OTC: PTIX ### Also on NASDAQ - [Intellia Therapeutics](https://aibio.space/companies/intellia-therapeutics/) NTLA - [Disc Medicine](https://aibio.space/companies/disc-medicine/) IRON - [EDAP TMS SA](https://aibio.space/companies/edap-tms/) FOCL - [Syndax Pharmaceuticals](https://aibio.space/companies/syndax-pharmaceuticals/) SNDX - [Artiva Biotherapeutics](https://aibio.space/companies/artiva-biotherapeutics/) ARTV - [Q/C Technologies](https://aibio.space/companies/q-c-technologies/) QCLS ## What Oruka Therapeutics does Oruka Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing novel monoclonal antibody therapeutics for psoriasis (PsO) and other inflammatory and immunology (I&I) indications. Its strategy is to apply antibody engineering and format innovations to validated modes of action, with the aim of improving on the efficacy and dosing regimens of standard-of-care medicines. Its lead program, ORKA-001, is a high affinity, extended half-life antibody designed to target IL-23p19 for PsO. A Phase 1 trial showed a human half-life of approximately 100 days, and the Phase 2a EVERLAST-A trial in moderate-to-severe PsO enrolled 84 patients, with Week 16 data expected in the second quarter of 2026. The Phase 2b EVERLAST-B trial, designed to enroll approximately 160 patients, began dosing in December 2025, with data anticipated in 2027. Its co-lead program, ORKA-002, targets IL-17A and IL-17F for PsO, hidradenitis suppurativa (HS), psoriatic arthritis (PsA) and other conditions. Interim Phase 1 findings in healthy volunteers showed a half-life of approximately 75-80 days, and the Phase 2 ORCA-SURGE trial in moderate-to-severe PsO was initiated in February 2026. The company is the former ARCA biopharma, Inc., which changed its name to Oruka Therapeutics on August 29, 2024. | Product or program | What it is | Stage | |---|---|---| | ORKA-001 | Extended half-life monoclonal antibody targeting IL-23p19 for psoriasis | Phase 2a (EVERLAST-A); Phase 2b EVERLAST-B dosing began December 2025 | | ORKA-002 | Extended half-life antibody targeting IL-17A/F for PsO, HS, PsA and other conditions | Phase 2 (ORCA-SURGE) initiated; Phase 1 interim results reported | Summarised from the company's [10-K filed Mar 12, 2026](https://www.sec.gov/Archives/edgar/data/907654/000121390026026929/ea0273300-10k_oruka.htm). ## Oruka Therapeutics annual financials | Line | FY2025 | FY2023 | |---|---|---| | Revenue | | [$0](https://www.sec.gov/Archives/edgar/data/907654/000095017024009809/) | | Research and development | [$100.6 million](https://www.sec.gov/Archives/edgar/data/907654/000121390026026929/) | [$1.0 million](https://www.sec.gov/Archives/edgar/data/907654/000095017024009809/) | | Net income (loss) | [-$105.4 million](https://www.sec.gov/Archives/edgar/data/907654/000121390026026929/) | [-$5.3 million](https://www.sec.gov/Archives/edgar/data/907654/000095017024009809/) | | Cash from operations | [-$88.2 million](https://www.sec.gov/Archives/edgar/data/907654/000121390026026929/) | [-$5.0 million](https://www.sec.gov/Archives/edgar/data/907654/000095017024009809/) | | Cash and equivalents | [$46.9 million](https://www.sec.gov/Archives/edgar/data/907654/000121390026087231/) | [$37.4 million](https://www.sec.gov/Archives/edgar/data/907654/000095017024089246/) | | Short-term investments | [$290.1 million](https://www.sec.gov/Archives/edgar/data/907654/000121390026087231/) | | Latest balance sheet, Jun 30, 2026 (10-Q): cash and equivalents $268.5 million, plus short-term investments of $605.1 million, $873.6 million in all. Figures as reported to the SEC in XBRL; each one links to its filing. Not adjusted, not investment advice. ## Questions about Oruka Therapeutics Has Oruka Therapeutics issued a going-concern warning? Our latest story on this, dated Nov 13, 2024: "Oruka reports $410,875 thousand in cash at September 30, 2024". The story links the filing or release it is based on. [Read the story](https://aibio.space/news/oruka-reports-410-875-thousand-cash-september-30-2024/). Has Oruka Therapeutics raised money recently? Our latest story on this, dated Sep 22, 2025: "Oruka Therapeutics announces $180 million private placement led by Viking Global". The story links the filing or release it is based on. [Read the story](https://aibio.space/news/oruka-therapeutics-announces-180-million-private-placement-led-viking/). What is the ticker symbol of Oruka Therapeutics? Oruka Therapeutics, Inc. trades under the ticker ORKA on NASDAQ. Where is Oruka Therapeutics listed? Oruka Therapeutics, Inc. is listed on NASDAQ. Our directory also records these other listings: DUS:HQ1; FWB:HQ1; GETTEX:HQ1; HAM:HQ1; HAN:HQ1; LS:A3DPH3; LSX:A3DPH3; MUN:HQ1; SWB:HQ1; TRADEGATE:HQ1; XETR:HQ1. What is the SEC CIK of Oruka Therapeutics? The SEC Central Index Key (CIK) for Oruka Therapeutics, Inc. is 907654. Its filings are on SEC EDGAR. How many shares does Oruka Therapeutics have outstanding? 66,209,699 shares as of 2026-07-31, per the cover page of its 10-Q filed 2026-08-10. Which country or territory is Oruka Therapeutics listed under? Our directory records Oruka Therapeutics, Inc. under United States. What does Oruka Therapeutics do? Our directory classifies Oruka Therapeutics, Inc. as: Pharmaceuticals: Major. This is a directory classification, not a description of the pipeline. What is the ISIN of Oruka Therapeutics? The ISIN recorded for Oruka Therapeutics, Inc. is US6876041087. Does aibio.space cover Oruka Therapeutics? aibio.space lists Oruka Therapeutics, Inc. among 2,820 public biotech companies and publishes its news here as stories appear. Where is Oruka Therapeutics incorporated? SEC records list its state or country of incorporation as DE. What does Oruka Therapeutics develop? Oruka Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing novel monoclonal antibody therapeutics for psoriasis (PsO) and other inflammatory and immunology (I&I) indications. Its strategy is to apply antibody engineering and format innovations to validated modes of action, with the aim of improving on the efficacy and dosing regimens of standard-of-care medicines. What is ORKA-001 from Oruka Therapeutics? ORKA-001: Extended half-life monoclonal antibody targeting IL-23p19 for psoriasis Stage: Phase 2a (EVERLAST-A); Phase 2b EVERLAST-B dosing began December 2025. What is ORKA-002 from Oruka Therapeutics? ORKA-002: Extended half-life antibody targeting IL-17A/F for PsO, HS, PsA and other conditions Stage: Phase 2 (ORCA-SURGE) initiated; Phase 1 interim results reported. Is Oruka Therapeutics profitable? Oruka Therapeutics, Inc. reported a net loss of $105.4 million for the fiscal year ended Dec 31, 2025, and used $88.2 million of cash in operations, per its annual report to the SEC. ## Investor discussion: Oruka Therapeutics Members talk about Oruka Therapeutics (ORKA). Reader posts, not aibio.space reporting, and not investment advice. Rules 1. **Securities violations are strictly forbidden.** No market manipulation, no pump-and-dump, no false or misleading statements, and no inside information. 2. **Say whether you hold the stock.** Every post states long, short or no position. 3. **No paid or sponsored posts.** Do not post for anyone who pays or rewards you. 4. **No buy or sell calls and no price targets.** 5. **No accusations of crime or fraud against named people** unless you link a court filing or a regulator's release that makes them. 6. **No personal details and no spam.** No links at all for your first 7 days as a member. Posts that break the rules may be deleted without notice, and the account restricted or closed. See the [terms](https://aibio.space/terms/#discussion) and the [privacy policy](https://aibio.space/privacy/#discussion). ## Capital-markets timeline Financings, listing notices, splits, legal actions and other investor events at Oruka Therapeutics, newest first. Each line links the filing it comes from. 1. 2026-08-21 Financings Set up an at-the-market program to sell shares over time. SEC Form S-3. [Source](https://www.sec.gov/Archives/edgar/data/907654/000121390026092612/ea0301041-s3_oruka.htm) 2. 2026-04-21 Financings Filed a final prospectus for a securities offering. SEC Form 424B7. [Source](https://www.sec.gov/Archives/edgar/data/907654/000121390026046194/ea0287082-424b7_oruka.htm) 3. 2026-04-02 Financings Set up an at-the-market program to sell shares over time. SEC Form S-3. [Source](https://www.sec.gov/Archives/edgar/data/907654/000121390026039332/ea0284246-s3_oruka.htm) 4. 2025-11-05 Financings Set up an at-the-market program to sell shares over time. SEC Form 424B5. [Source](https://www.sec.gov/Archives/edgar/data/907654/000121390025106667/ea0264131-424b5_oruka.htm) 5. 2025-10-03 Financings Set up an at-the-market program to sell shares over time. SEC Form S-3. [Source](https://www.sec.gov/Archives/edgar/data/907654/000121390025096198/ea0260073-s3_oruka.htm) 6. 2025-09-22 Financings Reported a financing. SEC Form 8-K (Items 1.01,3.02,7.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/907654/000121390025090129/ea025786501ex99-1_oruka.htm) 7. 2024-11-13 Distress Reported substantial doubt about its ability to continue as a going concern. SEC Form 10-Q. [Source](https://www.sec.gov/Archives/edgar/data/907654/000121390024097443/ea0216929-10q_oruka.htm) ## Stock chart Price chart and quote supplied by TradingView, delayed as the exchange requires. It loads only if you choose to show it. Information only, not investment advice. [Open NASDAQ:ORKA on TradingView](https://www.tradingview.com/symbols/NASDAQ-ORKA/). ## SEC filings and registration - **SEC name**: Oruka Therapeutics, Inc. - **CIK**: 907654 - **Industry (SIC)**: Pharmaceutical Preparations (2834) - **US tickers**: ORKA (Nasdaq) - **State or country of incorporation**: DE - **Fiscal year ends**: December 31 - **Filer category**: Non-accelerated filer
Smaller reporting company - **Business address**: 855 OAK GROVE AVE., MENLO PARK, CA, 94025 - **Phone**: 650-606-7910 - **Shares outstanding**: 66,209,699 as of 2026-07-31 (10-Q filed 2026-08-10) - **Former names**: ARCA biopharma, Inc.; NUVELO INC; HYSEQ INC ### Recent filings (8-K and 6-K are the company's own announcements) - [424B5](https://www.sec.gov/Archives/edgar/data/907654/000121390026095041/ea0303545-424b5_oruka.htm) filed 2026-08-28 - [8-K](https://www.sec.gov/Archives/edgar/data/907654/000121390026093021/ea0302923-8k_oruka.htm) filed 2026-08-24 - [S-3](https://www.sec.gov/Archives/edgar/data/907654/000121390026092612/ea0301041-s3_oruka.htm) filed 2026-08-21 - [10-Q](https://www.sec.gov/Archives/edgar/data/907654/000121390026087231/ea0294557-10q_oruka.htm) filed 2026-08-10 - [8-K](https://www.sec.gov/Archives/edgar/data/907654/000121390026086933/ea0301312-8k_oruka.htm) filed 2026-08-10 - [8-K](https://www.sec.gov/Archives/edgar/data/907654/000121390026065294/ea0293648-8k_oruka.htm) filed 2026-06-04 - [8-K](https://www.sec.gov/Archives/edgar/data/907654/000121390026063481/ea0292876-8k_oruka.htm) filed 2026-06-01 - [10-Q](https://www.sec.gov/Archives/edgar/data/907654/000121390026055769/ea0287752-10q_oruka.htm) filed 2026-05-13 Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000907654), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices. ## Listing details Oruka Therapeutics, Inc. is a public biotech or pharmaceutical company listed on NASDAQ under the ticker ORKA, recorded under United States. The directory classifies it as Pharmaceuticals: Major. aibio.space tracks 2,820 public biotech companies worldwide and publishes investor news on them. - **Company**: Oruka Therapeutics, Inc. - **Ticker**: ORKA - **Listing**: NASDAQ - **Country or territory**: United States - **Business scope**: Pharmaceuticals: Major - **ISIN**: US6876041087 - **Other listed symbols**: DUS:HQ1; FWB:HQ1; GETTEX:HQ1; HAM:HQ1; HAN:HQ1; LS:A3DPH3; LSX:A3DPH3; MUN:HQ1; SWB:HQ1; TRADEGATE:HQ1; XETR:HQ1 - **Last quote in directory**: 2026-10-21 - **Directory source**: [Listing page](https://www.tradingview.com/symbols/NASDAQ-ORKA/) Listing facts come from our company directory, researched on October 22, 2026. A listing record does not certify that a security currently trades. [Tell us about a change](https://aibio.space/reputation/#update). Work at this company? [Claim this page](https://aibio.space/claim/). Published and maintained by aibio.space. Not investment advice. [How we work](https://aibio.space/disclosures/). Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update) --- Source page: https://aibio.space/companies/oruka-therapeutics/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Oruka Therapeutics (ORKA) news: going concern and offering", 2026-10-31, https://aibio.space/companies/oruka-therapeutics/