aibioOruka Therapeutics substitutes selling stockholder in resale prospectus
Tickers ORKA
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.
Key facts
- Company
- Oruka Therapeutics, Inc. (NASDAQ: ORKA)
- News type
- Financings
- Primary source
- Oruka Therapeutics, Inc. 424B7 (2026-04-21)
Who is selling
Oruka Therapeutics, Inc. (Nasdaq: ORKA) filed a prospectus supplement dated April 21, 2026, which amends the "Selling Stockholders" table in its resale prospectus of November 3, 2025. The table drops Point72 Associates, LLC and adds SILV Fund Ltd. The supplement says Point72 transferred shares it held to SILV, which is now the selling stockholder for 531,670 shares of common stock. The table shows that holding as less than 1 percent of the company's shares.
The change does not add to the amount being registered. The resale prospectus still covers up to 39,425,806 shares of common stock, and the supplement says it does not affect any other selling stockholder. The percentages in the table use 49,542,691 shares outstanding as of February 28, 2026. On April 20, 2026, the last reported sale price on the Nasdaq Global Market was $68.87 per share.
The filing names Sirenia Capital Management, LP as SILV's investment manager, with voting and investment power over its shares. Sirenia Capital Management GP LLC is the general partner, and Alex Silverstein is the managing member of that general partner. Each of them disclaims beneficial ownership. The filing says all information about SILV was provided by SILV. It does not say when or on what terms SILV received the shares, and the supplement gives no price for the transfer.
The lead program
Oruka calls itself a clinical-stage company developing monoclonal antibodies for psoriasis and other inflammatory conditions. Its lead, ORKA-001, targets the p19 subunit of interleukin-23 and is designed to support subcutaneous injection as infrequently as once or twice a year. The co-lead, ORKA-002, targets interleukin-17A and 17F in psoriasis, hidradenitis suppurativa and psoriatic arthritis.
The main clinical test so far is the Phase 2a EVERLAST-A trial, which enrolled 84 patients randomized 3 to 1 to receive 600 mg of ORKA-001 at Weeks 0 and 4 or matching placebo. The primary endpoint is PASI 100, a 100% reduction from baseline in the Psoriasis Area and Severity Index, at Week 16. The company's annual report, filed March 12, 2026, says it expected Week 16 data for all patients in the second quarter of 2026. This filing does not report those data.
The evidence cited so far comes from interim results of an earlier Phase 1 trial, announced in September 2025. The annual report gives a human half-life of approximately 100 days for ORKA-001. It says single doses gave complete and sustained inhibition of STAT3 signaling, a downstream marker of IL-23 activity, in an ex vivo assay through 24 weeks, and that the drug was well tolerated at all dose levels. Those are a laboratory biomarker and a tolerability finding, not clinical response rates. The company says ORKA-001 could achieve higher response rates than established therapies, but no head-to-head comparison is cited to support that view.
The second trial, EVERLAST-B, is a dose-ranging Phase 2b study designed to enroll about 160 patients at three dose levels, with PASI 100 at Week 16 as its primary endpoint. Its first patients were dosed in December 2025, and the company expects its data in 2027. The company also plans Week 28 data for all EVERLAST-A patients and 52-week follow-up for part of that cohort in the second half of 2026. The goals of yearly dosing and extended off-treatment remissions are the subject of these trials, not results from them.
Losses against the resale
The 2025 annual report shows a net loss of $105.4 million for the year, research and development expense of $100.6 million and cash used in operations of $88.2 million. That report, filed March 12, 2026, is the company's latest annual filing before this supplement.
Against that spending, the resale registration covers 39,425,806 shares, compared with 49,542,691 shares outstanding on February 28, 2026. This filing describes a resale by existing holders, not a sale by the company. The supplement does not say how those holders acquired their shares, names no underwriter, placement agent or other bank, and adds no financial data of its own.