ORKA Stock — Oruka Therapeutics Inc.: Cash, EV, Pipeline

Share price

$94.96

Market cap

$6,287.3M

Cash

$873.6M

Enterprise value

$5,413.7M

Balance sheet

Cash	$873.6M
Debt	$0.0M
Net cash	$873.6M
Enterprise value	$5,413.7M
Basic shares	61.1M shares
Fully diluted shares	76.6M shares
Fully diluted market cap	$7,277.2M
Cash per share	$14.30

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Feb 12 - Mar 26	ORKA-002	Phase 1	Healthy Volunteers	—
Jul 13 - Aug 24	ORKA-001	Phase 2	Plaque Psoriasis	Q4 2026
Nov 12 - Dec 24	ORKA-002	Phase 2	Plaque Psoriasis	—
Nov 12 - Dec 24	ORKA-002	Phase 2	Hidradenitis Suppurativa (HS)	—
Jun 12 - Jul 24	ORKA-001	Phase 2	Plaque Psoriasis	Q4 2026

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

ORKA-001

Phase 2 · Active Modality: monoclonal antibody

Target IL-23p19

Partnerships Paragon Therapeutics / Paruka: license agreement (up to $12M milestones; $7M paid); Halozyme: Hypercon technology license; WuXi Biologics: cell line license

Indications

Moderate-to-severe plaque psoriasis (PsO) (Phase 2)

Catalysts

— Q4 2026 / H1 2027

Status note Co-lead program. Phase 1 in healthy volunteers completed; Phase 2a EVERLAST-A and dose-ranging Phase 2b EVERLAST-B ongoing in moderate-to-severe PsO; Phase 3 program expected H1 2027.

ORKA-002

Phase 2 · Active Modality: monoclonal antibody

Target IL-17A/F

Partnerships Paragon Therapeutics / Paruka: license agreement (up to $12M milestones; $7M paid); Halozyme: Hypercon technology license

Indications

Moderate-to-severe plaque psoriasis (PsO) (Phase 2)
Hidradenitis suppurativa (HS) (Phase 2)

Catalysts

— Q1 2027

Status note Co-lead program. Phase 2 ORCA-SURGE in moderate-to-severe PsO initiated Feb 2026 with data expected Q1 2027; Phase 2 ORCA-SPLASH in HS initiated.

ORKA-004

Preclinical · Active Modality: monoclonal antibody

Target TL1A

Indications

not disclosed (Preclinical)

Catalysts

— Q4 2026 / 2027

Status note Subcutaneously administered anti-TL1A mAb; planned for development in combination with ORKA-001 and ORKA-002.

ORKA-003

Stage not disclosed · Active Modality: n/a

Indications

not disclosed (Stage not disclosed)

Status note Fourth program targeting an undisclosed pathway; no stage disclosed.

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	ORKA-001
Lead indication	Plaque Psoriasis
Lead phase	Phase 2
Active trials	6

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07290569	Phase 2	Active, not recruiting	Sponsor	ORKA	—	Plaque Psoriasis	Q4 2026
NCT07474792	Phase 2	Recruiting	Sponsor	ORKA	—	Plaque Psoriasis	—
NCT07783542	Phase 2	Recruiting	Sponsor	ORKA	—	Hidradenitis Suppurativa (HS)	—
NCT07449702	Phase 2	Recruiting	Sponsor	ORKA	—	Plaque Psoriasis	Q4 2026
NCT07090330	Phase 2	Active, not recruiting	Sponsor	ORKA	—	Plaque Psoriasis	Q4 2026
NCT06944379	Phase 1	Active, not recruiting	Sponsor	ORKA	—	Healthy Volunteers	—

Sponsor-matched active trials from ClinicalTrials.gov (6 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 6 active trials for Oruka Therapeutics, Inc. on ClinicalTrials.gov

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	3,139,030	+1,080,882	2.55%	2026-08-14
Braidwell LP	278,164	+278,164	0.98%	2026-08-14
ADAR1 Capital Management	20,840	no change	0.09%	2026-08-14
Ikarian Capital	0	-242,021	0.00%	2026-08-14

Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

ORKA — Oruka Therapeutics Inc.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders