Quarterly ResultMay 13, 2026, 04:05 PM
Oruka Therapeutics ORKA-001 63.5% PASI 100; $700M Offering
AI Summary
Oruka Therapeutics reported first quarter 2026 financial results and provided a corporate update, highlighting positive 16-week data from its ORKA-001 EVERLAST-A trial with 63.5% of participants achieving PASI 100. The company also initiated the ORCA-SURGE Phase 2 trial for ORKA-002 in psoriasis and completed an upsized $700 million public offering, which is expected to fund operations through the BLA filing for ORKA-001. Cash, cash equivalents, and marketable securities stood at $496.0 million as of March 31, 2026, with a net loss of $31.8 million for the quarter.
Key Highlights
- ORKA-001 EVERLAST-A 16-week data showed 63.5% PASI 100 rate.
- ORKA-001 EVERLAST-A achieved 83% PASI 90 and 84% IGA 0/1 at Week 16.
- Completed an upsized $700 million public offering, funding through ORKA-001 BLA.
- Initiated ORCA-SURGE Phase 2 trial for ORKA-002 in psoriasis.
- Cash, cash equivalents, and marketable securities were $496.0 million as of March 31, 2026.
- Q1 2026 net loss was $31.8 million, compared to $21.0 million in Q1 2025.
- R&D expenses increased to $29.1 million in Q1 2026 from $19.9 million in Q1 2025.