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1. Like a Vertex Pharmaceuticals, but focused on revolutionizing the treatment of chronic skin diseases with highly effective, transformative therapies.

2. A specialized biotech akin to Regeneron or Amgen, developing next-generation antibody treatments for chronic skin conditions that offer superior efficacy and ultra-infrequent dosing.

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• Novel Biologic Drug Candidates: These are investigational medicines being developed to achieve high rates of complete disease clearance for chronic skin diseases like plaque psoriasis.
• Proprietary Antibody Portfolio: This comprises a collection of potentially best-in-class antibody drug candidates targeting the core mechanisms of dermatologic and inflammatory diseases.

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Based on the provided description, Oruka Therapeutics (ORKA) is a biotechnology company in the development phase, focused on advancing a portfolio of novel biologics designed for chronic skin diseases. The company appears to be pre-commercial, meaning it is developing potential treatments but does not yet have commercialized products on the market. Therefore, Oruka Therapeutics does not currently have major customers in the traditional sense of selling products or services.

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Lawrence Klein, President and Chief Executive Officer

Dr. Klein was appointed CEO in February 2024. Before joining Oruka, he was a Partner at Versant Ventures, where he invested in and helped grow early-stage biotechnology companies. He previously served as a critical member of the CRISPR Therapeutics leadership team for seven years, holding roles as Chief Business Officer and Chief Operating Officer, where he helped initiate and execute transformative partnerships and establish the company's strategic direction. Prior to CRISPR, he was an Associate Partner at McKinsey & Company, serving biopharma clients. Oruka Therapeutics was founded in February 2024 and completed a merger with ARCA biopharma in September 2024, transitioning to a publicly traded entity on Nasdaq under the symbol ORKA.

Arjun Agarwal, Senior Vice President, Finance and Treasurer

Arjun Agarwal oversees Oruka's finance and accounting functions. He previously served as Vice President of Finance at Jasper Therapeutics from June 2021 to March 2024, where he played a pivotal role in the company's successful transition to a publicly traded entity and navigated multiple rounds of financing. Prior to Jasper, he was Vice President, Corporate Controller, at Protagonist Therapeutics, a publicly held company, for two years. His extensive background also includes a decade at McKesson Corporation in various finance and accounting leadership roles, where he drove strategic initiatives, managed mergers and acquisitions, and ensured the financial integration of newly acquired businesses.

Joana Goncalves, Chief Medical Officer

Dr. Goncalves joined Oruka as Chief Medical Officer, effective April 18, 2024, bringing two decades of leadership experience in dermatology clinical development and medical affairs. She leads the company's global clinical development and regulatory affairs. Most recently, she served as Chief Medical Officer of Cara Therapeutics, where she was instrumental in guiding the development of KORSUVA® through NDA submission and regulatory approval. Her prior roles include positions at Celgene, where she led medical affairs for OTEZLA®, and at LEO Pharma, Inc.

Laura Sandler, Chief Operating Officer

Laura Sandler serves as the Chief Operating Officer and Senior Vice President, Operations at Oruka Therapeutics.

Paul Quinlan, General Counsel and Corporate Secretary

Paul Quinlan joined Oruka as General Counsel and Corporate Secretary. He brings two decades of experience as a general counsel at both private and public biotechnology companies. Most recently, he served as General Counsel, Chief Compliance Officer, and Corporate Secretary of CymaBay Therapeutics, overseeing the company's legal affairs up to its acquisition by Gilead Sciences.

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1. Regulatory and Development Risks: As a clinical-stage biopharmaceutical company, Oruka Therapeutics' success is fundamentally dependent on its product candidates successfully completing clinical trials and obtaining regulatory approvals. The process of drug development is "fraught with risks, including the potential for clinical trial failures or delays". Any inability to demonstrate sufficient safety and efficacy of its novel biologics, such as ORKA-001 and ORKA-002, to regulatory authorities could significantly impede the company's prospects and commercialization efforts. The company's lead products are currently in Phase 1 and Phase 2 trials.
2. Financial Resource Constraints and Future Funding: Oruka Therapeutics is a clinical-stage company that does not generate revenue from product sales and has reported significant net losses, including a full-year 2025 net loss of US$105.43 million. The company faces "financial constraints that could impact the development and commercialization of its product candidates". Oruka is reliant on external funding to sustain its research and development efforts and manage its "burn rate," leading to an ongoing risk of "cash needs, and potential dilution" through additional equity financing.
3. Intense Competition and Market Entry of Biosimilars: The biopharmaceutical industry, particularly in the inflammatory and immunology (I&I) space, is "highly competitive, with many companies vying for market share". Oruka's programs target mechanisms like IL-23 and IL-17, for which several effective biologic agents are already approved and available. Furthermore, "the entry of biosimilars into the I&I market could threaten ORKA's market position" by offering lower-cost alternatives to existing or future brand-name biologics. While Oruka aims to offer "potentially best-in-class antibodies" with infrequent dosing, it must differentiate itself significantly in a crowded and evolving market.

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Oruka Therapeutics (ORKA) is developing novel biologics primarily for chronic skin diseases, with lead programs targeting plaque psoriasis, psoriatic arthritis, and hidradenitis suppurativa.

Addressable Markets for Oruka Therapeutics' Main Products:

• Plaque Psoriasis Market (7 Major Markets: U.S., EU4, UK, and Japan): The market size for plaque psoriasis across these regions was valued at approximately USD 12.7 billion in 2024. This market is projected to reach USD 32.3 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 8.89% from 2025 to 2035.
• Plaque Psoriasis Market (U.S.): In the United States, the market size for chronic plaque psoriasis was approximately USD 14 billion in 2023.
• Global Inflammatory Skin Diseases Treatment Market: This broader market, which includes conditions like psoriasis, eczema, and dermatitis, is projected to increase from approximately USD 9.5 billion in 2023 to an estimated USD 14.7 billion by 2032, with a CAGR of 4.9%.
• Global Dermatology Biologics Market: Given Oruka's focus on biologics, this market segment is also highly relevant. It is expected to be valued at US$10.2 billion in 2026 and is projected to reach US$16.0 billion by 2033, growing at a CAGR of 6.6% between 2026 and 2033. Interleukin inhibitors, which Oruka's products target, lead this market segment.

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Expected Revenue Growth Drivers for Oruka Therapeutics (ORKA) Over the Next 2-3 Years

1. Advancement and Positive Clinical Data from ORKA-001 in Plaque Psoriasis

2. Advancement and Positive Clinical Data from ORKA-002 in Plaque Psoriasis and Hidradenitis Suppurativa

3. Potential for "Best-in-Class" Differentiated Product Profiles

4. Expansion into Additional Inflammatory and Immunological (I&I) Indications

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Share Issuance

• Oruka Therapeutics completed its go-public transaction in August 2024, following a merger with pre-Merger Oruka, and underwent a 1-for-12 reverse stock split.
• The company raised over $475 million in 2024 through two oversubscribed private placements of $275 million and $200 million.
• Oruka completed a $180 million PIPE (Private Investment in Public Equity) financing, which contributed to extending its cash runway.

Inbound Investments

• Oruka Therapeutics raised over $475 million in 2024 through two private placements, amounting to $275 million and $200 million respectively.
• A $180 million PIPE financing was completed, providing capital to support the company's clinical programs and extending its cash runway.
• As of March 2026, 160 institutional owners hold a total of 51,907,849 shares of Oruka Therapeutics.

Capital Expenditures

• Research and Development (R&D) expenses, the primary focus of capital allocation for Oruka Therapeutics, were $100.6 million for the full year 2025, an increase from $75.1 million for the period from February 6, 2024, to December 31, 2024.
• These R&D increases were primarily related to funding additional clinical trials for Oruka's programs, including advancing ORKA-001 and ORKA-002.
• The company's net cash used in operating activities was $88.2 million for the full year 2025.