Oruka Therapeutics (ORKA)
Market Price (8/18/2026): $112.395 | Market Cap: $7.1 BilSector: Health Care | Industry: Biotechnology
Oruka Therapeutics (ORKA)
Market Price (8/18/2026): $112.395Market Cap: $7.1 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -155 Mil Stock price has recently run up significantly6M Rtn6 month market price return is 250%, 12M Rtn12 month market price return is 633% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.3% Key risksORKA key risks include [1] its substantial dependence on the successful clinical development and regulatory approval of its lead product candidates, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -155 Mil |
| Stock price has recently run up significantly6M Rtn6 month market price return is 250%, 12M Rtn12 month market price return is 633% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.3% |
| Key risksORKA key risks include [1] its substantial dependence on the successful clinical development and regulatory approval of its lead product candidates, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Oruka Therapeutics (ORKA) stock has gained about 65% since 4/30/2026 because of the following key factors:
1. Positive Phase 2a Clinical Data for ORKA-001.
Oruka Therapeutics reported positive Week 16 data from its EVERLAST-A Phase 2a trial for ORKA-001 in moderate-to-severe plaque psoriasis in April 2026. The data showed 63.5% of participants achieved PASI 100, 83% achieved PASI 90, and 84% achieved IGA 0/1 at Week 16, with a safety profile similar to placebo.
2. Successful Upsized Public Offering and Robust Cash Position.
In April 2026, Oruka Therapeutics completed an upsized $700 million public offering. This financing, combined with existing capital, resulted in a strong cash, cash equivalents, and marketable securities position of $1.1 billion as of June 30, 2026 (fiscal Q2 2026). This significant capital is expected to fund operations through an anticipated Biologics License Application (BLA) filing for ORKA-001 and continued development of ORKA-002.
Show more
Oruka Therapeutics (ORKA) stock has gained about 65% since 4/30/2026 because of the following key factors:
1. Positive Phase 2a Clinical Data for ORKA-001.
Oruka Therapeutics reported positive Week 16 data from its EVERLAST-A Phase 2a trial for ORKA-001 in moderate-to-severe plaque psoriasis in April 2026. The data showed 63.5% of participants achieved PASI 100, 83% achieved PASI 90, and 84% achieved IGA 0/1 at Week 16, with a safety profile similar to placebo.
2. Successful Upsized Public Offering and Robust Cash Position.
In April 2026, Oruka Therapeutics completed an upsized $700 million public offering. This financing, combined with existing capital, resulted in a strong cash, cash equivalents, and marketable securities position of $1.1 billion as of June 30, 2026 (fiscal Q2 2026). This significant capital is expected to fund operations through an anticipated Biologics License Application (BLA) filing for ORKA-001 and continued development of ORKA-002.
3. Accelerated Pipeline Advancement and Expansion.
The company demonstrated significant pipeline progress, including the early completion of enrollment for the EVERLAST-B Phase 2b trial of ORKA-001, with Week 16 data now anticipated in fiscal Q4 2026 to support Phase 3 initiation in fiscal H1 2027. Oruka also initiated the ORCA-SPLASH Phase 2 trial for ORKA-002 in moderate-to-severe hidradenitis suppurativa and expanded ORKA-001's license agreement in May 2026 to include inflammatory bowel disease (IBD), broadening its market potential.
4. Strong Analyst Endorsement and Increased Price Targets.
Multiple investment banks reiterated positive ratings and increased their price targets for ORKA following these developments. For example, Barclays raised its price target from $78.00 to $160.00 in April 2026, UBS Group increased its target from $100.00 to $130.00 in July 2026, and Guggenheim set a $200.00 price target in April 2026 and reaffirmed its "Buy" rating in August 2026, reflecting strong analyst confidence in the company's future prospects.
Show less
Stock Movement Drivers
Fundamental Drivers
The 64.7% change in ORKA stock from 4/30/2026 to 8/17/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.41 | 112.66 | 64.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 54 | 63 | -14.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 8/17/2026| Return | Correlation | |
|---|---|---|
| ORKA | 64.7% | |
| Market (SPY) | 7.5% | 20.0% |
| Sector (XLV) | 14.4% | 3.5% |
Fundamental Drivers
The 229.1% change in ORKA stock from 1/31/2026 to 8/17/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 34.23 | 112.66 | 229.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 44 | 63 | -29.8% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2026 to 8/17/2026| Return | Correlation | |
|---|---|---|
| ORKA | 229.1% | |
| Market (SPY) | 12.0% | 26.5% |
| Sector (XLV) | 8.4% | 14.9% |
Fundamental Drivers
The 729.0% change in ORKA stock from 7/31/2025 to 8/17/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8172026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.59 | 112.66 | 729.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 42 | 63 | -33.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2025 to 8/17/2026| Return | Correlation | |
|---|---|---|
| ORKA | 729.0% | |
| Market (SPY) | 23.3% | 23.8% |
| Sector (XLV) | 29.7% | 17.5% |
Fundamental Drivers
nullnull
Market Drivers
7/31/2023 to 8/17/2026| Return | Correlation | |
|---|---|---|
| ORKA | 755.7% | |
| Market (SPY) | 74.7% | 19.8% |
| Sector (XLV) | 30.4% | 17.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ORKA Return | -46% | 10% | -28% | 77% | 56% | 266% | 329% |
| Peers Return | 23% | 21% | 8% | 11% | 30% | 20% | 178% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 107% |
Monthly Win Rates [3] | |||||||
| ORKA Win Rate | 25% | 58% | 42% | 58% | 83% | 88% | |
| Peers Win Rate | 53% | 67% | 48% | 57% | 63% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ORKA Max Drawdown | -59% | -26% | -34% | -39% | -67% | -28% | |
| Peers Max Drawdown | -17% | -15% | -21% | -21% | -23% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ABBV, LLY, JNJ, AMGN, BMY.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/17/2026 (YTD)
How Low Can It Go
| Event | ORKA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.0% | -18.8% |
| % Gain to Breakeven | 58.7% | 23.1% |
| Time to Breakeven | 44 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.3% | -7.8% |
| % Gain to Breakeven | 25.5% | 8.5% |
| Time to Breakeven | 7 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -13.3% | -9.5% |
| % Gain to Breakeven | 15.3% | 10.5% |
| Time to Breakeven | 141 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.0% | -24.5% |
| % Gain to Breakeven | 29.9% | 32.4% |
| Time to Breakeven | 47 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.4% | -33.7% |
| % Gain to Breakeven | 124.1% | 50.9% |
| Time to Breakeven | 71 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -59.4% | -19.2% |
| % Gain to Breakeven | 146.4% | 23.8% |
| Time to Breakeven | 126 days | 105 days |
In The Past
Oruka Therapeutics's stock fell -37.0% during the 2025 US Tariff Shock. Such a loss loss requires a 58.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | ORKA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -37.0% | -18.8% |
| % Gain to Breakeven | 58.7% | 23.1% |
| Time to Breakeven | 44 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -20.3% | -7.8% |
| % Gain to Breakeven | 25.5% | 8.5% |
| Time to Breakeven | 7 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.0% | -24.5% |
| % Gain to Breakeven | 29.9% | 32.4% |
| Time to Breakeven | 47 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.4% | -33.7% |
| % Gain to Breakeven | 124.1% | 50.9% |
| Time to Breakeven | 71 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -59.4% | -19.2% |
| % Gain to Breakeven | 146.4% | 23.8% |
| Time to Breakeven | 126 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -26.1% | -3.7% |
| % Gain to Breakeven | 35.3% | 3.9% |
| Time to Breakeven | 52 days | 6 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -35.7% | -17.9% |
| % Gain to Breakeven | 55.4% | 21.8% |
| Time to Breakeven | 99 days | 123 days |
In The Past
Oruka Therapeutics's stock fell -37.0% during the 2025 US Tariff Shock. Such a loss loss requires a 58.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Oruka Therapeutics (ORKA)
Oruka Therapeutics (ORKA) is a biotechnology company dedicated to developing innovative biologic treatments for chronic skin diseases. Its primary goal is to establish a new benchmark in patient care by creating therapies that achieve high rates of complete disease clearance for conditions such as plaque psoriasis. A key differentiator for Oruka is its focus on significantly improving patient convenience, aiming for dosing schedules as infrequent as once or twice per year.
The company's product pipeline consists of a proprietary portfolio of advanced antibodies. These biologics are meticulously designed to target the core mechanisms responsible for plaque psoriasis, as well as various other dermatologic and inflammatory diseases. Oruka aims for these antibodies to be potentially best-in-class treatments within their respective therapeutic areas.
Oruka Therapeutics serves the market of patients suffering from chronic skin conditions, particularly those with plaque psoriasis and other inflammatory skin disorders. By combining exceptional efficacy with an extremely convenient dosing regimen, Oruka strives to offer these patients a greater degree of freedom from their condition and a substantially improved quality of life.
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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.
- 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.
- 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.
AI Analysis | Feedback
AI Analysis | Feedback
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.
AI Analysis | Feedback
Expected Revenue Growth Drivers for Oruka Therapeutics (ORKA) Over the Next 2-3 Years
Oruka Therapeutics (ORKA), a clinical-stage biopharmaceutical company focused on novel biologics for chronic skin diseases, is expected to drive future revenue growth primarily through the successful advancement and potential commercialization of its pipeline assets. The key drivers over the next 2-3 years will be centered on strong clinical trial readouts and expansion into new indications.1. Advancement and Positive Clinical Data from ORKA-001 in Plaque Psoriasis
A primary driver for Oruka Therapeutics' future revenue growth is the continued positive clinical development of its lead program, ORKA-001, for moderate-to-severe plaque psoriasis. ORKA-001 is a novel IL-23p19 antibody engineered for an extended half-life, aiming for once or twice-yearly dosing. The company has already reported positive interim Phase 1 data, showing a half-life of approximately 100 days, which is significantly longer than existing therapies. Initial 16-week data from the Phase 2a EVERLAST-A trial is anticipated in the second quarter of 2026, with longer-term follow-up data expected in the second half of 2026. Furthermore, data from the Phase 2b EVERLAST-B trial, which commenced dosing in December 2025 and will inform a Phase 3 program, is expected in 2027. Successful results demonstrating superior efficacy and durability with infrequent dosing could position ORKA-001 as a best-in-class treatment, capturing a significant share of the substantial psoriasis market.2. Advancement and Positive Clinical Data from ORKA-002 in Plaque Psoriasis and Hidradenitis Suppurativa
Another significant revenue driver is the progression of Oruka's co-lead program, ORKA-002, which targets the IL-17A/F pathway. Positive interim Phase 1 data released in January 2026 showed a prolonged half-life of 75-80 days, supporting the potential for twice-yearly dosing in plaque psoriasis and quarterly dosing in hidradenitis suppurativa (HS). The Phase 2 ORCA-SURGE trial for moderate-to-severe plaque psoriasis initiated in the first quarter of 2026, with data expected in 2027. Additionally, a Phase 2 trial for ORKA-002 in HS patients is planned for initiation in the second half of 2026. The successful development of ORKA-002 across these indications would expand Oruka's addressable market and provide another differentiated product offering with a potentially more convenient dosing regimen.3. Potential for "Best-in-Class" Differentiated Product Profiles
Oruka Therapeutics' strategic focus on developing biologics with extended half-lives aims to deliver "best-in-class" efficacy with significantly less frequent dosing compared to current standards of care. Both ORKA-001 and ORKA-002 are designed to improve disease control and offer the greatest possible freedom from chronic skin conditions by achieving high rates of complete disease clearance with infrequent administration. This differentiation in dosing frequency, coupled with strong efficacy, is a critical factor for market adoption and future revenue generation, as it addresses a key unmet need for patient convenience and adherence in chronic dermatologic conditions.4. Expansion into Additional Inflammatory and Immunological (I&I) Indications
Beyond plaque psoriasis, Oruka Therapeutics is positioning its pipeline to address other inflammatory and immunological (I&I) indications. Specifically, ORKA-002 is being developed for psoriatic arthritis (PsA) and hidradenitis suppurativa (HS). The planned initiation of a Phase 2 trial for ORKA-002 in HS in the second half of 2026 highlights the company's strategy to broaden the therapeutic scope of its assets. Expanding into these new, related markets could significantly increase the potential patient population and revenue streams for Oruka Therapeutics, leveraging the same core drug candidate across multiple conditions.AI Analysis | Feedback
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.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 7.5% | 77.6% | 177.9% | CAH 410% · MCK 342% · SNYR 244% |
| Health Care Services | 20 | 20.1% | 40.4% | 12.0% | HIMS 288% · RDNT 143% · DGX 74% |
| Managed Health Care | 8 | 34.9% | -5.2% | 2.2% | OSCR 144% · HQY 63% · ELV 13% |
| Health Care Facilities | 24 | 8.7% | -3.0% | -15.8% | THC 279% · NHC 256% · ENSG 130% |
| Health Care Equipment | 51 | -3.4% | -8.2% | -19.3% | POCI 10350% · UFPT 410% · GKOS 289% |
| Health Care Supplies | 12 | 37.6% | -12.7% | -25.6% | LNTH 313% · HAE 54% · MMSI 34% |
| Pharmaceuticals | 63 | 1.7% | -5.3% | -31.8% | LQDA 3059% · INDV 1430% · ETON 1313% |
| Life Sciences Tools & Services | 108 | -7.2% | -33.8% | -71.2% | SNWV 1924% · ELMD 257% · MEDP 237% |
| Health Care Technology | 20 | -27.4% | -53.3% | -73.9% | SPOK 138% · HSTM -4% · VEEV -25% |
| Biotechnology ← | 365 | 7.7% | -26.8% | -78.4% | BRTX 109900% · DNTH 1765% · CELZ 1471% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Oruka Therapeutics Earnings Notes | 12/16/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 256.35 |
| Mkt Cap | 334.6 |
| Rev LTM | 56,786 |
| Op Inc LTM | 17,846 |
| FCF LTM | 12,500 |
| FCF 3Y Avg | 12,988 |
| CFO LTM | 16,144 |
| CFO 3Y Avg | 14,510 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.1% |
| Rev Chg 3Y Avg | 6.0% |
| Rev Chg Q | 9.5% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | 39.3% |
| Op Inc Chg 3Y Avg | 12.3% |
| Op Mgn LTM | 30.0% |
| Op Mgn 3Y Avg | 25.6% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 30.3% |
| CFO/Rev 3Y Avg | 29.3% |
| FCF/Rev LTM | 23.3% |
| FCF/Rev 3Y Avg | 24.9% |
Price Behavior
| Market Price | $112.66 | |
| Market Cap ($ Bil) | 6.2 | |
| First Trading Date | 08/08/1997 | |
| Distance from 52W High | 0.0% | |
| 50 Days | 200 Days | |
| DMA Price | $85.84 | $52.71 |
| DMA Trend | up | up |
| Distance from DMA | 31.2% | 113.8% |
| 3M | 1YR | |
| Volatility | 70.2% | 76.5% |
| Downside Capture | -84.36 | 59.27 |
| Upside Capture | 224.88 | 277.22 |
| Correlation (SPY) | 21.2% | 25.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.68 | 1.22 | 1.20 | 1.51 | 1.48 | 1.15 |
| Up Beta | 6.22 | 2.14 | 2.70 | 1.86 | 1.90 | 0.74 |
| Down Beta | -3.09 | 1.05 | 0.29 | -0.25 | 0.47 | 0.94 |
| Up Capture | 209% | 325% | 208% | 497% | 727% | 804% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 8 | 22 | 31 | 68 | 136 | 367 |
| Down Capture | 177% | -58% | 46% | 98% | 73% | 105% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 14 | 21 | 32 | 58 | 115 | 351 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ORKA | |
|---|---|---|---|---|
| ORKA | 657.1% | 76.3% | 2.96 | - |
| Sector ETF (XLV) | 26.4% | 15.5% | 1.31 | 15.4% |
| Equity (SPY) | 20.9% | 12.8% | 1.21 | 24.7% |
| Gold (GLD) | 32.1% | 28.5% | 0.97 | 12.3% |
| Commodities (DBC) | 40.1% | 20.2% | 1.55 | -10.9% |
| Real Estate (VNQ) | 14.2% | 13.9% | 0.72 | 10.1% |
| Bitcoin (BTCUSD) | -46.9% | 42.7% | -1.37 | 21.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ORKA | |
|---|---|---|---|---|
| ORKA | 40.2% | 72.4% | 0.73 | - |
| Sector ETF (XLV) | 6.2% | 15.0% | 0.23 | 16.4% |
| Equity (SPY) | 13.3% | 17.2% | 0.60 | 17.3% |
| Gold (GLD) | 20.2% | 18.5% | 0.89 | 5.7% |
| Commodities (DBC) | 10.3% | 19.6% | 0.41 | -2.0% |
| Real Estate (VNQ) | 2.2% | 18.9% | 0.01 | 11.8% |
| Bitcoin (BTCUSD) | 6.3% | 52.7% | 0.31 | 12.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ORKA | |
|---|---|---|---|---|
| ORKA | -11.3% | 152.4% | 0.31 | - |
| Sector ETF (XLV) | 10.1% | 16.6% | 0.49 | 9.0% |
| Equity (SPY) | 15.3% | 17.9% | 0.73 | 6.8% |
| Gold (GLD) | 12.3% | 16.2% | 0.62 | 1.6% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 3.0% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 5.1% |
| Bitcoin (BTCUSD) | 60.0% | 66.1% | 1.00 | 2.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | 6.4% | 12.4% | |
| 4/30/2026 | -8.5% | -6.3% | -19.6% |
| 9/5/2024 | 2.8% | 7.0% | 4.8% |
| 4/25/2024 | 2.9% | -6.3% | -2.6% |
| 2/1/2024 | 2.5% | 4.4% | 6.3% |
| 10/18/2023 | -0.5% | -3.9% | -12.7% |
| 7/21/2023 | -0.5% | 0.0% | 0.5% |
| 4/24/2023 | 0.0% | 3.6% | 7.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 9 |
| # Negative | 7 | 9 | 9 |
| Median Positive | 2.8% | 4.4% | 6.1% |
| Median Negative | -0.5% | -5.9% | -12.7% |
| Max Positive | 6.4% | 13.3% | 18.3% |
| Max Negative | -8.5% | -7.2% | -29.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | 6.4% | 12.4% | |
| 4/30/2026 | -8.5% | -6.3% | -19.6% |
| 9/5/2024 | 2.8% | 7.0% | 4.8% |
| 4/25/2024 | 2.9% | -6.3% | -2.6% |
| 2/1/2024 | 2.5% | 4.4% | 6.3% |
| 10/18/2023 | -0.5% | -3.9% | -12.7% |
| 7/21/2023 | -0.5% | 0.0% | 0.5% |
| 4/24/2023 | 0.0% | 3.6% | 7.7% |
| 2/24/2023 | 3.8% | 3.3% | -1.0% |
| 10/28/2022 | -1.2% | -5.3% | -5.3% |
| 8/2/2022 | 0.4% | 4.3% | 0.4% |
| 5/2/2022 | 1.7% | -3.4% | -1.7% |
| 3/14/2022 | 2.9% | 13.3% | 11.9% |
| 11/2/2021 | -0.4% | -1.9% | -15.1% |
| 8/4/2021 | 5.4% | 3.4% | 6.1% |
| 5/11/2021 | 2.2% | 7.7% | 18.3% |
| 3/18/2021 | 3.0% | -6.4% | -16.5% |
| 11/2/2020 | -0.7% | -5.9% | 5.4% |
| 8/5/2020 | -0.4% | -7.2% | -29.8% |
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 9 |
| # Negative | 7 | 9 | 9 |
| Median Positive | 2.8% | 4.4% | 6.1% |
| Median Negative | -0.5% | -5.9% | -12.7% |
| Max Positive | 6.4% | 13.3% | 18.3% |
| Max Negative | -8.5% | -7.2% | -29.8% |
Insider Activity
Updated 8/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Quinlan, Paul T | General Counsel | Direct | Sell | 8142026 | 108.49 | 52,000 | 5,641,409 | 3,366,836 | Form |
| 2 | Agarwal, Arjun | Senior Vice President, Finance | Direct | Sell | 8142026 | 106.66 | 10,000 | 1,066,572 | 1,633,135 | Form |
| 3 | Goncalves, Joana | Chief Medical Officer | Direct | Sell | 7152026 | 86.28 | 7,000 | 603,938 | 2,822,805 | Form |
| 4 | Agarwal, Arjun | Senior Vice President, Finance | Direct | Sell | 7132026 | 84.63 | 9,999 | 846,180 | 1,295,801 | Form |
| 5 | Fairmount, Funds Management Llc | Fairmount Healthcare Fund II L.P. | Sell | 7012026 | 84.43 | 3,553,410 | 300,014,406 | 95,570,876 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Quinlan, Paul T | General Counsel | Direct | Sell | 8142026 | 108.49 | 52,000 | 5,641,409 | 3,366,836 | Form |
| 2 | Agarwal, Arjun | Senior Vice President, Finance | Direct | Sell | 8142026 | 106.66 | 10,000 | 1,066,572 | 1,633,135 | Form |
| 3 | Goncalves, Joana | Chief Medical Officer | Direct | Sell | 7152026 | 86.28 | 7,000 | 603,938 | 2,822,805 | Form |
| 4 | Agarwal, Arjun | Senior Vice President, Finance | Direct | Sell | 7132026 | 84.63 | 9,999 | 846,180 | 1,295,801 | Form |
| 5 | Fairmount, Funds Management Llc | Fairmount Healthcare Fund II L.P. | Sell | 7012026 | 84.43 | 3,553,410 | 300,014,406 | 95,570,876 | Form | |
| 6 | Sandler, Laura Lee | Chief Operating Officer | Direct | Sell | 7012026 | 94.42 | 5,000 | 472,079 | 22,318,364 | Form |
| 7 | Agarwal, Arjun | Senior Vice President, Finance | Direct | Sell | 6222026 | 80.95 | 1,587 | 128,468 | 1,239,512 | Form |
| 8 | Agarwal, Arjun | Senior Vice President, Finance | Direct | Sell | 6152026 | 69.69 | 395 | 27,528 | 1,177,691 | Form |
| 9 | Goncalves, Joana | Chief Medical Officer | Direct | Sell | 6152026 | 69.28 | 7,947 | 550,607 | 2,266,863 | Form |
| 10 | Klein, Lawrence Otto | Chief Executive Officer | Direct | Sell | 6152026 | 69.69 | 1,729 | 120,494 | 64,503,670 | Form |
| 11 | Sandler, Laura Lee | Chief Operating Officer | Direct | Sell | 6152026 | 69.69 | 600 | 41,814 | 16,473,601 | Form |
| 12 | Quinlan, Paul T | General Counsel | Direct | Sell | 6152026 | 69.69 | 733 | 51,083 | 2,162,759 | Form |
| 13 | Agarwal, Arjun | Senior Vice President, Finance | Direct | Sell | 6152026 | 69.72 | 9,459 | 659,508 | 1,205,785 | Form |
| 14 | Dambkowski, Carl | Direct | Sell | 6122026 | 70.11 | 12,583 | 882,182 | 2,716,233 | Form | |
| 15 | Dambkowski, Carl | Direct | Sell | 6122026 | 70.13 | 22,417 | 1,572,201 | 3,599,713 | Form | |
| 16 | Dambkowski, Carl | Direct | Sell | 5222026 | 58.97 | 105,000 | 6,191,366 | 4,348,285 | Form | |
| 17 | Agarwal, Arjun | Senior Vice President, Finance | Direct | Sell | 5182026 | 59.07 | 10,290 | 607,806 | 969,064 | Form |
| 18 | Goncalves, Joana | Chief Medical Officer | Direct | Sell | 5152026 | 61.85 | 7,000 | 432,935 | 2,064,296 | Form |
| 19 | Sandler, Laura Lee | Chief Operating Officer | Direct | Sell | 5012026 | 63.88 | 5,000 | 319,384 | 15,137,794 | Form |
| 20 | Goncalves, Joana | Chief Medical Officer | Direct | Sell | 4152026 | 66.12 | 7,000 | 462,830 | 2,206,837 | Form |
| 21 | Klein, Lawrence Otto | Chief Executive Officer | Direct | Sell | 3172026 | 41.30 | 1,729 | 71,408 | 38,297,862 | Form |
| 22 | Agarwal, Arjun | Senior Vice President, Finance | Direct | Sell | 3172026 | 41.30 | 395 | 16,313 | 779,042 | Form |
| 23 | Sandler, Laura Lee | Chief Operating Officer | Direct | Sell | 3172026 | 41.30 | 600 | 24,780 | 9,787,439 | Form |
| 24 | Goncalves, Joana | Chief Medical Officer | Direct | Sell | 3172026 | 40.91 | 7,641 | 312,560 | 1,365,306 | Form |
| 25 | Quinlan, Paul T | General Counsel | Direct | Sell | 3172026 | 41.30 | 733 | 30,273 | 1,311,977 | Form |
| 26 | Sandler, Laura Lee | Chief Operating Officer | Direct | Sell | 3022026 | 33.56 | 5,000 | 167,822 | 7,974,345 | Form |
| 27 | Goncalves, Joana | Chief Medical Officer | Direct | Sell | 2172026 | 32.37 | 7,000 | 226,559 | 1,101,010 | Form |
| 28 | Goncalves, Joana | Chief Medical Officer | Direct | Sell | 1162026 | 31.81 | 7,000 | 222,704 | 48,295 | Form |
| 29 | Sandler, Laura Lee | Chief Operating Officer | Direct | Sell | 1022026 | 28.52 | 13,000 | 370,795 | 5,849,549 | Form |
| 30 | Goncalves, Joana | Chief Medical Officer | Direct | Sell | 12192025 | 30.61 | 7,000 | 214,293 | 46,471 | Form |
Investor Activity (13F)
Updated Aug 18, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Remedium Capital Partners, LLC | $76.8 Mil | 27.3% | 6 | Hold | 13F |
| Fairmount Funds Management LLC | $181.7 Mil | 13.1% | 12 | Hold | 13F |
| Avidity Partners Management LP | $37.3 Mil | 7.6% | 45 | ADD +15.1% | 13F |
| Venrock Adviser, LLC | $203.5 Mil | 7.6% | 33 | Hold | 13F |
| Paradigm Biocapital Advisors LP | $113.8 Mil | 2.3% | 35 | ADD +35.7% | 13F |
| SR One Capital Management, LP | $21.1 Mil | 2.3% | 14 | Hold | 13F |
| Great Point Partners LLC | $9.0 Mil | 2.2% | 39 | Hold | 13F |
| Jones Hill Capital LP | $6.9 Mil | 1.5% | 26 | New | 13F |
| Cormorant Asset Management, LP | $26.2 Mil | 1.3% | 46 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Venrock Adviser, LLC | $203.5 Mil | 7.6% | 33 | Hold | 13F |
| Fairmount Funds Management LLC | $181.7 Mil | 13.1% | 12 | Hold | 13F |
| Paradigm Biocapital Advisors LP | $113.8 Mil | 2.3% | 35 | ADD +35.7% | 13F |
| Remedium Capital Partners, LLC | $76.8 Mil | 27.3% | 6 | Hold | 13F |
| Avidity Partners Management LP | $37.3 Mil | 7.6% | 45 | ADD +15.1% | 13F |
| Cormorant Asset Management, LP | $26.2 Mil | 1.3% | 46 | Hold | 13F |
| SR One Capital Management, LP | $21.1 Mil | 2.3% | 14 | Hold | 13F |
| Great Point Partners LLC | $9.0 Mil | 2.2% | 39 | Hold | 13F |
| Jones Hill Capital LP | $6.9 Mil | 1.5% | 26 | New | 13F |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.