Oruka Therapeutics, Inc.

Strong Cash Position Maintained Cash and marketable securities totaled $479.6M at year-end 2025; sufficient funding for twelve months operations.

R&D Investment Increased 34% Research and development expenses reached $100.6M, reflecting a $25.6M increase to advance ORKA-001/002 trials.

Lead Candidates Show Favorable PK ORKA-001 demonstrated 100-day half-life; ORKA-002 showed 75-80 day half-life supporting infrequent dosing.

Secured 2025 Financing Proceeds Secured $169.6M net proceeds from 2025 PIPE Financing; total financing provided $170.3M cash inflow.

Continued Operating Losses Expected Incurred net loss of $(105.4)M in 2025; company has never generated revenue and requires substantial future capital.

Dependence on Two Programs Success substantially dependent on ORKA-001 and ORKA-002 clinical trials; development goals may be delayed or fail.

Intense Competition in I&I Faces significant competition from established IL-23 and IL-17 biologics; failure to achieve superior profile risks market penetration.

Reliance on Contract Manufacturers Sole source manufacturing relationship exists for ORKA-001/002; disruption could negatively affect clinical development and operations.

ORKA-001 Phase 2 Data Expected Expect Week 16 data for ORKA-001 PsO trial (EVERLAST-A) in Q2 2026; EVERLAST-B data anticipated in 2027.

Initiate ORKA-002 Phase 2 HS Trial Plan to initiate ORKA-002 Phase 2 trial in HS patients in second half 2026; PsO data expected in 2027.

Evaluate Combination Regimen ORKA-021 Strategy includes evaluating ORKA-021, a sequential combination regimen of ORKA-002 and ORKA-001, leveraging distinct advantages.