--- title: "Oruka Therapeutics | 10-Q: FY2026 Q1 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/286309677.md" datetime: "2026-05-13T20:09:35.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286309677.md) - [en](https://longbridge.com/en/news/286309677.md) - [zh-HK](https://longbridge.com/zh-HK/news/286309677.md) --- # Oruka Therapeutics | 10-Q: FY2026 Q1 Revenue: USD 0 Revenue: As of FY2026 Q1, the actual value is USD 0. EPS: As of FY2026 Q1, the actual value is USD -0.48, beating the estimate of USD -0.554. EBIT: As of FY2026 Q1, the actual value is USD -41.04 M. Oruka Therapeutics, Inc. operates as a single reportable segment, with its Chief Operating Decision Maker reviewing total operating expenses and consolidated net loss on an aggregated basis. #### Operational Metrics - **Net Loss**: For the three months ended March 31, 2026, Oruka Therapeutics, Inc. reported a net loss of - $31.8 million, a 52% increase from - $21.0 million for the same period in 2025. - **Loss from Operations**: The loss from operations was - $36.4 million for the three months ended March 31, 2026, an increase of 45% from - $25.1 million in the prior year period. - **Operating Expenses**: Total operating expenses increased by $11.3 million, or 45%, to $36.4 million for the three months ended March 31, 2026, from $25.1 million in the prior year. - **Research and Development (R&D) Expenses**: R&D expenses increased by $9.2 million, or 46%, to $29.1 million for the three months ended March 31, 2026, from $19.9 million in 2025. This increase was driven by a $4.7 million (35%) rise in external R&D, a $3.6 million (147%) increase in personnel-related R&D, a $0.6 million (19%) increase in stock-based compensation for R&D, and a $0.3 million (37%) increase in other R&D expenses. - **General and Administrative (G&A) Expenses**: G&A expenses increased by $2.1 million, or 41%, to $7.3 million for the three months ended March 31, 2026, from $5.2 million in 2025. This was primarily due to a $1.9 million (54%) increase in personnel-related G&A expenses (including a $1.5 million increase in stock-based compensation for G&A) and a $0.2 million (17%) increase in professional and consulting services. - **Interest Income**: Interest income increased by $0.5 million, or 13%, to $4.6 million for the three months ended March 31, 2026, from $4.1 million in 2025. - **Accumulated Deficit**: As of March 31, 2026, Oruka Therapeutics, Inc. had an accumulated deficit of - $221.0 million. #### Cash Flow - **Net Cash Used in Operating Activities**: Net cash used in operating activities was - $23.6 million for the three months ended March 31, 2026, compared to - $20.9 million for the same period in 2025. - **Net Cash (Used in) Provided by Investing Activities**: Net cash used in investing activities was - $14.4 million for the three months ended March 31, 2026, compared to net cash provided of $42.9 million in the prior year. - **Net Cash Provided by Financing Activities**: Net cash provided by financing activities was $40.6 million for the three months ended March 31, 2026, primarily from ATM offering proceeds and stock option/warrant exercises, with no cash provided in the prior year. #### Unique Metrics - **Cash, Cash Equivalents, and Marketable Securities**: As of March 31, 2026, Oruka Therapeutics, Inc. held $496.0 million in cash, cash equivalents, and marketable securities. - **Milestone Payments**: Oruka Therapeutics, Inc. incurred and expensed a $3.0 million milestone payment for the ORKA-002 License Agreement in the first quarter of 2026. Total milestone payments incurred and expensed for ORKA-001 and ORKA-002 License Agreements were $7.0 million each as of March 31, 2026. - **ATM Offering Proceeds**: During the three months ended March 31, 2026, Oruka Therapeutics, Inc. generated $38.9 million in net proceeds from its at-the-market (ATM) offering program. #### Future Outlook and Strategy Oruka Therapeutics, Inc. is focused on developing novel monoclonal antibody therapeutics for psoriasis and other inflammatory and immunology indications, utilizing antibody engineering and half-life extension technology for its lead programs, ORKA-001 and ORKA-002, and an undisclosed pathway for ORKA-003. The company expects its existing cash, cash equivalents, and marketable securities to fund operations for at least twelve months from the filing date, anticipating continued substantial losses and increased R&D and G&A costs as it advances its pipeline. Oruka Therapeutics, Inc. plans to release longer-term ORKA-001 Phase 2a data in the second half of 2026, ORKA-001 Phase 2b and ORKA-002 Phase 2 data in 2027, and initiate an ORKA-002 Phase 2 trial in HS in the second half of 2026. Subsequent to the quarter, Oruka Therapeutics, Inc. closed a public offering raising $700.4 million in gross proceeds and entered into a collaboration and license agreement with Halozyme for its Hypercon™ technology, involving an upfront payment and potential milestone payments up to $176.5 million plus mid-single digit royalties. ### Related Stocks - [ORKA.US](https://longbridge.com/en/quote/ORKA.US.md) ## Related News & Research - [Barclays Remains a Buy on Oruka Therapeutics (ORKA)](https://longbridge.com/en/news/286389801.md) - [Oruka Therapeutics (NASDAQ:ORKA) SVP Sells $607,830.30 in Stock](https://longbridge.com/en/news/286877509.md) - [Atrium Therapeutics Reports First Quarter 2026 Financial Results | RNA Stock News](https://longbridge.com/en/news/286465472.md) - [Pelthos Therapeutics GAAP EPS of -$3.09, revenue of $10.7M](https://longbridge.com/en/news/286430906.md) - [Silexion Therapeutics Announces Exercise of Warrants for $1 Million Gross Proceeds](https://longbridge.com/en/news/286955806.md)