Oruka Therapeutics, Inc.
ORKA · Pharmaceutical Preparations · 60.3M shares · +10%/yr ↑ shares · EDGAR filings ↗
Reference price $80.01 · est. market cap ~$4.8B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical-stage psoriasis biotech — pre-revenue but very well-funded.
Strengths
- Very strong liquidity — current ratio 22.4 (96th)
Risks
- Pre-revenue, loss-making — ROE -22%, FCF -$88M
- Pre-revenue/clinical-stage — history of losses & need for additional capital per risk factors
- Single-asset/clinical risk — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-88.4M)
- Strong balance sheetStrong balance sheet — $480M cash & investments, ~22 quarters of runway
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 51 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$13M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-04 — PHASE2 · Plaque Psoriasis
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-22.3%
Return on assets
-21.6%
Current ratio
22.4×
Free cash flow
-$88M
Tangible book value
$472M
Cash & investments
$480M
Cash runway
22q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Agarwal Arjun | Sell | 699 | $82.14 |
| 2026-06-22 | Agarwal Arjun | Sell | 888 | $80.01 |
| 2026-06-15 | Klein Lawrence Otto | Sell | 1.7K | $69.69 |
| 2026-06-15 | Sandler Laura Lee | Sell | 600 | $69.69 |
| 2026-06-15 | Quinlan Paul T | Sell | 733 | $69.69 |
| 2026-06-15 | Agarwal Arjun | Sell | 395 | $69.69 |
| 2026-06-15 | Goncalves Joana | Option exercise | 3.5K | $6.84 |
| 2026-06-15 | Goncalves Joana | Option exercise | 3.5K | $7.80 |
| 2026-06-15 | Goncalves Joana | Sell | 1.6K | $68.38 |
| 2026-06-15 | Goncalves Joana | Sell | 300 | $70.62 |
| 2026-06-15 | Goncalves Joana | Sell | 5.1K | $69.42 |
| 2026-06-15 | Goncalves Joana | Sell | 947 | $69.69 |
| 2026-06-12 | Dambkowski Carl | Sell | 13K | $70.11 |
| 2026-06-12 | Agarwal Arjun | Option exercise | 1.5K | $34.39 |
| 2026-06-12 | Agarwal Arjun | Sell | 1.9K | $68.34 |
| 2026-06-12 | Agarwal Arjun | Sell | 4.3K | $69.85 |
| 2026-06-12 | Agarwal Arjun | Sell | 3.3K | $70.34 |
| 2026-06-12 | Agarwal Arjun | Option exercise | 8.0K | $12.50 |
| 2026-06-11 | Dambkowski Carl | Sell | 22K | $70.13 |
| 2026-05-21 | Dambkowski Carl | Option exercise | 12K | $11.77 |
| 2026-05-21 | Dambkowski Carl | Option exercise | 39K | $6.84 |
| 2026-05-21 | Dambkowski Carl | Option exercise | 12K | $7.80 |
| 2026-05-21 | Dambkowski Carl | Sell | 38K | $58.43 |
| 2026-05-21 | Dambkowski Carl | Sell | 53K | $59.10 |
| 2026-05-21 | Dambkowski Carl | Sell | 13K | $59.97 |
| 2026-05-18 | Agarwal Arjun | Option exercise | 2.0K | $12.50 |
| 2026-05-18 | Agarwal Arjun | Option exercise | 5.8K | $34.39 |
| 2026-05-18 | Agarwal Arjun | Sell | 4.2K | $58.34 |
| 2026-05-18 | Agarwal Arjun | Sell | 4.6K | $59.19 |
| 2026-05-18 | Agarwal Arjun | Sell | 800 | $60.34 |
| 2026-05-18 | Agarwal Arjun | Sell | 700 | $61.16 |
| 2026-05-15 | Goncalves Joana | Option exercise | 3.5K | $6.84 |
| 2026-05-15 | Goncalves Joana | Option exercise | 3.5K | $7.80 |
| 2026-05-15 | Goncalves Joana | Sell | 4.8K | $61.56 |
| 2026-05-15 | Goncalves Joana | Sell | 2.1K | $62.42 |
| 2026-05-15 | Goncalves Joana | Sell | 100 | $63.52 |
| 2026-05-01 | Sandler Laura Lee | Option exercise | 5.0K | $7.80 |
| 2026-05-01 | Sandler Laura Lee | Sell | 2.2K | $62.58 |
| 2026-05-01 | Sandler Laura Lee | Sell | 1.8K | $64.15 |
| 2026-05-01 | Sandler Laura Lee | Sell | 300 | $65.10 |
| 2026-05-01 | Sandler Laura Lee | Sell | 400 | $66.06 |
| 2026-05-01 | Sandler Laura Lee | Sell | 200 | $67.16 |
| 2026-05-01 | Sandler Laura Lee | Sell | 100 | $68.48 |
| 2026-04-15 | Goncalves Joana | Sell | 4.2K | $65.73 |
| 2026-04-15 | Goncalves Joana | Option exercise | 3.5K | $6.84 |
| 2026-04-15 | Goncalves Joana | Option exercise | 3.5K | $7.80 |
| 2026-04-15 | Goncalves Joana | Sell | 2.3K | $66.56 |
| 2026-04-15 | Goncalves Joana | Sell | 500 | $67.38 |
| 2026-03-16 | Agarwal Arjun | Sell | 395 | $41.30 |
| 2026-03-16 | Sandler Laura Lee | Sell | 600 | $41.30 |
| 2026-03-16 | Goncalves Joana | Option exercise | 3.5K | $6.84 |
| 2026-03-16 | Goncalves Joana | Option exercise | 3.5K | $7.80 |
| 2026-03-16 | Klein Lawrence Otto | Sell | 1.7K | $41.30 |
| 2026-03-16 | Goncalves Joana | Sell | 2.9K | $40.11 |
| 2026-03-16 | Goncalves Joana | Sell | 2.9K | $41.20 |
| 2026-03-16 | Goncalves Joana | Sell | 1.2K | $41.94 |
| 2026-03-16 | Goncalves Joana | Sell | 641 | $41.30 |
| 2026-03-16 | Quinlan Paul T | Sell | 733 | $41.30 |
| 2026-03-02 | Sandler Laura Lee | Option exercise | 5.0K | $7.80 |
| 2026-03-02 | Sandler Laura Lee | Sell | 2.3K | $33.28 |
| 2026-03-02 | Sandler Laura Lee | Sell | 2.7K | $33.81 |
| 2026-02-17 | Goncalves Joana | Option exercise | 3.5K | $6.84 |
| 2026-02-17 | Goncalves Joana | Option exercise | 3.5K | $7.80 |
| 2026-02-17 | Goncalves Joana | Sell | 6.1K | $32.30 |
| 2026-02-17 | Goncalves Joana | Sell | 936 | $32.78 |
| 2026-01-23 | Quinlan Paul T | Grant | 32K | — |
| 2026-01-23 | Goncalves Joana | Grant | 32K | — |
| 2026-01-23 | Sandler Laura Lee | Grant | 32K | — |
| 2026-01-23 | Agarwal Arjun | Grant | 18K | — |
| 2026-01-23 | Klein Lawrence Otto | Grant | 77K | — |
| 2026-01-23 | Dambkowski Carl | Other | 116K | — |
| 2026-01-15 | Goncalves Joana | Option exercise | 3.5K | $7.80 |
| 2026-01-15 | Goncalves Joana | Sell | 4.4K | $31.56 |
| 2026-01-15 | Goncalves Joana | Option exercise | 3.5K | $6.84 |
| 2026-01-15 | Goncalves Joana | Sell | 2.6K | $32.24 |
| 2026-01-02 | Sandler Laura Lee | Option exercise | 5.0K | $7.80 |
| 2026-01-02 | Sandler Laura Lee | Sell | 8.7K | $28.17 |
| 2026-01-02 | Sandler Laura Lee | Sell | 3.1K | $29.08 |
| 2026-01-02 | Sandler Laura Lee | Sell | 1.1K | $29.75 |
| 2025-12-19 | Goncalves Joana | Sell | 641 | $28.53 |
| 2025-12-19 | Goncalves Joana | Option exercise | 3.5K | $6.84 |
| 2025-12-19 | Goncalves Joana | Option exercise | 3.5K | $7.80 |
| 2025-12-19 | Goncalves Joana | Sell | 1.8K | $29.62 |
| 2025-12-19 | Goncalves Joana | Sell | 1.5K | $30.70 |
| 2025-12-19 | Goncalves Joana | Sell | 3.1K | $31.58 |
| 2025-09-17 | Fairmount Funds Management LLC | Grant | 333K | $15.00 |
| 2025-02-14 | Venrock Healthcare Capital Partners III, L.P. | Buy | 89K | $11.44 |
| 2025-02-13 | Venrock Healthcare Capital Partners III, L.P. | Buy | 15K | $11.63 |
| 2025-02-12 | Venrock Healthcare Capital Partners III, L.P. | Buy | 9.0K | $11.86 |
| 2025-02-11 | Venrock Healthcare Capital Partners III, L.P. | Buy | 9.6K | $10.95 |
| 2025-02-10 | Venrock Healthcare Capital Partners III, L.P. | Buy | 574 | $10.90 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07449702 ↗ | An Open-Label Extension Study of ORKA-001 in Participants With Plaque Psoriasis Plaque Psoriasis | PHASE2 | Recruiting | 2030-05-01 |
| NCT07474792 ↗ | Dose Ranging Study of ORKA-002 in Patients With Moderate-to-Severe Plaque Psoriasis Plaque Psoriasis | PHASE2 | Recruiting | 2027-10-01 |
| NCT07290569 ↗ | Dose Ranging Study of ORKA-001 in Patients With Moderate-to-Severe Plaque Psoriasis Plaque Psoriasis | PHASE2 | Recruiting | 2027-06-01 |
| NCT06944379 ↗ | ORKA-002-211 A Phase I Study to Evaluate ORKA-002 in Healthy Volunteers Following A Single Dose Healthy Volunteers | PHASE1 | Active Not Recruiting | 2027-01-01 |
| NCT07090330 ↗ | ORKA-001 Versus Placebo in Patients With Moderate-to-Severe Plaque Psoriasis Plaque Psoriasis | PHASE2 | Active Not Recruiting | 2026-04-01 |
| NCT06698939 ↗ | ORKA-001 in Healthy Volunteers Healthy Volunteers | PHASE1 | Completed | 2026-03-13 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | Shareholder vote | filing ↗ |
| 2026-06-01 | OtherExhibits | filing ↗ |
| 2026-04-30 | ResultsOtherExhibits | filing ↗ |
| 2026-04-27 | Reg FDOtherExhibits | filing ↗ |
| 2025-12-11 | Exec/director changeExhibits | filing ↗ |
| 2025-09-22 | Material agreement3.02Reg FDExhibits | filing ↗ |
| 2025-07-01 | Exec/director changeExhibits | filing ↗ |
| 2025-06-03 | Shareholder vote | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-04 | 2026-06-02 | 0001213900-26-065294 ↗ |
| 8-K | 2026-06-01 | 2026-05-29 | 0001213900-26-063481 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001213900-26-055769 ↗ |
| 8-K | 2026-04-30 | 2026-04-27 | 0001213900-26-050249 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001213900-26-047743 ↗ |
| 10-K | 2026-03-12 | 2025-12-31 | 0001213900-26-026929 ↗ |
| 8-K | 2025-12-11 | 2025-12-11 | 0001213900-25-120676 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001213900-25-109182 ↗ |
| 8-K | 2025-09-22 | 2025-09-17 | 0001213900-25-090129 ↗ |
| 10-Q | 2025-08-11 | 2025-06-30 | 0001213900-25-074281 ↗ |
| 8-K | 2025-07-01 | 2025-07-01 | 0001213900-25-060352 ↗ |
| 8-K | 2025-06-03 | 2025-06-02 | 0001213900-25-050756 ↗ |