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Nov 9, 2026, 4:04 PM ET
Oruka Therapeutics reported a third quarter 2026 net loss of $50.0 million and cash of $1.2 billion as of September 30, 2026.
Nasdaq: $ORKAImmunology developmentLong-acting antibodiesDurability, safety and dilution
ORKA Stock Hub: Oruka Therapeutics News, EVERLAST and Long-Acting Antibodies
EVERLAST-B provides a randomized Week 16 test of ORKA-001, while longer durability and the separate ORKA-002 program remain ahead. The third-quarter Form 10-Q and results release of November 9 report $1.207 billion of cash, equivalents and marketable securities at September 30; that balance, at-the-market sales and remaining preferred and warrant claims carry distinct dates and do not remove execution or ownership risk. Third-quarter results, reported after the market close on November 9, showed a net loss of $50.0 million. The November 9 regular-session close was $104.56 (+1.65% versus November 6).
Full research report · PDF
Oruka Therapeutics ($ORKA), research updated November 12, 2026
19 pages covering the third-quarter 2026 results of November 9, the EVERLAST-A and EVERLAST-B evidence, ORKA-002 and the completed ORCA-SURGE enrollment, the December 2026 and first-quarter 2027 windows, September 30 cash, common-equivalent dilution, competition, licensing, scenarios, sources and FAQ. This is dated research; the hub follows later developments. For personal use only: redistribution prohibited.
Next guided clinical readout window
December 2026 · EVERLAST-A Week 52
The company targets 52-week EVERLAST-A results for December, without a confirmed release day. Current development guidance
ORCA-SURGE Week 16 is targeted for Q1 2027 and ORKA-001 Phase 3 starts for H1 2027, pending regulator discussions. EVERLAST-B Week 52 is expected in H2 2027. The November 9 results release and Form 10-Q repeat these windows, report that ORCA-SURGE completed enrollment of 171 patients, and keep clinical development of ORKA-004, the TL1A antibody, guided to begin in the fourth quarter of 2026. November 9 release Form 10-Q Company-announced investor conferences: Guggenheim on November 10, 2026 (11:00 a.m. ET), Stifel on November 11 (4:00 p.m. ET), UBS on November 17 (11:00 a.m. ET) and Jefferies on November 18 (11:30 a.m. ET); these are not data releases.
ORKA stock at a glance
Close · November 9, 2026
$104.56
Regular session; +1.65% versus $102.86 on November 6. Market value about $7.09B on 67,822,359 shares at October 31 (calculated). Q3 results followed the close.
Broader common-equivalent base
~81.40M
October common + remaining Series B preferred as converted (~7.87M) + 5.71M pre-funded warrants at September 30; excludes other awards. Primary source
Cash + securities
$1.207B
September 30, 2026: $191.5M cash plus $1,015.1M marketable securities. Q3 net loss $50.0M ($0.63 per share); Q3 operating cash use $44.3M (Q3 release); nine months $101.0M (Q3 Form 10-Q).
Development stage
Phase 2 / 2b
November 9, 2026: EVERLAST-A, EVERLAST-B, ORCA-SURGE (enrollment complete) and ORCA-SPLASH in Phase 2; no approved Oruka product. Primary source
ATM capacity available
$500.0M
At September 30, 2026 under the amended sales agreement; capacity, not confirmed proceeds. Primary source
EVERLAST-B high-dose PASI 100
61%
Week 16, 600 mg group n=46 versus placebo n=47 at 0%; not head-to-head superiority.
Q3 ATM proceeds
$122.5M net
1,499,500 shares sold in the quarter at a weighted-average $83.35, according to the Form 10-Q. Primary source
Where Oruka Therapeutics stands now
EVERLAST-B Week 16 results were reported October 26, so that readout is achieved. After the market close on November 9 Oruka reported third-quarter results and filed its Form 10-Q: the net loss was $50.0 million, or $0.63 per share, in the quarter (versus $30.3 million) and $123.0 million over nine months; R&D expense rose to $53.7 million from $29.0 million and G&A to $8.4 million from $5.1 million. Operating cash use was $44.3 million in the quarter and $101.0 million over nine months, and cash, equivalents and marketable securities totaled $1.207 billion at September 30. ORCA-SURGE completed enrollment of 171 patients. EVERLAST-A 52-week results remain guided to December, ORCA-SURGE Week 16 to Q1 2027 and ORKA-001 Phase 3 starts to H1 2027 subject to regulatory discussion. Week 16 results and development windows · Third-quarter results
A positive early controlled readout does not settle durability, chronic safety or commercial value. Cross-trial differences, longer exposure, competition, dose selection, future pivotal requirements and dilution can change the per-share case. Different mechanisms and indications require separate evidence.
The constructive case
The constructive case: ORKA-001 could offer a combination of deep skin clearance and long intervals between treatments that changes how patients and dermatologists think about maintenance. If later data support reliable control with infrequent administration, convenience becomes a clinically meaningful feature rather than a marketing claim. Less treatment burden could be useful to patients already achieving good efficacy with existing biologics, provided switching risk and reimbursement are manageable.
The cautious case
The skeptical case: modern psoriasis therapy is already effective. A new antibody may work well and still struggle to justify a premium if its advantage is mainly convenience, if durability varies by patient, or if long dosing intervals require a cumbersome induction regimen. Results from a small placebo-controlled study are not evidence of superiority to a modern biologic in a head-to-head trial.
Latest Oruka Therapeutics news
Nov 12, 2026
Oruka registers Phase 2 ORKA-002 maintenance dosing study in plaque psoriasis
Oruka Therapeutics has registered an open-label study of ORKA-002 maintenance dosing in participants with moderate-to-severe plaque psoriasis on ClinicalTrials.gov, first posted 2026-11-12. The study, NCT07933783, is listed as PHASE2 with an enrollment of 160. Its overall status is ENROLLING_BY_INVITATION.
Nov 9, 2026
Oruka Therapeutics reports third quarter 2026 financial results and provides corporate update
Oruka Therapeutics reported third quarter 2026 financial results and a corporate update. As of September 30, 2026, cash, cash equivalents, and marketable securities were $1.2 billion. R&D expenses were $53.7 million and G&A expenses were $8.4 million, with a net loss of $50.0 million. The company expects 52-week data from EVERLAST-A in December 2026.
Nov 3, 2026
Oruka Therapeutics to participate in multiple upcoming conferences
Oruka Therapeutics announced its participation and presentation at four upcoming conferences. The events are the Guggenheim 3rd Annual Healthcare Innovation Conference on November 10, 2026; the Stifel 2026 Healthcare Conference on November 11, 2026; the UBS Global Biopharma Conference on November 17, 2026; and the Jefferies Global Healthcare Conference on November 18, 2026. Webcasts and replays will be available on the Oruka investor events website.
Oct 26, 2026
EVERLAST-B Week 16 results reported
The high-dose group achieved 61% PASI 100 versus 0% with placebo. Longer durability and pivotal development remain separate milestones.
Oct 21, 2026
Counsel exercise and sale reported
The filing reports 9,000 employee warrants exercised and 9,000 shares sold October 20 under a disclosed plan. Compensation instruments and a market purchase are different transactions.
Oct 15, 2026
Medical officer sale and proposed-sale notice filed
The Form 4 and Form 144 concern different completed and proposed transactions. They should not be combined into one confirmed sale total.
ORKA stock catalysts and dated milestones
- November 9, 2026 — Third-quarter results reported after the market close and Form 10-Q filed: net loss $50.0 million, cash and marketable securities $1.207 billion; ORCA-SURGE enrollment completed. Completed
- November 10–18, 2026 — Presentations at four investor conferences: Guggenheim 3rd Annual Healthcare Innovation Conference (November 10, 11:00 a.m. ET), Stifel 2026 Healthcare Conference (November 11, 4:00 p.m. ET), UBS Global Biopharma Conference (November 17, 4:00 p.m. GMT / 11:00 a.m. ET) and Jefferies Global Healthcare Conference (November 18, 4:30 p.m. GMT / 11:30 a.m. ET). Webcasts on the company’s investor events page; these are not data releases. Company-announced investor events
- December 2026 — EVERLAST-A 52-week results targeted. Company window
- Q4 2026 — Clinical development of ORKA-004 (TL1A) expected to begin, according to the company. Company window
- Q1 2027 — ORCA-SURGE Week 16 data targeted; enrollment of 171 patients completed. Different molecule and trial
- H1 2027 — ORKA-001 Phase 3 starts planned. Subject to regulator discussions
- H2 2027 — EVERLAST-B 52-week follow-up targeted. Longer durability evidence
Trial windows · November conference schedule · Third-quarter Form 10-Q · Third-quarter results release
ORKA EVERLAST-B: randomized evidence and remaining durability
Week 16 PASI 100 was 61% in the 600 mg group versus 0% with placebo. This is a controlled within-study comparison, not superiority to other companies’ medicines. Longer follow-up, dosing convenience, safety and regulator discussions determine whether the early differentiation persists.
Oruka cash and common-equivalent dilution
The October 31 common-share count of 67,822,359 excludes the remaining Series B preferred (about 7.87 million common shares as converted), 5,706,188 pre-funded warrants and employee awards. Cash, equivalents and marketable securities of $1.207 billion at September 30 followed $122.5 million of net at-the-market proceeds in the third quarter, and $500.0 million of capacity remained available at that date. An unused shelf or ATM is capacity, not an additional cash balance, and licensing and development costs affect the economics the company keeps.
Merlintrader Health Score · $ORKA
3.7out of 5
Assessed November 9, 2026. Weighted calculation: 0.3 × 4.5 + 0.3 × 3.5 + 0.2 × 2.5 + 0.1 × 4.0 + 0.1 × 4.0 = 1.35 + 1.05 + 0.50 + 0.40 + 0.40 = 3.70, rounded to 3.7 (previous assessment: 3.7). This describes financial and operational robustness over twelve to eighteen months; it is not a rating, a target price, an investment recommendation or an indication to buy or sell.
Red flags
- Cross-trial comparisons are not evidence of superiority.
- Week 16 and Week 52 address different durability questions.
- Ordinary shares and broader common-equivalent claims differ.
- Equity funding is recurring: 1,499,500 shares were sold through the at-the-market program in the third quarter, and $500.0 million of capacity remained available at September 30.
ORKA Stock FAQ: Oruka Therapeutics Questions Answered
When are Oruka’s next EVERLAST and ORCA trial results?
Oruka’s October 26, 2026 update targets EVERLAST-A Week 52 results for December 2026, without a fixed release day. ORCA-SURGE Week 16 results are a separate Q1 2027 window. ORKA-001 Phase 3 initiation is planned for H1 2027 pending regulatory discussions, while EVERLAST-B Week 52 data are expected in H2 2027. The November 9 third-quarter release repeated these windows and reported that ORCA-SURGE completed enrollment of 171 patients. October 26 development roadmap. November 9 update.
Are Oruka’s psoriasis treatments FDA approved?
No. Oruka’s October 26, 2026 announcement describes ORKA-001 as an investigational Phase 2b antibody, with pivotal development still planned. Positive randomized results support further development but do not authorize commercial sale. Regulatory discussions, longer follow-up and the proposed Phase 3 program remain ahead. Investigational status and proposed pivotal program.
How much cash does Oruka Therapeutics have?
As of September 30, 2026, Oruka held US$1.2 billion of cash, cash equivalents and marketable securities: US$191.519 million of cash and equivalents, US$728.758 million of current and US$286.310 million of long-term securities. Nine-month operating cash use was US$101.0 million, and third-quarter at-the-market sales of 1,499,500 shares raised US$122.5 million net. The Form 10-Q expects existing resources to fund operating plans for at least twelve months from filing; the August 10 outlook, based on the June 30 balance and not repeated on November 9, pointed to funding through an anticipated ORKA-001 BLA filing. September 30 balance sheet and liquidity discussion. August 10 funding outlook.
Is Oruka’s common-share count fully diluted?
No. Oruka’s Form 10-Q reports 67,822,359 common shares outstanding at October 31, 2026, but remaining Series B preferred, pre-funded warrants and equity awards create additional potential common-share claims. Each instrument has its own terms. The reported common-share balance therefore differs from a fully diluted ownership denominator. Dated cover count and other equity claims.
When are Oruka Therapeutics’ next earnings?
Oruka reported third-quarter 2026 results after the market close on November 9, 2026 and filed its Form 10-Q the same day. As of that date, the next financial-results date had not been confirmed. December EVERLAST-A results and the other clinical windows concern trial findings, rather than a scheduled quarterly earnings report. Latest quarterly report. Third-quarter results release. Company announcements.
What does Oruka Therapeutics do?
Oruka develops long-acting biologic medicines for chronic skin diseases, including plaque psoriasis and hidradenitis suppurativa. Its August 10, 2026 description identifies ORKA-001, targeting IL-23p19, and ORKA-002, targeting IL-17A/F, as co-lead programs. These investigational antibodies have separate trials and dosing-development plans. Company and co-lead programs.
What did Oruka’s EVERLAST-B psoriasis trial show?
Oruka reported on October 26, 2026 that 61% of the ORKA-001 high-dose group achieved PASI 100 at Week 16, versus 0% on placebo (p<0.0001). This randomized Phase 2b result supports short-term complete skin clearance. Longer-term durability, chronic safety and pivotal confirmation remain separate questions; the ongoing study continues follow-up and maintenance-dose testing. EVERLAST-B randomized Week 16 results.
Primary sources
- November 9, 2026 — Third-quarter 2026 financial results and corporate update (operating cash use, R&D, G&A, ORCA-SURGE enrollment)
- November 9, 2026 — Form 10-Q for the quarter ended September 30 (cash, net loss, share count, at-the-market program, trial windows)
- November 3, 2026 — Presentations at four investor conferences, November 10–18
- October 26, 2026 — EVERLAST-B Week 16 results reported
- October 21, 2026 — Counsel exercise and sale reported
- October 15, 2026 — Medical officer sale and proposed-sale notice filed
- October 13, 2026 — Finance officer exercise and sale reported
- September 23, 2026 — EVERLAST-A Week 28 follow-up reported
- August 10, 2026 — Quarterly resources and development plan reported
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Figures are taken from public filings with the U.S. Securities and Exchange Commission, company press releases and market-data providers, and are stated with their reference dates. Data can change without notice, and figures published before a results release become outdated the moment that release is issued. Merlintrader makes no representation that the information is complete or current at the time of reading. Readers should verify every figure against the primary source before acting on it.
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