Shares of Oruka Therapeutics, Inc. (ORKA) have gained 29.6% over the past four weeks to close the last trading session at $41.75, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $59.08 indicates a potential upside of 41.5%.The average comprises 13 short-term price targets ranging from a low of $40.00 to a high of $75.00, with a standard deviation of $12.34. While the lowest esti ...

Core Insights - Avoro Capital Advisors LLC acquired a new stake in Oruka Therapeutics, purchasing 1,333,340 shares valued at approximately $25.64 million, making it the 24th largest position in their portfolio [2] - Institutional investors and hedge funds currently own 56.44% of Oruka Therapeutics, with significant recent activity from firms like Goldman Sachs, Geode Capital Management, and JPMorgan Chase [3] - Insider Joana Goncalves sold 7,000 shares at an average price of $32.37, representing a 17.07% decrease in her position, while insiders have sold a total of 21,000 shares valued at $663,530 in the last ninety days [4] Analyst Ratings and Price Targets - Analysts have shown positive sentiment towards Oruka Therapeutics, with Wedbush reaffirming an "outperform" rating and a target price of $45, while BTIG Research set a higher target of $73 [5][6] - Barclays raised its price target from $48 to $50, and UBS Group initiated coverage with a "buy" rating and a $50 target, indicating strong buy-side conviction [6] - The consensus rating for Oruka Therapeutics is "Moderate Buy" with an average price target of $56.67 [7] Financial Performance - Oruka Therapeutics reported earnings per share of ($0.45), exceeding the consensus estimate of ($0.61) by $0.16, which may reduce short-term execution risk [9] - The company has a market capitalization of $1.94 billion, with a P/E ratio of -21.51, indicating it is currently operating at a loss [8] Company Overview - Oruka Therapeutics is a clinical-stage biopharmaceutical company focused on developing novel peptide-based therapies for oncology, utilizing a proprietary stapled peptide platform [10] - The lead candidate, ONCT-01, is in Phase 1 clinical trials for advanced solid tumors, assessing safety, tolerability, and preliminary efficacy [10]

ORKA-001 EVERLAST-A 16-week data now expected in 2Q 2026 following rapid enrollment, with longer-term follow-up data expected in 2H 2026 ORCA-SURGE Phase 2 trial of ORKA-002 in psoriasis initiated with data expected 2027 $479.6 million in cash, cash equivalents and marketable securities MENLO PARK, Calif., March 12, 2026 (GLOBE NEWSWIRE) -- Oruka Therapeutics, Inc. (“Oruka”) (Nasdaq: ORKA), a clinical-stage biotechnology company developing novel biologics designed to set a new standard for the treatment of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 000-22873 Oruka Therapeutics, Inc. Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a no ...

Summary of Oruka Therapeutics Conference Call Company Overview - **Company**: Oruka Therapeutics (NasdaqGM: ORKA) - **Focus**: Advancing the standard of care in psoriatic disease with a pipeline centered around ultra-long acting monoclonal antibodies targeting IL-23p19 and IL-17AF [2][3] Core Programs - **Lead Programs**: - **ORKA-001**: Targeting IL-23p19, aiming for once-a-year dosing - **ORKA-002**: Targeting IL-17AF, aiming for twice-a-year dosing [2][3] - **Differentiation Strategy**: Focus on half-life extension and potential for higher efficacy, including off-treatment remission [3][4] Clinical Development - **Phase 2 Studies**: - **EVERLAST Program**: - Part A: Single dose study with 600 mg, results expected in the second half of the year - Part B: Dose range finding with 600 mg and 300 mg doses [10][12][17] - **Readout Expectations**: - Approximately 80 patients enrolled, with data supporting once-a-year dosing and efficacy readouts [20][21] Efficacy and Safety - **Primary Endpoint**: PASI 100 (fully clear skin), aiming for equal or better efficacy compared to Skyrizi, which historically shows 40%-50% efficacy [22][24] - **Safety Profile**: Expected to be similar to other IL-23p19 inhibitors, with a focus on tolerability and minimal adverse effects [26][28] Market Potential - **Market Size**: Psoriasis market valued at over $30 billion, with significant growth potential [38] - **Competitive Landscape**: Current leaders include Skyrizi and BIMZELX, with limited new entrants in the pipeline [34][35] Future Outlook - **Phase 3 Initiation**: Timeline dependent on Part B results, with aspirations to accelerate the process [39][40] - **Head-to-Head Trials**: Consideration for potential head-to-head trials against Skyrizi, contingent on compelling Phase 2 data [41] ORKA-002 Development - **Target Profile**: Aiming for a long-acting IL-17AF with potential for twice-a-year dosing in psoriasis and quarterly dosing in HS [51][52] - **Study Design**: Similar to prior biologic studies, with a focus on establishing a robust safety and efficacy profile [54] Sequential Combination Strategy - **ORKA-021**: Proposed combination of ORKA-001 and ORKA-002 to leverage the strengths of both IL-17 and IL-23 mechanisms [59][60] - **Physician Feedback**: Mixed enthusiasm, with many doctors expressing interest in the combination approach if supported by compelling data [63][66] Conclusion - Oruka Therapeutics is positioned to potentially disrupt the psoriasis treatment landscape with innovative therapies that offer longer dosing intervals and improved efficacy, targeting a significant market opportunity while navigating a competitive environment.

Core Insights - Oruka Therapeutics, Inc. (ORKA) has seen its shares more than double following the successful Phase 1 study of its IL-23p19 antagonist ORKA-001, which demonstrated a half-life four times greater than Skyrizi [1] Company Overview - Oruka Therapeutics focuses on treatments for skin diseases and has made significant advancements with its drug candidate ORKA-001 [1] Market Analysis - The biotech sector is highlighted as a high beta area with potential for large investor returns, with a model portfolio of 12-20 high upside biotech stocks being offered by The Biotech Forum [1]

Core Viewpoint - Oruka Therapeutics is actively participating in multiple upcoming conferences to present its advancements in the treatment of chronic skin diseases, particularly plaque psoriasis [1][2]. Group 1: Conference Participation - Oruka will present at the Guggenheim Emerging Outlook: Biotech Summit on February 12, 2026, at 10:30 AM ET [1]. - Additional conferences include the TD Cowen 46 Annual Health Care Conference on March 3, 2026, at 1:10 PM ET, and the UBS Biotech Summit Miami on March 9, 2026 [2]. - Other notable events are the Jefferies Biotech on the Beach Summit on March 10, 2026, the Leerink Global Healthcare Conference on March 11, 2026, at 1:00 PM ET, and the Barclays 28 Annual Global Healthcare Conference on March 12, 2026, at 10:30 AM ET [2]. Group 2: Company Overview - Oruka Therapeutics is focused on developing novel biologics aimed at setting a new standard for treating chronic skin diseases, with a mission to provide patients with significant freedom from conditions like plaque psoriasis [3]. - The company is advancing a proprietary portfolio of potentially best-in-class antibodies engineered by Paragon Therapeutics, targeting the core mechanisms of plaque psoriasis and other dermatologic and inflammatory diseases [3].

Summary of Oruka Therapeutics FY Conference Call Company Overview - **Company**: Oruka Therapeutics (NasdaqGM:ORKA) - **Focus**: Advancing the standard of care in psoriatic diseases, including plaque psoriasis and psoriatic arthritis, as well as associated inflammatory conditions like hidradenitis suppurativa (HS) [2][3] Core Programs - **Pipeline**: Two co-lead programs, Orka One and Orka Two, which are extended half-life monoclonal antibodies targeting IL23P19 and IL17AF [2][3] - **Market Potential**: Psoriatic disease market is approximately $30 billion and growing, with a track record of rewarding biologic innovation [5] Clinical Development - **Phase One Data**: Recently read out phase one data for ORKA-002, with plans to initiate two phase two studies in plaque psoriasis and HS [3][4] - **EVERLAST Program**: Two parallel phase two studies (EVERLAST A and B) for ORKA-001 in plaque psoriasis, with data expected in the second half of 2026 [4][13] - **Dosing Strategy**: Potential for once-yearly dosing with Orka One and twice-yearly dosing with Orka Two, aiming for off-treatment remission [4][11][22] Efficacy and Differentiation - **Efficacy Evidence**: Higher exposures of IL-23 antibodies may lead to higher rates of skin clearance, with a goal of achieving PASI 100 (fully clear skin) as a primary endpoint [14][18] - **Unique Profile**: Orka One has a half-life of about 100 days, compared to 28 days for risankizumab, which may enable annual dosing [11][12] - **Combination Strategy**: Plans for a sequential combination of Orka Two and Orka One (Orka 21) to leverage the strengths of both IL-17 and IL-23 profiles [9][27] Market Comparison - **Competitors**: Comparison with existing products like Skyrizi and Bimzelix, highlighting the potential for Oruka's products to offer improved dosing intervals and efficacy [5][6][23] - **Oral Medications**: Oruka believes that biologics will remain the preferred treatment for moderate to severe disease over oral medications, which have not reached similar efficacy levels [33][34] Financial Position - **Funding**: Over $500 million in cash disclosed, providing a strong financial position to support ongoing and future studies [28] Regulatory Considerations - **FDA Engagement**: The innovative design of the EVERLAST trial and the potential for a once-yearly dosing regimen are being discussed with the FDA [35][36] - **Pricing Strategy**: Plans for flexible pricing arrangements based on real-world dosing outcomes, aiming to provide value-based care [40][41] Conclusion - **Outlook for 2026**: Anticipation of significant developments in clinical data and potential market entry, with a strong conviction in the company's innovative pipeline and commercialization strategy [29][44]

Core Insights - Oruka Therapeutics announced positive interim data from its Phase 1 trial of ORKA-002, indicating a half-life of 75-80 days, which supports potential dosing of twice a year for psoriasis and quarterly for hidradenitis suppurativa [1][6] - Phase 2 studies for ORKA-002 are expected to begin in the first half of 2026 for psoriasis and the second half of 2026 for hidradenitis suppurativa [1][4] - The first patients were dosed in the EVERLAST-B Phase 2b trial of ORKA-001 in December 2025, with data anticipated in 2027 [1][5] ORKA-002 Phase 1 Trial Findings - The Phase 1 trial was a randomized, double-blind, placebo-controlled study involving 24 healthy adult participants across three dosing cohorts: 160 mg, 320 mg, and 640 mg [3] - ORKA-002 demonstrated a half-life greater than three times that of bimekizumab, with a comparable Cmax at equivalent doses [6] - The safety profile of ORKA-002 was favorable, with no severe treatment-emergent adverse events reported [6] ORKA-002 Phase 2 Trials - ORCA-SURGE, a Phase 2 trial for ORKA-002 in moderate-to-severe psoriasis patients, is expected to start in the first half of 2026, aiming to enroll approximately 160 patients [6] - The primary endpoint for ORCA-SURGE will be PASI 100 at Week 16, with maintenance dosing evaluating the potential for twice-yearly administration [6] ORKA-001 Updates - The EVERLAST-B trial is evaluating three induction dose levels of ORKA-001, with data expected in 2027 [5][7] - The study design includes re-randomization for patients achieving PASI 100 at Week 28, testing the potential for yearly dosing and extended off-treatment remissions [7] Company Overview - Oruka Therapeutics is focused on developing novel biologics aimed at setting a new standard for chronic skin disease treatment, particularly plaque psoriasis [8] - The company's mission is to provide high rates of complete disease clearance with infrequent dosing, potentially as little as once or twice a year [8]

© 2 0 2 6 O R U K A T H E R A P E U T I C S Disclaimers The information contained in this presentation has been prepared by Oruka Therapeutics, Inc. (the "Company") and contains information pertaining to the business and operations of the Company. The information contained in this presentation: (a) is provided as at the date hereof, is subject to change without notice, and is based on publicly available information, internally developed data as well as third party information from other sources; (b) does no ...