Envudeucitinib ONWARD1 and ONWARD2 Phase 3 Topline Readout Analyst and Investor Webcast – January 6, 2026 1 Forward-Looking Statements This presentation contains forward looking statements within the meaning of federal securities laws, including the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon current plans, estimates and expectations of management of Alumis Inc. ("Alumis") in light of historical results and trends, current conditions and p ...

Core Insights - Oruka Therapeutics, Inc. has reported promising Phase 1 results for ORKA-001, indicating potential for once-per-year dosing, higher efficacy, and extended off-treatment remission for chronic skin diseases like plaque psoriasis [1][6][12] - The company has a strong cash position of approximately $500.9 million, providing a runway beyond key upcoming clinical readouts [1][7] - ORKA-001 and ORKA-002 are both advancing in clinical trials, with ORKA-001's Phase 2a trial expected to provide data in the second half of 2026 [1][2][6] Financial Performance - For Q3 2025, Oruka reported a net loss of $30.3 million, compared to a net loss of $28.6 million in Q3 2024, with R&D expenses increasing to $29.0 million from $25.7 million year-over-year [7][8][11] - General and administrative expenses rose to $5.1 million in Q3 2025 from $3.8 million in Q3 2024, primarily due to increased employee compensation and consulting fees [9] - Other income increased significantly to $3.8 million in Q3 2025, up from $0.8 million in Q3 2024, attributed to higher interest income from marketable securities [10] Clinical Development Updates - ORKA-001 demonstrated a half-life of approximately 100 days, significantly longer than risankizumab, enhancing the potential for less frequent dosing [6] - The Phase 2a trial, EVERLAST-A, is currently enrolling participants, with results expected in 2H 2026, while a Phase 2b trial, EVERLAST-B, is set to begin in 1H 2026 [6][14] - ORKA-002 is in a Phase 1 trial, with interim data anticipated around the end of 2025, and a Phase 2 trial planned for 1H 2026 [1][6][14] Strategic Outlook - The company aims to establish a new standard for treating chronic skin diseases, focusing on achieving high rates of complete disease clearance with infrequent dosing [12] - Oruka is also exploring a sequential combination regimen of ORKA-002 and ORKA-001, which could enhance treatment efficacy for psoriatic disease [14] - The company is progressing ORKA-003 through preclinical development, indicating a robust pipeline for future growth [14]