Oruka Therapeutics, Inc. (ORKA) Financials

ORKA

FY2025 annual

Revenue Not reported for FY2025

Net Income -$105.4M -25.9% YoY

Free Cash Flow -$88.4M -52.4% YoY

Operating Cash Flow -$88.2M -52.5% YoY

Market Cap $5.4B as of Oct 9, 2026

Price / Sales n/m no revenue reported

Price / Earnings n/m net loss, so no earnings multiple, FY2025

Price / Book 4.9x on $1.1B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 10, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ORKA SEC filings page.

This page shows Oruka Therapeutics, Inc. (ORKA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ORKA FY2025 2026-10-04

Oruka remains a development-stage business: escalating research spending and losses are financed mainly through external capital, not operating revenue.

By FY2025, R&D reached $100.6M while operating cash flow was -$88.2M, linking the cash deficit to development spending rather than selling activity. Because no revenue is reported in the supplied periods, accounting losses are not yet being offset by a commercial cash engine.

R&D expanded from $1.0M in FY2023 to $100.6M in FY2025. Net loss reached $105.4M in FY2025, making this a development-spending profile rather than a business whose economics can yet be judged through margins.

Financing cash flow of $170.3M in FY2025 more than offset operating cash flow of -$88.2M, so the balance sheet was funded externally rather than by operations. Total liabilities were $16.7M against $488.6M of assets, indicating an equity-heavy structure; the reported cash-and-investment comparison equaled 65.2 months of FY2025 operating outflow.

Financial Health Signals

Financial health score not available

Oruka Therapeutics, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

1/6

Oruka Therapeutics, Inc. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality No Cash Backing

N/A

Oruka Therapeutics, Inc. reported a net loss of $105.4M while operations used $88.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

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Earnings & Revenue

EBITDA

-$50.1M

YoY-76.2%

QoQ-37.6%

Oruka Therapeutics, Inc.'s EBITDA was -$50.1M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 76.2% from the same quarter a year earlier. Against the prior quarter it is down 37.6%.

Net Income

-$41.2M

YoY-67.7%

QoQ-29.5%

Oruka Therapeutics, Inc. reported -$41.2M in net income in Q2 2026. This represents a decrease of 67.7% from the same quarter a year earlier. Against the prior quarter it is down 29.5%.

Revenue

Not reported for Q2 2026.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

-$33.1M

YoY-43.0%

QoQ-40.1%

Oruka Therapeutics, Inc. recorded an outflow of $33.1M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 43.0% from the same quarter a year earlier. Against the prior quarter it is down 40.1%.

Cash & Debt

$268.5M

YoY+310.5%

QoQ+442.1%

5Y CAGR+33.5%

10Y CAGR+34.0%

Oruka Therapeutics, Inc. held $268.5M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

66M

YoY+76.8%

QoQ+9.8%

5Y CAGR+35.7%

10Y CAGR+22.0%

Oruka Therapeutics, Inc. had 66M shares outstanding in Q2 2026. This represents an increase of 76.8% from the same quarter a year earlier. Against the prior quarter it is up 9.8%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Return on Equity

-3.7%

YoY+3.4pp

QoQ+2.8pp

Oruka Therapeutics, Inc.'s ROE was -3.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 3.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.8 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Net Margin

Not reported for Q2 2026.

Capital Allocation

R&D Spending

$43.3M

YoY+79.6%

QoQ+48.4%

Oruka Therapeutics, Inc. invested $43.3M in research and development in Q2 2026. This represents an increase of 79.6% from the same quarter a year earlier. Against the prior quarter it is up 48.4%.

Capital Expenditures

YoY-100.0%

QoQ-100.0%

Oruka Therapeutics, Inc. reported no capital expenditure in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.

Share Buybacks

Not reported for Q2 2026.

ORKA Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ORKA quarterly income statement

Metric	TTM	FY25DEF 14A	FY24DEF 14A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	N/A	N/A	N/A	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	N/A	N/A	N/A
R&D Expenses	N/A	$100.6M+34.1%	$75.1M+7309.7%	$1.0M-78.7%	$4.7M-65.7%	$13.8M+177.1%	$5.0M+172.3%	$1.8M-56.8%	$4.2M-69.9%	$14.1M+14.0%	$12.3M+74.8%	$7.1M+25.6%	$5.6M+92.1%	$2.9M+168.1%	$1.1M-52.8%	$2.3M
SG&A Expenses	N/A	$21.4M+63.9%	$13.1M+107.9%	$6.3M+7.5%	$5.8M+6.3%	$5.5M+15.3%	$4.8M+19.9%	$4.0M+2.6%	$3.9M-16.3%	$4.6M+8.7%	$4.3M-2.9%	$4.4M+8.0%	$4.1M+1.4%	$4.0M+24.3%	$3.2M-36.0%	$5.0M
Operating Income	N/A	-$122.1M-38.5%	-$88.1M-1107.8%	-$7.3M+31.1%	-$10.6M+45.2%	-$19.3M-98.0%	-$9.8M-68.0%	-$5.8M+28.4%	-$8.1M+56.6%	-$18.7M-12.6%	-$16.6M-45.0%	-$11.5M-18.2%	-$9.7M-39.7%	-$6.9M-60.7%	-$4.3M+41.3%	-$7.4M
EBITDA	N/A	-$122.0M-38.4%	-$88.1M-1109.9%	-$7.3M+31.2%	-$10.6M+45.3%	-$19.3M-98.0%	-$9.8M-68.4%	-$5.8M+28.4%	-$8.1M+56.7%	-$18.7M-12.6%	-$16.6M-45.1%	-$11.4M-18.1%	-$9.7M-40.0%	-$6.9M-61.7%	-$4.3M+36.7%	-$6.8M
Interest Expense	N/A	N/A	$1.5M	N/A	N/A	N/A	$9K+28.6%	$7K-12.5%	$8K+33.3%	$6K	N/A	$4K+33.3%	$3K-25.0%	$4K+33.3%	$3K-40.0%	$5K
Income Tax	N/A	N/A	N/A	$0	$0	$0+100.0%	-$9K+94.6%	-$167K-438.7%	-$31K+49.2%	-$61K	$0	$0	$0	$0	N/A	N/A
Net Income	N/A	-$105.4M-25.9%	-$83.7M-1468.2%	-$5.3M+46.2%	-$9.9M+48.6%	-$19.3M-98.4%	-$9.7M-77.6%	-$5.5M+30.9%	-$7.9M+57.1%	-$18.5M-12.4%	-$16.4M-43.7%	-$11.4M-18.1%	-$9.7M-39.6%	-$6.9M-60.6%	-$4.3M+19.5%	-$5.4M
EPS (Basic)	N/A	N/A	-$3.87-945.9%	-$0.37+46.4%	-$0.69+50.4%	-$1.39	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$1.94+39.6%	-$3.21
EPS (Diluted)	—	N/A	-$3.87	-$0.37+46.4%	-$0.69+50.4%	-$1.39	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	N/A	17M	14M0.0%	14M+3.6%	14M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
R&D Expenses	$43.3M+79.6%	$29.1M+46.3%	N/A	$29.0M+12.8%	$24.1M+29.0%	$19.9M+11975.8%	N/A	$25.7M+7878.6%
SG&A Expenses	$6.8M+57.8%	$7.3M+41.2%	N/A	$5.1M+36.2%	$4.3M+54.0%	$5.2M+122.7%	N/A	$3.8M+132.7%
Operating Income	-$50.1M-76.3%	-$36.4M-45.2%	N/A	-$34.1M-15.8%	-$28.4M-32.3%	-$25.1M-910.7%	N/A	-$29.4M-1420.3%
EBITDA	-$50.1M-76.2%	-$36.4M-45.2%	N/A	-$34.1M	-$28.4M-32.2%	-$25.1M-911.3%	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$504K
Net Income	-$41.2M-67.7%	-$31.8M-51.5%	N/A	-$30.3M-5.8%	-$24.6M-10.5%	-$21.0M-945.2%	N/A	-$28.6M-1910.0%
EPS (Basic)	N/A	N/A	N/A	N/A	-$0.46+93.4%	-$0.40-185.7%	N/A	-$1.46-1360.0%
EPS (Diluted)	N/A	N/A	N/A	N/A	-$0.46	-$0.40	N/A	-$1.46
Diluted Shares (Avg)	N/A	N/A	N/A	N/A	42M	42M	N/A	15M

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Income Tax.

ORKA Balance Sheet

ORKA quarterly balance sheet

Metric	FY25DEF 14A	FY24DEF 14A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$488.6M+23.4%	$396.0M+946.0%	$37.9M-12.1%	$43.1M-21.6%	$54.9M+8.9%	$50.4M+490.8%	$8.5M+25.1%	$6.8M-44.8%	$12.4M-49.8%	$24.6M-37.8%	$39.6M+145.3%	$16.1M-5.6%	$17.1M+431.9%	$3.2M-50.6%	$6.5M
Current Assets	$343.9M-8.8%	$376.9M+902.5%	$37.6M-12.0%	$42.7M-21.5%	$54.4M+8.9%	$50.0M+489.2%	$8.5M+25.1%	$6.8M-44.9%	$12.3M-42.6%	$21.4M-44.9%	$38.9M+151.3%	$15.5M-8.5%	$16.9M+455.8%	$3.0M-51.0%	$6.2M
Cash & Equivalents	$46.9M-23.8%	$61.6M+64.5%	$37.4M-11.8%	$42.4M-20.5%	$53.4M+8.7%	$49.1M+486.8%	$8.4M+26.6%	$6.6M-24.1%	$8.7M+17.6%	$7.4M-80.9%	$38.8M+152.7%	$15.4M-8.4%	$16.8M+473.8%	$2.9M-50.9%	$5.9M
Short-Term Investments	$290.1M-7.6%	$314.1M	$0	$0	$0	$0	$0	$0-100.0%	$3.0M-77.8%	$13.8M	$0	$0	$0	$0	$0
Long-Term Investments	$142.5M+688.9%	$18.1M	$0	$0	$0	$0	$0	$0	$0-100.0%	$2.4M	$0	$0	$0	$0	$0
Total Liabilities	$16.7M+20.9%	$13.8M+1540.7%	$841K-40.4%	$1.4M-63.6%	$3.9M-0.7%	$3.9M+322.0%	$926K+16.8%	$793K-62.1%	$2.1M-14.2%	$2.4M+61.9%	$1.5M+8.1%	$1.4M-7.5%	$1.5M+392.8%	$305K-60.4%	$770K
Current Liabilities	$15.4M+17.9%	$13.0M+1947.6%	$637K-43.7%	$1.1M-67.6%	$3.5M0.0%	$3.5M+277.9%	$926K+16.8%	$793K-61.7%	$2.1M-13.6%	$2.4M+59.3%	$1.5M+8.4%	$1.4M-7.6%	$1.5M+392.5%	$305K-59.5%	$754K
Non-Current Liabilities	$1.3M+73.9%	$755K+270.1%	$204K-27.1%	$280K-26.9%	$383K-6.4%	$409K	$0	$0-100.0%	$20K-48.7%	$39K	$0-100.0%	$3K+200.0%	$1K	$0-100.0%	$16K
Total Equity	$471.9M+23.5%	$382.2M+932.5%	$37.0M-11.2%	$41.7M-18.4%	$51.0M+9.7%	$46.5M+511.3%	$7.6M+26.2%	$6.0M-41.3%	$10.3M-53.7%	$22.2M-41.7%	$38.1M+158.3%	$14.7M-5.4%	$15.6M+436.0%	$2.9M-49.3%	$5.7M
Retained Earnings	-$189.2M-125.9%	-$83.7M+55.6%	-$188.7M-2.9%	-$183.4M-5.7%	-$173.5M-12.5%	-$154.2M-6.7%	-$144.4M-3.9%	-$138.9M-6.1%	-$131.0M-16.4%	-$112.5M-17.1%	-$96.1M-13.5%	-$84.6M-12.9%	-$74.9M-10.2%	-$68.0M-6.8%	-$63.7M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$1.1B+218.8%	$504.5M+33.8%	$488.6M+23.4%	$509.3M+23.0%	$357.4M+956.1%	$377.1M+927.4%	$396.0M+946.0%	$414.1M+956.8%
Current Assets	$884.6M+166.4%	$395.2M+12.3%	$343.9M-8.8%	$355.2M-14.0%	$332.0M+881.7%	$352.1M+860.1%	$376.9M+902.5%	$412.9M+961.8%
Cash & Equivalents	$268.5M+310.5%	$49.5M-40.7%	$46.9M-23.8%	$91.3M-77.8%	$65.4M+96.5%	$83.6M+132.8%	$61.6M+64.5%	$410.9M+967.6%
Short-Term Investments	$605.1M+130.1%	$339.3M+27.8%	$290.1M-7.6%	$257.9M	$263.0M	$265.5M	$314.1M	$0
Long-Term Investments	$252.0M+993.2%	$107.1M+347.2%	$142.5M+688.9%	$151.8M	$23.1M	$24.0M	$18.1M	$0
Total Liabilities	$24.8M+80.3%	$17.8M+43.4%	$16.7M+20.9%	$22.5M+19.0%	$13.8M-78.1%	$12.4M-71.7%	$13.8M+1540.7%	$18.9M+1452.7%
Current Liabilities	$23.0M+89.7%	$16.6M+41.9%	$15.4M+17.9%	$21.0M+16.2%	$12.1M+852.8%	$11.7M+641.5%	$13.0M+1947.6%	$18.0M+1718.4%
Non-Current Liabilities	$1.9M+12.7%	$1.1M+69.7%	$1.3M+73.9%	$1.5M+77.3%	$1.7M-97.3%	$664K-98.4%	$755K+270.1%	$842K+275.9%
Total Equity	$1.1B+224.3%	$486.7M+33.4%	$471.9M+23.5%	$486.8M+42.2%	$343.6M+1285.7%	$364.7M+5266.8%	$382.2M+932.5%	$342.4M+801.7%
Retained Earnings	-$262.2M-102.8%	-$221.0M-111.0%	-$189.2M-125.9%	-$159.6M-175.4%	-$129.3M+33.2%	-$104.7M+45.1%	-$83.7M+55.6%	-$57.9M+69.1%

Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.

ORKA Cash Flow Statement

ORKA quarterly cash flow statement

Metric	TTM	FY25DEF 14A	FY24DEF 14A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$100.9M	-$88.2M-52.5%	-$57.8M-1053.5%	-$5.0M+54.1%	-$10.9M+41.8%	-$18.8M-142.9%	-$7.7M-60.9%	-$4.8M+41.8%	-$8.2M+52.8%	-$17.5M-16.6%	-$15.0M-42.3%	-$10.5M-12.0%	-$9.4M-77.9%	-$5.3M-29.7%	-$4.1M+41.4%	-$7.0M
Depreciation & Amortization	N/A	$83K+207.4%	$27K+80.0%	$15K-25.0%	$20K+25.0%	$16K+100.0%	$8K-55.6%	$18K-18.2%	$22K-18.5%	$27K+12.5%	$24K+26.3%	$19K+58.3%	$12K-53.8%	$26K-39.5%	$43K-92.9%	$602K
Stock-Based Compensation	N/A	$24.2M+62.5%	$14.9M+2074.8%	$686K+23.4%	$556K+11.9%	$497K+1055.8%	$43K-71.5%	$151K-44.7%	$273K-40.4%	$458K-20.5%	$576K-3.8%	$599K-7.4%	$647K+128.6%	$283K-7.5%	$306K-0.6%	$308K
Capital Expenditures	$235K	$209K+10.6%	$189K	$0-100.0%	$2K-95.3%	$43K+126.3%	$19K+375.0%	$4K0.0%	$4K+33.3%	$3K-75.0%	$12K+9.1%	$11K-42.1%	$19K-40.6%	$32K	N/A	$19K
Free Cash Flow	-$101.2M	-$88.4M-52.4%	-$58.0M-1057.3%	-$5.0M+54.1%	-$10.9M+42.0%	-$18.8M-142.8%	-$7.7M-61.2%	-$4.8M+41.7%	-$8.2M+52.8%	-$17.5M-16.5%	-$15.0M-42.2%	-$10.5M-11.9%	-$9.4M-77.2%	-$5.3M	N/A	-$7.0M
Investing Cash Flow	-$569.9M	-$96.7M+70.7%	-$330.1M	$0+100.0%	-$2K+95.3%	-$43K-126.3%	-$19K-375.0%	-$4K-100.1%	$3.0M-76.4%	$12.9M	N/A	N/A	N/A	-$32K	N/A	$2.0M
Financing Cash Flow	$873.8M	$170.3M-62.1%	$449.5M	$0	$0-100.0%	$23.1M-52.3%	$48.5M+638.6%	$6.6M+111.3%	$3.1M-46.9%	$5.8M	N/A	N/A	N/A	$19.2M+1715.7%	$1.1M-72.7%	$3.9M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$33.1M-43.2%	-$23.6M-13.0%	-$22.6M-20.1%	-$21.6M+22.3%	-$23.1M-778.7%	-$20.9M-1265.8%	-$18.8M-1682.0%	-$27.8M-1566.7%
Depreciation & Amortization	$43K+126.3%	$43K+168.8%	$28K+75.0%	$20K	$19K+533.3%	$16K+433.3%	$16K+433.3%	N/A
Stock-Based Compensation	$7.3M+43.5%	$7.0M+42.7%	N/A	$10.2M+12.9%	$5.1M+643.3%	$4.9M+4183.3%	N/A	$9.0M+5744.8%
Capital Expenditures	$0-100.0%	$73K+461.5%	$63K+250.0%	$99K	$34K	$13K	$18K	N/A
Free Cash Flow	-$33.1M-43.0%	-$23.7M-13.3%	-$22.7M-20.3%	-$21.7M	-$23.2M	-$20.9M	-$18.8M	N/A
Investing Cash Flow	-$410.9M-8555.7%	-$14.4M-133.7%	-$22.0M+93.3%	-$122.4M	$4.9M	$42.9M	-$330.0M	N/A
Financing Cash Flow	$663.0M	$40.6M	$298K+156.7%	$169.9M-59.9%	N/A	N/A	-$526K	$423.7M

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

ORKA Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ORKA quarterly financial ratios

Metric	FY25DEF 14A	FY24DEF 14A	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Return on Equity	-22.3%-0.4pp	-21.9%-7.5pp	-14.4%+9.4pp	-23.8%+14.0pp	-37.9%-16.9pp	-20.9%+51.1pp	-72.0%+59.5pp	-131.5%+48.4pp	-180.0%-105.9pp	-74.1%-44.0pp	-30.1%+35.7pp	-65.7%-21.2pp	-44.5%+104.1pp	-148.6%-55.0pp	-93.6%
Return on Assets	-21.6%-0.4pp	-21.1%-7.0pp	-14.1%+8.9pp	-23.0%+12.1pp	-35.2%-15.9pp	-19.3%+44.9pp	-64.2%+52.0pp	-116.2%+33.3pp	-149.5%-82.8pp	-66.8%-37.8pp	-28.9%+31.1pp	-60.1%-19.4pp	-40.6%+93.9pp	-134.5%-52.0pp	-82.5%
Current Ratio	22.37-6.5x	28.89-30.1x	59.01+21.3x	37.72+22.2x	15.56+1.3x	14.28+5.1x	9.16+0.6x	8.55+2.6x	5.94-3.0x	8.95-16.9x	25.88+14.7x	11.16-0.1x	11.27+1.3x	9.98+1.7x	8.24
Debt-to-Equity	0.040.0x	0.040.0x	0.020.0x	0.030.0x	0.080.0x	0.080.0x	0.120.0x	0.13-0.1x	0.20+0.1x	0.11+0.1x	0.04-0.1x	0.090.0x	0.100.0x	0.100.0x	0.13
Asset Turnover	N/A	N/A	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.000.0x	0.00	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Return on Equity	-3.7%+3.4pp	-6.5%-0.8pp	N/A	-6.2%+2.1pp	-7.1%	-5.8%	N/A	-8.4%-4.6pp
Return on Assets	-3.6%+3.3pp	-6.3%-0.7pp	N/A	-5.9%+1.0pp	-6.9%+58.8pp	-5.6%-0.1pp	N/A	-6.9%-3.3pp
Current Ratio	38.51+11.1x	23.76-6.3x	22.37-6.5x	16.94-6.0x	27.42+0.8x	30.03+6.8x	28.89-30.1x	22.89-16.3x
Debt-to-Equity	0.020.0x	0.040.0x	0.040.0x	0.050.0x	0.04	0.03	0.040.0x	0.060.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Oruka Therapeutics, Inc. ORKA	FY2025	N/A	-$105.4M	N/A	$5.4B	—
Savara Inc. SVRA	FY2025	N/A	-$118.8M	N/A	$992.4M	—
Bicara Therapeutics Inc. BCAX	FY2025	N/A	-$137.9M	N/A	$1.1B	—
Rezolute, Inc. RZLT	FY2026	N/A	-$77.6M	N/A	$448.8M	—
AnaptysBio, Inc. ANAB	FY2025	$234.6M	-$13.2M	-5.6%	$1.4B	80/100
Palvella Therapeutics, Inc. PVLA	FY2025	N/A	-$41.7M	N/A	$1.9B	—

Where Oruka Therapeutics, Inc. Ranks

Frequently Asked Questions

Is Oruka Therapeutics, Inc. profitable?

No, Oruka Therapeutics, Inc. (ORKA) reported a net income of -$105.4M in fiscal year 2025.

What is Oruka Therapeutics, Inc.'s EBITDA?

Oruka Therapeutics, Inc. (ORKA) had EBITDA of -$122.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Oruka Therapeutics, Inc.'s return on equity (ROE)?

Oruka Therapeutics, Inc. (ORKA) has a return on equity of -22.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Oruka Therapeutics, Inc.'s free cash flow?

Oruka Therapeutics, Inc. (ORKA) recorded an outflow of $88.4M in free cash flow during fiscal year 2025. This represents a -52.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Oruka Therapeutics, Inc.'s operating cash flow?

Oruka Therapeutics, Inc. (ORKA) recorded an outflow of $88.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Oruka Therapeutics, Inc.'s total assets?

Oruka Therapeutics, Inc. (ORKA) had $488.6M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Oruka Therapeutics, Inc.'s capital expenditures?

Oruka Therapeutics, Inc. (ORKA) invested $209K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Oruka Therapeutics, Inc. spend on research and development?

Oruka Therapeutics, Inc. (ORKA) invested $100.6M in research and development during fiscal year 2025.

How many shares does Oruka Therapeutics, Inc. have outstanding?

Oruka Therapeutics, Inc. (ORKA) had 50M shares outstanding as of fiscal year 2025.

What is Oruka Therapeutics, Inc.'s current ratio?

Oruka Therapeutics, Inc. (ORKA) had a current ratio of 22.37 as of fiscal year 2025, which is generally considered healthy.

What is Oruka Therapeutics, Inc.'s debt-to-equity ratio?

Oruka Therapeutics, Inc. (ORKA) had a debt-to-equity ratio of 0.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Oruka Therapeutics, Inc.'s return on assets (ROA)?

Oruka Therapeutics, Inc. (ORKA) had a return on assets of -21.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Oruka Therapeutics, Inc.'s P/E ratio?

Oruka Therapeutics, Inc. (ORKA) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $5.4B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Oruka Therapeutics, Inc.'s price-to-sales ratio?

Oruka Therapeutics, Inc. (ORKA) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $5.4B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Oruka Therapeutics, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Oruka Therapeutics, Inc. (ORKA) held $479.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $88.2M over that year. Dividing the one by the other, the reported balance equals about 65 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Oruka Therapeutics, Inc.'s Piotroski F-Score?

Oruka Therapeutics, Inc. (ORKA) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Oruka Therapeutics, Inc.'s earnings high quality?

Oruka Therapeutics, Inc. (ORKA) reported a net loss of $105.4M while operations used $88.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.