Oruka Therapeutics Inc Financials

ORKA

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Oruka Therapeutics Inc (ORKA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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 2026-05-13

Equity-funded R&D expansion is driving a much larger operating cash burn while the balance sheet stays lightly levered.

FY2025’s operating cash burn of -$88.2M sat close to its net loss of -$105.4M, so the accounting loss is showing up as real cash consumption rather than a temporary working-capital swing. Because capex was only $209K, Oruka is using cash to run research rather than to build a capital-heavy asset base, and the higher share count indicates that burn is being replenished mainly with shareholder capital.

In FY2025, R&D spending reached $100.6M versus $21.4M of SG&A, so most of the cost structure is aimed at advancing development work rather than supporting a selling organization. That makes the wider operating loss look like a deliberate development ramp, not the overhead profile of a mature commercial business.

Year-end cash slipped to $46.9M from $61.6M, so the larger balance sheet did not translate into a larger liquid cushion. With total liabilities at only $16.7M, the pressure point is not debt repayment but the need for external funding to keep financing the current research pace.

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Oruka Therapeutics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

100

Oruka Therapeutics Inc carries a low D/E ratio of 0.04, meaning only $0.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 22.37, Oruka Therapeutics Inc holds $22.37 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns

Oruka Therapeutics Inc generates a -22.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -21.9% the prior year.

Piotroski F-Score Weak

1/9

Oruka Therapeutics Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

0.84x

For every $1 of reported earnings, Oruka Therapeutics Inc generates $0.84 in operating cash flow (-$88.2M OCF vs -$105.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$122.0M

YoY-38.4%

Oruka Therapeutics Inc's EBITDA was -$122.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 38.4% from the prior year.

Net Income

-$105.4M

YoY-25.9%

Oruka Therapeutics Inc reported -$105.4M in net income in fiscal year 2025. This represents a decrease of 25.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$88.4M

YoY-52.4%

Oruka Therapeutics Inc generated -$88.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 52.4% from the prior year.

Cash & Debt

$46.9M

YoY-23.8%

5Y CAGR-0.9%

10Y CAGR+1.9%

Oruka Therapeutics Inc held $46.9M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

49M

YoY+30.1%

5Y CAGR+38.5%

Oruka Therapeutics Inc had 49M shares outstanding in fiscal year 2025. This represents an increase of 30.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-22.3%

YoY-0.4pp

5Y CAGR-1.4pp

10Y CAGR+7.7pp

Oruka Therapeutics Inc's ROE was -22.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$100.6M

YoY+34.1%

5Y CAGR+82.3%

10Y CAGR+30.4%

Oruka Therapeutics Inc invested $100.6M in research and development in fiscal year 2025. This represents an increase of 34.1% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$209K

YoY+10.6%

5Y CAGR+61.5%

10Y CAGR+34.2%

Oruka Therapeutics Inc invested $209K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 10.6% from the prior year.

ORKA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	$0	$0	$0	$0
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$100.6M+34.1%	$75.1M+7309.7%	$1.0M-78.7%	$4.7M-65.7%	$13.8M+177.1%	$5.0M
SG&A Expenses	$21.4M+63.9%	$13.1M+107.9%	$6.3M+7.5%	$5.8M+6.3%	$5.5M+15.3%	$4.8M
Operating Income	-$122.1M-38.5%	-$88.1M-1107.8%	-$7.3M+31.1%	-$10.6M+45.2%	-$19.3M-98.0%	-$9.8M
Interest Expense	N/A	$1.5M	N/A	N/A	N/A	$9K
Income Tax	N/A	N/A	$0	$0	$0+100.0%	-$9K
Net Income	-$105.4M-25.9%	-$83.7M-1468.2%	-$5.3M+46.2%	-$9.9M+48.6%	-$19.3M-98.4%	-$9.7M
EPS (Diluted)	N/A	$-3.87-945.9%	$-0.37+46.4%	$-0.69+50.4%	$-1.39	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$29.1M	N/A	$29.0M+20.3%	$24.1M+20.9%	$19.9M	N/A	$25.7M+37.6%	$18.7M
SG&A Expenses	$7.3M	N/A	$5.1M+17.8%	$4.3M-15.9%	$5.2M	N/A	$3.8M+33.3%	$2.8M
Operating Income	-$36.4M	N/A	-$34.1M-20.0%	-$28.4M-13.3%	-$25.1M	N/A	-$29.4M-37.0%	-$21.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	$504K-32.8%	$750K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$31.8M	N/A	-$30.3M-23.2%	-$24.6M-17.0%	-$21.0M	N/A	-$28.6M-28.7%	-$22.2M
EPS (Diluted)	$-0.48	N/A	N/A	$-0.46-15.0%	$-0.40	N/A	$-1.46+79.0%	$-6.96

ORKA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$488.6M+23.4%	$396.0M+946.0%	$37.9M-12.1%	$43.1M-21.6%	$54.9M+8.9%	$50.4M
Current Assets	$343.9M-8.8%	$376.9M+902.5%	$37.6M-12.0%	$42.7M-21.5%	$54.4M+8.9%	$50.0M
Cash & Equivalents	$46.9M-23.8%	$61.6M+64.5%	$37.4M-11.8%	$42.4M-20.5%	$53.4M+8.7%	$49.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$16.7M+20.9%	$13.8M+1540.7%	$841K-40.4%	$1.4M-63.6%	$3.9M-0.7%	$3.9M
Current Liabilities	$15.4M+17.9%	$13.0M+1947.6%	$637K-43.7%	$1.1M-67.6%	$3.5M0.0%	$3.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$471.9M+23.5%	$382.2M+932.5%	$37.0M-11.2%	$41.7M-18.4%	$51.0M+9.7%	$46.5M
Retained Earnings	-$189.2M-125.9%	-$83.7M+55.6%	-$188.7M-2.9%	-$183.4M-5.7%	-$173.5M-12.5%	-$154.2M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$504.5M+3.2%	$488.6M-4.1%	$509.3M+42.5%	$357.4M-5.2%	$377.1M-4.8%	$396.0M-4.4%	$414.1M+1123.5%	$33.8M
Current Assets	$395.2M+14.9%	$343.9M-3.2%	$355.2M+7.0%	$332.0M-5.7%	$352.1M-6.6%	$376.9M-8.7%	$412.9M+1121.0%	$33.8M
Cash & Equivalents	$49.5M+5.5%	$46.9M-48.6%	$91.3M+39.5%	$65.4M-21.7%	$83.6M+35.7%	$61.6M-85.0%	$410.9M+1134.5%	$33.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$17.8M+6.4%	$16.7M-25.7%	$22.5M+63.0%	$13.8M+11.2%	$12.4M-10.2%	$13.8M-26.9%	$18.9M-69.9%	$62.8M
Current Liabilities	$16.6M+8.2%	$15.4M-26.7%	$21.0M+73.1%	$12.1M+3.3%	$11.7M-10.1%	$13.0M-27.7%	$18.0M+1319.3%	$1.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$486.7M+3.1%	$471.9M-3.1%	$486.8M+41.7%	$343.6M-5.8%	$364.7M-4.6%	$382.2M+11.6%	$342.4M+1281.4%	-$29.0M
Retained Earnings	-$221.0M-16.8%	-$189.2M-18.5%	-$159.6M-23.4%	-$129.3M-23.5%	-$104.7M-25.1%	-$83.7M-44.5%	-$57.9M+70.0%	-$193.4M

ORKA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$88.2M-52.5%	-$57.8M-1053.5%	-$5.0M+54.1%	-$10.9M+41.8%	-$18.8M-142.9%	-$7.7M
Capital Expenditures	$209K+10.6%	$189K	$0-100.0%	$2K-95.3%	$43K+126.3%	$19K
Free Cash Flow	-$88.4M-52.4%	-$58.0M-1057.3%	-$5.0M+54.1%	-$10.9M+42.0%	-$18.8M-142.8%	-$7.7M
Investing Cash Flow	-$96.7M+70.7%	-$330.1M	$0+100.0%	-$2K+95.3%	-$43K-126.3%	-$19K
Financing Cash Flow	$170.3M-62.1%	$449.5M	$0	$0-100.0%	$23.1M-52.3%	$48.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$23.6M-4.4%	-$22.6M-4.6%	-$21.6M+6.7%	-$23.1M-10.9%	-$20.9M-10.9%	-$18.8M+32.4%	-$27.8M-956.1%	-$2.6M
Capital Expenditures	$73K+15.9%	$63K-36.4%	$99K+191.2%	$34K+161.5%	$13K-27.8%	$18K	N/A	N/A
Free Cash Flow	-$23.7M-4.4%	-$22.7M-4.4%	-$21.7M+6.4%	-$23.2M-11.0%	-$20.9M-10.9%	-$18.8M	N/A	N/A
Investing Cash Flow	-$14.4M+34.4%	-$22.0M+82.0%	-$122.4M-2619.5%	$4.9M-88.7%	$42.9M+113.0%	-$330.0M	N/A	$0
Financing Cash Flow	$40.6M+13524.2%	$298K-99.8%	$169.9M	N/A	N/A	-$526K-100.1%	$423.7M+3026635.7%	$14K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ORKA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
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%
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%
Current Ratio	22.37-6.5	28.89-30.1	59.01+21.3	37.72+22.2	15.56+1.3	14.28
Debt-to-Equity	0.040.0	0.04+0.0	0.02-0.0	0.03-0.0	0.080.0	0.08
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-6.5%	N/A	-6.2%+0.9pp	-7.1%-1.4pp	-5.8%	N/A	-8.4%	N/A
Return on Assets	-6.3%	N/A	-5.9%+0.9pp	-6.9%-1.3pp	-5.6%	N/A	-6.9%+58.8pp	-65.7%
Current Ratio	23.76+1.4	22.37+5.4	16.94-10.5	27.42-2.6	30.03+1.1	28.89+6.0	22.89-3.7	26.61
Debt-to-Equity	0.040.0	0.04-0.0	0.050.0	0.040.0	0.030.0	0.04-0.0	0.06+2.2	-2.17
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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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) generated -$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) generated -$88.2M in operating cash flow during fiscal year 2025, representing cash generated from 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 49M 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 cash runway?

Based on fiscal year 2025 data, Oruka Therapeutics Inc (ORKA) had $46.9M in cash against an annual operating cash burn of $88.2M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

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

Oruka Therapeutics Inc (ORKA) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. 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) has an earnings quality ratio of 0.84x, considered low quality (accrual-driven). 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.

How financially healthy is Oruka Therapeutics Inc?

Oruka Therapeutics Inc (ORKA) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.