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Oruka Therapeutics Inc. (ORKA-0.77%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Oruka's focus on developing monoclonal antibody therapeutics for psoriasis and other inflammatory and immunology indications. The company is advancing its lead programs, ORKA-001 and ORKA-002, which target IL-23p19 and IL-17A/F, respectively.
Oruka reported a net loss of $83.7 million for the period from February 6, 2024 (inception) to December 31, 2024. Research and development expenses were $75.1 million, primarily driven by costs related to the development of ORKA-001 and ORKA-002.
The company ended the year with $393.7 million in cash, cash equivalents, and marketable securities, which it expects to be sufficient to fund its operations for at least the next twelve months.
Oruka's strategy involves leveraging antibody engineering to improve the efficacy and dosing regimens of existing therapies. The company aims to set a new treatment standard in large markets with unmet needs.
The company's recent activities include a reverse recapitalization with ARCA biopharma, Inc., raising approximately $228.0 million in net proceeds from a Pre-Closing Financing, and securing $188.7 million from a PIPE Financing.
Oruka's future plans include continuing the clinical development of its lead programs and expanding its pipeline. The company acknowledges the risks associated with drug development and regulatory approval processes.
The filing also outlines Oruka's collaborations and licensing agreements, including those with Paragon Therapeutics for the development of its lead programs.
Oruka does not anticipate generating revenue from product sales in the near future and will rely on additional financing to support its research and development efforts.
The company is subject to various risks, including competition, regulatory challenges, and the need to secure additional capital to fund its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Oruka Therapeutics Inc. annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.