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Oruka Therapeutics Reports Third Quarter 2024 Financial Results and Provides Corporate Update
ORKAOruka Therapeutics, Inc.(ORKA) GlobeNewswire News Room·2024-11-13 21:25

Core Insights - Oruka Therapeutics successfully completed a go-public transaction, raising over 475million,whichprovidesacashrunwaythroughmultipleclinicalinflectionpoints[1][2]−Thecompanyisadvancingitsleadprograms,ORKA−001andORKA−002,withacceleratedclinicaltimelines[1][2]CorporateUpdates−OrukabegantradingonNasdaqunderthetickerORKAafterconsummatingitsgo−publictransaction[2]−Thecompanyraised475 million, which provides a cash runway through multiple clinical inflection points [1][2] - The company is advancing its lead programs, ORKA-001 and ORKA-002, with accelerated clinical timelines [1][2] Corporate Updates - Oruka began trading on Nasdaq under the ticker ORKA after consummating its go-public transaction [2] - The company raised 275 million from a private placement and an additional 200millionfromnewandexistinginvestors[2]PipelineDevelopments−ORKA−001,anovelhalf−lifeextendedIL−23p19monoclonalantibody,issettoinitiateaPhase1trialinQ12025,withinterimdataexpectedinH22025[3]−ORKA−002,anovelhalf−lifeextendedIL−17A/Fmonoclonalantibody,planstostartaPhase1trialinQ32025,withinterimdataanticipatedinH12026[4]FinancialPerformance−AsofSeptember30,2024,Orukahadcashandcashequivalentsof200 million from new and existing investors [2] Pipeline Developments - ORKA-001, a novel half-life extended IL-23p19 monoclonal antibody, is set to initiate a Phase 1 trial in Q1 2025, with interim data expected in H2 2025 [3] - ORKA-002, a novel half-life extended IL-17A/F monoclonal antibody, plans to start a Phase 1 trial in Q3 2025, with interim data anticipated in H1 2026 [4] Financial Performance - As of September 30, 2024, Oruka had cash and cash equivalents of 410.9 million, with a net cash usage of 27.8 million for Q3 2024 [5] - Research and Development (R&D) expenses for Q3 2024 totaled 25.7 million, including 7.8 million in non-cash stock-based compensation [6] - General and Administrative (G&A) expenses for Q3 2024 were 3.8 million, which included 2.4millioninpersonnel−relatedcosts[7]−ThenetlossforQ32024was2.4 million in personnel-related costs [7] - The net loss for Q3 2024 was 28.6 million, which included $9.0 million in non-cash stock-based compensation [8] Shares and Equity - Oruka has approximately 55.1 million shares of common stock and equivalents outstanding [9] - The company aims to provide patients with chronic skin diseases, such as plaque psoriasis, with high rates of complete disease clearance through infrequent dosing [10]