ORKAOruka Therapeutics, Inc.
Oruka Therapeutics, Inc. (ORKA) sells clinical-stage monoclonal antibody therapeutics for psoriasis and other inflammatory and immunology indications. Its next catalyst is Nov 11, 2026 — Q3 2024 Earnings Release, which will test the business’s ability to deliver on its pro-forma balance sheet and R&D guidance.
- ORKA has no revenue and is burning cash at a rate of $190.27M TTM.
- Its shareholders’ equity stands at $471.93M, but the company is still in the red with a net loss of $135.12M.
- The stock has struggled to hold gains after a major fundraising event, with a bear floor tested in Q4 2025.
The Read
3% on Q2 2026 earnings due to negative market reaction to its pro-forma balance sheet and R&D guidance, then declined further to the bear floor on Q4 2025 earnings and pulled back from its 52-week highs on Q1 2026 results amid a sell-off after a major fundraising event.
The schedule
- Fri2Oct
Oruka Therapeutics Rises as Investors Focus on Pipeline Data Setup | ORKA Stock…
- Tue6Oct
Oruka Therapeutics Rises as Investors Focus on Pipeline Data Setup
- Wed11Nov
The earnings report tests whether Fluor can convert a large services book into revenue and cash, unlike the last contract print that slipped on mix.
- Tue1Dec
The FD event tests whether the company can maintain investor confidence in its clinical trial progress and regulatory timeline, differing from the last FD event that saw a pullback on news sentiment.
- Sun10Jan
The data release tests whether the company can deliver positive clinical results that justify its valuation, unlike the last data release that saw a sell-off due to mixed outcomes.
- Tue12Jan
The investor day tests whether the company can effectively communicate its strategic vision and pipeline progress, differing from the last investor day that saw a pullback due to unclear guidance.
- Wed10Feb
The earnings report tests whether the company can deliver strong revenue and cash flow growth, unlike the last earnings report that saw a pullback due to weak guidance.
- Mon26Apr
The investor relations release tests whether the company can maintain investor confidence in its long-term strategy and regulatory progress, differing from the last release that saw a pullback due to unclear messaging.
- Wed12May
The earnings report tests whether the company can deliver strong revenue and cash flow growth, unlike the last earnings report that saw a pullback due to weak guidance.
- Thu3Jun
The presentation tests whether the company can effectively communicate its strategic vision and pipeline progress, differing from the last presentation that saw a pullback due to unclear guidance.
- Wed11Aug
The earnings report tests whether the company can deliver strong revenue and cash flow growth, unlike the last earnings report that saw a pullback due to weak guidance.
- Wed1Sep
The stock option exercise tests whether the company can maintain investor confidence in its long-term strategy and regulatory progress, differing from the last exercise that saw a pullback due to unclear messaging.
Past
- Tue15Sep
Actual outcome: Bear · $82.00 at outcome
The stock fell 11.0% following the earnings report, which showed an EPS actual of -9.28, matching the estimate. Despite the earnings beat, the stock dropped below the bear floor of $85.55, likely due to negative guidance and concerns about future performance, which overshadowed the neutral earnings result.
Next-quarter earnings announcement and guidance for Q3 2026.
- Fri8May
Actual outcome: Bear · $63.10 at outcome
Oruka Therapeutics reported Q1 2026 earnings with an EPS of -$0.54 that exactly matched analyst estimates, alongside positive 16-week data from its ORKA-001 EVERLAST-A trial and a recent collaboration with Halozyme. However, following a staggering prior rally and a massive $700 million public offering in late April, the in-line print triggered a 'sell the news' reaction, causing the stock to pull back from its 52-week highs.
- Wed4Mar
Actual outcome: Bear · $33.74 at outcome
The stock fell 3.8% following the Q4 2025 earnings report, despite the EPS beating estimates. The guidance, however, showed weaker-than-expected cash runway, which raised concerns about long-term sustainability. This lack of confidence in the company's financial outlook pressured the stock, leading to the bearish reaction. While the price has since rebounded and surpassed the bull target, the immediate response was driven by the negative guidance, not the earnings beat.
- Wed31Dec
Actual outcome: Bear · $26.93 at outcome
ORKA reported Q2 EPS of -$0.54, exactly meeting consensus estimates. However, the stock fell 11.3% and broke well below the bear floor as the market reacted negatively to the company's pro-forma balance sheet and updated R&D expense guidance for late-stage trials. Concerns over the impact of recent dilution and the resulting cash runway overshadowed the in-line earnings, driving the sharp sell-off.