Detailed financial statements for Oruka Therapeutics, Inc. (ORKA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.

Oruka Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on developing novel monoclonal antibody therapeutics for psoriasis (PsO), and other inflammatory and immunology (I&I) indications.

Analysis Summary

Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.

At $99.55 (closing price, November 3, 2026), ORKA has negative trailing earnings (P/E not meaningful) and an ROE of -20.76%. Market capitalisation stands at $6.6B.

Balance sheet quality for ORKA: debt-to-equity ratio of 0.00, current ratio of 38.51 over the last 12 months, net cash position of $335.1M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.

Income Statement (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	0	0	0	0	0	0	0	0	0	0
Cost of Revenue	$24,000	$27,000	$22,000	$89,000	$93,000	$91,000	$114,000	$111,000	$27,000	$83,000
Gross Profit	-$24,000	-$27,000	-$22,000	-$89,000	-$93,000	-$91,000	-$114,000	-$111,000	-$27,000	-$83,000
Research & Development	$12.3M	$14.1M	$4.2M	$1.8M	$5.0M	$13.8M	$4.5M	$1.0M	$75.1M	$100.6M
Selling, General & Admin	$4.2M	$4.6M	$3.9M	$3.9M	$4.7M	$5.4M	$5.3M	$6.2M	$13.0M	$21.3M
Operating Expenses	$16.6M	$18.7M	$8.1M	$5.7M	$9.7M	$19.2M	$9.7M	$7.2M	$88.1M	$122.0M
Operating Income	-$16.6M	-$18.7M	-$8.1M	-$5.8M	-$9.8M	-$19.3M	-$9.8M	-$7.3M	-$88.1M	-$122.1M
EBITDA	-$16.4M	-$18.5M	-$7.9M	-$5.6M	-$9.6M	-$19.2M	-$9.8M	-$5.2M	-$82.2M	-$105.3M
Interest Expense	0	0	0	$7,000	$9,000	0	0	0	$1.5M	0
Pre-tax Income	-$16.4M	-$18.6M	-$8.0M	-$5.6M	-$9.7M	-$19.3M	-$9.9M	-$5.3M	-$83.7M	-$105.4M
Income Tax	0	-$61,000	-$31,000	-$167,000	-$9,000	0	0	0	0	0
Net Income	-$16.4M	-$18.5M	-$7.9M	-$5.5M	-$9.7M	-$19.3M	-$9.9M	-$5.3M	-$83.7M	-$105.4M
EPS	-$390.96	-$382.87	-$123.73	-$49.79	-$8.40	-$16.68	-$8.27	-$4.44	-$4.99	-$2.31
EPS (Diluted)	-$390.96	-$382.87	-$123.73	-$49.79	-$8.40	-$16.68	-$8.27	-$4.44	-$4.99	-$2.31
Shares Outstanding (Diluted)	41,978	48,293	64,115	110,102	4.7 M	13.9 M	14.4 M	14.4 M	16.8 M	45.6 M

Income Statement (Quarterly)

Year	2025-Q3	2025-Q4	2026-Q1	2026-Q2
Revenue	0	0	0	0
Gross Profit	0	-$28,000	-$43,000	-$43,000
Operating Income	-$34.1M	-$34.4M	-$36.4M	-$50.1M
EBITDA	-$30.3M	-$29.6M	-$31.8M	-$50.1M
Net Income	-$30.3M	-$29.6M	-$31.8M	-$41.2M
EPS	-$0.69	-$0.54	-$0.58	-$0.66
EPS (Diluted)	-$0.69	-$0.54	-$0.58	-$0.66

Balance Sheet (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Cash & Equivalents	$7.4M	$8.7M	$6.6M	$8.4M	$49.1M	$53.4M	$42.4M	$37.4M	$61.6M	$46.9M
Short-term Investments	$13.8M	$3.0M	0	0	0	0	0	0	$314.1M	$290.1M
Receivables	0	0	0	0	0	0	0	0	0	0
Inventory	0	0	0	0	0	0	0	0	0	0
Total Current Assets	$21.4M	$12.3M	$6.8M	$8.5M	$50.0M	$54.4M	$42.7M	$37.6M	$376.9M	$343.9M
Property, Plant & Equipment	$66,000	$42,000	$24,000	$32,000	$449,000	$485,000	$368,000	$257,000	$1.0M	$2.1M
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Total Assets	$24.6M	$12.4M	$6.8M	$8.5M	$50.4M	$54.9M	$43.1M	$37.9M	$396.0M	$488.6M
Accounts Payable	0	$622,000	$230,000	$418,000	$1.8M	$1.1M	$334,000	0	$3.5M	$4.2M
Short-term Debt	0	0	0	$25,000	$41,000	$100,000	$103,000	$76,000	$213,000	$619,000
Total Current Liabilities	$2.4M	$2.1M	$793,000	$926,000	$3.5M	$3.5M	$1.1M	$637,000	$13.0M	$15.4M
Long-term Debt	0	0	0	0	0	0	0	0	0	0
Total Liabilities	$2.4M	$2.1M	$793,000	$926,000	$3.9M	$3.9M	$1.4M	$841,000	$13.8M	$16.7M
Retained Earnings	-$112.5M	-$131.0M	-$138.9M	-$144.4M	-$154.2M	-$173.5M	-$183.4M	-$188.7M	-$83.7M	-$189.2M
Total Equity	$22.2M	$10.3M	$6.0M	$7.6M	$46.5M	$51.0M	$41.7M	$37.0M	$382.2M	$471.9M
Total Debt	0	0	0	$25,000	$450,000	$483,000	$383,000	$280,000	$968,000	$1.9M
Net Debt	-$21.2M	-$11.8M	-$6.6M	-$8.3M	-$48.6M	-$52.9M	-$42.1M	-$37.2M	-$374.7M	-$335.1M
Working Capital	$19.0M	$10.2M	$6.0M	$7.6M	$46.5M	$50.9M	$41.6M	$37.0M	$363.8M	$328.5M

Balance Sheet (Quarterly)

Year	2025-Q3	2025-Q4	2026-Q1	2026-Q2
Cash & Equivalents	$91.3M	$46.9M	$49.5M	$268.5M
Total Assets	$509.3M	$488.6M	$504.5M	$1.14B
Total Liabilities	$22.5M	$16.7M	$17.8M	$24.8M
Total Equity	$486.8M	$471.9M	$486.7M	$1.11B
Total Debt	$1.9M	$1.9M	$1.8M	$2.5M

Cash Flow (10y)

Year	2015	2016	2017	2018	2019	2020	2021	2022	2024	2025
Net Income	-$11.4M	-$16.4M	-$18.5M	-$7.9M	-$5.5M	-$9.7M	-$19.3M	-$9.9M	-$83.7M	-$105.4M
Depreciation & Amortization	$19,000	$24,000	$27,000	$22,000	$89,000	$93,000	$91,000	$114,000	$27,000	$83,000
Stock-based Compensation	0	0	0	0	0	0	0	0	0	0
Change in Working Capital	$104,000	$400,000	$85,000	-$608,000	$441,000	$1.9M	-$28,000	-$1.7M	$11.6M	-$2.6M
Operating Cash Flow	-$10.5M	-$15.0M	-$17.5M	-$8.2M	-$4.8M	-$7.7M	-$18.8M	-$10.9M	-$57.8M	-$88.2M
Capital Expenditure	-$11,000	-$12,000	-$3,000	-$3,999	-$4,000	-$19,000	-$43,000	-$2,000	-$189,000	-$209,000
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock Repurchased	0	0	0	0	0	0	0	0	0	0
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	-$10.5M	-$15.0M	-$17.5M	-$8.2M	-$4.8M	-$7.7M	-$18.8M	-$10.9M	-$58.0M	-$88.4M

Cash Flow (Quarterly)

Year	2025-Q3	2025-Q4	2026-Q1	2026-Q2
Operating Cash Flow	-$21.6M	-$22.6M	-$23.6M	-$33.1M
Capital Expenditure	-$99,000	-$63,000	-$73,000	0
Free Cash Flow	-$21.7M	-$22.7M	-$23.7M	-$33.1M
Dividends Paid	0	0	0	0
Stock-based Compensation	$10.2M	0	0	0

Growth & Margins (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Net Income Growth (YoY)		-12.4%	+57.1%	+30.9%	-77.6%	-98.4%	+48.6%	+46.2%	-1,468.2%	-25.9%
EPS Growth (YoY)		+2.1%	+67.7%	+59.8%	+83.1%	-98.6%	+50.4%	+46.3%	-12.4%	+53.7%
Shares Change (YoY)		+15.0%	+32.8%	+71.7%	+4,178.1%	+195.2%	+3.6%	+0.0%	+16.5%	+171.7%
FCF Growth (YoY)		-42.2%	-16.5%	+52.8%	+41.7%	-61.2%	-142.8%	+42.0%	-431.7%	-52.4%
Effective Tax Rate	-0.0%	0.3%	0.4%	3.0%	0.1%	-0.0%	-0.0%	-0.0%	-0.0%	-0.0%

Per-Share Data (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FCF Per Share	-$251.20	-$310.58	-$272.56	-$74.91	-$1.02	-$0.56	-$1.30	-$0.76	-$3.46	-$1.94
Dividends Per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Shares Outstanding (Basic)	41,978	48,293	64,115	110,102	4.7 M	13.9 M	14.4 M	14.4 M	16.8 M	45.6 M

What to look at in Biotech

Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.

Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap

Profitability

Return on Equity	-20.76%
Return on Invested Capital	-13.88%
Return on Assets	-11.66%
Gross Margin	0.00%
Operating Margin	0.00%
Net Margin	0.00%

Financial Health

Debt / Equity	0.00
Current Ratio	38.51
Piotroski F-Score	1
Altman Z-Score	49.15

Key Ratios (10y)

Year	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
P/E	-1.57	-0.76	-0.58	-1.38	-5.73	-1.55	-3.44	-4.59	-3.89	-13.12
P/B	1.16	1.37	0.76	0.99	4.87	7.03	9.83	7.94	0.85	2.93
P/S	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Gross Margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating Margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net Margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

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Explore sector: Healthcare · Biotechnology

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