1Q26 Reports: Takeaways from Our Management Team Call

Research evidence excerpt

1Q26 Reports: Takeaways from Our Management Team Call

C O M PA N Y N O T E

M a y 1 3 , 2 0 2 6

Recent deal with HALO (not covered) to optimize ORKA-001's formulation to be even more

convenient/hyper-concentrated is the icing on the cake to an already exceptional product

profile. Recently, ORKA announced entry into a global exclusive collaboration and license

agreement with Halozyme Therapeutics, Inc. (HALO; leader in the ultra-concentrated formulation

space) to gain access to HALO's technology for ORKA-001's developmental use. Particularly, the

agreement granted ORKA access to HyperconTM, an innovative microparticle technology that

hyper-concentrates drugs/biologics to reduce injection volume and support greater convenience

of dosing. Accordingly, ORKA entered this agreement to support optimization of ORKA's anti-

IL-23p19 in PsO and another additional target. Under the terms of the agreement ORKA agreed

to make an upfront payment and pay potential future milestone payments, where HALO is eligible

for mid-single digit royalties on net sales of products using their technology. When asked about

this deal, mgmt reflected this optimization represents a bonus feature rather than anything else

as it adds another moat around the already exceptional ORKA-001 program to further extend the

asset's long-term value. In fact, recognize HALO's technology could in theory allow ORKA-001

to be dosed at a 1 mL annual injection that resolves PsO for the majority of patients. As such,

ORKA is excited by the opportunity this deal creates, where we view it as the icing on the cake

to an already exceptional product profile.

Catalysts

• ORKA-001's (SC IL-23p19 mAb) 16-week (up-to 52-week) Ph2a EVERLAST-A

(NCT07090330) in n=84 moderate-to-severe plaque psoriasis patients with primary