Oruka Therapeutics: 1Q26 Wrap-Up: Pipeline Progressing In Line Ahead of Next Key Updates

研报英文原文证据摘录

Oruka Therapeutics: 1Q26 Wrap-Up: Pipeline Progressing In Line Ahead of Next Key Updates

Equity Research

U.S. Small & Mid Cap Biotechnology

13 May 2026

Oruka Therapeutics

1Q26 Wrap-Up: Pipeline

Progressing In Line Ahead of Next

ORKA OVERWEIGHTKey Updates

Unchanged

We continue to like the steady catalyst stream over the next U.S. Small & Mid Cap POSITIVE Biotechnology

Unchanged12-18 months for ORKA-001 and ORKA-002.

Price Target USD 160.00

ORKA provided a business update, reporting $460M in cash and equivalents, which combined

Price (12-May-26) USD 64.65with the proceeds from the recent capital raise provide estimated cash runway through an

Potential Upside/Downside +147.5%anticipated BLA filing for ORKA-001 and continued ORKA-002 development.

Source: Bloomberg, Barclays Research

ORKA-001 development on track for 2H data, HALO deal provides future formulation

optionality Market Cap (USD mn) 3774

Shares Outstanding (mn) 58.38ORKA remains on track to report longer-term data from EVERLAST-A in psoriasis patients in

Free Float (%) 91.162H26, including efficacy at Week 28 for all patients and 52-week follow-up for a subset of the

52 Wk Avg Daily Volume (mn) 0.6cohort. The Phase 2 EVERLAST-B dose optimization trial is ongoing, with data still expected in

Dividend Yield (%) N/A2027. ORKA and Halozyme (HALO, not covered) announced a collaboration and license

Return on Equity TTM (%) -23.62agreement to include HALO's Hypercon technology, which will allow for the development of

Current BVPS (USD) 9.63ORKA-001 at increased concentrations, potentially reducing injection volume and injection

Source: Bloomberg

time. The Phase 2a EVERLAST-A trial 600mg dose was administered via two pen injectors, and

the potential new formulation with HALO would enable a total injection volume of 1mL.