Reports Q1: Oruka Is Fully Capitalized To Develop BII '001 Through BLA For PsO

研报英文原文证据摘录

Reports Q1: Oruka Is Fully Capitalized To Develop BII '001 Through BLA For PsO

Biotechnology

Oruka Therapeutics

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 13, 2026

Price: $63.18 (05/13/2026) Reports Q1: Oruka Is Fully Capitalized To

Price Target: NA Develop BII '001 Through BLA For PsO

BUY (1)

ESG SCORE: 59/100

Tyler Van Buren THE TD COWEN INSIGHT

646 562 1343

With a 64% PASI 100 and the potential for annual dosing, ORKA-001 appears best-in-indication

tyler.vanburen@tdsecurities.com

over Skyrizi, Bimzelx, and others, and we believe it has $10B potential. Oruka is now well

Sam Rollenhagen capitalized ($1.2B) to execute on the opportunity and has enough cash to fund the company

212 468 7785 through the '001 BLA. The PASI 100 could increase with longer-term data in H2 too. Initial '002

samuel.rollenhagen@tdsecurities.com

(IL-17A/F) PsO data in 2027.

Nicholas Lorusso

646 562 1390 ORKA-001 Achieved A 64% PASI 100 In The Phase IIa, Supporting A Potential Best-In-

nick.lorusso@tdsecurities.com Indication Profile

Greg W. Torres, Ph.D. In late April, Oruka reported the initial efficacy data from the Phase IIa EVERLAST-A trial

646 562 1351

investigating ORKA-001 (IL-23p19 mAb) versus placebo in 84 psoriasis patients. For the

gregory.wiessner@tdsecurities.com

primary endpoint, at week 16, ORKA-001 achieved an impressive 64% PASI 100 rate (n=37/63),

Key Data which is over 20% above the historical average from Skyrizi, more than 30% above JNJ's

Symbol NASDAQ: ORKA recently approved oral IL-23 (Icotyde), and on par with Bimzelx.

Beta: (0.25)

We believe ORKA-001 has a best-in-indication profile and mega-blockbuster potential. The

52-Week Range: $76.39-$9.46

best-in-class efficacy is combined with clean safety/profile (no ISRs and no impact of ADAs)

Market Cap: $3.9B