Oruka Therapeutics Prices Upsized $700 Mln Offering To Advance Psoriasis Pipeline

(RTTNews) - Oruka Therapeutics, Inc. (ORKA), has priced an upsized $700.4 million underwritten public offering, strengthening its balance sheet as the company advances two late-stage dermatology programs designed for ultra-infrequent dosing chronic skin diseases.

The offering includes 9.66 million shares of common stock priced at $72.50 per share, with underwriters holding a 30-day option to purchase up to 1.45 million additional shares. The financing is expected to close on or around April 30, 2026, subject to customary conditions.

Leerink Partners, TD Cowen, Goldman Sachs Stifel and Guggenheim Securities are acting as joint bookrunning managers, with LifeSci Capital serving as a passive bookrunner. Oruka said the proceeds will support continued development of its portfolio of monoclonal antibodies engineered for once-or twice-yearly dosing, aiming to set a new standard of care in psoriasis and other inflammatory diseases.

Oruka is developing biologics designed to achieve high rates of complete skin clearance with minimal dosing. Its two co-lead assets- ORKA-001 and ORKA-002- target validated inflammatory pathways and incorporate half-life extension technology, while ORKA-003 and ORKA-021 remain in early development.

-ORKA-001: The company recently reported positive Week 16 data for ORKA-001 from the EVERLAST-A Phase 2a trial, where 63.5% (40/63) of patients achieved PASI 100, indicating complete skin clearance. Safety findings were consistent with the IL-23p19 class, and updated PK/PD data continue to support the potential for once-yearly dosing.

Longer-term EVERLAST-A follow-up data are expected in 2H 2026.

EVERLAST-B, a Phase 2b trial evaluating multiple induction regimens, is ongoing, with data expected in 2027 to support Phase 3 initiation.

-ORKA-002: A Phase 2 program in psoriasis, with additional development planned in hidradenitis suppurativa (HS) and psoriatic arthritis, designed to inhibit IL-17A/F with potential for twice-yearly dosing.

The ORCA-SURGE Phase 2 trial in psoriasis began in February 2026, with data expected in 2027. Interim Phase 1 data showed a 75- 80 day half-life, supporting twice-yearly maintenance dosing in psoriasis and quarterly dosing in HS. A Phase 2 trial in HS is expected to begin in 2H 2026.

-ORKA-003/ ORKA-021: A sequential combination regimen pairing ORKA-002 and ORKA-001, designed to deliver rapid induction with an optimized long-term maintenance profile. These programs remain in early-stage development.

Financial Position

As of December 31, 2025, Oruka reported $479.6 million in cash, cash equivalents and marketable securities.

ORKA has traded between $8.91 and $91.00 over the past year. The stock closed at $73.99, down 3.14%. During overnight trading, the stock was at $74.30, up 0.42%.

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