The balance sheet shows significant erosion, with cash reserves declining from a peak of $410.9 million in 2024Q3 to just $49.5 million as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Total Current Assets | 395.25M | 343.86M | 376.87M | 42.7M | 54.42M | 49.97M | 8.48M | 6.78M | 12.3M | 21.45M | 38.92M | 15.49M | 16.93M | 3.04M | 6.21M | 7.16M | 8.29M | 9.68M | 99.99M | 166.34M | 85.77M |
| Cash & Short-Term Investments | 388.83M | 337.04M | 375.65M | 42.45M | 53.36M | 49.07M | 8.36M | 6.61M | 11.75M | 21.16M | 38.8M | 15.35M | 16.76M | 2.92M | 5.94M | 7.03M | 7.76M | 7.74M | 97.57M | 153.13M | 70.34M |
| Cash Only | 49.52M | 46.94M | 61.58M | 42.45M | 53.36M | 49.07M | 8.36M | 6.61M | 8.7M | 7.4M | 38.8M | 15.35M | 16.76M | 2.92M | 5.94M | 7.03M | 7.76M | 7.74M | 32.06M | 60.34M | 37.76M |
| Short-Term Investments | 339.31M | 290.11M | 314.07M | 0 | 0 | 0 | 0 | 0 | 3.05M | 13.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65.51M | 92.79M | 32.57M |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 588K | 8.56M | 1.21M |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 4.58 | 803.51 | 808.36 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 6.42M | 6.81M | 1.22M | 254K | 1.06M | 897K | 117K | 169K | 547K | 282K | 114K | 134K | 169K | 125K | 269K | 137K | 522K | 1.94M | 1.83M | 4.65M | 1.96M |
| Total Non-Current Assets | 109.23M | 144.76M | 19.15M | 386K | 503K | 461K | 56K | 48K | 66K | 3.18M | 658K | 644K | 159K | 167K | 290K | 994K | 1.09M | 1.4M | 20.7M | 18.07M | 22.28M |
| Property, Plant & Equipment | 2M | 2.12M | 1.04M | 368K | 485K | 449K | 32K | 24K | 42K | 66K | 28K | 36K | 29K | 23K | 66K | 690K | 1.03M | 1.3M | 8.91M | 11.98M | 15.16M |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5.26x | 0.32x | 0.04x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.67M | 4.67M | 4.67M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 424.48M | 142.54M | 18.07M | 0 | 0 | 0 | 0 | 0 | 0 | 2.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6M | 0 | 0 |
| Other Non-Current Assets | 103K | 103K | 43K | 18K | 18K | 12K | 24K | 24K | 24K | 766K | 630K | 608K | 130K | 144K | 224K | 304K | 61K | 98K | 1.12M | 1.42M | 2.44M |
| Total Assets | 504.48M | 488.62M | 396.02M | 43.09M | 54.92M | 50.43M | 8.54M | 6.83M | 12.37M | 24.63M | 39.57M | 16.13M | 17.08M | 3.21M | 6.5M | 8.16M | 9.37M | 11.08M | 120.68M | 184.41M | 108.05M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.39x | 0.02x | 0.01x |
| Asset Growth % | 1036.21% | 23.38% | 819.16% | -21.56% | 8.91% | 490.78% | 25.07% | -44.8% | -49.8% | -37.76% | 145.31% | -5.57% | 431.88% | -50.6% | -20.28% | -12.97% | -15.41% | -90.82% | -34.56% | 70.67% | - |
| Total Current Liabilities | 16.63M | 15.37M | 13.04M | 1.13M | 3.5M | 3.5M | 926K | 793K | 2.07M | 2.4M | 1.5M | 1.39M | 1.5M | 305K | 754K | 1.19M | 1.64M | 15.83M | 18.19M | 43.84M | 36.18M |
| Accounts Payable | 3.66M | 4.16M | 3.46M | 334K | 1.12M | 1.77M | 418K | 230K | 622K | 0 | 0 | 0 | 597K | 65K | 260K | 388K | 533K | 804K | 2.76M | 7.03M | 4.92M |
| Days Payables Outstanding | 18.88K | 18.27K | 46.8K | 1.07K | 4.48K | 6.96K | 1.71K | 3.82K | 8.41K | - | - | - | 8.38K | 551.74 | 32.53 | 418.99 | - | - | 429.96 | 805.94 | 31.07 |
| Short-Term Debt | 680K | 619K | 213K | 103K | 100K | 41K | 25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.3M | 0 | 3.66M | 8.29M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16K | 33K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 10.58M | 5.33M | 7.33M | 522K | 1.36M | 870K | 354K | 413K | 691K | 1.68M | 835K | 1.06M | 446K | 121K | 350K | 627K | 870K | 1.66M | 13.08M | 30.06M | 20.7M |
| Current Ratio | 23.76x | 22.37x | 28.89x | 37.72x | 15.56x | 14.28x | 9.16x | 8.55x | 5.94x | 8.95x | 25.88x | 11.16x | 11.27x | 9.98x | 8.24x | 6.02x | 5.04x | 0.61x | 5.50x | 3.79x | 2.37x |
| Quick Ratio | 23.76x | 22.37x | 28.89x | 37.72x | 15.56x | 14.28x | 9.16x | 8.55x | 5.94x | 8.95x | 25.88x | 11.16x | 11.27x | 9.98x | 8.24x | 6.02x | 5.04x | 0.61x | 5.50x | 3.79x | 2.37x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.13M | 1.31M | 755K | 280K | 383K | 409K | 0 | 0 | 20K | 39K | 0 | 3K | 1K | 0 | 16K | 195K | 316K | 562K | 34.84M | 70.72M | 15.1M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19.07M | 3.78M |
| Capital Lease Obligations | 5.6M | 1.31M | 755K | 280K | 383K | 409K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20K | 39K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 132K | 13.18M | 125K | 359K |
| Total Liabilities | 17.76M | 16.69M | 13.8M | 1.41M | 3.88M | 3.91M | 926K | 793K | 2.09M | 2.44M | 1.5M | 1.39M | 1.5M | 305K | 770K | 1.39M | 1.96M | 16.39M | 53.02M | 114.56M | 51.28M |
| Total Debt | 1.81M | 1.93M | 968K | 383K | 483K | 450K | 25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12.3M | 0 | 22.73M | 12.07M |
| Net Debt | -47.71M | -45M | -60.61M | -42.06M | -52.88M | -48.62M | -8.34M | -6.61M | -8.7M | -7.4M | -38.8M | -15.35M | -16.76M | -2.92M | -5.94M | -7.03M | -7.76M | 4.56M | -32.06M | -37.61M | -25.69M |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.01x | 0.00x | - | - | - | - | - | - | - | - | - | - | - | - | 0.33x | 0.21x |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.36x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | -56.03x | - | - | -1082.00x | -806.00x | - | - | - | - | - | - | -1439.00x | -1071.80x | -1051.50x | -60.72x | -108.16x | -118.43x | -224.81x | -70.05x |
| Total Equity | 486.72M | 471.93M | 382.22M | 41.67M | 51.04M | 46.52M | 7.61M | 6.03M | 10.28M | 22.19M | 38.07M | 14.74M | 15.58M | 2.91M | 5.73M | 6.77M | 7.41M | -5.31M | 67.66M | 69.84M | 56.76M |
| Equity Growth % | 1054.09% | 23.47% | 817.19% | -18.36% | 9.72% | 511.31% | 26.16% | -41.29% | -53.7% | -41.7% | 158.26% | -5.39% | 435.98% | -49.28% | -15.34% | -8.65% | 239.51% | -107.85% | -3.13% | 23.04% | - |
| Book Value per Share | 8.82 | 10.35 | 22.77 | 2.89 | 3.67 | 9.88 | 69.12 | 94.08 | 212.76 | 528.71 | 1307.48 | 1087.17 | 2730.16 | 1977.55 | 5182.64 | 7221.28 | 9480.92 | -999999.00 | 230177.36 | 246298.69 | 249503.62 |
| Total Shareholders' Equity | 486.72M | 471.93M | 382.22M | 41.67M | 51.04M | 46.52M | 7.61M | 6.03M | 10.28M | 22.19M | 38.07M | 14.74M | 15.58M | 2.91M | 5.73M | 6.77M | 7.41M | -5.31M | 67.66M | 69.84M | 56.76M |
| Common Stock | 50K | 49K | 37K | 14K | 14K | 10K | 2K | 14K | 12K | 9K | 9K | 21K | 16K | 3K | 12K | 9K | 8K | 1K | 53K | 53K | 44K |
| Retained Earnings | -220.98M | -189.16M | -83.72M | -183.4M | -173.48M | -154.15M | -144.42M | -138.93M | -131M | -112.51M | -96.07M | -84.62M | -74.93M | -67.99M | -63.67M | -58.31M | -49.89M | -40.75M | -470.51M | -458.21M | -327.66M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -480K | 546K | -41K | 0 | 0 | 0 | 0 | 0 | -2K | -19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49K | 10K | -250K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient clinical funding runway
According to the most recent quarterly filings, Oruka Therapeutics' cash position has declined to $49.5 million as of 2026Q1, a significant contraction from the $410.9 million peak observed in 2024Q3, which highlights the company's aggressive consumption of capital to fund ongoing clinical development programs.
The current cash balance appears insufficient to support the company's long-term clinical trial roadmap given the persistent quarterly burn rate. Investors should monitor the potential for near-term dilutive financing, as the current liquidity buffer provides limited protection against unforeseen clinical delays or rising trial costs.
Based on reported financial statements, the company's total assets have trended downward from $414.1 million in 2024Q3 to $504.5 million in 2026Q1, reflecting a volatile capital structure that is heavily dependent on external financing to offset the lack of internal revenue generation.
The trajectory of the balance sheet suggests a firm in a critical transition phase where asset accumulation is secondary to the rapid depletion of cash reserves. This trend underscores the high-risk nature of the business model, where the value of the enterprise is tied almost exclusively to the success of clinical milestones.
As indicated by the company's historical data, accumulated deficits have widened to $221.0 million in 2026Q1, which significantly impairs the quality of equity and reflects the substantial capital required to advance the company's proprietary antibody platform through the clinical development lifecycle.
The persistent growth in the accumulated deficit suggests that the company is effectively trading equity value for the potential future upside of its therapeutic pipeline. Investors should remain cautious regarding the impact of future capital raises on existing shareholder value, as further dilution appears likely to sustain operations.
Data from recent SEC filings suggests that the company's reliance on a single platform for its entire pipeline creates a concentrated risk profile, where the lack of asset diversification makes the balance sheet particularly sensitive to any negative clinical outcomes in the lead ORKA-001 program.
While the headline equity figures may appear stable, the absence of tangible assets or revenue-generating segments means the balance sheet is essentially a proxy for the market's confidence in the company's clinical execution. This lack of operational diversification warrants a higher risk premium than the raw balance sheet metrics might otherwise imply.
Quick answers to the most common questions about buying ORKA stock.
As of 2025, Oruka Therapeutics, Inc. (ORKA) had total assets of $488.6M including $343.9M in current assets.
Oruka Therapeutics, Inc. (ORKA) carries total debt of $1.9M, offset by $337.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Oruka Therapeutics, Inc. (ORKA) has total shareholders' equity (book value) of $471.9M ($10.35 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Oruka Therapeutics, Inc. (ORKA) reported a current ratio of 22.37x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.