Free cash flow remains deeply negative at $23.7 million for 2026Q1, reflecting a structural reliance on external capital to offset persistent operational burn.
| 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 |
|---|
| Cash from Operations | -90.92M | -88.21M | -57.84M | -10.91M | -18.76M | -7.72M | -4.8M | -8.24M | -17.47M | -14.99M | -10.53M | -9.41M | -5.29M | -4.08M | -6.96M | -8.32M | -41.73M | -18.4M | -45.96M | -37.06M | -59.03M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -98.07% | -953.19% | -10832.11% |
| Operating CF Growth % | -773.72% | -52.51% | -430.03% | 41.84% | -142.87% | -60.9% | 41.76% | 52.82% | -16.58% | -42.27% | -11.99% | -77.87% | -29.67% | 41.4% | 16.4% | 80.05% | -126.76% | 59.96% | -24.01% | 37.22% | - |
| Net Income | -116.25M | -105.43M | -83.72M | -9.93M | -19.32M | -9.74M | -5.48M | -7.93M | -18.49M | -16.44M | -11.45M | -9.69M | -6.94M | -4.32M | -5.36M | -8.42M | -9.14M | -19.43M | -12.3M | -132.78M | -71.61M |
| Depreciation & Amortization | 110K | 83K | 27K | 114K | 91K | 93K | 89K | 22K | 27K | 24K | 19K | 12K | 26K | 43K | 602K | 338K | 457K | 220K | 2.34M | 3.18M | 2.67M |
| Stock-Based Compensation | 5.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.28M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 15.57M | 19.7M | 14.27M | 561K | 497K | 43K | 151K | 275K | 906K | 1.03M | 788K | 714K | 283K | 306K | -1.68M | 191K | -17.63M | 670K | 12.55M | 38.76M | -33K |
| Working Capital Changes | 4.58M | -2.56M | 11.59M | -1.66M | -28K | 1.88M | 441K | -608K | 85K | 400K | 104K | -443K | 1.34M | -107K | -521K | -433K | -13.13M | 140K | -48.55M | 53.77M | 9.94M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.97M | -7.35M | -1.07M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 360K |
| Change in Payables | 1.88M | 693K | 3.46M | -783K | -411K | 1.1M | 188K | -392K | -583K | 0 | 0 | 0 | 532K | -195K | -128K | -145K | -2.46M | -865K | -4.27M | 2.11M | 1.81M |
| Cash from Investing | -154.05M | -96.75M | -330.13M | -2K | -43K | -19K | -4K | 3.05M | 12.93M | -16.41M | -11K | -19K | -32K | 0 | 2.01M | 265K | 45.63M | -2.52M | 21.09M | -62.06M | -1.18M |
| Capital Expenditures | -269K | -209K | -189K | -2K | -43K | -19K | -4K | -4K | -3K | -12K | -11K | -19K | -32K | 0 | -19K | -4K | -185K | -1.34M | -381K | -2.44M | -2.57M |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.81% | 62.81% | 471.56% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25K | 6K | 322K | 5K | 136K | 540K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -122.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 0 | 0 | -1.19M | -6M | 0 | 0 |
| Cash from Financing | 210.91M | 170.31M | 449.54M | 0 | 23.09M | 48.45M | 6.56M | 3.1M | 5.85M | 0 | 33.99M | 8.02M | 19.16M | 1.05M | 3.87M | 7.32M | -3.89M | 12.8M | -3.4M | 121.69M | 81.16M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -408K | -349K | 0 | 0 | 0 | 0 | 0 | -174K | -134K | 0 | 0 | -4M | 12.75M | -3.83M | -5.59M | -3.38M |
| Equity Issued (Net) | 41.01M | 170.31M | 449.54M | 0 | 23.09M | 48.86M | 6.91M | 3.42M | 6.1M | 0 | 34.19M | 8.2M | 19.33M | 1.19M | 4.02M | 7.66M | 114K | 54K | 426K | 130.04M | 84.35M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 169.91M | 0 | 0 | 0 | 0 | 0 | 0 | -311K | -256K | 0 | -193K | -179K | 0 | 0 | -146K | -338K | 0 | 0 | 0 | -2.75M | 191K |
| Net Change in Cash | -34.05M | -14.64M | 24.14M | -10.91M | 4.29M | 40.71M | 1.75M | -2.09M | 1.3M | -31.4M | 23.45M | -1.4M | 13.84M | -3.02M | -1.08M | -738K | 23K | -24.32M | -28.27M | 22.57M | 37.76M |
| Free Cash Flow | -91.19M | -88.42M | -58.03M | -10.91M | -18.8M | -7.74M | -4.8M | -8.25M | -17.48M | -15M | -10.54M | -9.43M | -5.32M | -4.08M | -6.98M | -8.33M | -41.91M | -19.75M | -46.34M | -39.5M | -61.6M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -98.89% | -1016% | -11303.67% |
| FCF Growth % | -17.84% | -52.38% | -431.67% | 41.96% | -142.83% | -61.17% | 41.74% | 52.8% | -16.51% | -42.24% | -11.88% | -77.16% | -30.46% | 41.56% | 16.21% | 80.13% | -112.26% | 57.39% | -17.31% | 35.88% | - |
| FCF per Share | -1.65 | -1.94 | -3.46 | -0.76 | -1.35 | -1.64 | -43.64 | -128.64 | -361.85 | -357.31 | -362.16 | -695.11 | -932.19 | -2774.15 | -6309.22 | -8881.82 | -53609.64 | -999999.00 | -157646.26 | -139302.30 | -270782.02 |
| FCF Conversion (FCF/Net Income) | 0.78x | 0.84x | 0.69x | 1.10x | 0.97x | 0.79x | 0.88x | 1.04x | 0.94x | 0.91x | 0.92x | 0.97x | 0.76x | 0.94x | 1.30x | 0.99x | 4.57x | 0.95x | 3.74x | 0.28x | 0.82x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical development funding gap
As reported in financial statements, Oruka Therapeutics exhibits a persistent gap between net losses and operating cash outflows, with the OCF/NI ratio fluctuating significantly from 0.08 in 2024Q1 to 0.74 in 2026Q1, suggesting that non-cash charges and working capital movements heavily influence the reported burn rate.
The divergence between net income and operating cash flow indicates that the company's accounting losses are not perfectly aligned with actual cash depletion. Investors should monitor whether this volatility in conversion ratios reflects genuine operational efficiency or merely the timing of clinical trial payments and accruals.
Based on recent quarterly filings, the company's free cash flow trajectory remains deeply negative, with outflows reaching $23.7 million in 2026Q1, underscoring the structural reliance on external financing to sustain the development of its lead antibody candidates in the absence of any commercial revenue streams.
The consistent negative free cash flow is a hallmark of the pre-revenue biotechnology model, where capital is consumed rapidly to fund clinical milestones. The lack of a clear path to positive cash flow suggests that the company remains entirely dependent on capital market sentiment to continue operations.
According to historical data, working capital changes have frequently provided a temporary offset to cash burn, such as the $1.5 million inflow recorded in 2026Q1, which may indicate the strategic management of payables to preserve liquidity during intensive phases of clinical trial execution and site management.
While working capital adjustments can provide short-term relief, they do not represent sustainable cash generation. The reliance on these fluctuations warrants further investigation to determine if the company is deferring necessary vendor payments to manage its limited cash runway.
As evidenced by the $5.1 million in stock-based compensation recorded in 2025Q2, Oruka Therapeutics utilizes non-cash equity incentives to manage its cost structure, which effectively obscures the true economic cost of retaining specialized scientific talent required for the development of its half-life extension technology platform.
The use of stock-based compensation is a common practice in the biotech sector, yet it represents a real dilution risk to shareholders that is not captured in standard cash flow metrics. Analysts should adjust for these non-cash expenses to better understand the true underlying burn rate of the business.
Quick answers to the most common questions about buying ORKA stock.
Oruka Therapeutics, Inc. (ORKA) generated $-88.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Oruka Therapeutics, Inc. (ORKA) reported negative free cash flow of $88.4M in 2025, indicating capital requirements exceeded cash from operations.
Oruka Therapeutics, Inc. (ORKA) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.