The company remains pre-revenue with operating losses escalating to $36.4 million in 2026Q1, driven by R&D expenditures that have climbed to $29.1 million per quarter.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46.86M | 3.89M | 545K |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -100% | 1105.27% | 613.39% | - |
| Cost of Goods Sold | 71K | 83K | 27K | 114K | 91K | 93K | 89K | 22K | 27K | 24K | 19K | 12K | 26K | 43K | 2.92M | 338K | 0 | 0 | 2.34M | 3.18M | 57.78M |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 5% | 81.84% | 10601.47% |
| Gross Profit | -71K | -83K | -27K | -114K | -91K | -93K | -89K | -22K | -27K | -24K | -19K | -12K | -26K | -43K | -2.92M | -338K | 0 | 0 | 44.52M | 706K | -57.23M |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 95% | 18.16% | -10501.47% |
| Gross Profit Growth % | - | -207.41% | 76.32% | -25.27% | 2.15% | -4.49% | -304.55% | 18.52% | -12.5% | -26.32% | -58.33% | 53.85% | 39.53% | 98.53% | -763.02% | - | - | -100% | 6205.67% | 101.23% | - |
| Operating Expenses | 133.33M | 121.97M | 88.1M | 9.73M | 19.24M | 9.67M | 5.72M | 8.1M | 18.68M | 16.59M | 11.44M | 9.68M | 6.91M | 4.28M | 4.44M | 8.84M | 22.39M | 19.27M | 61.07M | 141.28M | 15.8M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 130.33% | 3633.74% | 2900% |
| Selling, General & Admin | 23.47M | 21.33M | 13.04M | 5.26M | 5.41M | 4.68M | 3.89M | 3.86M | 4.61M | 4.24M | 4.37M | 4.06M | 3.99M | 3.18M | 4.44M | 5.73M | 12.38M | 8.25M | 18.42M | 27.45M | 15.8M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 39.31% | 706.02% | 2900% |
| Research & Development | 109.86M | 100.64M | 75.06M | 4.46M | 13.83M | 4.99M | 1.83M | 4.24M | 14.08M | 12.35M | 7.06M | 5.63M | 2.93M | 1.09M | 0 | 3.11M | 10.01M | 11.03M | 42.65M | 89.37M | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 91.02% | 2298.61% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.46M | 0 |
| Operating Income | -133.4M | -122.05M | -88.12M | -9.84M | -19.34M | -9.77M | -5.81M | -8.12M | -18.71M | -16.61M | -11.46M | -9.69M | -6.94M | -4.32M | -7.36M | -9.18M | -22.85M | -19.49M | -16.55M | -140.57M | -73.04M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -35.33% | -3615.59% | -13401.47% |
| Operating Income Growth % | - | -38.5% | -795.47% | 49.1% | -97.98% | -67.97% | 28.38% | 56.62% | -12.63% | -45.03% | -18.18% | -39.67% | -60.69% | 41.33% | 19.77% | 59.85% | -17.22% | -17.75% | 88.22% | -92.47% | - |
| EBITDA | -133.29M | -121.97M | -88.1M | -9.73M | -19.24M | -9.67M | -5.72M | -8.1M | -18.68M | -16.59M | -11.44M | -9.68M | -6.91M | -4.28M | -6.76M | -8.84M | -22.39M | -19.27M | -14.21M | -137.39M | -70.37M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -30.33% | -3533.74% | -12911.93% |
| EBITDA Growth % | -17.18% | -38.45% | -805.69% | 49.45% | -98.95% | -68.96% | 29.29% | 56.67% | -12.63% | -45.06% | -18.13% | -40.02% | -61.69% | 36.74% | 23.51% | 60.54% | -16.19% | -35.61% | 89.66% | -95.24% | - |
| D&A (Non-Cash Add-back) | 110K | 83K | 27K | 114K | 91K | 93K | 89K | 22K | 27K | 24K | 19K | 12K | 26K | 43K | 602K | 338K | 457K | 220K | 2.34M | 3.18M | 2.67M |
| EBIT | -125.72M | -122.05M | -82.26M | -9.93M | -19.32M | -9.74M | -5.64M | -7.96M | -18.55M | -16.44M | -11.45M | -9.69M | -6.94M | -4.32M | -5.36M | -8.41M | -11.23M | -19.25M | -12.2M | -132.19M | -70.33M |
| Net Interest Income | 17.14M | 16.63M | 4.39M | 675K | 0 | -9K | -7K | 0 | 0 | 169K | 14K | 7K | 5K | -1K | -3K | 755K | 32K | 62K | 6.59M | 7.8M | 1.43M |
| Interest Income | 17.14M | 16.63M | 5.86M | 675K | 0 | 0 | 0 | 0 | 0 | 169K | 14K | 7K | 5K | 2K | 2K | 763K | 217K | 240K | 6.69M | 8.38M | 2.43M |
| Interest Expense | 0 | 0 | 1.47M | 0 | 0 | 9K | 7K | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 5K | 8K | 185K | 178K | 103K | 588K | 1M |
| Other Income/Expense | 17.14M | 16.62M | 4.4M | -85K | 13K | 19K | 165K | 154K | 161K | 169K | 10K | 4K | 1K | -1K | 2M | 755K | 11.43M | 62K | 4.25M | 7.8M | 1.43M |
| Pretax Income | -116.25M | -105.43M | -83.72M | -9.93M | -19.32M | -9.75M | -5.65M | -7.96M | -18.55M | -16.44M | -11.45M | -9.69M | -6.94M | -4.32M | -5.36M | -8.42M | -11.42M | -19.43M | -12.3M | -132.78M | -71.61M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -26.25% | -3415.05% | -13139.63% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -9K | -167K | -31K | -61K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.28M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0.09% | 2.96% | 0.39% | 0.33% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 19.98% | 0% | 0% | 0% | 0% |
| 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 |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -26.25% | -3415.05% | -13139.63% |
| Net Income Growth % | -10.45% | -25.93% | -743.48% | 48.63% | -98.42% | -77.64% | 30.9% | 57.1% | -12.44% | -43.68% | -18.12% | -39.63% | -60.62% | 19.46% | 36.29% | 7.86% | 52.97% | -57.96% | 90.74% | -85.41% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.11 | -2.31 | -4.99 | -8.27 | -16.68 | -8.40 | -49.79 | -123.73 | -382.87 | -390.96 | -393.12 | -710.64 | -1572.48 | -2933.25 | -4808.16 | -8981.28 | -12882.00 | -999999.00 | -41731.00 | -468115.00 | -313891.00 |
| EPS Growth % | 54.48% | 53.71% | 39.66% | 50.42% | -98.57% | 83.13% | 59.76% | 67.68% | 2.07% | 0.55% | 44.68% | 54.81% | 46.39% | 38.99% | 46.46% | 30.28% | 99.72% | -11082.66% | 91.09% | -49.13% | - |
| EPS (Basic) | - | -2.31 | -4.99 | -8.27 | -16.68 | -8.40 | -49.79 | -123.73 | -382.87 | -390.96 | -393.12 | -710.64 | -1572.48 | -2933.25 | -4808.16 | -8981.28 | -12882.00 | -999999.00 | -41731.00 | -468115.00 | -313891.00 |
| Diluted Shares Outstanding | 55.17M | 45.61M | 16.79M | 14.41M | 13.9M | 4.71M | 110.1K | 64.11K | 48.29K | 41.98K | 29.12K | 13.56K | 5.71K | 1.47K | 1.11K | 938 | 782 | 4 | 294 | 284 | 228 |
| Basic Shares Outstanding | 55.17M | 45.61M | 16.79M | 14.41M | 13.9M | 4.71M | 110.1K | 64.11K | 48.29K | 41.98K | 29.12K | 13.56K | 5.71K | 1.47K | 1.11K | 938 | 782 | 4 | 294 | 284 | 228 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical development funding gap
As reported in recent financial statements, Oruka Therapeutics has seen R&D expenses climb to $29.1 million in 2026Q1, reflecting the intensive capital requirements of advancing its lead antibody candidates through clinical trials while maintaining a high-cost structure typical of early-stage, pre-revenue biotechnology firms.
The company's cost structure is almost entirely dominated by R&D, which has scaled significantly from the $2.2 million reported in 2022Q1. This trajectory suggests that management is prioritizing rapid clinical progression, though it places immense pressure on the company's limited liquidity position.
Based on the company's income statement data, operating losses have widened to $36.4 million in 2026Q1, indicating that the firm lacks the revenue base to offset its rising overhead and clinical trial costs, thereby preventing any meaningful operating leverage at this stage of development.
The absence of revenue means that every dollar of SG&A and R&D directly expands the operating deficit. Investors should monitor whether the current administrative overhead remains proportional to the clinical milestones achieved, as the current burn rate appears to be accelerating faster than the underlying asset development.
According to historical filings, Oruka Therapeutics has utilized stock-based compensation, such as the $5.1 million recorded in 2025Q2, to manage its talent costs, which complicates the assessment of true economic losses and masks the actual cash requirements needed to sustain operations.
The reliance on non-cash compensation suggests a strategy to preserve cash for clinical execution, yet it dilutes existing shareholders and complicates the interpretation of net income. Analysts should adjust for these non-cash charges to better understand the underlying cash burn rate required to reach the next data readout.
Data from the most recent quarterly reports suggests that with operating losses consistently exceeding $30 million per quarter, the company's reported cash position of $46.9 million appears insufficient to support long-term clinical development without immediate and potentially dilutive capital market intervention.
The current burn rate implies a very narrow window of operational independence, which may force management to prioritize short-term clinical milestones over long-term value creation. This vulnerability warrants investigation into the timing and terms of future financing rounds, as the current trajectory is unsustainable without external capital.
Quick answers to the most common questions about buying ORKA stock.
For fiscal year 2025, Oruka Therapeutics, Inc. (ORKA) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.5M in 2005.
Oruka Therapeutics, Inc. (ORKA) reported a net loss of $105.4M for the fiscal year ending 2025.