Oruka Therapeutics, Inc.
For the period ended Sep 30, 2025. Filed Nov 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 12, 2025
ORKA$109.50+4.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, 2025 | Period from February 6, 2024 (inception) to September 30, 2024 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | $(75,850) | $(57,943) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 20,125 | 9,769 |
| Net accretion of premiums and discounts on marketable securities | (4,340) | — |
| Non-cash interest expense | — | 1,468 |
| Non-cash lease expense | 319 | 65 |
| Depreciation expense | 55 | 11 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (3,167) | (1,980) |
| Other non-current assets | (60) | (43) |
| Accounts payable | (1,254) | 1,621 |
| Accrued expenses and other current liabilities | 5,038 | 1,650 |
| Operating lease liability | (468) | 6 |
| Related party accounts payable and other current liabilities | (6,014) | 6,357 |
| Net cash used in operating activities | (65,616) | (39,019) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (146) | (171) |
| Purchases of marketable securities | (419,972) | — |
| Proceeds from maturities of marketable securities | 345,395 | — |
| Net cash used in investing activities | (74,723) | (171) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of Pre-Merger Oruka Series A Preferred Stock, net of issuance costs paid | — | 2,931 |
| Proceeds from issuance of notes payable to related party, net of issuance costs paid | — | 24,980 |
| Proceeds from the Pre-Closing Financing, net | — | 228,127 |
| Proceeds from the PIPE Financings, net | 169,908 | 189,087 |
| Cash acquired in connection with the reverse recapitalization | — | 4,940 |
| Proceeds from issuance of common stock | 109 | — |
| Net cash provided by financing activities | 170,017 | 450,065 |
| Net increase in cash and cash equivalents | 29,678 | 410,875 |
| Cash and cash equivalents at beginning of period | 61,575 | — |
| Cash and cash equivalents at end of period | $91,253 | $410,875 |
| Supplemental disclosures of non-cash operating and financing activities: | ||
| Operating lease liability arising from obtaining operating right-of-use asset | $1,412 | $982 |
| Assets acquired in connection with the reverse recapitalization | $— | $114 |
| Other liabilities assumed in connection with the reverse recapitalization | $— | $(54) |
| Pre-Closing Financing and reverse recapitalization issuance costs included in accounts payable | $— | $150 |
| PIPE Financing issuance costs included in accounts payable | $— | $374 |
| PIPE Financing issuance costs included in accrued expenses and other current liabilities | $264 | $6 |
| Non-cash accrued interest on convertible note converted to common stock | $— | $1,468 |
| Non-cash exchange of Pre-Merger Oruka Series A Preferred Stock for Company Series B Convertible Preferred Stock | $— | $2,931 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.