Oruka Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
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FY2025 · Filed Mar 12, 2026
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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Item 8. Consolidated Statement of Cash Flows
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
| Year Ended December 31, 2025 | Period from February 6, 2024 (inception) to December 31, 2024 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | $(105,433) | $(83,724) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 24,240 | 14,919 |
| Net accretion of premiums and discounts on marketable securities | (5,003) | (2,245) |
| Non-cash interest expense | — | 1,468 |
| Non-cash lease expense | 458 | 127 |
| Depreciation expense | 83 | 27 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (3,972) | (1,128) |
| Other non-current assets | (60) | (43) |
| Accounts payable | 693 | 3,462 |
| Accrued expenses and other current liabilities | 7,245 | 3,292 |
| Operating lease liability | (448) | (14) |
| Related party accounts payable and other current liabilities | (6,013) | 6,022 |
| Net cash used in operating activities | (88,210) | (57,837) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (209) | (189) |
| Purchases of marketable securities | (520,959) | (329,938) |
| Proceeds from maturities of marketable securities | 424,423 | — |
| Net cash used in investing activities | (96,745) | (330,127) |
| 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 | — | 227,953 |
| Proceeds from the PIPE Financings, net | 169,644 | 188,681 |
| Cash acquired in connection with the reverse recapitalization | — | 4,940 |
| Proceeds from issuance of common stock upon exercise of stock options and employee warrants and purchases under employee stock purchase plan | 671 | 54 |
| Net cash provided by financing activities | 170,315 | 449,539 |
| Net (decrease) increase in cash and cash equivalents | (14,640) | 61,575 |
| Cash and cash equivalents at beginning of period | 61,575 | — |
| Cash and cash equivalents at end of period | $46,935 | $61,575 |
| 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) |
| 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 |
| Conversion of Series A non-voting convertible preferred stock to common stock | $— | $52,834 |
| Reclassification of the Paruka warrant from liability to equity | $10,065 | $10,357 |
The accompanying notes are an integral part of these consolidated financial statements
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