Oruka Therapeutics, Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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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, 2026 · Filed Nov 9, 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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Condensed Consolidated Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, 2026 | Nine Months Ended September 30, 2025 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | $(122,991) | $(75,850) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Stock-based compensation expense | 23,383 | 20,125 |
| Net accretion of premiums and discounts on marketable securities | (3,380) | (4,340) |
| Non-cash lease expense | 463 | 319 |
| Depreciation expense | 135 | 55 |
| Changes in operating assets and liabilities: | ||
| Prepaid expenses and other current assets | (14,403) | (3,167) |
| Other non-current assets | (25) | (60) |
| Accounts payable | 10,222 | (1,254) |
| Accrued expenses and other current liabilities | 5,925 | 5,038 |
| Operating lease liability | (419) | (468) |
| Related party accounts payable and other current liabilities | 41 | (6,014) |
| Net cash used in operating activities | (101,049) | (65,616) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (156) | (146) |
| Purchases of marketable securities | (910,886) | (419,972) |
| Proceeds from maturities of marketable securities | 326,259 | 345,395 |
| Net cash used in investing activities | (584,783) | (74,723) |
| Cash flows from financing activities: | ||
| Proceeds from April 2026 Offering, net of offering costs | 658,336 | — |
| Proceeds from at-the-market offering, net of commissions | 161,385 | — |
| Proceeds from issuance of common stock upon exercise of stock options and employee warrants | 10,358 | — |
| Proceeds from issuance of common stock under employee stock purchase plan | 337 | 109 |
| Proceeds from the 2025 PIPE Financing, net of issuance costs | — | 169,908 |
| Net cash provided by financing activities | 830,416 | 170,017 |
| Net increase in cash and cash equivalents | 144,584 | 29,678 |
| Cash and cash equivalents at beginning of period | 46,935 | 61,575 |
| Cash and cash equivalents at end of period | $191,519 | $91,253 |
| Supplemental disclosures of non-cash activities: | ||
| Operating lease liability arising from obtaining operating right-of-use asset | $1,419 | $1,412 |
| 2025 PIPE Financing issuance costs included in accrued expenses and other current liabilities | $— | $264 |
| Conversion of Series B preferred stock into common stock | $911 | $— |
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