ORKA

Oruka is a clinical-stage biopharmaceutical company with zero product revenue since inception in February 2024, per the MD&A. The entire investment case rests on two unapproved monoclonal antibody candidates — ORKA-001 (IL-23p19) and ORKA-002 (IL-17A/F) — targeting psoriasis and other I&I indications. The company explicitly states it 'do[es] not have any products approved for sale and ha[s] not generated any revenue from product sales,' and warns it will 'continue to incur substantial losses for the foreseeable future.' This is not a stock you value on fundamentals; it is a venture-stage bet trading on the public market.

The FY2025 numbers underscore the burn: net loss of $105M, operating loss of $122M, operating cash outflow of $88.2M, and R&D expense that exploded from roughly $1M to $101M YoY as programs ramped. Accumulated deficit sits at $189M. On the asset side, the company reports $479.6M in cash, cash equivalents, and marketable securities (vs. only $46.9M classified as cash & equivalents on the XBRL line) and management states this is 'sufficient to fund our operating plans for at least twelve months' — meaning runway likely extends ~4-5 years at current burn, but dilution risk is real (shares outstanding already +32.3% YoY to 49.5M). Liabilities-to-equity of 0.04x is reassuring on solvency, but solvency is not the question for a pre-clinical-data biotech.