Oruka completed enrollment in the Phase 2 EVERLAST-A trial of ORKA-001 in December 2025 and now expects Week 16 data in 2Q 2026, with Week 28 and 52-week follow-up results due in the second half of 2026. EVERLAST-B dosing began in December 2025 with data anticipated in 2027 to support a Phase 3 program. The company initiated its ORCA-SURGE Phase 2 study of ORKA-002 in February 2026, targeting PASI 100 at Week 16 and exploring twice-yearly maintenance dosing, with results expected in 2027, and plans a hidradenitis suppurativa Phase 2 trial in H2 2026.

As of December 31, 2025, Oruka held $479.6 million in cash, cash equivalents and marketable securities. The company reported a fourth-quarter net loss of $29.6 million and a full-year net loss of $105.4 million, with R&D expenses of $27.6 million in Q4 and $100.6 million for the full year, and G&A expenses of $6.8 million in Q4 and $21.4 million for the full year.

In December 2025, Oruka added Chris Martin to its board of directors, bringing commercial and business development expertise to support its upcoming clinical milestones and potential commercialization strategies.