Oruka Therapeutics, Inc. emerged in 2024 from a merger and focuses on monoclonal antibodies for psoriasis and related inflammatory diseases. Despite no revenues as of 2025 year-end, it advanced lead candidates ORKA-001 and ORKA-002 through Phase 2 development leveraging proprietary half-life extension technologies. Operating losses deepened to $122 million in 2025 with negative cash flows reflective of ongoing clinical investments and limited capital returns. Key risks include regulatory uncertainties, competitive pressures, and sustained capital needs as the company aims to demonstrate clinical proof points while preparing for potential commercialization.