Oruka Therapeutics
ORKA on Nasdaq. Pharmaceutical preparations. Market value $5.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-1.91 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$80.18 a share, 303% above its 1-year low
Over the past year the price has ranged from $19.89 to $115.52.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $0 | $0 | $0 | $0 | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.01bn | 0.01bn | 0.01bn | 0.03bn | 0.07bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 359% more shares since 2020
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $41 million, compared with a loss of $25 million a year ago.
| Quarter to | Amount |
|---|---|
| June 2024 | -$22m |
| September 2024 | -$29m |
| March 2025 | -$21m |
| June 2025 | -$25m |
| September 2025 | -$30m |
| December 2025 | -$30m |
| March 2026 | -$32m |
| June 2026 | -$41m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 12 March 2026
- Next quarterly (estimated, 10-Q)
- 9 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 256 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Viking Global InvestorsAndreas Halvorsen | $143m | 0.4% | Cut |
Largest holders overall
- FMR$862mAdded
- BlackRock$475mAdded
- Venrock Adviser$395m
- Fairmount Funds Management$353m
- Capital World Investors$324mNew
- RTW Investments, LP$299mAdded
- State Street$254mAdded
- Vanguard Capital Management$225mAdded
- Paradigm Biocapital Advisors LP$204mCut
- Deep Track Capital, LP$183mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
9 investors own more than 5%.
- Harwin Peter EvanPassive investorat least 19.5%−0.5 pts(filed with 4 related holders)Since 1 July 2026
- Venrock Healthcare Capital Partners III, L.P.Passive investorat least 7.4%−2.5 pts(filed with 6 related holders)Since 30 June 2026
- BlackRock, Inc.Passive investor6.6%+2.1 ptsSince 31 December 2025
- Capital World InvestorsPassive investor5.6%Since 30 June 2026
- Ott David C.Passive investor5.5%Since 17 September 2025
- RTW Investments, LPPassive investorat least 5.2%+0.9 pts(filed with 1 related holder)Since 30 June 2026
- Roderick Wong, M.D.Passive investor5.2%Since 31 March 2025
- Deep Track Capital, LPPassive investorat least 4.5%−0.6 pts(filed with 3 related holders)Since 31 December 2025
- Viking Global InvestorsPassive investorat least 2.5%−2.8 pts(filed with 9 related holders)Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Harwin Peter Evan Passive investor | at least 19.5%−0.5 pts (filed with 4 related holders) | 1 July 2026 | |
Venrock Healthcare Capital Partners III, L.P. Passive investor | at least 7.4%−2.5 pts (filed with 6 related holders) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 6.6%+2.1 pts | 31 December 2025 | |
Capital World Investors Passive investor | 5.6% | 30 June 2026 | |
Ott David C. Passive investor | 5.5% | 17 September 2025 | |
RTW Investments, LP Passive investor | at least 5.2%+0.9 pts (filed with 1 related holder) | 30 June 2026 | |
Roderick Wong, M.D. Passive investor | 5.2% | 31 March 2025 | |
Deep Track Capital, LP Passive investor | at least 4.5%−0.6 pts (filed with 3 related holders) | 31 December 2025 | |
Viking Global Investors Passive investor | at least 2.5%−2.8 pts (filed with 9 related holders) | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 7 sold $336m, $35m of it under preset trading plans.
- Klein Lawrence OttoChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 25,000
- Price
- $83.62
- Value
- $2m
- Agarwal ArjunSenior Vice President, FinanceSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 533
- Price
- $95.75
- Value
- $51,035
- Quinlan Paul TGeneral CounselSoldunder a preset trading plan
- Date
- 21 September 2026
- Shares
- 10,000
- Price
- $93.64
- Value
- $936,417
- Goncalves JoanaChief Medical OfficerSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 7,947
- Price
- $92.38
- Value
- $734,145
- Agarwal ArjunSenior Vice President, FinanceSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 560
- Price
- $95.71
- Value
- $53,598
- Klein Lawrence OttoChief Executive Officer, DirectorSold
- Date
- 15 September 2026
- Shares
- 2,452
- Price
- $95.71
- Value
- $234,681
- Quinlan Paul TGeneral CounselSold
- Date
- 15 September 2026
- Shares
- 1,039
- Price
- $95.71
- Value
- $99,443
- Sandler Laura LeeChief Operating OfficerSold
- Date
- 15 September 2026
- Shares
- 906
- Price
- $95.71
- Value
- $86,713
- Agarwal ArjunSenior Vice President, FinanceSoldunder a preset trading plan
- Date
- 11 September 2026
- Shares
- 9,459
- Price
- $92.23
- Value
- $872,413
- Sandler Laura LeeChief Operating OfficerSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 5,000
- Price
- $91.82
- Value
- $459,101
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Klein Lawrence Otto Chief Executive Officer, Director | Sold under a preset trading plan | 25,000 | $83.62 | $2m |
| 21 September 2026 | Agarwal Arjun Senior Vice President, Finance | Sold under a preset trading plan | 533 | $95.75 | $51,035 |
| 21 September 2026 | Quinlan Paul T General Counsel | Sold under a preset trading plan | 10,000 | $93.64 | $936,417 |
| 15 September 2026 | Goncalves Joana Chief Medical Officer | Sold under a preset trading plan | 7,947 | $92.38 | $734,145 |
| 15 September 2026 | Agarwal Arjun Senior Vice President, Finance | Sold under a preset trading plan | 560 | $95.71 | $53,598 |
| 15 September 2026 | Klein Lawrence Otto Chief Executive Officer, Director | Sold | 2,452 | $95.71 | $234,681 |
| 15 September 2026 | Quinlan Paul T General Counsel | Sold | 1,039 | $95.71 | $99,443 |
| 15 September 2026 | Sandler Laura Lee Chief Operating Officer | Sold | 906 | $95.71 | $86,713 |
| 11 September 2026 | Agarwal Arjun Senior Vice President, Finance | Sold under a preset trading plan | 9,459 | $92.23 | $872,413 |
| 1 September 2026 | Sandler Laura Lee Chief Operating Officer | Sold under a preset trading plan | 5,000 | $91.82 | $459,101 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Mar 2026, plus the 10-Q filed 10 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.