Oruka Therapeutics, Inc. · NASDAQ:ORKA

Oruka Therapeutics — Investor Presentation (October 2026)

28 slides from Oruka Therapeutics's investor presentation, October 2026

  1. Slide 1: Corporate Overview

    Corporate Overview NASDAQ: ORKA October 2026 ©2026 ORUKA THERAPEUTICS

  2. Slide 2: Disclaimers

    Disclaimers The information contained in this presentation has been prepared by Oruka Therapeutics, Inc. (the “Company”) and pertains to the business and operations of the Company. The information: (a) is provided as of the date hereof, is subject to change without notice, and is based on publicly a

  3. Slide 3: Oruka has the definitive pipeline in psoriatic disease and beyond

    Oruka has the definitive pipeline in psoriatic disease and beyond Our goal Our pipeline Help patients with PROGRAM PRECLINICAL PHASE 1 PHASE 2 PHASE 3 UPCOMING DATA chronic skin conditions experience the greatest possible freedom from Initiation EVERLAST-A EVERLAST-B ORKA-001 IL-23p19 PsO 1H27 Week

  4. Slide 4: PsO is a $30B+ market where better biologics consistently win

    PsO is a $30B+ market where better biologics consistently win 0 $31B market today for biologics and other advanced therapies, expected to grow to $39B by 20301 0 Bimzelx launch (~$1.4B in PsO alone in 2nd year) shows that better biologics continue to win, even when launched by a non-incumbent 0 New

  5. Slide 5: Two co-lead programs aim to set a new standard in psoriasis

    Two co-lead programs aim to set a new standard in psoriasis ORKA-001 ORKA-002 Ultra-long-acting IL-23p19 mAb Ultra-long-acting IL-17A/F mAb Efficacy profile potentially First long-acting IL-17A/F in best-in-indication new mega-blockbuster class Potential for annual dosing Potential for Q6M dosing in

  6. Slide 6: ORKA-001: Ultra-long-acting anti-IL-23p19

    ORKA-001: Ultra-long-acting anti-IL-23p19

  7. Slide 7: ORKA-001 could offer unprecedented efficacy in an annual IL-23

    ORKA-001 could offer unprecedented efficacy in an annual IL-23 Very high complete skin clearance rates ~63% PASI 100 and ~84% PASI 90 pooled Week 16 rates at 600 mg in two independent trials, +20pp PASI 100 and +10pp PASI 90 vs. leading IL-23s by cross-trial comparison Potential for annual dosing Re

  8. Slide 8: The EVERLAST Phase 2 program was designed to provide a robust test

    The EVERLAST Phase 2 program was designed to provide a robust test of ORKA-001’s potential Proof-of-concept trial testing a single Dose-ranging trial designed to enable P H AS E 2 a P H AS E 2 b dose level of ORKA-001 vs. placebo dose selection for Phase 3 N=84 N=187 <30% 26 sites across the U.S. an

  9. Slide 9: EVERLAST Phase 2 program has an innovative design

    EVERLAST Phase 2 program has an innovative design R 3:1 Primary endpoint: NCT07090330 R 1:1:1:1 Primary endpoint: NCT07290569 N=84 PASI 100 at Week 16 N=187 PASI 100 at Week 16 Placebo Placebo No dose until disease recurrence No dose until disease recurrence Planned Phase 3 dose Planned Phase 3 dose

  10. Slide 10: Very high and consistent responses across EVERLAST-A and -B

    Very high and consistent responses across EVERLAST-A and -B Response rate at Week 16 94% 95% 86% 84% 86% 83% 63% 61% PASI 100 PASI 90 PASI 75 IGA 0/1 600 mg ORKA-001 600 mg ORKA-001 N=63 N=46 Notes: (1) Identical IGA 0 results ©2026 Oruka Therapeutics 10

  11. Slide 11: Very consistent response trajectories across EVERLAST-A and -B

    Very consistent response trajectories across EVERLAST-A and -B PASI 100 PASI 90 100 100 84% 80 80 63% PASI 100 (%) PASI 90 (%) 60 60 40 40 20 20 0 0 0 4 8 12 16 0 4 8 12 16 Weeks Weeks 600 mg ORKA-001 Placebo Weighted average EVERLAST-A EVERLAST-B Weighted average N=109 N=63 N=46 N=68 ©2026 Oruka Th

  12. Slide 12: Leading efficacy potential in an ultra-long-acting IL-23 inhibitor

    Leading efficacy potential in an ultra-long-acting IL-23 inhibitor PASI 100 (Week 16) PASI 90 (Week 16) 75 100 63% 84% 75 50 73% PASI 100 (%) PASI 90 (%) 73% 50 43% 53% 40% 25 30% 25 0 0 ORKA-001 Skyrizi Tremfya Icotyde Once or twice a year1 Every 12 weeks Every 8 weeks Every day Notes: Bars show we

  13. Slide 13: Responses maintained and deepened ~6 months after last dose

    Responses maintained and deepened ~6 months after last dose PASI 100 PASI 90 100 100 87% 80 71% 80 PASI 100 (%) PASI 90 (%) 60 60 40 40 20 20 0 0 0 4 8 12 16 20 24 28 0 4 8 12 16 20 24 28 Weeks Weeks 600 mg ORKA-001 Placebo crossover Placebo crossovers show similar N=63 N=201 response rates to initi

  14. Slide 14: ORKA-001 Phase 1 PK/PD supports annual dosing

    ORKA-001 Phase 1 PK/PD supports annual dosing PK: ORKA-001 continues to show ~100-day PD: Sustained STAT3 inhibition for a year half-life and no evidence of ADAs after a single dose of ORKA-001 1000 3000 Single 600 mg dose 3000 maintains ORKA-001 3000 levels well above effective 2500 Mean pSTAT3 (RL

  15. Slide 15: ORKA-001 could enable off-treatment remission for the first time

    ORKA-001 could enable off-treatment remission for the first time Robust IL-23 inhibition could create an “immune reset” …potentially resulting in longer-term responses that in PsO by depleting pathogenic TRMs… exceed those seen with prior IL-23 inhibitors TRMs returned to non-lesional levels in KNOC

  16. Slide 16: Favorable safety profile consistent with the IL-23p19 class

    Favorable safety profile consistent with the IL-23p19 class ORKA-001 ORKA-001 Week 0-16 Placebo Placebo All ORKA-001 600 mg 600 mg N 21 63 47 46 140 Patients reporting ≥1 TEAE, n (%) 12 (57%) 32 (51%) 20 (43%) 18 (39%) 68 (49%) Patients reporting ≥1 serious TEAE, n (%) - - 2 (4%) - 3 (2%) Patients r

  17. Slide 17: Advancing rapidly towards Phase 3 and additional readouts

    Advancing rapidly towards Phase 3 and additional readouts TRIAL READOUT TRIAL START TRIAL READOUT Phase 3 December 2026 1H 2027 2H 2027 Week 52 data Initiation planned Week 52 data ©2026 Oruka Therapeutics 17

  18. Slide 18: ORKA-001 could stand apart in a space that has created multiple $5-10B+ products

    ORKA-001 could stand apart in a space that has created multiple $5-10B+ products 80 ORKA-001 IL-17s $1.4B in Year 2 60 (Peak TBD) PASI 100 at Week 16 (%) $3B $11B 40 $4B $5B 20 IL-23s $1B 2025 net sales in psoriasis 0 0 2 4 6 8 10 12 Mainten ance Dosing (Months) Notes & Sources: Evaluate Pharma glob

  19. Slide 19: ORKA-002: Ultra-long-acting anti-IL-17A/F

    ORKA-002: Ultra-long-acting anti-IL-17A/F

  20. Slide 20: IL-17A/F – a new mega-blockbuster class with an ideal setup for a longer-acting entrant

    IL-17A/F – a new mega-blockbuster class with an ideal setup for a longer-acting entrant Bimzelx launch validates both the IL-17A/F class • Brand new class – superior efficacy vs. IL-17A1 and ability to differentiate in PsO across multiple indications and high levels of skin 6,000 Bimzelx (approved O

  21. Slide 21: ORKA-002 matches Bimzelx's IL-17A/F potency with extended PK

    ORKA-002 matches Bimzelx’s IL-17A/F potency with extended PK ORKA-002 binds a similar ORKA-002 has comparable potency to epitope to bimekizumab bimekizumab across a variety of assays ORKA-002 Bimekizumab IL-17A IL-17F 100 100 IL-17A1 % Inhibition of NFκB surface 75 75 ORKA-002 50 50 epitope 25 25 Bi

  22. Slide 22: Half-life of 75-80 days enables potential for twice-yearly dosing

    Half-life of 75-80 days enables potential for twice-yearly dosing Pharmacokinetic profile of a single subcutaneous dose of ORKA-002 1000 • t1/2 of 75-80 days in humans, >3x longer than bimekizumab 100 ORKA-002 (640 mg) • Cmax comparable to [Ab] (μg/mL) bimekizumab at an ORKA-002 (320 mg) 10 equivale

  23. Slide 23: Potential for Q6M dosing in PsO and Q3M dosing in HS

    Potential for Q6M dosing in PsO and Q3M dosing in HS Projected Ctrough of ORKA-002 exceeds approved bimekizumab regimens in PsO and HS PsO HS 100 100 80 80 [Ab] (μg/mL) [Ab] (μg/mL) 60 60 Steady-state Cmax of Steady-state Cmax of bimekizumab 320 mg Q2W bimekizumab 320 mg Q4W 40 40 20 20 0 0 0 8 16 2

  24. Slide 24: ORCA-SURGE Phase 2 dose-ranging trial of ORKA-002 in psoriasis

    ORCA-SURGE Phase 2 dose-ranging trial of ORKA-002 in moderate-to-severe psoriasis (NCT07474792) Induction period Maintenance period Primary endpoint: PASI 100 at W16 ORKA-002: 40 mg at W0, W41 40 mg Q6M Week 16 data ORKA-002: 160 mg W0, W4 160 mg Q6M expected in 1Q 2027 R 1:1:1:1 PASI <90 N ~ 160 OR

  25. Slide 25: ORCA-SPLASH Phase 2 trial of ORKA-002 in hidradenitis suppurativa

    ORCA-SPLASH Phase 2 trial of ORKA-002 in moderate- to-severe hidradenitis suppurativa (NCT07783542) Induction period Maintenance period Primary endpoint: HiSCR75 at W16 ORKA-002: 320 mg W0, W4, W8, W12 then Q12W R 1:1 N ~ 160 U.S. & Canada Placebo ORKA-002: 320 mg W16, W20, W24, W28 then Q12W Week 0

  26. Slide 26: Well-funded through multiple anticipated upcoming milestones

    Well-funded through multiple anticipated upcoming milestones Phase 2a (PsO) December 2026: Week 52 data ORKA-001 IL-23p19 Phase 3 (PsO) 1H 2027: Phase 3 initiation Phase 2 (PsO) 1Q 2027: Week 16 data ORKA-002 IL-17A/F Phase 2 (HS) 3Q 2026: Trial initiated ORKA-004 OR Phase 2 2027: Combination trial

  27. Slide 27: Slide 27

  28. Slide 28: Shares outstanding

    Shares outstanding As of July 31, 2026 Number of shares1 • Common stock outstanding 66.2M • Preferred stock (as-converted to common) 7.9M • Pre-funded warrants 5.7M Total common stock and common stock 79.8M equivalents outstanding2 Notes: Please refer to SEC filings for additional information. (1) S

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