Oruka Therapeutics, Inc. (ORKA) Balance Sheet
ORKA balance sheet, 2025
December 31, 2025 · U.S. dollars$488.6M assets = $16.7M liabilities + $471.9M equity
Both columns are drawn to the same scale: what ORKA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ORKA financial health
Descriptive bands, not a rating. Fiscal 2025.
ORKA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $24.6M2016 | $488.6M2025 | +39.4%/yr | |
| Total liabilities | $2.4M2016 | $16.7M2025 | +23.8%/yr | |
| Shareholders’ equity | $22.2M2016 | $471.9M2025 | +40.4%/yr | |
| Cash & short-term investments | $21.2M2016 | $337.0M2025 | +36.0%/yr | |
| Total debt | $25,0002019 | $1.9M2025 | +106.4%/yr | |
| Net cash (debt) | $8.3M2019 | $335.1M2025 | +$326.8M | |
| Working capital | $19.0M2016 | $328.5M2025 | +$309.4M | |
| Book value per share | $3.672021 | $10.352025 | +29.6%/yr | |
| Debt / equity | 0.002019 | 0.002025 | 0.00 | |
| Shares outstanding | 13.9M2021 | 45.6M2025 | +34.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ORKA assets
ORKA liabilities and equity
ORKA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ORKA balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $337.0M | $375.6M | $37.4M | $42.4M | $53.4M | $49.1M | $8.4M | $6.6M | $11.8M | $21.2M |
| Cash & equivalents | $46.9M | $61.6M | $37.4M | $42.4M | $53.4M | $49.1M | $8.4M | $6.6M | $8.7M | $7.4M |
| Short-term investments | $290.1M | $314.1M | — | — | — | — | — | — | $3.0M | $13.8M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $6.8M | $1.2M | $161,000 | $254,000 | $1.1M | $897,000 | $117,000 | $169,000 | $547,000 | $282,000 |
| Total current assets | $343.9M | $376.9M | $37.6M | $42.7M | $54.4M | $50.0M | $8.5M | $6.8M | $12.3M | $21.4M |
| Property, plant & equipment (net) | $2.1M | $1.0M | $257,000 | $368,000 | $485,000 | $449,000 | $32,000 | $24,000 | $42,000 | $66,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $142.5M | $18.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $103,000 | $43,000 | $12,000 | $18,000 | $18,000 | $12,000 | $24,000 | $24,000 | $24,000 | $3.1M |
| Total assets | $488.6M | $396.0M | $37.9M | $43.1M | $54.9M | $50.4M | $8.5M | $6.8M | $12.4M | $24.6M |
| Liabilities | ||||||||||
| Accounts payable | $4.2M | $3.5M | — | $334,000 | $1.1M | $1.8M | $418,000 | $230,000 | $622,000 | — |
| Short-term debt | $619,000 | $213,000 | $76,000 | $103,000 | $100,000 | $41,000 | $25,000 | — | — | — |
| Total current liabilities | $15.4M | $13.0M | $637,000 | $1.1M | $3.5M | $3.5M | $926,000 | $793,000 | $2.1M | $2.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.9M | $968,000 | — | — | — | — | — | — | — | — |
| Other long-term liabilities | $1.3M | $755,000 | $204,000 | $280,000 | $383,000 | $409,000 | $0 | $0 | $20,000 | $39,000 |
| Total liabilities | $16.7M | $13.8M | $841,000 | $1.4M | $3.9M | $3.9M | $926,000 | $793,000 | $2.1M | $2.4M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $49,000 | $37,000 | $14,000 | $14,000 | $14,000 | $10,000 | $2,000 | $14,000 | $12,000 | $9,000 |
| Retained earnings (deficit) | −$189.2M | −$83.7M | −$188.7M | −$183.4M | −$173.5M | −$154.2M | −$144.4M | −$138.9M | −$131.0M | −$112.5M |
| Accumulated other comprehensive income | $546,000 | −$41,000 | — | — | — | — | — | — | −$2,000 | −$19,000 |
| Total shareholders' equity | $471.9M | $382.2M | $37.0M | $41.7M | $51.0M | $46.5M | $7.6M | $6.0M | $10.3M | $22.2M |
| Key figures | ||||||||||
| Total debt | $1.9M | $968,000 | $280,000 | $383,000 | $483,000 | $450,000 | $25,000 | — | — | — |
| Net cash (debt) | $335.1M | $374.7M | $37.2M | $42.1M | $52.9M | $48.6M | $8.3M | — | — | — |
| Working capital | $328.5M | $363.8M | $37.0M | $41.6M | $50.9M | $46.5M | $7.6M | $6.0M | $10.2M | $19.0M |
| Tangible book value | $471.9M | $382.2M | $37.0M | $41.7M | $51.0M | $46.5M | $7.6M | $6.0M | $10.3M | $22.2M |
| Book value per share | $10.35 | $22.77 | $2.57 | $2.89 | $3.67 | — | — | — | — | — |
| Shares outstanding | 45.6M | 16.8M | 14.4M | 14.4M | 13.9M | — | — | — | — | — |
| Current ratio | 22.37 | 28.89 | 59.01 | 37.72 | 15.56 | 14.28 | 9.16 | 8.55 | 5.94 | 8.95 |
| Quick ratio | 21.92 | 28.80 | 58.76 | 37.50 | 15.25 | 14.02 | 9.03 | 8.33 | 5.68 | 8.83 |
| Debt / equity | 0.00 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.00 | — | — | — |
| Equity / assets | 96.6% | 96.5% | 97.8% | 96.7% | 92.9% | 92.3% | 89.2% | 88.4% | 83.1% | 90.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $873.6M | $388.8M | $337.0M | $349.2M | $328.4M | $349.1M | $375.6M | $410.9M | $33.3M | $35.9M | $37.4M | $38.5M |
| Cash & equivalents | $268.5M | $49.5M | $46.9M | $91.3M | $65.4M | $83.6M | $61.6M | $410.9M | $33.3M | $35.9M | $37.4M | $38.5M |
| Short-term investments | $605.1M | $339.3M | $290.1M | $257.9M | $263.0M | $265.5M | $314.1M | — | — | — | — | — |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $11.0M | $6.4M | $6.8M | $6.0M | $3.6M | $3.0M | $1.2M | $2.1M | $537,000 | $767,000 | $161,000 | $405,000 |
| Total current assets | $884.6M | $395.2M | $343.9M | $355.2M | $332.0M | $352.1M | $376.9M | $412.9M | $33.8M | $36.7M | $37.6M | $38.9M |
| Property, plant & equipment (net) | $2.7M | $2.0M | $2.1M | $2.2M | $2.2M | $973,000 | $1.0M | $1.1M | $12,000 | $24,000 | $257,000 | $280,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $252.0M | $107.1M | $142.5M | $151.8M | $23.1M | $24.0M | $18.1M | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $128,000 | $103,000 | $103,000 | $103,000 | $103,000 | $103,000 | $43,000 | $43,000 | $12,000 | $12,000 | $12,000 | $12,000 |
| Total assets | $1.14B | $504.5M | $488.6M | $509.3M | $357.4M | $377.1M | $396.0M | $414.1M | $33.8M | $36.7M | $37.9M | $39.2M |
| Liabilities | ||||||||||||
| Accounts payable | $8.0M | $3.7M | $4.2M | $2.2M | $4.7M | $3.5M | $3.5M | $8.5M | $571,000 | $529,000 | — | — |
| Short-term debt | $669,000 | $680,000 | $619,000 | $419,000 | $660,000 | $283,000 | $213,000 | $146,000 | $24,000 | $48,000 | $76,000 | $77,000 |
| Total current liabilities | $23.0M | $16.6M | $15.4M | $21.0M | $12.1M | $11.7M | $13.0M | $18.0M | $1.3M | $1.6M | $637,000 | $992,000 |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $25.0M | $0 | $0 |
| Lease obligations | $2.5M | $1.8M | $1.9M | $1.9M | $2.3M | $947,000 | $968,000 | $988,000 | — | — | — | — |
| Other long-term liabilities | $1.9M | $1.1M | $1.3M | $1.5M | $1.7M | $663,999 | $755,000 | $53.7M | $0 | $3.1M | $204,000 | $224,000 |
| Total liabilities | $24.8M | $17.8M | $16.7M | $22.5M | $13.8M | $12.4M | $13.8M | $71.7M | $1.3M | $1.6M | $841,000 | $1.2M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $61,000 | $50,000 | $49,000 | $48,000 | $37,000 | $37,000 | $37,000 | $35,000 | $14,000 | $14,000 | $14,000 | $14,000 |
| Retained earnings (deficit) | −$262.2M | −$221.0M | −$189.2M | −$159.6M | −$129.3M | −$104.7M | −$83.7M | −$57.9M | −$193.4M | −$190.8M | −$188.7M | −$187.7M |
| Accumulated other comprehensive income | −$1.7M | −$480,000 | $546,000 | $185,000 | −$27,000 | −$6,000 | −$41,000 | — | — | — | — | — |
| Total shareholders' equity | $1.11B | $486.7M | $471.9M | $486.8M | $343.6M | $364.7M | $382.2M | $342.4M | $32.6M | $35.1M | $37.0M | $38.0M |
| Key figures | ||||||||||||
| Total debt | $2.5M | $1.8M | $1.9M | $1.9M | $2.3M | $947,000 | $968,000 | $988,000 | $24,000 | $48,000 | $280,000 | $301,000 |
| Net cash (debt) | $871.0M | $387.0M | $335.1M | $347.2M | $326.1M | $348.1M | $374.7M | $409.9M | $33.3M | $35.9M | $37.2M | $38.2M |
| Working capital | $861.6M | $378.6M | $328.5M | $334.2M | $319.9M | $340.4M | $363.8M | $394.9M | $32.5M | $35.1M | $37.0M | $37.9M |
| Tangible book value | $1.11B | $486.7M | $471.9M | $486.8M | $343.6M | $364.7M | $382.2M | $342.4M | $32.6M | $35.1M | $37.0M | $38.0M |
| Book value per share | $17.73 | $8.82 | $8.67 | $11.05 | $8.14 | $8.75 | $22.77 | $22.80 | $2.25 | $2.42 | $2.57 | $2.63 |
| Shares outstanding | 62.9M | 55.2M | 54.4M | 44.1M | 42.2M | 41.7M | 16.8M | 15.0M | 14.5M | 14.5M | 14.4M | 14.4M |
| Current ratio | 38.51 | 23.76 | 22.37 | 16.94 | 27.42 | 30.03 | 28.89 | 22.89 | 26.61 | 23.19 | 59.01 | 39.21 |
| Quick ratio | 38.03 | 23.38 | 21.92 | 16.65 | 27.12 | 29.78 | 28.80 | 22.78 | 26.19 | 22.71 | 58.76 | 38.80 |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.01 |
| Equity / assets | 97.8% | 96.5% | 96.6% | 95.6% | 96.1% | 96.7% | 96.5% | 82.7% | 96.2% | 95.7% | 97.8% | 96.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed December 31, 2025); data from EODHD.
ORKA financial position
At the end of fiscal 2025 (December 31, 2025), Oruka Therapeutics had total assets of $488.6 million (up 23.4% from a year earlier), total liabilities of $16.7 million and shareholders' equity of $471.9 million. It held $337.0 million in cash and short-term investments against $1.9 million of debt, a net cash position of $335.1 million. Its current ratio was 22.37. In the latest quarter (ended June 30, 2026) total assets were $1.1 billion and equity $1.1 billion.
Related: ORKA income statement, ORKA cash flow statement, ORKA key metrics. See the ORKA stock overview for the latest quote and news.
ORKA balance sheet FAQ
What are Oruka Therapeutics's total assets?
Oruka Therapeutics reported total assets of $488.6 million at the end of fiscal 2025 (December 31, 2025), compared with $396.0 million a year earlier.
How much debt does Oruka Therapeutics have?
Oruka Therapeutics had $1.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.
How much cash does Oruka Therapeutics have?
Oruka Therapeutics held $337.0 million in cash and short-term investments at the end of fiscal 2025; with $1.9 million of debt that is net cash of $335.1 million.
What is Oruka Therapeutics's book value?
Oruka Therapeutics's shareholders' equity (book value) was $471.9 million at the end of fiscal 2025, or $10.35 per share.
What is Oruka Therapeutics's current ratio?
Oruka Therapeutics had current assets of $343.9 million and current liabilities of $15.4 million, a current ratio of 22.37 (it can cover its short-term obligations).