Oruka Therapeutics, Inc. (ORKA) Cash Flow Statement
Where ORKA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$88.2M
- Capital expenditures
- $209,000
- Free cash flow
- −$88.4M
- Returned to shareholders
- —
- Change in cash
- −$14.6M cash at year-end $46.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ORKA operating cash flow, capex and free cash flow
ORKA cash flow trends, 2015–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$10.5M2015 | −$88.2M2025 | — | |
| Capital expenditures | $11,0002015 | $209,0002025 | +38.7%/yr | |
| Free cash flow | −$10.5M2015 | −$88.4M2025 | — |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ORKA cash flow by activity
ORKA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ORKA cash flow statement
| 2025 | 2024 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$105.4M | −$83.7M | −$9.9M | −$19.3M | −$9.7M | −$5.5M | −$7.9M | −$18.5M | −$16.4M | −$11.4M |
| Depreciation & amortization | $83,000 | $27,000 | $114,000 | $91,000 | $93,000 | $89,000 | $22,000 | $27,000 | $24,000 | $19,000 |
| Stock-based compensation | $24.2M | — | — | — | — | — | — | — | — | — |
| Change in working capital | −$2.6M | $11.6M | −$1.7M | −$28,000 | $1.9M | $441,000 | −$608,000 | $85,000 | $400,000 | $104,000 |
| Other non-cash items | −$4.5M | $14.3M | $561,000 | $497,000 | $43,000 | $151,000 | $275,000 | $906,000 | $1.0M | $788,000 |
| Cash from operating activities | −$88.2M | −$57.8M | −$10.9M | −$18.8M | −$7.7M | −$4.8M | −$8.2M | −$17.5M | −$15.0M | −$10.5M |
| Investing activities | ||||||||||
| Capital expenditures | −$209,000 | −$189,000 | −$2,000 | −$43,000 | −$19,000 | −$4,000 | −$3,999 | −$3,000 | −$12,000 | −$11,000 |
| Investments (net) | −$96.5M | — | — | — | — | — | — | — | — | — |
| Acquisitions & other investing | $0 | −$329.9M | $0 | $0 | $0 | $0 | $3.0M | $12.9M | −$16.4M | $0 |
| Cash from investing activities | −$96.7M | −$330.1M | −$2,000 | −$43,000 | −$19,000 | −$4,000 | $3.0M | $12.9M | −$16.4M | −$11,000 |
| Financing activities | ||||||||||
| Net borrowing (repayment) | $0 | — | — | — | — | — | — | — | — | — |
| Shares issued | $671,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $169.6M | $449.5M | — | $23.1M | $48.5M | $6.6M | $3.1M | $5.8M | — | $34.0M |
| Cash from financing activities | $170.3M | $449.5M | — | $23.1M | $48.5M | $6.6M | $3.1M | $5.8M | — | $34.0M |
| Summary | ||||||||||
| Net change in cash | −$14.6M | $24.1M | −$10.9M | $4.3M | $40.7M | $1.8M | −$2.1M | $1.3M | −$31.4M | $23.4M |
| Cash at end of period | $46.9M | $61.6M | $42.4M | $53.4M | $49.1M | $8.4M | $6.6M | $8.7M | $7.4M | $38.8M |
| Free cash flow | −$88.4M | −$58.0M | −$10.9M | −$18.8M | −$7.7M | −$4.8M | −$8.2M | −$17.5M | −$15.0M | −$10.5M |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Mar '22 | Dec '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$41.2M | −$31.8M | −$29.6M | −$30.3M | −$24.6M | −$21.0M | −$25.8M | −$28.6M | −$2.7M | −$7.1M | −$3.3M | −$5.7M |
| Depreciation & amortization | $43,000 | $43,000 | $28,000 | $20,000 | $19,000 | $16,000 | $16,000 | — | $12,000 | $0 | $28,000 | $28,000 |
| Stock-based compensation | $7.3M | $7.0M | $4.1M | $10.2M | $5.1M | $4.9M | — | — | $683,000 | $85,000 | — | — |
| Change in working capital | $1.5M | $1.5M | $3.4M | −$602,000 | −$2.3M | −$3.0M | $4.0M | $7.3M | −$80,000 | $6.8M | −$1.2M | $582,000 |
| Other non-cash items | −$806,000 | −$303,000 | −$524,000 | −$908,000 | −$1.4M | −$1.7M | $3.0M | −$13.6M | −$571,000 | $1,000 | $169,000 | $119,000 |
| Cash from operating activities | −$33.1M | −$23.6M | −$22.6M | −$21.6M | −$23.1M | −$20.9M | −$18.8M | −$34.9M | −$2.6M | −$168,000 | −$4.3M | −$4.9M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | −$73,000 | −$63,000 | −$99,000 | −$34,000 | −$13,000 | −$18,000 | −$171,000 | $0 | $0 | −$2,000 | −$7,000 |
| Investments (net) | −$410.9M | −$14.4M | −$22.0M | −$122.4M | $4.9M | $42.9M | — | — | $0 | $0 | — | — |
| Acquisitions & other investing | $0 | $0 | $0 | $99,000 | $34,000 | $13,000 | −$329.9M | $0 | — | — | $0 | $0 |
| Cash from investing activities | −$410.9M | −$14.4M | −$22.0M | −$122.4M | $4.9M | $42.9M | −$330.0M | −$171,000 | — | — | −$2,000 | −$7,000 |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | — | — | $0 | −$109,000 | $0 | $0 | — | — | $0 | — | — | — |
| Shares issued | $662.7M | $40.6M | $562,000 | $109,000 | $109,000 | $0 | $0 | $0 | $0 | $2.9M | $0 | $0 |
| Other financing | $337,000 | $0 | −$264,000 | $169.9M | $0 | $0 | −$526,000 | $450.1M | $14,000 | $25.0M | — | — |
| Cash from financing activities | $663.0M | $40.6M | $298,000 | $169.9M | $109,000 | $0 | −$526,000 | $450.1M | $14,000 | $27.9M | — | — |
| Summary | ||||||||||||
| Net change in cash | $218.9M | $2.6M | −$44.3M | $25.9M | −$18.2M | $22.0M | −$349.3M | $377.6M | −$2.6M | $27.7M | −$4.3M | −$5.0M |
| Cash at end of period | $268.5M | $49.5M | $46.9M | $91.3M | $65.4M | $83.6M | $61.6M | $410.9M | $33.3M | $27.7M | $49.1M | $53.4M |
| Free cash flow | −$33.1M | −$23.7M | −$22.7M | −$21.7M | −$23.2M | −$20.9M | −$18.8M | −$35.0M | −$2.6M | −$168,000 | −$4.3M | −$5.0M |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ORKA cash generation
In fiscal 2025 (ended December 31, 2025), Oruka Therapeutics generated -$88.2 million of cash from operations and spent $0.2 million on capital expenditures, leaving free cash flow of -$88.4 million. Cash and equivalents fell by $14.6 million over the year.
Related: ORKA income statement, ORKA balance sheet. See the ORKA stock overview for the latest quote and news.
ORKA cash flow FAQ
What is Oruka Therapeutics's free cash flow?
Oruka Therapeutics's free cash flow was -$88.4 million in fiscal 2025: -$88.2 million of operating cash flow minus $0.2 million of capital expenditures It was -$58.0 million a year earlier..
How much cash does Oruka Therapeutics generate from operations?
Oruka Therapeutics generated -$88.2 million of cash from operating activities in fiscal 2025.
How much does Oruka Therapeutics spend on capital expenditures?
Oruka Therapeutics spent $0.2 million on capital expenditures in fiscal 2025, compared with $0.2 million the year before.