Oruka Therapeutics, Inc. · NASDAQ:ORKA

Oruka Therapeutics — Investor Presentation (May 2026)

29 slides from Oruka Therapeutics's investor presentation, May 2026

  1. Slide 1: Corporate Overview

    Corporate Overview NASDAQ: ORKA May 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 UPCOMING MILESTONES chronic skin conditions experience the greatest EVERLAST-A longer-term data 2H26 possible freedom from ORKA-001 IL-23p19 disease EVERLAST

  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 programs that could set a new standard in psoriatic disease

    Two programs that could set a new standard in psoriatic disease ORKA-001 ORKA-002 Ultra-long-acting IL-23p19 mAb Ultra-long-acting IL-17A/F mAb Only long-acting IL-17A/F in Best-in-indication efficacy new mega-blockbuster class Potential for Q6M dosing in Placebo-like safety profile PsO/PsA + Q3M do

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

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

  7. Slide 7: ORKA-001 offers Bimzelx-like efficacy with potential Q12M dosing

    ORKA-001 offers Bimzelx-like efficacy with potential Q12M dosing Very high rates of 63.5% PASI 100 at Week 16, on par with Bimzelx, and complete skin clearance replicating the effect seen in KNOCKOUT Potential for Updated PK data further supports annual dosing, while annual dosing durability and off

  8. Slide 8: EVERLAST-A is a large, multi-center Phase 2a trial

    EVERLAST-A is a large, multi-center Phase 2a trial designed as a definitive test of ORKA-001's potential 26 experienced sites that all participated Nearly identical eligibility criteria in trials of approved psoriasis biologics as prior anti-IL-23 trials 9 • Participants ≥18 years of age with modera

  9. Slide 9: EVERLAST-A has an innovative design (NCT07090330)

    EVERLAST-A has an innovative design (NCT07090330) Induction period Maintenance period OLE Primary endpoint: Placebo – no dose until “No-dose” group tests potential PASI 100 at W16 disease recurrence for both off-treatment remission R 2:1 and annual dosing ORKA-001: 300 mg SC Q6M PASI 100 Q6M dosing

  10. Slide 10: 63.5% of patients achieved completely clear skin at Week 16

    63.5% of patients achieved completely clear skin at Week 16 PASI 100 100 ORKA-001 Placebo 80 63.5% (40/63) (p<0.0001) PASI 100 (%) 60 Identical IGA 0 results 40 20 4.8% (1/21) 0 0 4 8 12 16 Weeks Notes: Data cut as of April 9, 2026. Data based on non-responder imputation (NRI) ©2026 Oruka Therapeuti

  11. Slide 11: High response rates achieved on other efficacy measures

    High response rates achieved on other efficacy measures PASI 90 Additional PASI and IGA scores 100 ORKA-001 100 93.7% 82.5% Placebo (52/63) 84.1% Response rate at Week 16 (%) 80 80 76.2% PASI 90 (%) 60 60 40 40 20 20 4.8% 9.5% (1/21) 4.8% 4.8% 0 0 0 4 8 12 16 Absolute PASI ≤1 IGA 0/1 PASI 75 Weeks O

  12. Slide 12: Favorable safety profile consistent with the IL-23p19 class

    Favorable safety profile consistent with the IL-23p19 class Week 0-16 ORKA-001 Placebo N 63 21 Treatment-emergent adverse events (TEAEs), N (%) 32 (50.8%) 12 (57.1%) Serious TEAEs, N (%) - - Severe TEAEs, N (%) - 1 (4.8%)1 TEAE leading to discontinuation, N (%) - - Most frequent TEAEs (≥5.0% in eith

  13. Slide 13: 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) Absolute PASI ≤1 (Week 16) 80 100 100 87% 63% 62% 83% Response rate at Week 16 (%) 80 73% 80 76% 60 43% 53% 59% 60 60 40 30% 39% 40 40 20 20 20 0 0 0 ORKA-001 Bimzelx Skyrizi Icotyde IL-23 | Q6M/Q

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

    Updated 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 pS

  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: Upcoming EVERLAST data to further elucidate ORKA-001's profile

    Upcoming EVERLAST data to further elucidate ORKA-001’s profile Longer-term durability data Primary endpoint readout 2H 2026 2027 • Efficacy and durability • Efficacy across dose levels ‒ Week 28 efficacy (PASI 100, PASI 90, etc.) ‒ Week 16 efficacy (primary endpoint) (PASI 100, PASI 90, etc.) ‒ 52-w

  17. Slide 17: EVERLAST-B Phase 2b dose-ranging trial to support Phase 3 initiation

    EVERLAST-B Phase 2b dose-ranging trial to support Phase 3 initiation (NCT07290569) Induction period Maintenance period OLE Primary endpoint: PASI 100 at W16 • First patients dosed ORKA-001: 37.5 mg W01 December 2025 No dose until disease recurrence • Rapid enrollment R2 facilitated by rolling ORKA-0

  18. Slide 18: Looking forward to a potential label

    Looking forward to a potential label – illustrating the paradigm- changing potential of ORKA-001 Induction Maintenance Treatment upon recurrence Induction with ORKA-001 at Evaluate at 6 and 12 months Administer ORKA-001 as a a dose level selected based after induction dosing to inform subcutaneous i

  19. Slide 19: ORKA-001 stands apart in a space that has created multiple $5-10B+ products

    ORKA-001 stands apart in a space that has created multiple $5-10B+ products 80 ORKA-001 $1.4B in Year 2 60 (Peak TBD) PASI 100 at Week 16 (%) $2.5B $10.6B 40 $4.2B $5.3B 20 2025 net sales $1.0B in psoriasis 0 0 2 4 6 8 10 12 Maintenance Dosing (Months) Sources: Evaluate Pharma global net sales estim

  20. Slide 20: ORKA-002: Ultra-long-acting anti-IL-17A/F

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

  21. Slide 21: 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

  22. Slide 22: 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

  23. Slide 23: 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

  24. Slide 24: ORKA-002 demonstrated deep and sustained inhibition of IL-17 signaling

    ORKA-002 demonstrated deep and sustained inhibition of IL-17 signaling in an ex vivo IL-17 stimulation assay through 24 weeks ORKA-002 from serum inhibits IL-17 signaling following ex vivo IL-17 stimulation 2.0 Mean expression (OD) 1.5 Placebo ORKA-002 (160 mg) 1.0 ORKA-002 (320 mg) 0.5 ORKA-002 (64

  25. Slide 25: 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

  26. Slide 26: ORCA-SURGE Phase 2 dose-ranging trial of ORKA-002 in moderate-to-severe 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 • ORCA-SURGE initiated ORKA-002: 40 mg at W0, W41 40 mg Q6M in February 2026 • Data expected in 2027 ORKA-002: 160 mg W0, W4 160 mg Q6

  27. Slide 27: Well-funded through multiple impactful upcoming milestones

    Well-funded through multiple impactful upcoming milestones Phase 2a (PsO) 2H 2026: Week 28 and durability We aim to beat the fastest BLA timeline ORKA-001 in psoriasis – 6 years from FIH Phase 2b (PsO) 2027: Week 16 and durability to BLA for Skyrizi Phase 2 (PsO) 2027: Week 16 and durability ORKA-00

  28. Slide 28: Slide 28

  29. Slide 29: Shares outstanding

    Shares outstanding As of March 31, 2026 Number of shares1 • Common stock outstanding 50.2M • Preferred stock (as-converted to common) 11.4M • Pre-funded warrants 6.9M • Common stock issued pursuant 9.7M to April 2026 public financing2 Total common stock and common stock 78.2M equivalents outstanding

Oruka Therapeutics — Investor Presentation (May 2026) on 6ix