Oruka Therapeutics, Inc. · NASDAQ:ORKA

Oruka Therapeutics — Investor Presentation (September 2026)

30 slides from Oruka Therapeutics's investor presentation, September 2026

  1. Slide 1: Corporate Overview

    Corporate Overview NASDAQ: ORKA September 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 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 annual dosing Potential for Q6M dosing in and off-treatmen

  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 ~6 months after last dose PASI 100 of >60% at Week 16 and >70% at Week 28, ~20pp higher than Skyrizi by cross-trial comparison Potential for annual dosing Supported by Phase 1 PK, while response du

  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: 71.4% PASI 100 at Week 28, months after last dose of ORKA-001

    71.4% PASI 100 at Week 28, 6 months after last dose of ORKA-001 PASI 100 Responses maintained and 100 deepened 6 months after ORKA-001 (n=63) last dose Placebo (n=21) Placebo → ORKA-001 (n=20)1 80 71.4% 63.5% Identical IGA 0 results PASI100 (%) 60 42.9% 40.0% Placebo crossovers show 40 similar respo

  11. Slide 11: 87.3% PASI 90 at Week 28, months after last dose of ORKA-001

    87.3% PASI 90 at Week 28, 6 months after last dose of ORKA-001 PASI 90 Responses maintained and 100 ORKA-001 (n=63) deepened 6 months after last dose Placebo (n=21) 87.3% 82.5% Placebo → ORKA-001 (n=20)1 80 69.8% 70.0% Placebo crossovers show similar response rates to ORKA-001 cohort 60 PASI90 (%) 4

  12. Slide 12: High response rates maintained and deepened across additional measures

    High response rates maintained and deepened across additional measures Absolute PASI ≤1 IGA 0/1 PASI 75 100 100 100 93.7% 95.2% 84.1% 84.1% 79.4% 80 76.2% 80 80 Response rate (%) 60 60 60 40 40 40 20 20 20 0 0 0 Week 16 Week 28 Week 16 Week 28 Week 16 Week 28 ©2026 Oruka Therapeutics 12

  13. Slide 13: Favorable safety profile consistent with the IL-23p19 class

    Favorable safety profile consistent with the IL-23p19 class Week 0-16 Week 16-28 ORKA-001 Placebo ORKA-0011 N 63 21 83 Treatment-emergent adverse event (TEAE), n (%) 32 (51%) 12 (57%) 30 (36%) Serious TEAE, n (%) - - 2 (2%)2,3 Severe TEAE, n (%) - 1 (5%)4 1 (1%)2 Most frequent TEAEs (≥5.0% in any co

  14. Slide 14: Leading efficacy potential in an ultra-long-acting IL-23 inhibitor

    Leading efficacy potential in an ultra-long-acting IL-23 inhibitor PASI 100 at Week 28 PASI 100 at Week 16 71% 69% 63% 62% 53% 43% 41% 30% ORKA-001 Bimzelx Skyrizi Icotyde IL-23 | Q6M/Q12M IL-17A/F | Q4W/Q8W IL-23 | Q12W IL-23R | QD Notes: Cross-trial comparison shown for illustrative purposes only

  15. Slide 15: 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

  16. Slide 16: 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

  17. Slide 17: Upcoming EVERLAST data to further elucidate ORKA-001's profile

    Upcoming EVERLAST data to further elucidate ORKA-001’s profile Week 28 data for all Week 52 data for participants at the all participants in end of 3Q 2026 December 2026 Phase 3 3Q26 4Q26 initiation in 1H 2027 Week 16 data for all participants in 4Q 2026 ©2026 Oruka Therapeutics 17

  18. Slide 18: 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 ORKA-001: 37.5 mg W01 No dose until disease recurrence Week 16 data expected in 4Q 2026 ORKA-001: 300 mg W0, W4 R2 and intended to support 1:1

  19. Slide 19: 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

  20. Slide 20: 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

  21. Slide 21: ORKA-002: Ultra-long-acting anti-IL-17A/F

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

  22. Slide 22: 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

  23. Slide 23: 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

  24. Slide 24: 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

  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 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

  27. Slide 27: 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 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 16 48 ©2026 Or

  28. Slide 28: Well-funded through multiple impactful upcoming milestones

    Well-funded through multiple impactful upcoming milestones Phase 2a (PsO) December 2026: Week 52 data Phase 3 initiation ORKA-001 expected 1H27 Phase 2b (PsO) 4Q 2026: Week 16 data Phase 2 (PsO) 1Q 2027: Week 16 data ORKA-002 Phase 2 (HS) 3Q 2026: Trial initiated Strong cash position expected to pro

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  30. Slide 30: 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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