Oruka Therapeutics, Inc. · NASDAQ:ORKA

Oruka Therapeutics — Technical Presentation (April 2026)

22 slides from Oruka Therapeutics's technical presentation, Apr 27, 2026

  1. Slide 1: EVERLAST-A Interim Data: Phase 2a trial in psoriasis

    ©2026 Oruka Therapeutics ©2026 ORUKA THERAPEUTICS EVERLAST - A Interim Data ORKA - 001 Phase 2a trial in psoriasis April 27, 2026

  2. Slide 2: Disclaimers

    ©2026 Oruka Therapeutics 2 Disclaimers The information contained in this presentation has been prepared by Oruka Therapeutics, Inc. (the “Company”) and contains inf orm ation pertaining to the business and operations of the Company. The information contained in this presentation: (a) is provided as

  3. Slide 3: Agenda

    ©2026 Oruka Therapeutics 3 Agenda Lawrence Klein, PhD Chief Executive Officer Introduction Joana Goncalves, MBChB Chief Medical Officer ORKA - 001 EVERLAST - A Phase 2a interim results Lawrence Klein, PhD Chief Executive Officer Understanding ORKA - 001's potential Lawrence Klein, CEO Joana Goncalve

  4. Slide 4: Introduction

    Introduction Lawrence Klein CEO

  5. Slide 5: Two programs that could set a new standard in psoriatic disease

    ©2026 Oruka Therapeutics 5 Two programs that could set a new standard in psoriatic disease Abbreviations: HS, hidradenitis suppurativa; PsA, psoriatic arthritis; PsO, psoriasis ORKA - 001 ORKA - 002 Ultra - long - acting IL - 17A/F mAb with potential for Q6M dosing in PsO/PsA and Q3M dosing in HS Ul

  6. Slide 6: PsO is a $30B+ market where better biologics consistently win

    ©2026 Oruka Therapeutics 6 PsO is a $30B+ market where better biologics consistently win Notes & Sources: (1) Evaluate Pharma global net sales estimates, excluding psoriatic arthritis 0 $31B market today for biologics and other advanced therapies, expected to grow to $39B by 2030 1 0 Bimzelx launch

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

    ©2026 Oruka Therapeutics 7 ORKA - 001 offers Bimzelx - like efficacy with potential Q12M dosing 63.5% PASI 100 at Week 16, on par with Bimzelx, and replicating the effect seen in KNOCKOUT Adverse event rates comparable to placebo and consistent with the IL - 23p19 class Updated PK data further suppo

  8. Slide 8: EVERLAST-A Interim Data

    EVERLAST-A Interim Data Joana Goncalves CMO

  9. Slide 9: EVERLAST-A is a large, multi-center Phase 2a trial with experienced sites

    ©2026 Oruka Therapeutics 9 26 experienced sites that all participated in trials of approved psoriasis biologics Nearly identical eligibility criteria as prior anti - IL - 23 trials • Participants ≥18 years of age with moderate - to - severe chronic plaque psoriasis, defined as: – BSA ≥10%, and – PAS

  10. Slide 10: EVERLAST-A has an innovative design (NCT07090330)

    ©2026 Oruka Therapeutics 10 EVERLAST - A has an innovative design (NCT07090330) Notes: (1) Any placebo patients achieving PASI ≥90 at Week 16 do not receive ORKA - 001 Abbreviations: OLE, open - label extension; SC, subcutaneous OLE 16 Induction period Placebo 1 Maintenance period Placebo – no dose

  11. Slide 11: Baseline characteristics were comparable to prior trials in PsO

    ©2026 Oruka Therapeutics 11 Baseline characteristics were comparable to prior trials in PsO Notes: Data cut as of April 9, 2026 Placebo ORKA - 001 21 63 N 39 (11) 45 (15) Age, mean (SD) 29% 29% Sex (female), % Race, % 76% 76% White 19% 13% Asian 5% 11% Other or not reported 87 (13) 84 (16) Weight (k

  12. Slide 12: 63.5% of patients achieved completely clear skin at Week 16

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

  13. Slide 13: High response rates achieved on other efficacy measures

    ©2026 Oruka Therapeutics Absolute PASI ≤1 IGA 0/1 PASI 75 0 20 40 60 80 100 R e s p o n s e r a t e a t W e e k 1 6 ( % ) ORKA-001 Placebo 13 High response rates achieved on other efficacy measures Notes: Data cut as of April 9, 2026. Data based on non - responder imputation (NRI) 76.2% 4.8% 93.7% 9

  14. Slide 14: Baseline characteristics had no apparent impact on efficacy

    ©2026 Oruka Therapeutics 14 Baseline characteristics had no apparent impact on efficacy Notes: Data cut as of April 9, 2026. Data based on non - responder imputation (NRI). Post hoc analysis conducted to mirror analysis of risankizumab in UltIMMa - 1/2 in BLA Multi - discipline Review, EPAR, and 202

  15. Slide 15: Favorable safety profile consistent with the IL-23p19 class

    ©2026 Oruka Therapeutics 15 Favorable safety profile consistent with the IL - 23p19 class Notes: Data cut as of April 9, 2026. (1) Humerus fracture and joint dislocation Placebo ORKA - 001 Week 0 - 16 21 63 N 12 (57.1%) 32 (50.8%) Treatment - emergent adverse events (TEAEs), N (%) - - Serious TEAEs,

  16. Slide 16: Upcoming EVERLAST data to further elucidate ORKA-001's profile

    ©2026 Oruka Therapeutics 16 Upcoming EVERLAST data to further elucidate ORKA - 001’s profile EVERLAST - B 16 - week data is intended to support Phase 3 initiation Primary endpoint readout 2027 Longer - term durability data 2H 2026 • Efficacy and durability ‒ Week 28 efficacy (PASI 100, PASI 90, etc.

  17. Slide 17: Understanding ORKA-001's potential

    Understanding ORKA-001's potential Lawrence Klein CEO

  18. Slide 18: Leading efficacy potential in an ultra-long-acting IL-23 inhibitor

    ©2026 Oruka Therapeutics 18 Leading efficacy potential in an ultra - long - acting IL - 23 inhibitor IMMhance (N=407), IMMvent (N=301), IMMerge (N=164), NCT03875482 (N=105), NCT03875508 (N=108), ICONIC - LEAD (N=456), ICONIC - ADVANC E - 1/2 (N=311 and 322). Absolute PASI data from UltIMMa - 1/2 (20

  19. Slide 19: Updated Phase 1 PK/PD supports annual dosing

    ©2026 Oruka Therapeutics 19 Updated ORKA - 001 Phase 1 PK/PD supports annual dosing Notes: Mean ± SD (N=6 per group). (right) Inhibition of STAT3 phosphorylation by ORKA - 001 from serum following ex vivo IL - 23 stimulation 4 16 28 40 52 0 500 1000 1500 2000 2500 3000 Weeks M e a n p S T A T 3 ( R

  20. Slide 20: ORKA-001 stands apart in a space that has created multiple $5-10B+ products

    ©2026 Oruka Therapeutics 0 2 4 6 8 10 12 0 20 40 60 80 Maintenance Dosing (Months) P A S I 1 0 0 a t W e e k 1 6 ( % ) $10.6B $4.2B $5.3B $2.5B $1.0B $1.4B in Year 2 (Peak TBD) 2025 net sales in psoriasis 20 ORKA - 001 stands apart in a space that has created multiple $5 - 10B+ products Sources: Eva

  21. Slide 21: Well-funded through multiple impactful upcoming milestones

    ©2026 Oruka Therapeutics 21 Well - funded through multiple impactful upcoming milestones Strong cash position provides runway into Phase 3 for ORKA - 001, and >1 year beyond readouts across EVERLAST - A, EVERLAST - B, and ORCA - SURGE Phase 2 (PsO) 2027: Week 16 and durability Phase 2a (PsO) 2H 2026

  22. Slide 22: a a af c ery

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