Oruka Therapeutics, Inc. · NASDAQ:ORKA

Oruka Therapeutics — Corporate Update (October 2026)

21 slides from Oruka Therapeutics's corporate update, Oct 26, 2026

  1. Slide 1: EVERLAST-B Interim Data: ORKA-001 Phase 2b trial in psoriasis

    ©2026 Oruka Therapeutics ©2026 ORUKA THERAPEUTICS EVERLAST - B Interim Data ORKA - 001 Phase 2b trial in psoriasis October 26, 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 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,

  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 - B Phase 2b interim results Lawrence Klein, PhD Chief Executive Officer Opportunities and next steps for Oruka Lawrence Klein, CEO Joana Goncal

  4. Slide 4: Introduction

    Introduction Lawrence Klein CEO

  5. Slide 5: Two co-lead programs aim to set a new standard in psoriasis

    ©2026 Oruka Therapeutics ORKA - 004 – Half - life extended TL1A mAb 5 Two co - lead programs aim to set a new standard in psoriasis Abbreviations: HS, hidradenitis suppurativa; PsA, psoriatic arthritis; PsO, psoriasis ORKA - 001 ORKA - 002 Ultra - long - acting IL - 17A/F mAb Ultra - long - acting I

  6. Slide 6: EVERLAST-B results confirm ORKA-001's remarkable profile

    ©2026 Oruka Therapeutics 6 EVERLAST - B results confirm ORKA - 001’s remarkable profile 61 % PASI 100 and 86 % PASI 90 in ORKA - 001 600 mg group at Week 16 , consistent with EVERLAST - A Two independent trials demonstrating + 20pp PASI 100 and + 10pp PASI 90 vs. leading IL - 23s historically Favora

  7. Slide 7: EVERLAST-B Interim Data

    EVERLAST-B Interim Data Joana Goncalves CMO

  8. Slide 8: EVERLAST-B is a global Phase 2b trial that builds on EVERLAST-A

    ©2026 Oruka Therapeutics 8 EVERLAST - B is a global Phase 2b trial that builds on EVERLAST - A North America U . S . & Canada Europe Germany & Spain experienced sites across North America & Europe 36 site overlap with EVERLAST - A <30% Eligibility criteria mirrors prior anti - IL - 23 trials, as in

  9. Slide 9: EVERLAST-B is designed to enable dose selection for Phase 3

    ©2026 Oruka Therapeutics 9 EVERLAST - B is designed to enable dose selection for Phase 3 Notes: NCT07290569. (1) Patients with PASI <100 at Week 28 do not undergo randomization and instead receive ORKA - 001 300 mg Q6M . (2) Initial maintenance dose of ORKA - 001 600 mg Q1Y administered at Week 52 A

  10. Slide 10: Baseline characteristics were balanced and comparable to prior trials in psoriasis

    ©2026 Oruka Therapeutics 10 Baseline characteristics were balanced and comparable to prior trials in psoriasis High dose N=46 Mid dose N=47 Low dose N=47 Placebo N=47 46 (16) 45 (15) 43 (11) 42 (12) Age, mean (SD) 26% 36% 45% 15% Sex (female), % Race, % 78% 81% 77% 83% White 7% 6% 9% 9% Asian 15% 13

  11. Slide 11: High dose demonstrated the highest skin clearance

    ©2026 Oruka Therapeutics 11 ORKA - 001 high dose demonstrated the highest skin clearance Notes: (1) p<0.0001 for all doses vs. placebo. Identical IGA 0 results Placebo Low dose Mid dose High dose 0% 43% 44% 61% Placebo Low dose Mid dose High dose 0% 70% 85% 86% PASI 100 at Week 16 (primary endpoint)

  12. Slide 12: Highly consistent response trajectories observed in each trial

    ©2026 Oruka Therapeutics 12 Highly consistent response trajectories observed in each trial 0 4 8 12 16 0 20 40 60 80 100 Weeks P A S I 1 0 0 ( % ) 63% 61% 0 4 8 12 16 0 20 40 60 80 100 Weeks P A S I 9 0 ( % ) 86% 83% Similar performance across additional endpoints in EVERLAST - B vs. – A: IGA 0/1: 8

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

    ©2026 Oruka Therapeutics 13 Favorable safety profile consistent with the IL - 23p19 class Abbreviations: TEAE, treatment - emergent adverse event Notes: No serious or severe TEAEs were considered related to treatment. These TEAEs were kidney stones, miscarriage, psoriasis, substance - induced psycho

  14. Slide 14: Advancing rapidly towards Phase 3 and additional readouts

    ©2026 Oruka Therapeutics 14 Advancing rapidly towards Phase 3 and additional readouts Phase 3 TRIAL READOUT TRIAL START TRIAL READOUT December 2026 1H 2027 2H 2027 Week 52 data Initiation planned Week 52 data

  15. Slide 15: Opportunities and next steps

    Opportunities and next steps Lawrence Klein CEO

  16. Slide 16: Pooled efficacy across EVERLAST-A and B

    ©2026 Oruka Therapeutics 0 4 8 12 16 0 20 40 60 80 100 Weeks P A S I 9 0 ( % ) 84% 0 4 8 12 16 0 20 40 60 80 100 Weeks P A S I 1 0 0 ( % ) 63% 16 ORKA - 001 delivered exceptional efficacy across EVERLAST - A & B Notes: Solid lines show weighted average response across EVERLAST - A and – B. Transpare

  17. Slide 17: Leading efficacy potential in an ultra-long-acting IL-23 inhibitor

    ©2026 Oruka Therapeutics 0 25 50 75 100 P A S I 9 0 ( % ) 0 25 50 75 P A S I 1 0 0 ( % ) 17 Leading efficacy potential in an ultra - long - acting IL - 23 inhibitor Sources: UltIMMa - 1/2 (N=304 and 294), IMMhance (N=407), IMMvent (N=301), IMMerge (N=164), NCT03875482 (N=105), NCT03875508 (N=10 8),

  18. Slide 18: Growing body of evidence for ORKA-001 as a step change in PsO

    ©2026 Oruka Therapeutics 18 Growing body of evidence for ORKA - 001 as a step change in PsO Phase 3 initiation anticipated in 1H 2027 0 63% PASI 100 84% PASI 90 pooled Week 16 rates at 600 mg in two independent trials >250 patients >100 patient - years cumulative across dose levels, with safety cons

  19. Slide 19: Could stand apart in a space that has created multiple $5-10B+ products

    ©2026 Oruka Therapeutics 19 ORKA - 001 could stand apart in a space that has created multiple $5 - 10B+ products Notes & Sources: Evaluate Pharma global net sales estimates, excluding psoriatic arthritis. Weighted average response from al l c ompany - sponsored trials in moderate - to - severe psori

  20. Slide 20: Well-funded through multiple anticipated upcoming milestones

    ©2026 Oruka Therapeutics 20 Well - funded through multiple anticipated upcoming milestones Strong cash position ($1B+) 1 expected to provide runway through ORKA - 001 BLA filing Key readouts in the next 6 months Phase 3 (PsO) 1H 2027: Phase 3 initiation Phase 2a (PsO) December 2026: Week 52 data ORK

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