Oruka Therapeutics Inc., a clinical-stage biotechnology company, announced its financial results for the second quarter of 2025. The company reported a net loss of $24.6 million, up from $22.2 million in the same quarter of 2024. This loss includes non-cash stock-based compensation of $5.1 million for the second quarter of 2025, compared to $0.7 million in 2024. The company reported other income, net of $3.9 million for the second quarter of 2025, attributed to interest earned from investments in marketable securities, contrasting with an other expense, net of $0.8 million in the same period of 2024. Research and Development (R&D) expenses rose to $24.1 million from $18.7 million in the prior year's quarter, driven primarily by increased employee compensation-related expenses, including stock-based compensation. General and Administrative (G&A) expenses also increased to $4.3 million from $2.8 million in the second quarter of 2024, largely due to employee compensation-related expenses, professional and consulting fees, and costs associated with being a public company. As of June 30, 2025, Oruka had cash, cash equivalents, and marketable securities totaling $351.5 million. The net cash used in operating activities for the second quarter of 2025 was $23.1 million. In terms of business updates, Oruka has dosed the first patients in the EVERLAST-A Phase 2a trial of ORKA-001, with data expected in the second half of 2026. The company plans to present ORKA-001 Phase 1 data and the EVERLAST-A design at the EADV in September 2025. The ORKA-002 Phase 1 trial is ongoing, with data expected to be presented around the end of 2025. Furthermore, Laura Sandler has been promoted to Chief Operating Officer, and the company continues to advance its ORKA-021 and ORKA-003 programs.