ORKAOruka Therapeutics, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$122M
- Market cap
- $5.9B
- Employees
- —
- Net debt / EBITDA
- —
- −$268M net debt
- AI in 10-K
- 1.1
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo98% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.1 per 10K words · 36th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$5.9B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$338M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | — | — | |
| Operating income | −$19M | −$11M | −$7M | — | −$122M | |
| Net income | −$19M | −$10M | −$5M | −$84M | −$105M | 26% |
| Operating cash flow | −$19M | −$11M | −$5M | — | −$88M | |
| Capex | $43K | $2K | $0 | — | $209K | |
| Stock-based comp | $497K | $556K | $686K | — | $24M |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 1, 2026 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 19.5% | Passive |
| May 4, 2026 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 20.0% | Passive |
| Sep 19, 2025 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 20.0% | Passive |
| Mar 10, 2025 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 20.0% | Passive |
| Nov 21, 2024 | Fairmount Funds Management LLC | SC 13D/A | 20.0% | Passive |
| Oct 22, 2024 | Adage Capital Management, L.P. | SC 13D/A | 0.5% | Passive |
| Sep 13, 2024 | Fairmount Funds Management LLC | SC 13D/A | 20.0% | Passive |
| Sep 6, 2024 | Fairmount Funds Management LLC | SC 13D | 22.5% | Passive |
| Apr 5, 2024 | Adage Capital Management, L.P. | SC 13D | 8.3% | Passive |
| Jul 8, 2022 | Funicular Funds, LP | SC 13D/A | 17.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $338M · 122
- Net
- −$338M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 107 | — |
| FY2024 | — | — | 100 | — |
| FY2023 | — | — | 72 | — |