Oruka Therapeutics: Widening Loss and ESOP Shelf Registration Weigh on Bull Case

Oruka Therapeutics reported a net loss of $29.58 million in Q4 2025 and a full-year net loss of $105.43 million. The company also filed a $115.44 million shelf registration for an ESOP-related offering, highlighting its ongoing funding needs and potential future dilution. Investors must weigh the balance between funding needs, execution risk, and pipeline potential, and consider the additional layer of dilution risk added by the shelf filing.