Stock Markets April 27, 2026 07:10 AM

Oruka Therapeutics Shares Jump After Strong Week 16 Psoriasis Results

Phase 2a EVERLAST-A data show high rates of complete skin clearance and a safety profile consistent with IL-23p19 therapies

By Leila Farooq
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ORKA

Oruka Therapeutics' stock climbed sharply after the company reported positive Week 16 results from the EVERLAST-A Phase 2a trial of ORKA-001 in moderate-to-severe plaque psoriasis. The study met its primary endpoint, with a majority of treated patients achieving complete skin clearance and secondary endpoints showing deep clinical responses. Safety findings were consistent with the IL-23p19 class and there were no serious treatment-emergent adverse events among treated participants.

Oruka Therapeutics Shares Jump After Strong Week 16 Psoriasis Results
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Key Points

  • ORKA-001 met the primary endpoint at Week 16 with 63.5% of treated patients achieving PASI 100 and IGA 0, indicating complete skin clearance - Healthcare and Biotech sectors affected.
  • Secondary endpoints were strong: 83% achieved PASI 90 and 84% reached IGA 0/1, while only one of 21 placebo recipients met these measures - Clinical development and investor sentiment impacted.
  • Safety was consistent with the IL-23p19 class with no serious treatment-emergent adverse events in the treated group; overall adverse event rates were similar between treatment and placebo arms - Relevant to drug safety assessment and regulatory review.

Shares of Oruka Therapeutics, Inc. (NASDAQ:ORKA) surged 45% following the release of Week 16 results from the EVERLAST-A Phase 2a study evaluating ORKA-001 in adults with moderate-to-severe plaque psoriasis.

The trial met its primary endpoint at Week 16. According to the company, 63.5% of patients who received ORKA-001 achieved PASI 100, indicating complete skin clearance. The same proportion, 63.5%, also achieved an Investigator Global Assessment (IGA) score of 0, defined as clear skin with no visible psoriasis.

EVERLAST-A is a randomized, double-blind, placebo-controlled Phase 2a study designed to assess ORKA-001, described as a half-life extended monoclonal antibody targeting IL-23p19. The trial enrolled 84 patients across 26 sites in the United States and Canada. Participants were randomized in a 3:1 ratio to receive either 600 mg of ORKA-001 administered at Week 0 and Week 4 or a matching placebo.

Key secondary outcomes also favored ORKA-001. The company reported that 83% of treated patients reached PASI 90 by Week 16, and 84% achieved IGA 0/1. By contrast, only one of the 21 participants randomized to placebo met these secondary endpoints. All reported response rates were calculated using non-responder imputation.

Safety data from the study were described as favorable and broadly consistent with the IL-23p19 therapeutic class. There were no serious treatment-emergent adverse events reported among participants receiving ORKA-001. One severe adverse event occurred in a participant assigned to placebo. The overall incidence of adverse events was similar between groups: 51% of ORKA-001 recipients experienced at least one adverse event compared with 57% of placebo recipients. The most frequently observed adverse event was upper respiratory tract infection, occurring in 19% of patients on ORKA-001 and 14% of those on placebo.

Separately, the company said updated Phase 1 pharmacokinetic and pharmacodynamic results continue to support the potential for once-yearly dosing of ORKA-001. Oruka indicated that longer-term data from the EVERLAST-A trial are expected in the second half of 2026.


Context and next steps

  • The Week 16 results establish ORKA-001's ability to produce high rates of complete and near-complete skin clearance in this Phase 2a population.
  • Further data from extended follow-up are anticipated in H2 2026, which will provide additional information on durability and longer-term safety.
  • Investors reacted strongly to the Week 16 readout, reflected in the reported 45% increase in the company's share price.

While the data reported are limited to Week 16 and the Phase 2a cohort, the results provide a basis for evaluation of ORKA-001's efficacy and tolerability as development continues.

Risks

  • Results reported are interim Week 16 findings from a Phase 2a trial; longer-term efficacy and safety outcomes remain pending and will be reported in the second half of 2026 - impacts clinical development and biotech investment risk.
  • The trial population is limited to 84 patients randomized 3:1 across 26 sites; smaller sample sizes and early-phase data introduce uncertainty around generalizability and durability of response - affects healthcare and pharmaceutical market assessments.
  • Some adverse events occurred in both groups and the most common event was upper respiratory tract infection; while rates were comparable, continued monitoring is required to fully characterize the safety profile - impacts safety evaluation and regulatory considerations.

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