$ORKA
Oruka Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023014091 Filed on April 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.719M $1.406M $1.098M
YoY Change -0.87% 28.05% -10.73%
% of Gross Profit
Research & Development $254.0K $390.0K $2.179M
YoY Change -82.9% -82.1% -24.34%
% of Gross Profit
Depreciation & Amortization $4.000K $4.000K $5.000K
YoY Change -33.33% -20.0%
% of Gross Profit
Operating Expenses $1.973M $1.796M $3.277M
YoY Change -38.71% -45.19% -20.07%
Operating Profit -$1.973M -$1.796M -$3.277M
YoY Change -38.71% -45.19%
Interest Expense $493.0K $450.0K $7.000K
YoY Change 584.72% 6328.57%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 -$2.000K
YoY Change -100.0%
Pretax Income -$1.480M -$1.346M -$3.272M
YoY Change -52.97% -58.86% -20.2%
Income Tax
% Of Pretax Income
Net Earnings -$1.480M -$1.346M -$3.272M
YoY Change -52.97% -58.86% -20.2%
Net Earnings / Revenue
Basic Earnings Per Share -$0.10 -$0.09 -$0.23
Diluted Earnings Per Share -$0.10 -$0.09 -$227.1K
COMMON SHARES
Basic Shares Outstanding 14.41M 14.41M 14.41M
Diluted Shares Outstanding 14.41M 14.41M 14.41M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.16M $40.85M $49.06M
YoY Change -13.53% -16.73% -26.67%
Cash & Equivalents $40.16M $40.85M $49.06M
Short-Term Investments
Other Short-Term Assets $599.0K $852.0K $1.480M
YoY Change -50.82% -42.43% -17.78%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $40.76M $41.70M $50.54M
YoY Change -14.48% -17.49% -26.44%
LONG-TERM ASSETS
Property, Plant & Equipment $310.0K $21.00K $43.00K
YoY Change 737.84% -51.16% -89.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.00K $18.00K $18.00K
YoY Change 0.0% 0.0%
Total Long-Term Assets $328.0K $357.0K $475.0K
YoY Change -26.46% -24.84% -5.0%
TOTAL ASSETS
Total Short-Term Assets $40.76M $41.70M $50.54M
Total Long-Term Assets $328.0K $357.0K $475.0K
Total Assets $41.08M $42.06M $51.01M
YoY Change -14.59% -17.55% -26.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $241.0K $366.0K $1.014M
YoY Change -78.29% -63.91% -36.63%
Accrued Expenses $1.361M $900.0K $1.705M
YoY Change -19.89% -47.21% 31.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.602M $1.266M $2.719M
YoY Change -42.97% -53.44% -6.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $243.0K $262.0K $357.0K
YoY Change -26.14% -26.61% -10.75%
Total Long-Term Liabilities $243.0K $262.0K $357.0K
YoY Change -26.14% -26.61% -10.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.602M $1.266M $2.719M
Total Long-Term Liabilities $243.0K $262.0K $357.0K
Total Liabilities $1.845M $1.528M $3.076M
YoY Change -41.2% -50.33% -6.79%
SHAREHOLDERS EQUITY
Retained Earnings -$186.2M -$184.7M
YoY Change 3.52%
Common Stock $225.5M $225.3M
YoY Change 0.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.24M $40.53M $47.94M
YoY Change
Total Liabilities & Shareholders Equity $41.08M $42.06M $51.01M
YoY Change -14.59% -17.55% -26.28%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.480M -$1.346M -$3.272M
YoY Change -52.97% -58.86% -20.2%
Depreciation, Depletion And Amortization $4.000K $4.000K $5.000K
YoY Change -33.33% -20.0%
Cash From Operating Activities -$694.0K -$1.595M -$4.298M
YoY Change -73.53% -62.89% -17.74%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$2.000K
YoY Change -100.0% -133.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$2.000K
YoY Change -100.0% -66.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -694.0K -1.595M -4.298M
Cash From Investing Activities 0.000 0.000 -2.000K
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -694.0K -1.595M -4.298M
YoY Change -73.53% -62.89% -124.06%
FREE CASH FLOW
Cash From Operating Activities -$694.0K -$1.595M -$4.298M
Capital Expenditures $0.00 $0.00 -$2.000K
Free Cash Flow -$694.0K -$1.595M -$4.296M
YoY Change -73.53% -62.87% -17.87%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company has </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">no</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> off-balance-sheet concentrations of credit risk, such as foreign exchange contracts, option contracts, or foreign currency hedging arrangements. The Company maintains cash and cash equivalent balances in the form of bank demand deposits and money market fund accounts with financial institutions that management believes are creditworthy. Such balances may at times exceed the insured amount.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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PropertyPlantAndEquipmentGross
229000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
208000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
204000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25000
CY2023Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
4000
CY2022Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
5000
CY2022 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.67
CY2022 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
12
CY2023Q1 us-gaap Severance Costs1
SeveranceCosts1
159000
CY2020Q3 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
5200
CY2020Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P42M
CY2023Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
option to renew for an additional 36 month term at the then prevailing rental rate.
CY2020Q3 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2020Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P36M
CY2021Q2 abio Area Of Real Estate Property Sublease Additional Office Facilities
AreaOfRealEstatePropertySubleaseAdditionalOfficeFacilities
3000
CY2021Q2 abio Lessee Operating Sublease Term Of Contract
LesseeOperatingSubleaseTermOfContract
P29M
CY2021Q2 us-gaap Lessee Operating Sublease Existence Of Option To Extend
LesseeOperatingSubleaseExistenceOfOptionToExtend
false
CY2023Q1 us-gaap Lessee Operating Lease Assumptions And Judgments Allocation Of Lease And Nonlease Component
LesseeOperatingLeaseAssumptionsAndJudgmentsAllocationOfLeaseAndNonleaseComponent
The leases include real estate taxes and insurance, which is not a lease component and is not included in the lease obligation. In addition, common area maintenance charges are based on actual costs incurred and are a non-lease component that is not included in the lease obligation.
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
94000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
93000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
262000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
357000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
33000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
32000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.07
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
204000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
167000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
704960
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.62
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M14D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
40103
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
3.48
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
664857
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.75
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M10D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
363281
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.87
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y10M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
664734
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.75
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y6M10D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
91000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.21
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
91000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.21
CY2023Q1 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0

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