$ORKA
Oruka Therapeutics, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023053972 Filed on October 18, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.543M $1.615M
YoY Change 3.77% 5.69%
% of Gross Profit
Research & Development $47.00K $322.0K
YoY Change -22.95% -68.55%
% of Gross Profit
Depreciation & Amortization $3.000K $4.000K
YoY Change -40.0% 0.0%
% of Gross Profit
Operating Expenses $1.590M $1.937M
YoY Change 2.71% -24.1%
Operating Profit -$1.937M
YoY Change -24.1%
Interest Expense $501.0K $513.0K
YoY Change 33.96% 131.08%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income -$1.089M -$1.424M
YoY Change -7.24% -38.96%
Income Tax
% Of Pretax Income
Net Earnings -$1.089M -$1.424M
YoY Change -7.24% -38.96%
Net Earnings / Revenue
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$0.08 -$0.10
COMMON SHARES
Basic Shares Outstanding 14.41M 14.41M
Diluted Shares Outstanding 14.41M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.43M $38.49M
YoY Change -11.81% -12.41%
Cash & Equivalents $37.43M $38.49M
Short-Term Investments
Other Short-Term Assets $161.0K $405.0K
YoY Change -36.61% -33.72%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $37.59M $38.89M
YoY Change -11.96% -12.7%
LONG-TERM ASSETS
Property, Plant & Equipment $10.00K $13.00K
YoY Change -60.0% -56.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.00K $12.00K
YoY Change -33.33% -33.33%
Total Long-Term Assets $269.0K $292.0K
YoY Change -30.31% -29.64%
TOTAL ASSETS
Total Short-Term Assets $37.59M $38.89M
Total Long-Term Assets $269.0K $292.0K
Total Assets $37.86M $39.18M
YoY Change -12.12% -12.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $362.0K $322.0K
YoY Change 8.38% -45.7%
Accrued Expenses $275.0K $670.0K
YoY Change -65.54% -50.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $637.0K $992.0K
YoY Change -43.73% -48.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $204.0K $224.0K
YoY Change -27.14% -25.58%
Total Long-Term Liabilities $204.0K $224.0K
YoY Change -27.14% -25.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $637.0K $992.0K
Total Long-Term Liabilities $204.0K $224.0K
Total Liabilities $841.0K $1.216M
YoY Change -40.44% -45.67%
SHAREHOLDERS EQUITY
Retained Earnings -$188.7M -$187.7M
YoY Change 2.91% 2.98%
Common Stock $225.8M $225.6M
YoY Change 0.3% 0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.02M $37.97M
YoY Change
Total Liabilities & Shareholders Equity $37.86M $39.18M
YoY Change -12.12% -12.86%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$1.089M -$1.424M
YoY Change -7.24% -38.96%
Depreciation, Depletion And Amortization $3.000K $4.000K
YoY Change -40.0% 0.0%
Cash From Operating Activities -$1.056M -$1.669M
YoY Change -29.32% -33.19%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
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
YoY Change
NET CHANGE
Cash From Operating Activities -1.056M -1.669M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 0.000 0.000
Net Change In Cash -1.056M -1.669M
YoY Change -29.32% -33.19%
FREE CASH FLOW
Cash From Operating Activities -$1.056M -$1.669M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$1.056M -$1.669M
YoY Change -29.32% -33.19%

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<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Times New Roman',serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Times New Roman',serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',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:10pt;font-family:'Times New Roman',serif;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',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:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;"> </span></p>
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204000
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
13000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
12000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
15000
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
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
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
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.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
11.52
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
616786
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.78
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y7M6D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
413834
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.56
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y5M26D
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
26000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
93000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
96000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
100000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
25000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
340000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
39000
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
77000
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
224000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
301000
us-gaap Operating Lease Payments
OperatingLeasePayments
101000
us-gaap Operating Lease Payments
OperatingLeasePayments
98000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y4M24D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.07
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
154000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
97000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
616718
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.78
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y7M6D
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
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
91000
CY2023Q3 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
CY2023Q3 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0

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