10-Q Filing

Oruka Therapeutics, Inc. CIK: 907654 Q2 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-027966`
Period End Date	20190630
Filing Date	20190801
Fiscal Year	2019
Fiscal Period	Q2
XBRL Instance	abio-20190630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 52 Cash Flow Statement 54 Stockholders Equity 40

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.70M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.97M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	773,558.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.61M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.63M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.46M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$169.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$357.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.46M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	773,558.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$6.78M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.32M	USD	Point-in-time
Right-of-use asset - operating	`OperatingLeaseRightOfUseAsset`	$28.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$24.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$24.00K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$24.00K	USD	Point-in-time
Total assets	`Assets`	$10.39M	USD	Point-in-time
Total assets	`Assets`	$6.83M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$230.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$254.00K	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$114.00K	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$150.00K	USD	Point-in-time
Accrued expenses and other liabilities	`OtherAccruedLiabilitiesCurrent`	$831.00K	USD	Point-in-time
Accrued expenses and other liabilities	`OtherAccruedLiabilitiesCurrent`	$413.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$793.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.20M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value; 100 million shares authorized at June 30, 2019 and December 31, 2018; 1,455,556 and 773,558 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Common stock, $0.001 par value; 100 million shares authorized at June 30, 2019 and December 31, 2018; 1,455,556 and 773,558 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	`CommonStockValue`	$1.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$144.97M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$151.22M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-142.03M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-138.93M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.00M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$7.46M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$6.03M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$11.05M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$7.32M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$10.28M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.19M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$6.83M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$10.39M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$440.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.10M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$2.87M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.15M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.07M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.00M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.06M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.19M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$4.93M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.51M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$2.16M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$3.29M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-3.29M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.16M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.51M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.93M	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$48.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$43.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$86.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$84.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$6.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$3.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$6.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$3.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.21M	USD	2 Qtrs
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.46M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.12M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.85M	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-27.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-109.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-4.85M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.59M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.66M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.73M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.49M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.10M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.12M	USD	1 Quarter
Change in unrealized loss on marketable securities	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$2.00K	USD	2 Qtrs
Change in unrealized loss on marketable securities	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$2.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.10M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.44M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.85M	USD	2 Qtrs
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.12M	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.14	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-6.34	USD	2 Qtrs
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-2.74	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-2.87	USD	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	773,528.00	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	765,164.00	shares	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.26M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.08M	shares	2 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.85M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.59M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.66M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.73M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.49M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.10M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.12M	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$11.00K	USD	2 Qtrs
Depreciation	`DepreciationAndAmortization`	$11.00K	USD	2 Qtrs
Amortization of right-of-use asset - operating	`OperatingLeaseRightOfUseAssetAmortization`	$32.00K	USD	2 Qtrs
Amortization of premiums and discounts on marketable securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-2.00K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$95.00K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$157.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-483.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-161.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-13.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-217.00K	USD	2 Qtrs
Accrued compensation and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-36.00K	USD	2 Qtrs
Accrued compensation and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-623.00K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-287.00K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$94.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.33M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.76M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.00K	USD	2 Qtrs
Proceeds from maturities of marketable securities	`ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities`	$3.05M	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$3.05M	USD	2 Qtrs
Proceeds from the issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$3.53M	USD	2 Qtrs
Proceeds from the issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$6.52M	USD	2 Qtrs
Common stock offering costs	`PaymentsOfStockIssuanceCosts`	$117.00K	USD	2 Qtrs
Common stock offering costs	`PaymentsOfStockIssuanceCosts`	$287.00K	USD	2 Qtrs
Repayment of principal on vendor finance agreement	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	$206.00K	USD	2 Qtrs
Repayment of principal on vendor finance agreement	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	$116.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.21M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.11M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.36M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$933.00K	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.70M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.97M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$6.61M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.63M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.70M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.97M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$6.61M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.63M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$3.00K	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$6.00K	USD	2 Qtrs
Income tax refund received	`ProceedsFromIncomeTaxRefunds`	$109.00K	USD	2 Qtrs
Vendor finance agreement	`VendorFinanceAgreement`	$105.00K	USD	2 Qtrs
Vendor finance agreement	`VendorFinanceAgreement`	$233.00K	USD	2 Qtrs
Common stock offering costs accrued but not yet paid	`CommonStockOfferingCostsAccruedReversalButNotYetPaid`	$68.00K	USD	2 Qtrs
Leased assets obtained in exchange for operating lease liabilities, upon adoption	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$60.00K	USD	2 Qtrs
Purchases of property and equipment in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$1.00K	USD	2 Qtrs
Change in unrealized loss on marketable securities	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$2.00K	USD	2 Qtrs

Stockholders Equity 40 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$9.00M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$7.46M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$6.03M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$11.05M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$7.32M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$10.28M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$9.19M	USD	Point-in-time
Beginning Balance, shares	`CommonStockSharesOutstanding`	1.46M	shares	Point-in-time
Beginning Balance, shares	`CommonStockSharesOutstanding`	773,558.00	shares	Point-in-time
Issuance of common stock for cash, net of offering costs	`StockIssuedDuringPeriodValueNewIssues`	$2.90M	USD	1 Quarter
Issuance of common stock for cash, net of offering costs	`StockIssuedDuringPeriodValueNewIssues`	$3.42M	USD	1 Quarter
Issuance of common stock for cash, net of offering costs	`StockIssuedDuringPeriodValueNewIssues`	$3.26M	USD	1 Quarter
Issuance of common stock upon vesting of Restricted Stock Units, value	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Issuance of common stock upon vesting of Restricted Stock Units, value	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Issuance of common stock upon vesting of Restricted Stock Units, value	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$58.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$58.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$97.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$60.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$50.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$45.00K	USD	1 Quarter
Change in unrealized loss on marketable securities	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$2.00K	USD	2 Qtrs
Change in unrealized loss on marketable securities	`OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent`	$2.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.85M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.59M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.66M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.73M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.49M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.10M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.12M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$9.00M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$7.46M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$6.03M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$11.05M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$7.32M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$10.28M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$9.19M	USD	Point-in-time
Ending Balance, shares	`CommonStockSharesOutstanding`	1.46M	shares	Point-in-time
Ending Balance, shares	`CommonStockSharesOutstanding`	773,558.00	shares	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.