10-Q Filing

Oruka Therapeutics, Inc. CIK: 907654 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-036784`
Period End Date	20200630
Filing Date	20200805
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	abio-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 47 Income Statement 48 Cash Flow Statement 55 Stockholders Equity 37

Balance Sheet 47 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
Common stock, shares issued	`CommonStockSharesIssued`	1.59M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.36M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	2.27M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.04M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$532.00K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$117.00K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	2.27M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.59M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$8.48M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$11.57M	USD	Point-in-time
Right-of-use asset - operating	`OperatingLeaseRightOfUseAsset`	$24.00K	USD	Point-in-time
Right-of-use asset - operating	`OperatingLeaseRightOfUseAsset`	$22.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$10.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.00K	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`	$8.54M	USD	Point-in-time
Total assets	`Assets`	$11.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$418.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$576.00K	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$152.00K	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$129.00K	USD	Point-in-time
Accrued expenses and other liabilities	`OtherAccruedLiabilitiesCurrent`	$379.00K	USD	Point-in-time
Accrued expenses and other liabilities	`OtherAccruedLiabilitiesCurrent`	$600.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$926.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.33M	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, 2020 and December 31, 2019; 2,267,570 and 1,594,070 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	`CommonStockValue`	$2.00K	USD	Point-in-time
Common stock, $0.001 par value; 100 million shares authorized at June 30, 2020 and December 31, 2019; 2,267,570 and 1,594,070 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	`CommonStockValue`	$2.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$152.02M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$157.34M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-144.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-147.04M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$6.03M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$6.31M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$10.30M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$8.80M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.19M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$7.61M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$7.32M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$11.63M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$8.54M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$1.10M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$372.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$440.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$737.00K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.07M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.91M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.19M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$938.00K	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$1.51M	USD	1 Quarter
Total costs and expenses	`OperatingExpenses`	$3.29M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$2.65M	USD	2 Qtrs
Total costs and expenses	`OperatingExpenses`	$1.31M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.31M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.51M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.29M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.65M	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$2.00K	USD	1 Quarter
Interest and other income	`InterestAndOtherIncome`	$86.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$26.00K	USD	2 Qtrs
Interest and other income	`InterestAndOtherIncome`	$48.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$7.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$6.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$3.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$3.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.63M	USD	2 Qtrs
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`	$-1.31M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-9.00K	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-27.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-109.00K	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-9.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.32M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.16M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.10M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.66M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.62M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.30M	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.55	USD	2 Qtrs
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-1.14	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.73	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-2.87	USD	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.26M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.08M	shares	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.69M	shares	2 Qtrs
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	1.79M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.32M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.16M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.10M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.66M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.62M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.30M	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$4.00K	USD	2 Qtrs
Depreciation	`DepreciationAndAmortization`	$11.00K	USD	2 Qtrs
Amortization of right-of-use asset - operating	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$32.00K	USD	2 Qtrs
Amortization of right-of-use asset - operating	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$47.00K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$95.00K	USD	2 Qtrs
Share-based compensation	`ShareBasedCompensation`	$20.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-95.00K	USD	2 Qtrs
Other current assets	`IncreaseDecreaseInOtherCurrentAssets`	$-161.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-13.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-103.00K	USD	2 Qtrs
Accrued compensation and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$23.00K	USD	2 Qtrs
Accrued compensation and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-36.00K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$94.00K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-192.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.73M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.76M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.00K	USD	2 Qtrs
Proceeds from the issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$24.10M	USD	Point-in-time
Proceeds from the issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$6.06M	USD	2 Qtrs
Proceeds from the issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$6.52M	USD	2 Qtrs
Common stock offering costs	`PaymentsOfStockIssuanceCosts`	$287.00K	USD	2 Qtrs
Common stock offering costs	`PaymentsOfStockIssuanceCosts`	$514.00K	USD	2 Qtrs
Repayment of principal on vendor finance agreement	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	$116.00K	USD	2 Qtrs
Repayment of principal on vendor finance agreement	`RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths`	$135.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.41M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.11M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$3.36M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.68M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.04M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.97M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.61M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.36M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.04M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$9.97M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$6.61M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$8.36M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$3.00K	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$4.00K	USD	2 Qtrs
Income tax refund received	`ProceedsFromIncomeTaxRefunds`	$9.00K	USD	2 Qtrs
Income tax refund received	`ProceedsFromIncomeTaxRefunds`	$109.00K	USD	2 Qtrs
Vendor finance agreement	`VendorFinanceAgreement`	$233.00K	USD	2 Qtrs
Vendor finance agreement	`VendorFinanceAgreement`	$273.00K	USD	2 Qtrs
Common stock offering costs accrued but not yet paid	`CommonStockOfferingCostsAccruedReversalButNotYetPaid`	$250.00K	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 extension and adoption	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$60.00K	USD	2 Qtrs
Leased assets obtained in exchange for operating lease liabilities, upon extension and adoption	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$49.00K	USD	2 Qtrs

Stockholders Equity 37 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$6.03M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$6.31M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$10.30M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$8.80M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$9.19M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$7.61M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$7.32M	USD	Point-in-time
Beginning Balance, shares	`CommonStockSharesOutstanding`	2.27M	shares	Point-in-time
Beginning Balance, shares	`CommonStockSharesOutstanding`	1.59M	shares	Point-in-time
Issuance of common stock and exercise of prefunded warrants for cash,net of offering costs	`IssuanceOfCommonStockAndExerciseOfPrefundedWarrants`	$5.30M	USD	1 Quarter
Issuance of common stock for cash, net of offering costs	`StockIssuedDuringPeriodValueNewIssues`	$737.00K	USD	1 Quarter
Issuance of common stock for cash, net of offering costs	`StockIssuedDuringPeriodValueNewIssues`	$3.26M	USD	1 Quarter
Issuance of common stock for cash, net of offering costs	`StockIssuedDuringPeriodValueNewIssues`	$2.90M	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$27.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$45.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$50.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$29.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$4.00K	USD	1 Quarter
Share-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$16.00K	USD	1 Quarter
Other	`StockholdersEquityOther`	$10.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.32M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.16M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.10M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.44M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.66M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.62M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.30M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$6.03M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$6.31M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$10.30M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$8.80M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$9.19M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$7.61M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$7.32M	USD	Point-in-time
Ending Balance, shares	`CommonStockSharesOutstanding`	2.27M	shares	Point-in-time
Ending Balance, shares	`CommonStockSharesOutstanding`	1.59M	shares	Point-in-time

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