ARCA biopharma reports Q1 net loss of $1.3M; strategic review ongoing

Oruka Therapeutics, Inc.

2023-Q1 EPS reported -$0.09

Net loss of $1.3M ($0.09 per share) vs $3.3M ($0.23) in Q1 2022; improvement due to lower R&D costs.
Cash and equivalents $40.9M as of March 31, 2023, expected to fund operations through mid-2024.
Strategic review process continues with Ladenburg Thalmann; evaluating merger, asset sale, or other options.
R&D expenses fell to $0.4M from $2.2M YoY after enrollment completion in rNAPc2 Phase 2b trial.
G&A expenses rose to $1.4M from $1.1M, including $159K severance for former General Counsel.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Oruka Therapeutics, Inc. reported the quarter ended March 31, 2023 results: net income $1.3 million, EPS $0.09 per basic and diluted share.

Period: the quarter ended March 31, 2023
Net income: $1.3 million
EPS: $0.09 per basic and diluted share
Result: reported results

Exact text from the filing

Net loss for the quarter ended March 31, 2023 was $1.3 million, or $0.09 per basic and diluted share, compared to $3.3 million, or $0.23 per basic and diluted share in the first quarter of 2022.

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Source: SEC EDGAR

accession 0000950170-23-014115

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