ARCA biopharma Q1 net loss $2.0M, cash $35.9M; Oruka merger and CEO change detailed

Oruka Therapeutics, Inc.

Net loss for Q1 2024 was $2.0M ($0.14 per share) vs $1.3M ($0.09) in Q1 2023.
Cash and equivalents $35.9M at March 31, 2024, down from $37.4M at Dec. 31, 2023; funds operations through mid-2025.
G&A expenses rose to $2.3M from $1.4M due to $1.1M in professional fees related to the Oruka merger.
CEO Michael Bristow separated effective April 3, 2024; Thomas Keuer appointed President and principal executive officer.
Merger with Oruka Therapeutics is subject to conditions; failure could lead to dissolution or alternative strategic transaction.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Oruka Therapeutics, Inc. reported financial results for first quarter 2024.

Period: first quarter 2024
Result: reported results

Exact text from the filing

ARCA biopharma, Inc. (Nasdaq: ABIO), (the “Company”) a biopharmaceutical company applying a precision medicine approach to developing genetically targeted therapies for cardiovascular diseases, today reported first quarter 2024 financial results and provided a corporate update.

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Source: SEC EDGAR

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