XML 18 R7.htm IDEA: XBRL DOCUMENT v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 2 Months Ended 3 Months Ended
Mar. 31, 2024
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (7,077) $ (20,999)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 85 4,883
Net accretion of premiums and discounts on marketable securities (1,797)
Non-cash interest expense 1
Non-cash lease expense 62
Depreciation expense 16
Changes in operating assets and liabilities:    
Subscription receivable 1
Prepaid expenses and other current assets (148)
Other non-current assets (60)
Accounts payable 4 83
Accrued expenses and other current liabilities 773 2,317
Operating lease liability (21)
Related party accounts payable and other current liabilities 5,831 (5,205)
Accrued interest payable, related party 214
Net cash used in operating activities (168) (20,869)
Cash flows from investing activities:    
Purchases of property and equipment (13)
Purchases of marketable securities (44,290)
Proceeds from maturities of marketable securities 87,169
Net cash provided by investing activities 42,866
Cash flows from financing activities:    
Proceeds from issuance of Pre-Merger Oruka Series A Preferred Stock, net of issuance costs paid 2,931
Proceeds from issuance of notes payable to related party, net of issuance costs paid 24,980
Net cash provided by financing activities 27,911
Net increase in cash and cash equivalents 27,743 21,997
Cash and cash equivalents at beginning of period 61,575
Cash and cash equivalents at end of period 27,743 83,572
Supplemental disclosures of non-cash operating and financing activities:    
Deferred offering costs in accrued expenses and other current liabilities $ 488