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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
5 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (29,320) $ (45,573)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense 768 9,960
Net accretion of premiums and discounts on marketable securities (3,300)
Non-cash interest expense 3
Non-cash lease expense 4 187
Depreciation expense 35
Changes in operating assets and liabilities:    
Subscription receivable 1
Prepaid expenses and other current assets (1,721) (765)
Other non-current assets (43) (60)
Accounts payable 2,022 1,202
Accrued expenses and other current liabilities 683 232
Operating lease liability 4 (29)
Related party accounts payable and other current liabilities 15,437 (5,903)
Accrued interest payable, related party 961
Net cash used in operating activities (11,201) (44,014)
Cash flows from investing activities:    
Purchases of property and equipment (47)
Purchases of marketable securities (152,289)
Proceeds from maturities of marketable securities 200,062
Net cash provided by investing activities 47,726
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
Payment of deferred offering costs (1,589)
Proceeds from issuance of common stock 109
Net cash provided by financing activities 26,322 109
Net increase in cash and cash equivalents 15,121 3,821
Cash and cash equivalents at beginning of period 61,575
Cash and cash equivalents at end of period 15,121 65,396
Supplemental disclosures of non-cash operating and financing activities:    
Operating lease liability arising from obtaining operating right-of-use asset 982 1,387
Deferred offering costs in accrued expenses and other current liabilities $ 726