Oruka Therapeutics（ORKA.US）：扎实数据持续改善，符合预期并支撑投资论点

ORKA reported positive Week 28 clinical data for its lead program, long-acting IL-23 in moderate-to-severe psoriasis, showing 71% PASI-100, which increased from 64% at Week 16 and compares favorably against SKYRIZI's 53% at Week 28. Overall, this continues to look like a competitive profile, with better efficacy than SKYRIZI and potentially less frequent Q6/12m dosing. Safety also looks consistent with prior data. We think the overall data update is solid and consistent with our expectations here. (1) PASI-100 deepened from Week 16 to Week 28, increasing from 64% to 71%. This compares with SKYRIZI, which deepened from ~43% to 53% over the same period. (2) 20 placebo patients switched from placebo to ORKA-001 at Week 16 and were dosed for 12 weeks, achieving a 40% (8/20) PASI-100 rate, which is consistent with the efficacy seen in the initial N=63 patients in the ORKA-001 arm, who achieved a ~43% PASI-100 rate at Week 12. Overall, the safety profile looks fine as well. TEAEs were 36% (3