Oruka Therapeutics reported Phase 2 psoriasis data for ORKA-001, a half-life-extended IL-23 monoclonal antibody, with 40 of 63 treated patients (63.5%) achieving PASI 100 at 16 weeks versus 1 of 21 on placebo. Oruka also reported 83% reaching PASI 90 and said updated exposure analyses support potential once-yearly dosing, though late-stage results are still pending. Jefferies and other observers framed the readout as a potential competitive threat to leading IL-23–directed injectables.