ARCA Biopharma, Inc. completed a merger with Oruka Therapeutics, Inc. on August 29, 2024, resulting in Oruka becoming a wholly owned subsidiary and ARCA changing its name to Oruka Therapeutics, Inc.; following the merger, ARCA shareholders own approximately 2.39% and Oruka shareholders own about 97.61% of the combined company, which also paid a special cash dividend of $23.4 million to its shareholders.