Goncalves Joana 4

What Happened Joana Goncalves, Chief Medical Officer of Oruka Therapeutics (ORKA), exercised stock derivatives and sold shares on February 17, 2026. She exercised options to acquire 7,000 shares by paying $51,240 (3,500 shares @ $6.84 and 3,500 shares @ $7.80). On the same date she sold a total of 7,000 shares in open-market transactions, generating aggregate proceeds of approximately $226,559 (sales reported at weighted average prices of $32.30 and $32.78). The filing also shows two derivative dispositions of 3,500 shares each at $0, which typically reflect shares surrendered to cover exercise costs or tax withholding.

Key Details

• Transaction date: 2026-02-17.
• Option exercises (acquisitions): 3,500 shares @ $6.84 ($23,940) and 3,500 shares @ $7.80 ($27,300) — total exercise cost $51,240.
• Open-market sales (dispositions): 6,064 shares @ weighted avg $32.30 (range $31.68–$32.67) for $195,873; 936 shares @ weighted avg $32.78 (range $32.69–$32.93) for $30,686 — total ≈ $226,559.
• Derivative dispositions: two entries of 3,500 shares @ $0 listed as “Derivative” (likely surrendered to satisfy exercise/tax obligations).
• Sales effected pursuant to a Rule 10b5-1 trading plan entered on Sept 19, 2025 (Footnote F1).
• Vesting context: option and warrant vesting schedule noted in filing (1/4 on April 18, 2025 and then monthly 1/48 thereafter; Footnotes F4 and F5).
• Shares owned after transaction: not specified in the provided summary of the filing.
• Filing timeliness: Form filed with a transaction date of 2026-02-17 and filing date 2026-02-17; no late filing flag indicated.

Context

• This filing shows both an exercise of derivatives (M) and concurrent market sales (S). The zero-dollar derivative dispositions commonly indicate shares were surrendered to cover exercise costs or tax withholding rather than sold for cash.
• Sales under a pre-established 10b5-1 plan are routine and follow predetermined instructions; they do not necessarily signal a change in the insider’s view of the company.
• Purchases (exercises) are informative in that the insider paid to acquire shares, but the simultaneous sales and surrenders mean the net economic ownership change may be limited. For full ownership details, consult the complete Form 4 on the SEC EDGAR system.