Sandler Laura Lee 4

What Happened Laura Lee Sandler, Chief Operating Officer of Oruka Therapeutics (ORKA), exercised derivative rights to acquire 5,000 shares at $7.80 each (cost $39,000) on March 2, 2026, and sold a total of 5,000 common shares in open-market transactions the same day for a combined ~$167,822. The filing also reports a separate derivative disposition of 5,000 units at $0 (no cash proceeds), as noted in the filing.

Key Details

• Transaction date: March 2, 2026.
• Exercise/acquisition: 5,000 shares at $7.80 — total $39,000.
• Sales (open market): 2,325 shares at a weighted avg $33.28 (≈ $77,386) and 2,675 shares at a weighted avg $33.81 (≈ $90,436); combined proceeds ≈ $167,822. Price ranges reported: $32.66–$33.64 and $33.66–$34.33 (weighted averages shown).
• Derivative disposition: 5,000 shares reported disposed at $0 (no proceeds); filing includes warrant vesting details (see next bullet).
• Footnotes: Sales were made under a Rule 10b5-1 trading plan entered Sept 19, 2025 (prearranged). The filing provides weighted-average prices and offers to supply per-price breakdowns on request. Warrant vesting: 1/4 on Apr 3, 2025 and then 1/48 monthly thereafter (per footnote).
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Timeliness: Reported and filed on March 2, 2026 (no late-filing flag in provided data).

Context

• This sequence looks like an exercise of derivative rights followed by immediate open-market sales of the resulting shares. Such transactions are often used to cover exercise costs or taxes; here the exercise cost ($39K) is substantially smaller than the gross sale proceeds (~$167.8K). The sales were executed under a pre-established 10b5-1 plan, indicating they were prearranged and not ad hoc market timing.
• The zero-dollar derivative disposition likely reflects a conversion/settlement event (e.g., warrant vesting or exercise mechanics) per the warrant vesting footnote; it produced no direct cash proceeds.