Goncalves Joana 4

What Happened

• Joana Goncalves, Chief Medical Officer of Oruka Therapeutics (ORKA), exercised options and sold shares on March 16, 2026. She exercised 3,500 shares at $6.84 ($23,940) and 3,500 shares at $7.80 ($27,300) — acquiring 7,000 shares for $51,240.
• On the same day she sold a total of 7,641 shares in multiple open-market transactions for a combined reported proceeds of approximately $312,560 (individual reported sales: 2,921 @ $40.11 = $117,159; 2,902 @ $41.20 = $119,569; 1,177 @ $41.94 = $49,359; 641 @ $41.30 = $26,473). The Form 4 also shows two derivative-related dispositions reported at $0 (related to exercise/conversion reporting).

Key Details

• Transaction date: 2026-03-16; Form 4 filed 2026-03-17 (timely — within the usual 2-business-day window).
• Options exercised: 3,500 @ $6.84 and 3,500 @ $7.80 (total paid ≈ $51,240).
• Shares sold: 7,641 shares for total reported proceeds ≈ $312,560. Reported per-share weighted averages and ranges: $40.11 (sales ranged $39.65–$40.64), $41.20 (range $40.72–$41.70), $41.94 (range $41.75–$42.28); one sale reported at $41.30.
• Footnotes: sales were effected pursuant to a Rule 10b5-1 trading plan entered Sept 19, 2025 (pre-arranged plan). Some sales were automatic sell-to-cover transactions to satisfy tax-withholding on vesting awards. The filing discloses vesting schedules for related options/warrants.
• Shares owned after the transactions: not specified in the data provided.

Context

• This sequence (exercise of options at low strike prices followed by immediate market sales) is commonly a cashless exercise — exercising to acquire shares and then selling some or all in the open market.
• The use of a 10b5-1 plan and automatic sell-to-cover for taxes indicate the sales were pre-arranged or routine actions to manage holdings/tax obligations rather than necessarily a discretionary market-timing decision.