Sandler Laura Lee 4

4 · Oruka Therapeutics, Inc. · Filed May 1, 2026

AI-generated summary of this filing

Updated May 1, 2026

Oruka (ORKA) COO Laura Sandler Sells Shares, Exercises Options

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) and executed multiple open-market sales the same day totaling 6,800 shares for aggregate proceeds of about $319,384. The filing also shows a separate derivative line of 5,000 shares reported as disposed at $0 (see Key Details/footnotes).

Key Details

Transaction date: 2026-05-01.
Exercises/Conversions (code M): 5,000 shares acquired @ $7.80 (total $39,000); an additional 5,000- share derivative line reported as disposed @ $0 (no cash amount reported).
Open-market sales (codes S), all on 2026-05-01:
- 2,200 shares @ $62.58 (WA) — $137,685 (prices ranged $62.33–$62.83) (F2)
- 1,800 shares @ $64.15 (WA) — $115,468 (prices ranged $63.59–$64.55) (F3)
- 300 shares @ $65.10 (WA) — $19,530 (prices ranged $64.85–$65.28) (F4)
- 400 shares @ $66.06 (WA) — $26,422 (prices ranged $65.85–$66.23) (F5)
- 200 shares @ $67.16 (WA) — $13,431 (prices ranged $67.11–$67.20) (F6)
- 100 shares @ $68.48 — $6,848
Total shares sold (per entries provided): 6,800; total sale proceeds ≈ $319,384.
Shares owned after the transactions are not specified in the provided filing details.
Footnotes: Sales were made under a Rule 10b5-1 trading plan entered Sept 19, 2025 (F1). Several sale lines show weighted-average prices and ranges; F7 notes warrant vesting schedule (1/4 on April 3, 2025 then monthly vesting).
Filing date: 2026-05-01 — same day as the transactions; no late filing indicated in the provided data.

Context

The filing shows an option/warrant exercise to acquire shares (a cash outlay of $39k) and same-day open-market sales under a pre-established 10b5-1 plan. Exercises followed by sales can be routine (e.g., exercising to obtain vested shares and selling portions under a trading plan) — the 10b5-1 disclosure signals the sales were pre-planned. The separate derivative disposal at $0 relates to conversion/settlement mechanics and is explained partially by the vesting note (F7); the filing does not by itself indicate motives.

Form 4

Period: 2026-05-01

Chief Operating Officer

Transactions

Exercise/Conversion
Common Stock
2026-05-01$7.80/sh+5,000$39,000→ 241,984 total
Sale
Common Stock
[F1][F2]
2026-05-01$62.58/sh−2,200$137,685→ 239,784 total
Sale
Common Stock
[F1][F3]
2026-05-01$64.15/sh−1,800$115,468→ 237,984 total
Sale
Common Stock
[F1][F4]
2026-05-01$65.10/sh−300$19,530→ 237,684 total
Sale
Common Stock
[F1][F5]
2026-05-01$66.06/sh−400$26,422→ 237,284 total
Sale
Common Stock
[F1][F6]
2026-05-01$67.16/sh−200$13,431→ 237,084 total
Sale
Common Stock
[F1]
2026-05-01$68.48/sh−100$6,848→ 236,984 total
Exercise/Conversion
Employee Warrant (right to buy)
[F7]
2026-05-01−5,000→ 84,996 total
Exercise: $7.80Exp: 2034-07-14→ Common Stock (5,000 underlying)

Footnotes (7)

[F1]The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan entered into on September 19, 2025.
[F2]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $62.33 to $62.83, inclusive. The reporting person undertakes to provide to Oruka Therapeutics, Inc., any security holder of Oruka Therapeutics, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (2), (3), (4), (5) and (6) to this Form 4.
[F3]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $63.59 to $64.55, inclusive.
[F4]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $64.85 to $65.28, inclusive.
[F5]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $65.85 to $66.23, inclusive.
[F6]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $67.11 to $67.20, inclusive.
[F7]The warrant vests as to 1/4 of the underlying shares on April 3, 2025 and as to 1/48 of the underlying shares monthly from April 3, 2025.

Signature

/s/ Paul Quinlan, as attorney-in-fact for Laura Sandler|2026-05-01

1 file