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) 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.