Goncalves Joana 4

4 · Oruka Therapeutics, Inc. · Filed May 15, 2026

AI-generated summary of this filing

Updated May 16, 2026

Oruka (ORKA) CMO Joana Goncalves Exercises Options, Sells Shares

What Happened

Joana Goncalves, Chief Medical Officer of Oruka Therapeutics (ORKA), exercised options/conversions to acquire 7,000 shares (two exercises of 3,500 shares each) at aggregate cost $51,240 (3,500 @ $6.84 = $23,940; 3,500 @ $7.80 = $27,300).
The filing also shows the disposition of derivative instruments (two entries of 3,500 shares at $0.00), consistent with conversion/settlement of those instruments. Immediately following, she sold a total of 7,000 shares in the open market for combined proceeds of about $432,935 (4,800 @ $61.56 = $295,495; 2,100 @ $62.42 = $131,088; 100 @ $63.52 = $6,352).

Key Details

Transaction date: May 15, 2026 (reported same day). Filing not indicated as late.
Sales executed under a Rule 10b5-1 trading plan entered September 19, 2025 (footnote F1).
Weighted-average sale prices and ranges: 4,800 shares reported at $61.56 (sales ranged $60.93–$61.90; F2); 2,100 shares reported at $62.42 (sales ranged $62.02–$62.89; F3); 100 shares at $63.52. Reporting person offered to provide per-share prices on request (F2, F3).
Exercise details and vesting: the filings reference vesting schedules for the underlying option and warrant (1/4 vest on April 18, 2025 and 1/48 monthly thereafter; F4, F5).
Shares owned after the transactions: not specified in the supplied filing excerpt.

Context

This was effectively an option exercise followed by open-market sales — a common liquidity action rather than an obvious directional bet on the stock. The conversion/disposition entries at $0.00 reflect surrender/conversion of derivative instruments when the options/warrants were exercised.
Sales were preplanned under a 10b5-1 plan, which can indicate scheduled, rule-compliant dispositions rather than ad-hoc sales.

If you want, I can calculate estimated post-transaction ownership if you provide the pre-transaction holdings reported elsewhere in the Form 4.

Form 4

Period: 2026-05-15

Chief Medical Officer

Transactions

Exercise/Conversion
Common Stock
2026-05-15$6.84/sh+3,500$23,940→ 36,877 total
Exercise/Conversion
Common Stock
2026-05-15$7.80/sh+3,500$27,300→ 40,377 total
Sale
Common Stock
[F1][F2]
2026-05-15$61.56/sh−4,800$295,495→ 35,577 total
Sale
Common Stock
[F1][F3]
2026-05-15$62.42/sh−2,100$131,088→ 33,477 total
Sale
Common Stock
[F1]
2026-05-15$63.52/sh−100$6,352→ 33,377 total
Exercise/Conversion
Employee Stock Option (right to buy)
[F4]
2026-05-15−3,500→ 207,563 total
Exercise: $6.84Exp: 2034-05-06→ Common Stock (3,500 underlying)
Exercise/Conversion
Employee Warrant (right to buy)
[F5]
2026-05-15−3,500→ 178,992 total
Exercise: $7.80Exp: 2034-07-14→ Common Stock (3,500 underlying)

Footnotes (5)

[F1]These sales 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 $60.93 to $61.90, 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) and (3) 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 $62.02 to $62.89, inclusive.
[F4]The option vests as to 1/4 of the underlying shares on April 18, 2025 and as to 1/48 of the underlying shares monthly from April 18, 2025.
[F5]The warrant vests as to 1/4 of the underlying shares on April 18, 2025 and as to 1/48 of the underlying shares monthly from April 18, 2025.

Signature

/s/ Paul Quinlan, as attorney-in-fact for Joana Goncalves|2026-05-15

1 file