Goncalves Joana 4

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.