Agarwal Arjun 4

What Happened

• Arjun Agarwal, Senior Vice President, Finance at Oruka Therapeutics (ORKA), exercised stock options and sold shares on May 18, 2026. He exercised 2,000 options at $12.50 (cost $25,000) and 5,833 options at $34.39 (cost $200,597), acquiring 7,833 shares for about $225,597 in aggregate.
• On the same day he sold 10,290 shares in multiple open-market transactions for total proceeds of about $607,806 (sales broken into lots of 4,190; 4,600; 800; and 700 shares at weighted-average prices shown below). The filing also reports $0.00 disposals corresponding to the exercised derivatives (see Key Details).

Key Details

• Transaction date: May 18, 2026. All sales were effected pursuant to a Rule 10b5-1 trading plan (Footnote F1).
• Option exercises (reported as "M"): 2,000 shares at $12.50 ($25,000) and 5,833 shares at $34.39 ($200,597).
• Open-market sales (reported as "S"): total 10,290 shares for approximately $607,806, broken down by weighted-average prices:
  • 4,190 shares at $58.34 (range $57.72–$58.71; F2) — $244,465
  • 4,600 shares at $59.19 (range $58.76–$59.75; F3) — $272,260
  • 800 shares at $60.34 (range $59.78–$60.72; F4) — $48,269
  • 700 shares at $61.16 (range $60.82–$61.76; F5) — $42,812
• The filing shows parallel derivative disposition entries for 2,000 and 5,833 shares reported at $0.00 (these relate to the option exercises/conversion reporting).
• Vesting notes: the options vest 1/48 monthly from Jan 1, 2025 (F6) and Jan 1, 2026 (F7) as applicable.
• Shares owned after transaction: Not specified in the provided filing.
• Timeliness: Filing date and reporting period are both May 18, 2026 — the Form 4 appears timely.

Context

• The filing documents option exercises followed by same-day open-market sales. When exercised shares are sold the same day, this is commonly a sell-to-cover or cashless-style outcome (the filing shows separate exercise and sale entries rather than a single combined cashless transaction).
• Sales executed under a 10b5-1 plan indicate pre-arranged trading instructions; such sales are routine compliance mechanisms and do not, by themselves, indicate insider sentiment.
• This summary is factual and based on the Form 4; it does not speculate on the insider’s motives.