Agarwal Arjun 4

What Happened
Arjun Agarwal, Senior Vice President, Finance of Oruka Therapeutics (ORKA), exercised options on June 12, 2026 to acquire 9,459 shares (8,000 shares at $12.50 for $100,000; 1,459 shares at $34.39 for $50,175; total paid $150,175). Between June 12 and June 15 he sold a total of 9,854 shares in open-market transactions for aggregate proceeds of roughly $687,036 (sales reported at weighted-average prices of $68.34, $69.85, $70.34 and $69.69 across different tranches). The filing also shows corresponding derivative conversion/disposition entries at $0.00 that reflect the option exercises/conversions.

Key Details

• Transaction dates: primarily June 12, 2026 (exercises and multiple sales) and one sale on June 15, 2026. Filing date: June 15, 2026 (timely).
• Option exercises (acquisitions): 8,000 @ $12.50 ($100,000) and 1,459 @ $34.39 ($50,175).
• Open-market sales (dispositions):
  • 1,859 shares at weighted avg $68.34 (proceeds ~$127,048) — prices ranged $67.87–$68.71 (F3)
  • 4,340 shares at weighted avg $69.85 (proceeds ~$303,154) — prices ranged $69.07–$70.06 (F4)
  • 3,260 shares at weighted avg $70.34 (proceeds ~$229,306) — prices ranged $70.07–$70.86 (F5)
  • 395 shares at $69.69 (proceeds ~$27,528)
• Net effect: Acquired 9,459 shares and sold 9,854 shares — a net disposition of 395 shares. The filing does not state total shares owned after these transactions.
• Notable footnotes: some sales were executed under a Rule 10b5‑1 trading plan dated Feb 11, 2026 (F2); certain reported sales were automatic sell‑to‑cover transactions to satisfy tax withholding from RSU vesting (F6); 888 shares reported include purchases under the company's employee stock purchase plan on June 8, 2026 (F1). Option vesting schedules referenced (F7, F8).
• Timeliness: Filed June 15 for transactions dated June 12 — within the Form 4 filing window (timely).

Context

• This sequence is a common "exercise-and-sell" pattern (options exercised and many of the resulting shares sold). The $0.00 derivative disposal lines reflect conversion/exercise mechanics rather than a cash sale price. Some sales were pre-planned under a 10b5‑1 plan and others were automatic sell‑to‑cover for taxes; these are routine and do not, by themselves, confirm a change in the insider's view of the company.