Sandler Laura Lee 4

What Happened
Laura Lee Sandler, Chief Operating Officer of Oruka Therapeutics (ORKA), exercised options to acquire 5,000 shares at $7.80 each (cost $39,000) and sold a total of 5,000 common shares in open-market transactions on July 1, 2026 for aggregate proceeds of about $472,079. The filing also shows a separate derivative disposition of 5,000 shares recorded at $0.00 (no proceeds). The exercise (buy) is a cash outlay; the open‑market sales are disposals—sales were executed under a pre-established trading plan.

Key Details

• Transaction date: 2026-07-01 (all reported transactions)
• Purchased (M/exercise): 5,000 shares @ $7.80 = $39,000 (acquired)
• Disposed (S/open market):
  • 2,237 shares @ weighted avg $93.85 = $209,933 (prices ranged $93.29–$94.26)
  • 2,263 shares @ weighted avg $94.75 = $214,410 (prices ranged $94.38–$95.19)
  • 500 shares @ weighted avg $95.47 = $47,736 (prices ranged $95.40–$95.51)
  • Total sales proceeds ≈ $472,079
• Additional derivative line: 5,000 shares reported disposed at $0.00 (M code) — filing includes a footnote about warrant vesting (see below).
• Sales were effected pursuant to a Rule 10b5-1 trading plan entered September 19, 2025 (footnote F1).
• Shares owned after the transactions: not specified in the data provided in your summary filing.
• Filing timeliness: reported as filed on 2026-07-01 (no late filing indicated in the provided data).

Context and plain-language notes

• The filing shows both an option exercise (acquisition) and same-day open-market sales of roughly the same number of shares. Exercising options is a purchase event; selling shares under a 10b5-1 plan is generally a preplanned sale and may be routine rather than an immediate signal about the insider’s view of the company.
• The M-coded disposition at $0.00 likely reflects a derivative conversion/settlement or similar non‑cash transaction; footnote F5 in the filing describes a warrant vesting schedule (1/4 on April 3, 2025 and monthly thereafter), which may relate to that line. The filing does not provide further explanation beyond the footnotes.

If you want, I can extract the exact price ranges and per‑trade breakdowns or check the original SEC filing for the post‑transaction beneficial ownership figure.