Oruka Therapeutics (ORKA) SVP Finance Arjun Agarwal Exercises Options, Sells Shares

What Happened
Arjun Agarwal, Senior Vice President, Finance of Oruka Therapeutics, exercised stock options covering a total of 9,999 shares on July 13, 2026 (8,541 shares at $12.50 and 1,458 shares at $34.39; total exercise cost ≈ $156,904). On the same date he sold 9,999 shares in open-market transactions under a Rule 10b5-1 plan, producing gross proceeds of about $846,180. The filing shows the option-related conversion/exercise entries (derivative code M) and corresponding sales (code S).

Key Details

• Transaction date: July 13, 2026.
• Options exercised: 8,541 shares @ $12.50 (≈ $106,763); 1,458 shares @ $34.39 (≈ $50,141).
• Open-market sales: 300 shares @ $83.07 (WA; range $82.49–$83.37), 3,743 shares @ $84.26 (range $83.54–$84.53), 5,656 shares @ $84.90 (range $84.54–$85.50), 300 shares @ $85.63 (range $85.56–$85.69). Total gross sale proceeds ≈ $846,180.
• Net cash outlay to exercise ≈ $156,904; gross proceeds from sales ≈ $846,180.
• Footnotes: Sales effected pursuant to a Rule 10b5-1 trading plan (F1). Reported sale prices are weighted averages across multiple transactions with price ranges noted in footnotes F2–F5. Vesting schedules for the options are noted (1/48 monthly from Jan 1, 2025 and Jan 1, 2026; F6, F7).
• Shares owned after the transaction: not stated in the provided filing excerpt.
• Filing timeliness: no late-filing indicator reported in the provided data.

Context

• This was an exercise of options (derivative code M) followed by immediate sales of the acquired shares under a pre-established 10b5-1 plan. That pattern (exercise then sell under plan) is common for executives monetizing vested options and does not by itself indicate a change in company outlook.
• The 10b5-1 plan means the sales were preplanned and likely executed according to predetermined terms rather than being ad hoc trades.