Oruka (ORKA) COO Laura Sandler Exercises Options, Sells 5,000 Shares

What Happened

• Laura Lee Sandler, Chief Operating Officer of Oruka Therapeutics (ORKA), exercised derivative rights to acquire 5,000 shares at $7.80 ($39,000) and the same day sold a total of 5,000 shares in two open-market transactions for combined proceeds of approximately $459,102. The Form 4 also reports a separate derivative disposition of 5,000 shares at $0.00 (reported as a derivative).
• The sales and the exercise are reported on 2026-09-01. The filing indicates the exercised shares appear to have been sold the same day (commonly a cashless or immediate resale pattern).

Key Details

• Transaction date: 2026-09-01.
• Exercise/acquisition: 5,000 shares at $7.80 each (total cost $39,000).
• Open-market sales: 1,000 shares at a weighted avg $91.05 (range $90.51–$91.49) for $91,048; 4,000 shares at a weighted avg $92.01 (range $91.60–$92.59) for $368,054. Total sales ≈ $459,102.
• Derivative disposition: 5,000 shares reported disposed at $0.00 (classified as a derivative). Footnote F4 references a warrant vesting schedule (1/4 on April 3, 2025; then 1/48 monthly thereafter).
• Sales were effected pursuant to a Rule 10b5-1 trading plan entered on September 19, 2025 (footnote F1). The filing offers to provide detailed per-price sale breakdowns on request (footnotes F2, F3).
• Shares owned after the transactions are not specified in the provided filing. No late filing is indicated in the data provided.

Context

• This is a common pattern where an insider exercises options or other derivative rights and sells the resulting shares the same day. The 10b5-1 plan note means the sales were pre-arranged and not necessarily a contemporaneous expression of sentiment.
• Facts only: the filing shows exercise and sales; it does not state the insider’s motivation.