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

What Happened

• Arjun Agarwal, Senior Vice President, Finance at Oruka Therapeutics (ORKA), exercised stock options on September 11, 2026 to acquire 9,459 shares (8,000 at $12.50 = $100,000; 1,459 at $34.39 = $50,175) and subsequently sold 10,019 shares in multiple open‑market transactions between September 11 and September 15, 2026 for aggregate proceeds of roughly $926,011. The filing also shows related derivative conversion/disposition entries at $0 (reporting of option conversion on the Form 4).

Key Details

• Transaction dates: primary activity on 2026-09-11; an additional sale on 2026-09-15.
• Option exercises (acquired): 8,000 shares @ $12.50 and 1,459 shares @ $34.39 (total paid ≈ $150,175).
• Open-market sales (disposed): 3,000 @ $91.11; 4,051 @ $92.41; 2,208 @ $93.26; 200 @ $94.02; 560 @ $95.71 — total 10,019 shares for ≈ $926,011 (prices reported as weighted averages; per-footnotes actual trades spanned the ranges shown).
• Sales were effected pursuant to a Rule 10b5‑1 trading plan entered February 11, 2026 (footnote). The filing also includes a footnote that some sales were automatic sell‑to‑cover to satisfy tax withholding related to RSU vesting.
• Vesting notes: options vest monthly (see filing footnotes F7/F8 for vesting schedules).
• Shares owned after the transactions: not disclosed in the summary data provided — see the Form 4 for "Amount of Securities Owned Following Reported Transaction."
• Filing timeliness: reported on 2026-09-15 for transactions on 2026-09-11; this appears to have been filed within the SEC’s two-business-day Form 4 deadline.

Context

• The filing shows exercise of options followed by immediate sales of shares—commonly a cashless or partial cash exercise pattern where exercised shares are sold to cover strike price/taxes. Because many of the sales were made under a pre‑arranged 10b5‑1 plan (and some as sell‑to‑cover), they are often routine and do not by themselves indicate management sentiment about the company’s prospects.
• For retail investors: option exercises are typically compensation-related; sales under 10b5‑1 plans reduce inference about insider timing. For full detail, review the Form 4 footnotes for exact price ranges and the post‑transaction holdings.