Oruka (ORKA) General Counsel Paul Quinlan Exercises Options, Sells Shares

What Happened

• Paul Quinlan, General Counsel of Oruka Therapeutics (ORKA), exercised 10,000 derivative shares at $7.80 per share (cost $78,000) and on the same date sold 10,000 common shares in several open‑market transactions that together generated about $936,418. The filing also shows a derivative disposition of 10,000 shares reported with $0 proceeds (reported as a derivative disposition on the Form 4).
• The open‑market sales were executed in multiple transactions at weighted average prices: 2,900 shares at $92.37 ($267,870), 3,832 shares at $93.32 ($357,592), 601 shares at $94.44 ($56,760), and 2,667 shares at $95.31 ($254,196).

Key Details

• Transaction date: September 21, 2026 (filing period/date: 2026-09-21). Filing was submitted the same day (timely).
• Sales totals: 10,000 shares sold for ~$936,418; exercise: 10,000 shares acquired for $78,000; one derivative disposition of 10,000 shown with $0 proceeds.
• Sale execution: Sales were effected under a Rule 10b5‑1 trading plan entered May 15, 2026 (footnote F1).
• Price ranges (multiple executions):
  • 2,900 shares — weighted avg $92.37 (range $91.87–$92.78) (F2)
  • 3,832 shares — weighted avg $93.32 (range $92.89–$93.80) (F3)
  • 601 shares — weighted avg $94.44 (range $94.02–$94.98) (F4)
  • 2,667 shares — weighted avg $95.31 (range $95.05–$95.75) (F5)
• Shares owned after the transactions: not specified in the provided data.

Context

• The exercise and sales occurred on the same date; the combination of exercising a derivative and selling shares that day is consistent with routine option exercises followed by planned sales (here executed under a 10b5‑1 plan). The Form 4 shows a derivative disposition reported at $0 — the filing provides limited detail on the nature of that item.
• For retail investors: purchases (buys) can be stronger signals of insider conviction, but option exercises followed by planned sales are common and may be for liquidity or tax/compensation reasons. This filing documents the transactions; it does not state management’s motives.