Oruka Therapeutics: general counsel Quinlan Paul T exercised 9,000 shares

What happened

• Quinlan Paul T, general counsel, exercised options to acquire 9,000 shares at $7.80 for $70,200 and, on the same date, sold 9,000 shares in multiple open-market transactions for a total of $706,735. The Form 4 also reports a derivative disposition of 9,000 shares at $0.00.

Key details

• Transaction date: Oct 20, 2026.
• Exercise/conversion (M): acquired 9,000 shares @ $7.80 for $70,200.
• Exercise/conversion (M): disposed 9,000 shares @ $0.00 (derivative).
• Open-market sales (S): 400 shares @ $74.90 for $29,960; 500 shares @ $76.12 for $38,059; 1,000 shares @ $77.20 for $77,205; 4,100 shares @ $78.79 for $323,037; 3,000 shares @ $79.49 for $238,474. Total proceeds reported for the sales: $706,735.
• Reported sale prices are weighted averages; the filing gives price ranges for the multiple trades (see footnotes F2–F6 in the filing).
• Sales were effected pursuant to a Rule 10b5-1 trading plan entered on May 15, 2026 (footnote F1).
• Footnote F7: the warrant vests 1/4 on Apr 30, 2025 and 1/48 monthly from Apr 30, 2025.
• Shares owned after the transactions: not reported in this Form 4.
• Filing date: Oct 20, 2026. The filing does not indicate a late filing.

Why it may matter

• The filing shows exercised options and contemporaneous open-market sales of the same number of shares.
• For derivative transactions, the Form 4 records the exercise or conversion; it does not explain the mechanics beyond the amounts reported.
• A filing does not show why the insider traded or why the company acted.