Oruka COO sells 5,000 shares after warrant exercise
COO Laura Lee Sandler exercised 5,000 warrants at $7.80 and sold the shares for about $91–$92 under a Sept. 19, 2025 10b5-1 plan.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
4
Rhea-AI Filing Summary
Oruka Therapeutics, Inc. (ORKA) reported insider transactions by Chief Operating Officer Laura Lee Sandler on September 1, 2026. Sandler exercised 5,000 Employee Warrants at an exercise price of $7.80 per share into common stock, then sold 5,000 common shares in two open‑market transactions at weighted average prices around $91–$92 per share. Following the warrant exercise, Sandler held 74,996 Employee Warrants directly. The sales were effected pursuant to a Rule 10b5-1 trading plan entered into on September 19, 2025.
Insider Trade Summary 10b5-1
Exercise and Sale: 5,000 shares ($420K approx. pre-tax spread)
Exercise and Sale
4 txns
Insider
Sandler Laura Lee
Role
Chief Operating Officer
Sold
5,000 shs ($459K)
Approx. gross sale proceeds
$459K
Approx. exercise cost
$39K
Approx. pre-tax spread
$420K
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Warrant (right to buy) F4 | 5,000 | $0.00 | $0.00 |
| Exercise | Common Stock | 5,000 | $7.80 | $39K |
| Sale | Common Stock F1, F2 | 1,000 | $91.0476 | $91K |
| Sale | Common Stock F1, F3 | 4,000 | $92.0134 | $368K |
Holdings After Transaction:
Employee Warrant (right to buy) — 74,996 contracts (Direct);
Common Stock — 236,384 shares (Direct)
Footnotes (4)
- F1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan entered into on September 19, 2025.
- F2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $90.51 to $91.49, inclusive. The reporting person undertakes to provide to Oruka Therapeutics, Inc., any security holder of Oruka Therapeutics, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (2) and (3) to this Form 4.
- F3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $91.60 to $92.59, inclusive.
- F4. The warrant vests as to 1/4 of the underlying shares on April 3, 2025 and as to 1/48 of the underlying shares monthly from April 3, 2025.
Key Figures
Employee Warrants Exercised: 5,000 shares
Warrant Exercise Price: $7.80 per share
Common Shares Sold (first tranche): 1,000 shares at $91.0476
+5 more
8 metrics
Employee Warrants Exercised
5,000 shares
Exercised by COO on September 1, 2026 at $7.80 per share
Warrant Exercise Price
$7.80 per share
Exercise price of Employee Warrant converted into common stock
Common Shares Sold (first tranche)
1,000 shares at $91.0476
Weighted average sale price; trades from $90.51–$91.49 on September 1, 2026
Common Shares Sold (second tranche)
4,000 shares at $92.0134
Weighted average sale price; trades from $91.60–$92.59 on September 1, 2026
Total Common Shares Sold
5,000 shares
Shares sold by COO on September 1, 2026 in two transactions
Employee Warrants Held After Exercise
74,996 warrants
Directly held by COO following the reported warrant exercise
Warrant Expiration Date
July 14, 2034
Expiration of Employee Warrant exercised into 5,000 shares
Rule 10b5-1 Plan Adoption Date
September 19, 2025
Date the trading plan governing these sales was entered into
Key Terms
Rule 10b5-1 trading plan, weighted average price, Employee Warrant (right to buy), derivative security, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
Employee Warrant (right to buy) financial
"security_title": "Employee Warrant (right to buy)"
derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security"
A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did ORKA’s COO report on this Form 4?
COO Laura Lee Sandler exercised 5,000 Employee Warrants at an exercise price of $7.80 per share into common stock, then sold a total of 5,000 common shares in two open‑market transactions on September 1, 2026.
Were the ORKA insider sales made under a Rule 10b5-1 trading plan?
Yes. The filing states that the sales reported were effected pursuant to a Rule 10b5-1 trading plan entered into on September 19, 2025, indicating a pre-arranged trading program for these transactions.
How many Oruka Therapeutics warrants does the COO hold after these transactions?
After exercising 5,000 Employee Warrants, Sandler directly held 74,996 Employee Warrants, according to the Form 4. These warrants carry an exercise price of $7.80 per share and expire on July 14, 2034.
What are the key terms of the Employee Warrant reported for ORKA?
The reported Employee Warrant covers 5,000 underlying shares exercised on September 1, 2026, with an exercise price of $7.80 per share and an expiration date of July 14, 2034. The warrant vests over time beginning on April 3, 2025.
AI-generated analysis. How Rhea-AI works. Not financial advice.
