Oruka Therapeutics (ORKA) CMO sells 7,000 shares after option exercises under 10b5-1 plan
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Oruka Therapeutics, Inc.’s Chief Medical Officer, Joana Goncalves, reported option exercises and related share sales. On May 15, 2026, she exercised options and warrants to acquire a total of 7,000 shares of common stock at exercise prices of $7.80 and $6.84 per share. On the same date, she sold an aggregate 7,000 common shares in open-market transactions at weighted-average prices of about $61.56, $62.42 and $63.52 per share pursuant to a Rule 10b5-1 trading plan entered into on September 19, 2025. Following these transactions, she directly owned 33,377 shares of Oruka Therapeutics common stock.
Positive
- None.
Negative
- None.
Insights
Routine exercise-and-sell by CMO under a pre-set 10b5-1 plan.
Chief Medical Officer Joana Goncalves exercised employee options and warrants for 7,000 Oruka Therapeutics common shares at strike prices of $7.80 and $6.84. She then sold 7,000 shares in open-market trades at weighted-average prices around $61–63 per share.
The filing states these sales occurred under a Rule 10b5-1 trading plan adopted on September 19, 2025, indicating they were pre-scheduled rather than timed opportunistically. After these transactions, she holds 33,377 shares directly, so the activity appears to be a structured liquidity and portfolio-management event.
Insider Trade Summary 10b5-1
Net Seller: 7,000 shares ($432,935)
Net Sell
7 txns
Insider
Goncalves Joana
Role
Chief Medical Officer
Sold
7,000 shs ($433K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (right to buy) | 3,500 | $0.00 | -- |
| Exercise | Employee Warrant (right to buy) | 3,500 | $0.00 | -- |
| Exercise | Common Stock | 3,500 | $6.84 | $24K |
| Exercise | Common Stock | 3,500 | $7.80 | $27K |
| Sale | Common Stock | 4,800 | $61.5614 | $295K |
| Sale | Common Stock | 2,100 | $62.423 | $131K |
| Sale | Common Stock | 100 | $63.52 | $6K |
Holdings After Transaction:
Employee Stock Option (right to buy) — 207,563 shares (Direct, null);
Employee Warrant (right to buy) — 178,992 shares (Direct, null);
Common Stock — 36,877 shares (Direct, null)
Footnotes (1)
- These sales were effected pursuant to a Rule 10b5-1 trading plan entered into on September 19, 2025. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $60.93 to $61.90, 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. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $62.02 to $62.89, inclusive. The option vests as to 1/4 of the underlying shares on April 18, 2025 and as to 1/48 of the underlying shares monthly from April 18, 2025. The warrant vests as to 1/4 of the underlying shares on April 18, 2025 and as to 1/48 of the underlying shares monthly from April 18, 2025.
Key Figures
Shares sold: 7,000 shares
Sale prices: $61.5614, $62.4230, $63.5200 per share
Options and warrants exercised: 7,000 shares underlying
+5 more
8 metrics
Shares sold
7,000 shares
Open-market sales of common stock on May 15, 2026
Sale prices
$61.5614, $62.4230, $63.5200 per share
Weighted-average prices for three sale tranches
Options and warrants exercised
7,000 shares underlying
3,500 warrants and 3,500 stock options exercised
Strike prices
$7.80 and $6.84 per share
Exercise prices for employee warrant and stock option
Post-transaction holdings
33,377 shares
Common stock directly owned after reported transactions
10b5-1 plan date
September 19, 2025
Date CMO entered Rule 10b5-1 trading plan
Warrant expiration
July 14, 2034
Expiration date for employee warrant (right to buy)
Option expiration
May 6, 2034
Expiration date for employee stock option (right to buy)
Key Terms
Rule 10b5-1 trading plan, Employee Stock Option (right to buy), Employee Warrant (right to buy), weighted average price, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"These sales were effected pursuant to a Rule 10b5-1 trading plan entered into on September 19, 2025."
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.
Employee Stock Option (right to buy) financial
"Security title: Employee Stock Option (right to buy) with a conversion or exercise price of 6.8400."
Employee Warrant (right to buy) financial
"Security title: Employee Warrant (right to buy) with a conversion or exercise price of 7.8000."
weighted average price financial
"The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $60.93 to $61.90."
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.
derivative exercise/conversion financial
"Transaction action: derivative exercise/conversion for options and warrants exercisable into common stock."
FAQ
What insider transactions did Oruka Therapeutics (ORKA) report for Joana Goncalves?
Joana Goncalves reported exercising employee options and warrants for 7,000 Oruka Therapeutics shares, then selling 7,000 shares. The sales were open-market transactions on May 15, 2026, at weighted-average prices around $61–63 per share, according to the Form 4 filing.
Were the Oruka Therapeutics (ORKA) insider sales by the CMO pre-planned?
Yes, the sales were executed under a Rule 10b5-1 trading plan. The footnotes state the transactions followed a pre-arranged plan entered into on September 19, 2025, indicating the timing was scheduled in advance rather than discretionary.
What options or warrants did the Oruka Therapeutics (ORKA) CMO exercise?
She exercised 3,500 employee warrants at a $7.80 strike and 3,500 employee stock options at a $6.84 strike. Both derivative securities were exercisable into Oruka Therapeutics common stock, with expiration dates in 2034 noted in the filing.
What is the significance of the Rule 10b5-1 plan mentioned for Oruka Therapeutics (ORKA)?
The Rule 10b5-1 plan indicates the CMO’s share sales were pre-scheduled. Such plans allow insiders to sell shares according to predetermined instructions, helping separate trading activity from short-term information or market timing concerns.