Oruka Therapeutics, Inc. Insider Trading Activity

Oruka Therapeutics, Inc. Chief Medical Officer Joana Goncalves reported option and warrant exercises followed by stock sales.

Rhea-AI Filing Summary

Oruka Therapeutics, Inc. Chief Medical Officer Joana Goncalves reported option and warrant exercises followed by stock sales. On January 15, 2026, she exercised an employee stock option for 3,500 shares of common stock at $6.84 per share and an employee warrant for another 3,500 shares at $7.8 per share.

That same day, she sold 4,381 shares of common stock at a weighted average price of $31.5626 and 2,619 shares at a weighted average price of $32.237, all under a Rule 10b5-1 trading plan entered into on September 19, 2025. After these transactions, she directly owned 1,518 shares of common stock, as well as 221,563 employee stock options and 192,992 employee warrants.

Insider Trade Summary

Exercise and Sale: 7,000 shares ($171K approx. pre-tax spread)

Exercise and Sale 6 txns

Insider Goncalves Joana

Role Chief Medical Officer

Sold 7,000 shs ($223K)

Approx. gross sale proceeds $223K

Approx. exercise cost $51K

Approx. pre-tax spread $171K

Type	Security	Shares	Price	Value
Exercise	Employee Stock Option (right to buy)	3,500	$0.00	$0.00
Exercise	Employee Warrant (right to buy)	3,500	$0.00	$0.00
Exercise	Common Stock	3,500	$6.84	$24K
Exercise	Common Stock	3,500	$7.80	$27K
Sale	Common Stock	4,381	$31.5626	$138K
Sale	Common Stock	2,619	$32.237	$84K

Holdings After Transaction: Employee Stock Option (right to buy) — 221,563 contracts (Direct); Employee Warrant (right to buy) — 192,992 contracts (Direct); Common Stock — 1,518 shares (Direct)

Footnotes (5)

1. F1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan entered into on September 19, 2025.
2. F2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $30.86 to $31.85, 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.
3. F3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $31.86 to $32.71, inclusive.
4. F4. 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.
5. F5. 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.

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Accepted by SEC EDGAR 01/16/2026 - 05:26 PM EST Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Goncalves Joana

(Last) (First) (Middle)

C/O ORUKA THERAPEUTICS, INC.

855 OAK GROVE AVE., SUITE 100

(Street)

MENLO PARK CA 94025

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Oruka Therapeutics, Inc. [ ORKA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Medical Officer

3. Date of Earliest Transaction (Month/Day/Year)
01/15/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/15/2026		M		3,500	A	$6.84	5,018	D
Common Stock	01/15/2026		M		3,500	A	$7.8	8,518	D
Common Stock	01/15/2026		S(1)		4,381	D	$31.5626(2)	4,137	D
Common Stock	01/15/2026		S(1)		2,619	D	$32.237(3)	1,518	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$6.84	01/15/2026		M			3,500	(4)	05/06/2034	Common Stock	3,500	$0	221,563	D
Employee Warrant (right to buy)	$7.8	01/15/2026		M			3,500	(5)	07/14/2034	Common Stock	3,500	$0	192,992	D

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan entered into on September 19, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $30.86 to $31.85, 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.

3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $31.86 to $32.71, inclusive.

4. 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.

5. 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.

	/s/ Paul Quinlan, as attorney-in-fact for Joana Goncalves	01/16/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.