Oruka Therapeutics CMO sells 7,947 shares
Oruka Therapeutics’ chief medical officer exercised options and warrants for 7,000 shares and sold 7,947 shares, largely under a Rule 10b5-1 plan and tax sell-to-cover.
Rhea-AI Filing Summary
Oruka Therapeutics, Inc. reported that Chief Medical Officer Joana Goncalves exercised employee equity awards and sold shares on September 15, 2026. She exercised options for 3,500 shares at $6.84 per share and employee warrants for 3,500 shares at $7.80 per share, acquiring 7,000 shares of common stock. She then sold an aggregate of 7,947 common shares in a series of transactions at weighted average prices generally in the low- to mid-$90s, including sales made under a Rule 10b5-1 trading plan entered into on September 19, 2025 and a separate automatic sell-to-cover transaction to satisfy tax withholding on vested restricted stock units. Following the derivative exercises, she continued to hold 193,563 option shares and 164,992 warrant shares directly.
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Insights
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Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
9 txns
Insider
Goncalves Joana
Role
Chief Medical Officer
Sold
7,947 shs ($734K)
Approx. gross sale proceeds
$734K
Approx. exercise cost
$51K
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (right to buy) F7 | 3,500 | $0.00 | $0.00 |
| Exercise | Employee Warrant (right to buy) F8 | 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 F1, F2 | 2,384 | $91.0962 | $217K |
| Sale | Common Stock F1, F3 | 3,150 | $92.0285 | $290K |
| Sale | Common Stock F1, F4 | 1,366 | $92.9888 | $127K |
| Sale | Common Stock F1, F5 | 100 | $94.2172 | $9K |
| Sale | Common Stock F6 | 947 | $95.71 | $91K |
Holdings After Transaction:
Employee Stock Option (right to buy) — 193,563 contracts (Direct);
Employee Warrant (right to buy) — 164,992 contracts (Direct);
Common Stock — 31,771 shares (Direct)
Footnotes (8)
- F1. These sales 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 $90.52 to $91.51, 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), (3), (4) and (5) 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 $91.56 to $92.55, inclusive.
- F4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $92.62 to $93.54, inclusive.
- F5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $94.04 to $94.35, inclusive.
- F6. These sales were effected pursuant to Oruka Therapeutics, Inc.'s automatic, non-discretionary, sell-to-cover procedure to satisfy tax withholding obligations arising in connection with the vesting of restricted stock units.
- F7. 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.
- F8. 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
Common shares sold: 7,947 shares
Option exercise: 3,500 shares at $6.84 per share
Warrant exercise: 3,500 shares at $7.80 per share
+4 more
7 metrics
Common shares sold
7,947 shares
Total common stock sales by the CMO on September 15, 2026
Option exercise
3,500 shares at $6.84 per share
Employee stock option into common stock, expiring May 6, 2034
Warrant exercise
3,500 shares at $7.80 per share
Employee warrant into common stock, expiring July 14, 2034
Remaining option position
193,563 shares
Option shares held directly after the reported option exercise
Remaining warrant position
164,992 shares
Warrant shares held directly after the reported warrant exercise
Representative sale price
$91.10 per share
Weighted average price for 2,384 shares sold within a $90.52–$91.51 range
Tax sell-to-cover sale
947 shares at $95.71 per share
Automatic sale to cover tax withholding on vested restricted stock units
Key Terms
Rule 10b5-1 trading plan, weighted average price, sell-to-cover procedure, restricted stock units
4 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.
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.
sell-to-cover procedure financial
"automatic, non-discretionary, sell-to-cover procedure to satisfy tax withholding obligations"
restricted stock units financial
"tax withholding obligations arising in connection with the vesting of restricted stock units."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did ORKA’s Chief Medical Officer report on September 15, 2026?
She reported exercising options and warrants for 7,000 common shares of Oruka Therapeutics, Inc., then selling 7,947 common shares in multiple transactions on September 15, 2026, with sales generally at weighted average prices in the low- to mid-$90s.
Were the ORKA insider stock sales made under a Rule 10b5-1 trading plan?
Yes. The filing states that certain sales were effected pursuant to a Rule 10b5-1 trading plan entered into on September 19, 2025, indicating those trades were pre-arranged under an automatic trading program.
What options and warrants did the ORKA CMO exercise in this Form 4?
She exercised an employee stock option for 3,500 shares at $6.84 per share, expiring May 6, 2034, and an employee warrant for 3,500 shares at $7.80 per share, expiring July 14, 2034, receiving 7,000 common shares in total.
How many ORKA derivative awards does the CMO still hold after these transactions?
After the September 15, 2026 exercises, she directly held 193,563 option shares tied to an employee stock option and 164,992 warrant shares tied to an employee warrant, as reported in the post-transaction holdings for those derivative awards.
AI-generated analysis. How Rhea-AI works. Not financial advice.
