[Form 4] Oruka Therapeutics, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Oruka Therapeutics senior vice president of finance Arjun Agarwal reported new equity awards. On January 23, 2026, he received an employee stock option for 70,000 shares of common stock at an exercise price of $34.39 per share, with the option vesting in 1/48 monthly installments from January 1, 2026. He also acquired 17,500 shares of common stock at a stated price of $0, vesting in 1/16 installments on each March 14, June 14, September 14 and December 14. Following these transactions, he directly beneficially owned 19,258 common shares, including 1,758 shares previously acquired under the Oruka stock purchase plan.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Agarwal Arjun

Role SVP, Finance

Type	Security	Shares	Price	Value
Grant/Award	Employee Stock Option (right to buy)	70,000	$0.00	--
Grant/Award	Common Stock	17,500	$0.00	--

Holdings After Transaction: Employee Stock Option (right to buy) — 70,000 shares (Direct); Common Stock — 19,258 shares (Direct)

Footnotes (1)

1. The grant vests as to 1/16 of the shares on each March 14, June 14, September 14 and December 14 (or if not a trading day, the immediately preceding trading day). Includes 1,758 shares acquired under the Oruka stock purchase plan on December 8, 2025. The option vests as to 1/48 of the underlying shares monthly from January 1, 2026.

Form 4 Insider Transactions: What Each Field Means →

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).

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^*

Agarwal Arjun

(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)
	SVP, Finance

3. Date of Earliest Transaction (Month/Day/Year)
01/23/2026

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	01/23/2026		A		17,500(1)	A	$0	19,258(2)	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)	$34.39	01/23/2026		A		70,000		(3)	01/22/2036	Common Stock	70,000	$0	70,000	D

Explanation of Responses:

1. The grant vests as to 1/16 of the shares on each March 14, June 14, September 14 and December 14 (or if not a trading day, the immediately preceding trading day).

2. Includes 1,758 shares acquired under the Oruka stock purchase plan on December 8, 2025.

3. The option vests as to 1/48 of the underlying shares monthly from January 1, 2026.

	/s/ Paul Quinlan, as attorney-in-fact for Arjun Agarwal	01/23/2026
	** 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.

FAQ

What insider transaction did Arjun Agarwal report for Oruka Therapeutics (ORKA)?

Arjun Agarwal, SVP Finance of Oruka Therapeutics, reported receiving an option for 70,000 shares of common stock and a separate grant of 17,500 common shares on January 23, 2026.

What are the terms of the 70,000-share stock option granted to Oruka SVP Finance?

The employee stock option covers 70,000 shares of Oruka common stock at an exercise price of $34.39 per share and vests as to 1/48 of the underlying shares monthly starting January 1, 2026, with a stated expiration date of January 22, 2036.

How does the 17,500-share Oruka common stock grant vest?

The 17,500 common shares vest as to 1/16 of the shares on each March 14, June 14, September 14 and December 14 (or the immediately preceding trading day if not a trading day), according to the disclosure.

How many Oruka Therapeutics shares does Arjun Agarwal own after these transactions?

After the reported transactions, Arjun Agarwal beneficially owned 19,258 shares of Oruka common stock directly, which includes 1,758 shares acquired under the Oruka stock purchase plan on December 8, 2025.

Is Arjun Agarwal’s ownership in Oruka Therapeutics direct or indirect?

The filing lists Arjun Agarwal’s ownership of both the 19,258 common shares and the 70,000-share stock option as direct (D) beneficial ownership, with no separate indirect owner entity indicated.

What is Arjun Agarwal’s role at Oruka Therapeutics related to this Form 4?

Arjun Agarwal is identified as an officer of Oruka Therapeutics with the title SVP, Finance, and the Form 4 is filed by him as a single reporting person.