Form 4: Oruka COO Sells Shares After Warrant Exercise

Oruka Therapeutics' Chief Operating Officer, Laura Lee Sandler, reported exercising warrants and selling a portion of her common stock holdings.

Summary

• Laura Lee Sandler, Chief Operating Officer of Oruka Therapeutics, Inc. (ORKA), reported transactions on January 2, 2026.
• Exercised employee warrants to acquire 5,000 shares of common stock at an exercise price of $7.80 per share.
• Subsequently sold a total of 13,000 shares of common stock in multiple transactions.
• Sales included 8,748 shares at a weighted average price of $28.166 (ranging from $27.55 to $28.52), 3,144 shares at a weighted average price of $29.0814 (ranging from $28.55 to $29.50), and 1,108 shares at a weighted average price of $29.7536 (ranging from $29.56 to $29.92).
• All sales were executed under a Rule 10b5-1 trading plan established on September 19, 2025.
• Following these transactions, direct beneficial ownership of common stock stands at 205,084 shares.
• The employee warrant, with an exercise price of $7.80, 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, with an expiration date of July 14, 2034.

Sentiment

Score: 7

Explanation: The Chief Operating Officer exercised warrants at a low price and sold shares at a significant profit, indicating personal financial gain. The sales were pre-planned under a Rule 10b5-1 plan, which mitigates concerns about opportunistic selling and suggests a routine liquidity event rather than a negative signal about the company's prospects.

Positives

• The Chief Operating Officer exercised warrants at a significantly lower price ($7.80) compared to the market prices at which shares were sold (ranging from $27.55 to $29.92), indicating a substantial personal profit.
• The transactions were conducted under a pre-established Rule 10b5-1 trading plan, suggesting planned diversification or liquidity rather than a reaction to new, negative information.

Negatives

• The Chief Operating Officer's direct beneficial ownership of common stock decreased by a net of 8,000 shares (5,000 acquired, 13,000 sold) following these transactions.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding the company's future outlook.

Industry Context

This insider transaction report reflects routine equity compensation and personal financial management by a corporate officer, which is common across industries. It does not provide specific insights into broader industry trends or competitive positioning.

Stakeholder Impact

• Shareholders may note a net reduction in direct insider ownership, which is a routine occurrence for officers managing their equity compensation. The pre-planned nature of the sales under a Rule 10b5-1 plan suggests a structured approach to personal financial management rather than a reaction to new company-specific information.
• Employees may view the successful exercise and sale of warrants as a positive indicator of the value of equity compensation within the company.

Next Steps

• The remaining employee warrants will continue to vest monthly from April 3, 2025, until fully vested or expired on July 14, 2034.

Key Dates

Keywords

Oruka Therapeutics, ORKA, Insider Trading, Form 4, Stock Sale, Warrant Exercise, Laura Lee Sandler, Chief Operating Officer, 10b5-1 Plan