Joana Goncalves, Chief Medical Officer of Oruka Therapeutics, Inc. (NASDAQ:ORKA), filed a Form 4 on September 15, 2026, reporting option exercises, warrant exercises, and multiple sales of common stock on that same date.

Key Highlights

  • Option exercise: Goncalves exercised an employee stock option for 3,500 shares of common stock at an exercise price of $6.84, acquiring those shares on September 15, 2026.
  • Warrant exercise: An employee warrant for 3,500 shares was also exercised at $7.80 on September 15, 2026.
  • Rule 10b5-1 sales: A total of 7,000 shares were sold across four tranches at weighted average prices ranging from approximately $91.0962 to $94.2172, pursuant to a Rule 10b5-1 trading plan entered into on September 19, 2025.
  • Sell-to-cover sale: An additional 947 shares were sold at $95.71 under Oruka Therapeutics' automatic sell-to-cover procedure to satisfy tax withholding on vesting restricted stock units.
  • Resulting ownership: Following all reported transactions, Goncalves directly beneficially owned 31,771 shares of common stock.
  • Remaining derivative securities: After the exercises, Goncalves held 193,563 employee stock options and 164,992 employee warrants, both directly owned.

Goncalves Exercises Options and Warrants, Sells Shares on September 15, 2026

According to the filing, Joana Goncalves, who serves as Chief Medical Officer of Oruka Therapeutics, Inc., executed a series of transactions on September 15, 2026. She first acquired 3,500 shares through the exercise of an employee stock option priced at $6.84 per share, followed by an additional 3,500 shares via the exercise of an employee warrant at $7.80 per share. The filing indicates both the option and the warrant vest as to 1/4 of the underlying shares on April 18, 2025, and as to 1/48 of the underlying shares monthly thereafter, with expiration dates of May 6, 2034, and July 14, 2034, respectively.

The filing discloses that 7,000 shares were subsequently sold across four separate tranches under a Rule 10b5-1 trading plan that Goncalves entered into on September 19, 2025. The weighted average sale prices for those tranches were $91.0962, $92.0285, $92.9888, and $94.2172. The filing notes that shares within each tranche were sold at prices ranging across intervals - for example, the first tranche ranged from $90.52 to $91.51, inclusive - and states that full transaction-level pricing is available upon request to the company, any security holder, or SEC staff.

A separate sale of 947 shares at $95.71 was reported under the company's "automatic, non-discretionary, sell-to-cover procedure to satisfy tax withholding obligations arising in connection with the vesting of restricted stock units," according to the filing. The form was signed by Paul Quinlan as attorney-in-fact for Joana Goncalves and was filed on September 15, 2026. The box indicating that transactions were made pursuant to a Rule 10b5-1(c) plan is checked on the form.

What Was Disclosed

The Form 4 covers option and warrant exercises totaling 7,000 shares acquired, and sales totaling 7,947 shares disposed of, by Oruka Therapeutics' Chief Medical Officer on September 15, 2026, leaving her with direct beneficial ownership of 31,771 shares of common stock.