Arjun Agarwal, Senior Vice President, Finance of Oruka Therapeutics, Inc. (NASDAQ:ORKA), filed a Form 4 on September 15, 2026, disclosing a series of option exercises and common stock sales that took place on September 11 and September 15, 2026.

Key Highlights

  • Option exercise, September 11: Agarwal exercised an employee stock option covering 8,000 shares of common stock at an exercise price of $12.50 per share.
  • Second option exercise, September 11: Agarwal also exercised an employee stock option covering 1,459 shares at an exercise price of $34.39 per share.
  • Rule 10b5-1 plan sales: Multiple open-market sales on September 11, 2026 were made pursuant to a Rule 10b5-1 trading plan entered into on February 11, 2026.
  • Sell-to-cover sale, September 15: 560 shares were sold at $95.71 per share to satisfy tax withholding obligations from vesting restricted stock units, under the company's automatic, non-discretionary procedure.
  • Remaining ownership: Following all reported transactions, Agarwal directly owned 14,752 shares of common stock, according to the filing.
  • Remaining derivative securities: After the exercises, Agarwal held 84,917 and 58,333 shares underlying two employee stock options, respectively, per the filing.

Agarwal's Option Exercises and Share Sales at Oruka Therapeutics

According to the filing, on September 11, 2026, Agarwal exercised two employee stock options. The first covered 8,000 shares at an exercise price of $12.50, with vesting occurring as to 1/48 of the underlying shares monthly from January 1, 2025. The second covered 1,459 shares at an exercise price of $34.39, vesting as to 1/48 of the underlying shares monthly from January 1, 2026. Both exercises were coded "M" in the filing, indicating an exercise or conversion of derivative security.

Following those exercises, the filing reports four separate open-market sale transactions on September 11, 2026, all executed under a Rule 10b5-1 trading plan that Agarwal entered into on February 11, 2026. The sales involved 3,000 shares at a weighted average price of $91.1073 (ranging from $90.71 to $91.50), 4,051 shares at a weighted average price of $92.4135 (ranging from $91.74 to $92.71), 2,208 shares at a weighted average price of $93.2611 (ranging from $92.775 to $93.40), and 200 shares at a weighted average price of $94.015 (ranging from $93.98 to $94.05). The filing notes that Agarwal undertakes to provide full information on individual transaction prices within those ranges upon request.

On September 15, 2026, an additional 560 shares were sold at $95.71 per share. The filing states this sale was effected pursuant to Oruka Therapeutics' "automatic, non-discretionary, sell-to-cover procedure to satisfy tax withholding obligations arising in connection with the vesting of restricted stock units." Oruka Therapeutics is a therapeutics company; Agarwal serves as its Senior Vice President, Finance. The Form 4 was signed by Paul Quinlan as attorney-in-fact for Arjun Agarwal and filed on September 15, 2026.

What Was Disclosed

The filing disclosed two employee stock option exercises and five common stock dispositions by Oruka Therapeutics' Senior Vice President, Finance, resulting in direct beneficial ownership of 14,752 shares of common stock following all reported transactions.