<SEC-DOCUMENT>0001213900-24-098574.txt : 20241114
<SEC-HEADER>0001213900-24-098574.hdr.sgml : 20241114
<ACCEPTANCE-DATETIME>20241114172045
ACCESSION NUMBER:		0001213900-24-098574
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20241114
DATE AS OF CHANGE:		20241114
EFFECTIVENESS DATE:		20241114

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Oruka Therapeutics, Inc.
		CENTRAL INDEX KEY:			0000907654
		STANDARD INDUSTRIAL CLASSIFICATION:	IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				363855489
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-283243
		FILM NUMBER:		241464394

	BUSINESS ADDRESS:	
		STREET 1:		855 OAK GROVE AVE.
		STREET 2:		SUITE 100
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025
		BUSINESS PHONE:		650-606-7910

	MAIL ADDRESS:	
		STREET 1:		855 OAK GROVE AVE.
		STREET 2:		SUITE 100
		CITY:			MENLO PARK
		STATE:			CA
		ZIP:			94025

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCA biopharma, Inc.
		DATE OF NAME CHANGE:	20090128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUVELO INC
		DATE OF NAME CHANGE:	20030203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HYSEQ INC
		DATE OF NAME CHANGE:	19970610
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>ea0220598-s8_oruka.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on November 14, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in 0pt 0; text-align: right"><B>Registration No. 333-</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, DC 20549</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OF 1933</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Oruka Therapeutics, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; text-align: center"><B>Delaware</B></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>36-3855489</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center">(State or Other Jurisdiction of <BR> Incorporation or Organization)</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 49%">(I.R.S. Employer<BR> Identification No.)&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Oruka Therapeutics, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>855 Oak Grove Avenue, Suite 100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Menlo Park, California 94025 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of Principal Executive Offices, Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Oruka Therapeutics, Inc. 2024 Stock Incentive
Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Oruka Therapeutics, Inc. 2024 Employee Stock
Purchase Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Oruka Therapeutics, Inc. Amended and Restated
2024 Equity Incentive Plan </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Employee Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Full title of the plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Paul Quinlan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>General Counsel and Corporate Secretary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Oruka Therapeutics, Inc. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>855 Oak Grove Avenue, Suite 100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Menlo Park, California 94025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(650) 606-7910</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">With a copy to:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sean Feller</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gibson, Dunn &amp; Crutcher LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2029 Century Park East, Suite 4000</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Los Angeles, CA 90067-3026</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(310) 552-8500</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
&ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo;, &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                    <P STYLE="text-align: justify; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</FONT></P></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 29, 2024, Oruka
Therapeutics, Inc., a Delaware corporation, formerly known as known as ARCA biopharma, Inc. (the &ldquo;<B><I>Registrant</I></B>&rdquo;),
completed a business combination (the &ldquo;<B><I>Merger</I></B>&rdquo;) with Oruka Therapeutics Operating Company, LLC (formerly known
as Oruka Therapeutics, Inc., a private Delaware corporation, or &ldquo;<B><I>Pre-Merger Oruka</I></B>&rdquo;) pursuant to an Agreement
and Plan of Merger and Reorganization, dated as of April 3, 2024, by and among the Registrant, Atlas Merger Sub Corp, a Delaware corporation
and wholly owned subsidiary of the Registrant, Atlas Merger Sub II, LLC, a Delaware limited liability company and wholly owned subsidiary
of the Registrant, and Pre-Merger Oruka.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Registration Statement
on Form S-8 is being filed by the Registrant, relating to (i) 4,634,891 shares of the Registrant&rsquo;s common stock, par value $0.001
per share (the &ldquo;<B><I>Common Stock</I></B>&rdquo;), issuable under the Oruka Therapeutics, Inc. 2024 Stock Incentive Plan (the &ldquo;<B><I>SIP</I></B>&rdquo;),
(ii) 463,489 shares of Common Stock issuable under the Oruka Therapeutics, Inc. 2024 Employee Stock Purchase Plan, (iii) 1,179,193 shares
of Common Stock issuable under the Oruka Therapeutics, Inc. Amended and Restated 2024 Equity Incentive Plan (the &ldquo;<B><I>EIP</I></B>&rdquo;)
pursuant to outstanding stock options to purchase shares of Pre-Merger Oruka that were assumed by the Registrant and converted into stock
options to purchase shares of Common Stock in connection with the Merger, and (iv) 3,054,358 shares of Common Stock issuable under outstanding
employee warrants to purchase shares of Pre-Merger Oruka that were assumed by the Registrant and converted into warrants to purchase shares
of Common Stock in connection with the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART I<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; width: 0.5in">Item 1.</TD>
    <TD STYLE="font-weight: bold"> Plan Information.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The documents containing the
information specified in Part I of Form S-8 will be delivered to the grantee as specified by Rule 428(b)(1) of the Securities Act of 1933,
as amended (the &ldquo;<B><I>Securities Act</I></B>&rdquo;). In accordance with the instructions to Part I of Form S-8, such documents
are not being filed with the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) either as part of this Registration
Statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. Such documents and the documents incorporated
by reference in this Registration Statement pursuant to Item&nbsp;3 of Part II of Form S-8, taken together, constitute a prospectus that
meets the requirements of Section&nbsp;10(a) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART II<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; width: 0.5in">Item 3.</TD>
    <TD STYLE="font-weight: bold">Incorporation of Certain Documents by Reference.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents, which
have previously been filed by the Registrant with the Commission pursuant to the Securities Act and pursuant to the Securities Exchange
Act of 1934, as amended (the &ldquo;<B><I>Exchange Act</I></B>&rdquo;), are incorporated by reference herein and shall be deemed to be
a part hereof; provided, however, that any portion of such documents containing financial statements of the Registrant prior to the Merger
shall not be so incorporated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">the Registrant&rsquo;s Annual Report on <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000095017024009809/abio-20231231.htm">Form 10-K</A> for the fiscal year ended December 31, 2023, filed with
the Commission on February 1, 2024;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">the Registrant&rsquo;s Quarterly Reports on Form 10-Q for the quarterly period ended March 31, 2024, filed
with the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000095017024048329/abio-20240331.htm">April 25, 2024</A>, the quarterly period ended June 30, 2024, filed with the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000095017024089246/abio-20240630.htm">August 1, 2024</A>, and the
quarterly period ended September 30, 2024, filed with the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024097443/ea0216929-10q_oruka.htm">November 13, 2024</A>;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">the Registrant&rsquo;s Current Reports on Form&nbsp;8-K filed with the Commission on <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000095017024009397/abio-20240130.htm">January
                                                               31, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000095017024011737/abio-20240202.htm">February 6, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000095017024035373/abio-20240319.htm">March
                                                               22, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000119312524085437/d794675d8k.htm">April 3, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000095017024041846/abio-20240402.htm">April
                                                               4, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000095017024046918/abio-20240420.htm">April 23, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024060156/ea0209134-8k425_arcabio.htm">July
                                                               9, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024069662/ea0211472-8k425_arcabio.htm">August 15,
                                                               2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024070263/ea0211617-8k425_arcabio.htm">August 16,
                                                               2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024072251/ea021219701-8k_arcabio.htm">August 23,
                                                               2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024072683/ea0212462-8k425_arcabio.htm">August 27,
                                                               2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024076184/ea0213193-8k_orukathera.htm">September 5,
                                                               2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024078549/ea0214439-8k_oruka.htm">September 13, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024085543/ea0216746-8k_oruka.htm">October
                                                               4, 2024</A>, and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/907654/000121390024098530/ea0221362-8k_oruka.htm" STYLE="-sec-extract: exhibit">November 14, 2024</A>; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD STYLE="text-align: justify">the description of the Common Stock contained in the Registrant&rsquo;s Registration Statement on <A HREF="http://www.sec.gov/Archives/edgar/data/907654/000121390024097737/ea0220567-s1_orukatherap.htm">Form S-1</A> filed with the Commission on November 14, 2024, together with any amendment or report filed with the Commission for the purpose of
updating such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, all documents
subsequently filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to
the filing of a post-effective amendment to this Registration Statement that indicates that all securities offered hereby have been sold
or that deregisters all securities remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and
to be a part hereof from the date of filing of such documents. Notwithstanding the foregoing, unless specifically stated to the contrary,
none of the information that the Registrant discloses under Items 2.02 or 7.01 of any Current Report on Form 8-K that it may from time
to time furnish to the Commission will be incorporated by reference into, or otherwise included in, this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement, including financial
statements, contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this Registration Statement to the extent that a statement contained herein or therein or in any other subsequently filed
document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so
modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>Item 4.</B></TD><TD><B>Description of Securities</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>Item 5.</B></TD><TD><B>Interests of Named Experts and Counsel</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><B>Item 6.</B></TD><TD><B>Indemnification of Directors and Officers</B>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 145 of the Delaware General Corporation Law (&ldquo;<B><I>DGCL</I></B>&rdquo;)
authorizes a court to award, or a corporation&rsquo;s board of directors to grant, indemnity to directors and officers under certain circumstances
and subject to certain limitations. The terms of Section 145 of the DGCL are sufficiently broad to permit indemnification under certain
circumstances for liabilities, including reimbursement of expenses incurred, arising under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As permitted by the DGCL, the Registrant&rsquo;s Certificate of Incorporation
contains provisions that eliminate the personal liability of its directors for monetary damages for any breach of fiduciary duties as
a director, except liability for the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any breach of the director&rsquo;s duty of loyalty to the
Registrant or its stockholders;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">acts or omissions not in good faith or that involve intentional
misconduct or a knowing violation of law;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">under Section 174 of the DGCL (regarding unlawful dividends
and stock purchases); or</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">any transaction from which the director derived an improper
personal benefit.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in; text-align: justify; text-indent: 0.5in">As permitted by the DGCL, the Registrant&rsquo;s Bylaws provide that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the Registrant is required to indemnify its directors and
executive officers to the fullest extent permitted by the DGCL, subject to very limited exceptions;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the Registrant may indemnify its other employees and agents
as set forth in the DGCL;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the Registrant is required to advance expenses, as incurred,
to its directors and executive officers in connection with a legal proceeding to the fullest extent permitted by the DGCL, subject to
very limited exceptions; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">&#9679;</TD><TD STYLE="text-align: justify">the rights conferred in the Bylaws are not exclusive.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant has entered, and intends to continue to enter, into
separate indemnification agreements with its directors and executive officers to provide these directors and executive officers additional
contractual assurances regarding the scope of the indemnification set forth in the Registrant&rsquo;s Certificate of Incorporation and
Bylaws and to provide additional procedural protections. At present, there is no pending litigation or proceeding involving a director
or executive officer of the Registrant regarding which indemnification is sought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indemnification provisions in the Registrant&rsquo;s Certificate
of Incorporation, Bylaws and the indemnification agreements entered into or to be entered into between the Registrant and each of its
directors and executive officers may be sufficiently broad to permit indemnification of the Registrant&rsquo;s directors and executive
officers for liabilities arising under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant currently carries liability insurance for its directors
and officers. One of the Registrant&rsquo;s directors, Peter Harwin, is also indemnified by his employer with regard to his service on
the Registrant&rsquo;s board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SIP provides that no member of the compensation
committee (or other committee acting as administrator of the SIP) shall be personally liable by reason of any contract or other instrument
executed by such member or on his or her behalf in his or her capacity as a member of such committee nor for any mistake of judgment made
in good faith, and the Registrant shall indemnify and hold harmless each member of the committee and each other employee, officer or director
of the Registrant to whom any duty or power relating to the administration or interpretation of the SIP may be allocated or delegated,
against any cost or expense or liability arising out of any act or omission to act in connection with the SIP, unless arising out of such
person&rsquo;s own fraud or willful bad faith; provided, however, that approval of the board of directors of the Registrant shall be required
for the payment of any amount in settlement of a claim against any such person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The EIP provides that no director or person acting
pursuant to the authority delegated by the board of directors of the Registrant shall be liable for any action or determination relating
to or under the EIP made in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; width: 0.5in">Item 7.</TD>
    <TD STYLE="font-weight: bold">Exemption from Registration Claimed.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; width: 0.5in">Item&nbsp;8.</TD>
    <TD STYLE="font-weight: bold"> Exhibits.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="text-align: left; vertical-align: top; width: 9%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; width: 90%; border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit Description</B></FONT></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024076184/ea021319301ex3-5_oruka.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Amended and Restated Certificate of Incorporation of Oruka Therapeutics, Inc. (incorporated by reference to Exhibit 3.5 of the Registrant&rsquo;s Current Report on Form 8-K, filed with the Commission on September 5, 2024).</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024076184/ea021319301ex3-6_oruka.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Bylaws of Oruka Therapeutics, Inc. (incorporated by reference to Exhibit 3.6 of the Registrant&rsquo;s Current Report on Form 8-K, filed with the Commission on September 5, 2024).</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea022059801ex5-1_oruka.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion of Gibson, Dunn &amp; Crutcher LLP.</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea022059801ex23-1_oruka.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Independent Registered Public Accounting Firm.</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea022059801ex5-1_oruka.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Gibson, Dunn &amp; Crutcher LLP (included in Exhibit 5.1).</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="#aa_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on the signature page to this Registration Statement).</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024076184/ea021319301ex10-10_oruka.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oruka Therapeutics, Inc. 2024 Stock Incentive Plan (incorporated by reference to Exhibit 10.10 of the Registrant&rsquo;s Current Report on Form 8-K, filed with the Commission on September 5, 2024).</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea022059801ex99-2_oruka.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Grant Notice for Stock Option and Standard Terms and Conditions for Stock Options under the Oruka Therapeutics, Inc. 2024 Stock Incentive Plan (Directors).</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3*</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea022059801ex99-3_oruka.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Grant Notice for Stock Option and Standard Terms and Conditions for Stock Options under the Oruka Therapeutics, Inc. 2024 Stock Incentive Plan (Employees).</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024076184/ea021319301ex10-11_oruka.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oruka Therapeutics, Inc. 2024 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.11 of the Registrant&rsquo;s Current Report on Form 8-K, filed with the Commission on September 5, 2024).</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.5</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024042529/ea020512201ex10-40_arcabio.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended and Restated Oruka Therapeutics, Inc. 2024 Equity Incentive Plan, as amended by the First Amendment dated May 7, 2024 (incorporated by reference to Exhibit 10.40 of the Registrant&rsquo;s Form S-4, filed with the Commission on May 14, 2024).</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.6</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024076184/ea021319301ex10-13_oruka.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second Amendment to Amended and Restated Oruka Therapeutics, Inc. 2024 Equity Incentive Plan, effective as of May 7, 2024 (incorporated by reference to Exhibit 10.13 of the Registrant&rsquo;s Current Report on Form 8-K, filed with the Commission on September 5, 2024).</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.7</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024042529/ea020512201ex10-42_arcabio.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Stock Option Agreement under Oruka Therapeutics, Inc. 2024 Equity Incentive Plan (incorporated by reference to Exhibit 10.42 of the Registrant&rsquo;s Form S-4, filed with the Commission on May 14, 2024).</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.8</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/907654/000121390024076184/ea021319301ex10-16_oruka.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Employee Warrant Agreement (incorporated by reference to Exhibit 10.16 of the Registrant&rsquo;s Current Report on Form 8-K, filed with the Commission on September 5, 2024).</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107.1*</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ea022059801ex-fee_oruka.htm">Filing Fee Table.</A></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Filed herewith.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; width: 0.5in">Item 9.</TD>
    <TD STYLE="font-weight: bold">Undertakings.</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being made, a post-effective amendment to this
Registration Statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify">To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify">To reflect in the prospectus any facts or events arising after the effective date of the Registration
Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)
if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth
in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective Registration Statement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify">To include any material information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the Registration Statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><I>provided</I>, <I>however</I>, that
paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;do not apply if the information required to be included in a post-effective amendment by
those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section
15(d) of the Exchange Act that are incorporated by reference in the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial <I>bona fide</I> offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD STYLE="text-align: justify">To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a) or Section 15(d) of the Exchange Act
(and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of the Exchange Act) that
is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="aa_001"></A>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Menlo Park California, on the 13th day of November, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>Oruka Therapeutics, Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">/s/ Lawrence Klein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Lawrence Klein</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that each
person whose signature appears below constitutes and appoints Lawrence Klein, Arjun Agarwal, and Paul Quinlan and each of them (with full
power to each of them to act alone), the individual&rsquo;s true and lawful attorney-in-fact and agent, with full power of substitution
and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments,
including post-effective amendments, to this Registration Statement, and to file the same, with all exhibits thereto and other documents
in connection therewith, with the Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority
to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and
purposes as he or she might or could do in person, hereby ratifying and confirming all that each of said attorneys-in-fact and agents,
or any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 28%"><FONT STYLE="font-size: 10pt">Signature</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; width: 43%"><FONT STYLE="font-size: 10pt">Title</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; width: 25%"><FONT STYLE="font-size: 10pt">Date</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Lawrence Klein</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Chief Executive Officer and Director</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November 13, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Lawrence Klein</font></TD>
    <TD>&nbsp;</TD>
    <TD> (<I>principal executive officer</I>)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Arjun Agarwal</TD>
    <TD>&nbsp;</TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0">Senior Vice President, Finance and Treasurer</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November 13, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Arjun Agarwal</TD>
    <TD>&nbsp;</TD>
    <TD> (<I>principal financial and
        accounting officer</I>)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Samarth Kulkarni</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chairman of the Board</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November 13, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Samarth Kulkarni</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Kristine Ball</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November 13, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Kristine Ball</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Carl Dambkowski</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November 13, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Carl Dambkowski</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Peter Harwin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November 13, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Peter Harwin</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">/s/ Cameron Turtle</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">November 13, 2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Cameron Turtle</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">II-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>ea022059801ex5-1_oruka.htm
<DESCRIPTION>OPINION OF GIBSON, DUNN & CRUTCHER LLP
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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  <TD STYLE="text-align: left; width: 78%; vertical-align: top"><IMG SRC="ex5-1_001.jpg" ALT="">&nbsp;</TD>
  <TD STYLE="width: 22%">Gibson, Dunn &amp; Crutcher LLP <BR>
2029 Century Park East <BR>
Los Angeles, CA&nbsp; 90067-3026 <BR>
Tel 310.552.8500 <BR>
gibsondunn.com</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">November 13, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oruka Therapeutics, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">855 Oak Grove Avenue, Suite 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Menlo Park, CA 94025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">Re:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Oruka Therapeutics, Inc. <BR>
Registration
Statement on Form S-8</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have examined the Registration
Statement on Form S-8 (the &ldquo;<B><I>Registration Statement</I></B>&rdquo;), of Oruka Therapeutics, Inc., a Delaware corporation (the
&ldquo;<B><I>Company</I></B>&rdquo;) filed with the Securities and Exchange Commission (the &ldquo;<B><I>Commission</I></B>&rdquo;) pursuant
to the Securities Act of 1933, as amended (the &ldquo;<B><I>Securities Act</I></B>&rdquo;), in connection with the offering by the Company
of up to (i) 4,634,891 shares of the Company&rsquo;s common stock, par value $0.001 per share (the &ldquo;<B><I>Common Stock</I></B>&rdquo;),
issuable to eligible individuals under the Oruka Therapeutics, Inc. 2024 Stock Incentive Plan (the &ldquo;<B><I>SIP</I></B>&rdquo;), (ii)
463,489 shares of Common Stock issuable under the Oruka Therapeutics, Inc. 2024 Employee Stock Purchase Plan (the &ldquo;<B><I>ESPP</I></B>&rdquo;),
(iii) 1,179,193 shares of Common Stock issuable under the Oruka Therapeutics, Inc. Amended and Restated 2024 Equity Incentive Plan (together
with the SIP and ESPP, the &ldquo;<B><I>Incentive Plans</I></B>&rdquo;) pursuant to outstanding stock options that were assumed by the
Company and converted into options to purchase shares of Common Stock in connection with the consummation of the mergers contemplated
by that certain Agreement and Plan of Merger and Reorganization, dated as of April 3, 2024, by and among the Company, Atlas Merger Sub
Corp, Atlas Merger Sub II, LLC, and Oruka Therapeutics Operating Company, LLC (formerly known as Oruka Therapeutics, Inc., a private Delaware
corporation) (the &ldquo;<B><I>Merger</I></B>&rdquo;), and (iv) 3,054,358 shares of Common Stock issuable under outstanding employee warrants
that were assumed by the Company and converted into warrants to purchase shares of Common Stock in connection with the Merger (the &ldquo;<B><I>Employee
Warrants</I></B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have examined the Incentive
Plans and the originals, or photostatic or certified copies, of such records of the Company and certificates of officers of the Company
and of public officials and such other documents as we have deemed relevant and necessary as the basis for the opinions set forth below.&nbsp;
We have also made such other investigations as we have deemed relevant and necessary or appropriate in connection with the opinion hereinafter
set forth.&nbsp; In our examination, we have assumed the genuineness of all signatures, the legal capacity and competency of all natural
persons, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted
to us as copies.&nbsp; We have also assumed that there are no agreements or understandings between or among the Company and any participants
in the Incentive Plans or the holders of Employee Warrants that would expand, modify or otherwise affect the terms of the Incentive Plans,
Employee Warrants<I>,</I> or the respective rights or obligations of the participants thereunder.&nbsp;&nbsp;Finally, we have assumed
the accuracy of all other information provided to us by the Company during the course of our investigations, on which we have relied in
issuing the opinion expressed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Abu Dhabi
&nbsp;&nbsp;&#9679;&nbsp;&nbsp; Beijing &nbsp;&nbsp;&#9679;&nbsp;&nbsp; Brussels &nbsp;&nbsp;&#9679;&nbsp;&nbsp; Century City
&nbsp;&nbsp;&#9679;&nbsp;&nbsp; Dallas &nbsp;&nbsp;&#9679;&nbsp;&nbsp; Denver &nbsp;&nbsp;&#9679;&nbsp;&nbsp; Dubai
&nbsp;&nbsp;&#9679;&nbsp;&nbsp; Frankfurt &nbsp;&nbsp;&#9679;&nbsp;&nbsp; Hong Kong &nbsp;&nbsp;&#9679;&nbsp;&nbsp; Houston
&nbsp;&nbsp;&#9679;&nbsp;&nbsp; London &nbsp;&nbsp;&#9679;&nbsp;&nbsp; Los Angeles Munich &nbsp;&nbsp;&#9679;&nbsp;&nbsp; New York
&nbsp;&nbsp;&#9679;&nbsp;&nbsp; Orange County &nbsp;&nbsp;&#9679;&nbsp;&nbsp; Palo Alto &nbsp;&nbsp;&#9679;&nbsp;&nbsp; Paris
&nbsp;&nbsp;&#9679;&nbsp;&nbsp; Riyadh &nbsp;&nbsp;&#9679;&nbsp;&nbsp; San Francisco &nbsp;&nbsp;&#9679;&nbsp;&nbsp; Singapore
&nbsp;&nbsp;&#9679;&nbsp;&nbsp; Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Oruka Therapeutics, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page 2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon the foregoing examination
and in reliance thereon, and subject to the assumptions stated and in reliance on statements of fact contained in the documents that we
have examined, we are of the opinion that the shares of Common Stock issuable under the Incentive Plans and the Employee Warrants, when
issued and sold in accordance with the terms of the respective Incentive Plans and Employee Warrants and against payment therefor, and
when the Registration Statement has become effective under the Securities Act, will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We render no opinion herein
as to matters involving the laws of any jurisdiction other than the Delaware General Corporation Law (the &ldquo;<B><I>DGCL</I></B>&rdquo;).&nbsp;
We are not admitted to practice in the State of Delaware; however, we are generally familiar with the DGCL as currently in effect and
have made such inquiries as we consider necessary to render the opinions above.&nbsp; This opinion is limited to the effect of the current
state of the law of the DGCL and the facts as they currently exist. &nbsp;We assume no obligation to revise or supplement this opinion
in the event of future changes in such law or the interpretations thereof or such facts. &nbsp;We express no opinion regarding any state
securities laws or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We consent to the filing of
this opinion as an exhibit to the Registration Statement.&nbsp; In giving this consent, we do not thereby admit that we are within the
category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations of the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Gibson, Dunn &amp; Crutcher LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">Gibson, dunn &amp; crutcher
llp</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"></FONT></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>ea022059801ex23-1_oruka.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Oruka Therapeutics, Inc. of our report
dated May 13, 2024, except for the effects of the reverse stock split discussed in Note 1 to the financial statement, as to which the
date is September 5, 2024, and except for the effects of the reverse merger exchange ratio discussed in Note 1 to the financial statement,
as to which the date is November 13, 2024 relating to the financial statement which appears in Oruka Therapeutics, Inc.&rsquo;s Current
Report on Form 8-K dated November 14, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ PricewaterhouseCoopers LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boston, Massachusetts</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 14, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>ea022059801ex99-2_oruka.htm
<DESCRIPTION>FORM OF GRANT NOTICE FOR STOCK OPTION AND STANDARD TERMS AND CONDITIONS FOR STOCK OPTIONS UNDER THE ORUKA THERAPEUTICS, INC. 2024 STOCK INCENTIVE PLAN (DIRECTORS)
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><B>Director
</B></FONT><B>FORM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ORUKA
THERAPEUTICS, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>2024
stock INCENTIVE PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>GRANT
NOTICE FOR<BR>
Nonqualified STOCK OPTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FOR GOOD AND VALUABLE CONSIDERATION, Oruka Therapeutics,
Inc. (the&nbsp;&ldquo;<B><I>Company</I></B>&rdquo;), hereby grants to Participant named below a Nonqualified Stock Option (the &ldquo;<B><I>Option</I></B>&rdquo;)
to purchase any part or all of the number of shares of Common Stock that are covered by this Option at the Exercise Price per share, each
specified below, and upon the terms and subject to the conditions set forth in this Grant Notice, the Oruka Therapeutics, Inc. 2024 Stock
Incentive Plan (as amended from time to time, the &ldquo;<B><I>Plan</I></B>&rdquo;), and the Standard Terms and Conditions (the &ldquo;<B><I>Standard
Terms and Conditions</I></B>&rdquo;) promulgated under such Plan and attached hereto as <U>Exhibit A</U>. This Option is granted pursuant
to the Plan and is subject to and qualified in its entirety by the Standard Terms and Conditions. This Option is not intended to qualify
as an incentive stock option under Section 422 of the Code. Capitalized terms not otherwise defined herein shall have the meanings set
forth in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 3pt; width: 34%; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of Participant:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 3pt; width: 66%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif">Grant Date:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number of Shares of Common Stock covered by Option:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exercise Price Per Share:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expiration Date:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vesting Schedule:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify">Subject to the Plan and the Standard Terms
    and Conditions, the Option shall vest:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify">so long as Participant remains continuously
providing services to the Company or its Subsidiaries from the Grant Date through such vesting date.</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By accepting this Grant Notice, Participant acknowledges
that he or she has received and read, and agrees that this Option shall be subject to, the terms of this Grant Notice, the Plan, and the
Standard Terms and Conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ORUKA THERAPEUTICS, INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt; width: 60%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify; width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTICIPANT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Name]</FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-style: normal; font-variant: small-caps; font-weight: normal">Signature
Page to</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Grant Notice
for</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Stock Options</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ORUKA THERAPEUTICS, INC.<BR>
2024 STOCK INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STANDARD TERMS AND CONDITIONS FOR<BR>
STOCK OPTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These Standard Terms and Conditions apply to the
Options granted pursuant to the Oruka Therapeutics, Inc. 2024 Stock Incentive Plan (the &ldquo;<B><I>Plan</I></B>&rdquo;), which are nonqualified
stock options and are evidenced by a Grant Notice or an action of the Committee that specifically refers to these Standard Terms and Conditions.
In addition to these Standard Terms and Conditions, the Option shall be subject to the terms of the Plan, which are incorporated into
these Standard Terms and Conditions by this reference. Capitalized terms not otherwise defined herein shall have the meaning set forth
in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">1.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Terms of Option</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oruka Therapeutics, Inc. (the &ldquo;<B><I>Company</I></B>&rdquo;)
has granted to the Participant named in the Grant Notice provided to said Participant herewith (the &ldquo;<B><I>Grant Notice</I></B>&rdquo;)
a Nonqualified Stock Option as specified in the Grant Notice (the &ldquo;<B><I>Option</I></B>&rdquo;) to purchase up to the number of
shares of Common Stock at an exercise price per share, each as set forth in the Grant Notice. The Option is subject to the conditions
set forth in the Grant Notice, these Standard Terms and Conditions, and the Plan. For purposes of these Standard Terms and Conditions
and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">2.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>NONQUALIFIED STOCK OPTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Option is not intended to be an incentive
stock option under Section 422 of the Code and will be interpreted accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">3.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Exercise of Option</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The Option shall not be exercisable as of the Grant Date set forth in the Grant Notice. After the Grant Date, to the extent not
previously exercised, and subject to termination or acceleration of vesting as provided in these Standard Terms and Conditions and the
Plan, the Option shall be exercisable only to the extent it becomes vested, as described in the Grant Notice or the terms of the Plan,
to purchase up to that number of shares of Common Stock as set forth in the Grant Notice; provided, that the Participant remains employed
with the Company and does not experience a Termination of Employment. The vesting period and/or exercisability of an Option may be adjusted
by the Committee to reflect the decreased level of employment during any period in which the Participant is on an approved leave of absence
or is employed on a less than full-time basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>To exercise the Option (or any part thereof), the Participant shall deliver to the Company a &ldquo;Notice of Exercise&rdquo; in
a form specified by the Committee, specifying the number of whole shares of Common Stock the Participant wishes to purchase and how the
Participant&rsquo;s shares of Common Stock should be registered (in the Participant&rsquo;s name only or in the Participant&rsquo;s and
the Participant&rsquo;s spouse&rsquo;s names as community property or as joint tenants with right of survivorship).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Exhibit
A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Standard
Terms and Conditions for </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Stock Options</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT>The
exercise price (the &ldquo;<B><I>Exercise Price</I></B>&rdquo;) of the Option is set forth in the Grant Notice. The Company shall
not be obligated to issue any shares of Common Stock until the Participant shall have paid the total Exercise Price for that number
of shares of Common Stock. The Exercise Price may be paid in Common Stock, cash or a combination thereof, including an irrevocable
commitment by a broker to pay over such amount from a sale of the Common Stock issuable under the Option, the delivery of previously
owned Common Stock, withholding of shares of Common Stock deliverable upon exercise of the Option (but only to the extent share
withholding is made available to the Participant by the Company), or in such other manners as may be permitted by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Fractional shares may not be exercised. Shares of Common Stock will be issued as soon as practical after exercise. Notwithstanding
the above, the Company shall not be obligated to deliver any shares of Common Stock during any period when the Company determines that
the exercisability of the Option or the delivery of shares of Common Stock hereunder would violate Company policy or any federal, state
or other applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">4.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Expiration of Option</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Option shall expire and cease to be exercisable
as of the earlier of (i) the Expiration Date set forth in the Grant Notice or (ii) the date specified below in connection with the Participant&rsquo;s
Termination of Employment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>If the Participant&rsquo;s Termination of Employment is as a result of the Participant&rsquo;s death or Disability, the Participant
may exercise any portion of the Option that is vested and exercisable as of the date of the Participant&rsquo;s Termination of Employment
(the &ldquo;<B><I>Termination Date</I></B>&rdquo;) until the first anniversary of the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>If the Participant&rsquo;s Termination of Employment is by the Company for Cause, the entire Option, whether or not then vested
and exercisable, shall be immediately forfeited and canceled as of the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>If the Participant&rsquo;s Termination of Employment is for any reason other than as set forth in <U>Section 4(a)</U>, or <U>4(b)</U>,
the Participant may exercise any portion of the Option that is vested and exercisable as of the Termination Date until the date that is
three months following the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>Any portion of the Option that is not vested and exercisable at the time of a Termination of Employment (after taking into account
any accelerated vesting under this <U>Section 4</U>, Section 16 of the Plan or any other agreement between the Participant and the Company)
shall be forfeited and canceled as of the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">5.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Restrictions on Resales of Shares Acquired Pursuant to Option Exercise</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may impose such restrictions, conditions
or limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers
by the Participant of any shares of Common Stock issued as a result of the exercise of the Option, including (a) restrictions under an
insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and other option
holders and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">6.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Income Taxes</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall not deliver shares of Common
Stock in respect of the exercise of any Option unless and until the Participant has made arrangements satisfactory to the Company to satisfy
applicable withholding tax obligations. Unless the Participant pays the withholding tax obligations to the Company by cash or check in
connection with the exercise of the Option (including an irrevocable commitment by a broker to pay over such amount from a sale of the
Common Stock issuable under the Option), withholding may be effected, at the Company&rsquo;s election, withholding Common Stock issuable
in connection with the exercise of the Option (provided that shares of Common Stock may be withheld only to the extent that such withholding
will not result in adverse accounting treatment for the Company). The Participant acknowledges that the Company shall have the right to
deduct any taxes required to be withheld by law in connection with the exercise of the Option from any amounts payable by it to the Participant
(including future cash wages).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">7.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Non-Transferability of Option</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as permitted by the Committee or as permitted
under the Plan, the Participant may not assign or transfer the Option to anyone other than by will or the laws of descent and distribution
and the Option shall be exercisable only by the Participant during his or her lifetime. The Company may cancel the Participant&rsquo;s
Option if the Participant attempts to assign or transfer it in a manner inconsistent with this <U>Section 7</U>. Notwithstanding the foregoing,
upon the Participant&rsquo;s death, the Option shall be transferred to the Participant&rsquo;s designated beneficiary or, if none, to
the Participant&rsquo;s estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">8.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Other Agreements Superseded</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Grant Notice, these Standard Terms and Conditions,
and the Plan constitute the entire understanding between the Participant and the Company regarding the Option; provided, however, that
any provisions regarding the acceleration of the Option (or other Awards) upon a Termination of Employment set forth in any written employment,
offer, services or severance agreement or letter between the Participant and the Company or under the terms of any severance plan in which
the Participant participates shall continue to apply to the Option. Any prior agreements, commitments or negotiations concerning the Option
are superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">9.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT></FONT>Limitation of Interest in Shares Subject to Option</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither the Participant (individually or as a
member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest,
or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Grant Notice or these
Standard Terms and Conditions except as to such shares of Common Stock, if any, as shall have been issued to such person upon exercise
of the Option or any part of it. Nothing in the Plan, in the Grant Notice, these Standard Terms and Conditions or any other instrument
executed pursuant to the Plan shall confer upon the Participant any right to continue in the Company&rsquo;s employ or service nor limit
in any way the Company&rsquo;s right to terminate the Participant&rsquo;s employment or service at any time for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">10.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></FONT>No
Liability of Company</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and any affiliate that is in existence
or hereafter comes into existence shall not be liable to the Participant or any other person as to: (a) the non-issuance or sale of shares
of Common Stock as to which the Company has been unable to obtain from any regulatory body having jurisdiction the authority deemed by
the Company&rsquo;s counsel to be necessary to the lawful issuance and sale of any shares hereunder&#894; and (b) any tax consequence
expected, but not realized, by the Participant or other person due to the receipt, exercise or settlement of any Option granted hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">11.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></FONT>General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>In the event that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable
by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid
and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent
necessary to reform or delete such illegal, invalid or unenforceable provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>The headings preceding the text of the sections hereof are inserted solely for convenience of reference and shall not constitute
a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect. Words in the masculine gender
shall include the feminine gender, and where appropriate, the plural shall include the singular and the singular shall include the plural.
The use herein of the word &ldquo;including&rdquo; following any general statement, term or matter shall not be construed to limit such
statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether
or not non-limiting language (such as &ldquo;without limitation&rdquo;, &ldquo;but not limited to&rdquo;, or words of similar import)
is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the
broadest possible scope of such general statement, term or matter. References herein to any agreement, instrument or other document means
such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions
thereof and not prohibited by the Plan or these Standard Terms and Conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted
heirs, beneficiaries, successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>These Standard Terms and Conditions shall be construed in accordance with and governed by the laws of the State of Delaware, without
regard to principles of conflicts of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>In the event of any conflict between the Grant Notice, these Standard Terms and Conditions, and the Plan, the Grant Notice and
these Standard Terms and Conditions shall control. In the event of any conflict between the Grant Notice and these Standard Terms and
Conditions, the Grant Notice shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
</FONT>All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Committee in its total
and absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">12. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CLAWBACK</FONT></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Option and any shares of Common Stock received
upon exercise of the Option will be subject to recoupment in accordance with any clawback policy adopted by the Company, to the extent
applicable to the Participant. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign
for &ldquo;good reason&rdquo; or &ldquo;constructive termination&rdquo; (or similar term) under any agreement with the Company. By accepting
the Option, the Participant is agreeing to be bound by any such clawback policy, as in effect or as may be adopted and/or modified from
time to time by the Company in its discretion. For purposes of the foregoing, the Participant expressly and explicitly authorizes (x)
the Company to issue instructions, on the Participant&rsquo;s behalf, to any brokerage firm and/or third party administrator engaged by
the Company to hold shares of Common Stock and other amounts acquired under the Option or the Plan to re-convey, transfer or otherwise
return such shares of Common Stock and/or other amounts to the Company and (y) the Company&rsquo;s recovery of any covered compensation
through any method of recovery that the Company deems appropriate, including by reducing any amount that is or may become payable to the
Participant. The Participant further agrees to comply with any request or demand for repayment by any affiliate of the Company in order
to comply with such policies or applicable law. To the extent that the Standard Terms and Conditions and any Company recoupment policy
conflict, the terms of the recoupment policy shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">13.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></FONT>Electronic
Delivery</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By executing the Grant Notice, the Participant
hereby consents to the delivery of information (including information required to be delivered to the Participant pursuant to applicable
securities laws) regarding the Company and the Subsidiaries, the Plan, the Option and the Common Stock via Company web site or other electronic
delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">A-5</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>5
<FILENAME>ea022059801ex99-3_oruka.htm
<DESCRIPTION>FORM OF GRANT NOTICE FOR STOCK OPTION AND STANDARD TERMS AND CONDITIONS FOR STOCK OPTIONS UNDER THE ORUKA THERAPEUTICS, INC. 2024 STOCK INCENTIVE PLAN (EMPLOYEES)
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><B>EMPLOYEE FORM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>ORUKA
THERAPEUTICS, INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>2024
stock INCENTIVE PLAN</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>GRANT
NOTICE FOR<BR>
STOCK OPTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">FOR GOOD AND VALUABLE CONSIDERATION, Oruka Therapeutics,
Inc. (the&nbsp;&ldquo;<B><I>Company</I></B>&rdquo;), hereby grants to Participant named below an option (the &ldquo;<B><I>Option</I></B>&rdquo;)
to purchase any part or all of the number of shares of Common Stock that are covered by this Option at the Exercise Price per share, each
specified below, and upon the terms and subject to the conditions set forth in this Grant Notice, the Oruka Therapeutics, Inc. 2024 Stock
Incentive Plan (as amended from time to time, the &ldquo;<B><I>Plan</I></B>&rdquo;), and the Standard Terms and Conditions (the &ldquo;<B><I>Standard
Terms and Conditions</I></B>&rdquo;) promulgated under such Plan and attached hereto as <U>Exhibit A</U>. This Option is granted pursuant
to the Plan and is subject to and qualified in its entirety by the Standard Terms and Conditions. Capitalized terms not otherwise defined
herein shall have the meanings set forth in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding: 3pt; width: 34%; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name of Participant:</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding: 3pt; width: 66%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Grant Date:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Shares of Common Stock covered by Option:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; font-family: Courier New, Courier, Monospace; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise Price Per Share:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expiration Date:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; font-family: Courier New, Courier, Monospace">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Type of Stock Option:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>
    Incentive Stock Option</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9744; Nonqualified Stock Option</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vesting Commencement Date:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vesting Schedule:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 3pt; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8pt 0pt 0; text-align: justify">Subject to the Plan and the Standard
Terms and Conditions, the Option shall vest in accordance with the following schedule, so long as Participant remains continuously employed
by or providing services to the Company or its Subsidiaries from the Grant Date through such vesting date:</P></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By accepting this Grant Notice, Participant acknowledges
that he or she has received and read, and agrees that this Option shall be subject to, the terms of this Grant Notice, the Plan, and the
Standard Terms and Conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ORUKA THERAPEUTICS, INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt; width: 60%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify; width: 35%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: justify">  &nbsp;&nbsp;   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PARTICIPANT</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; padding-bottom: 0pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Name]</FONT></TD>
    <TD STYLE="padding-bottom: 0pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-style: normal; font-variant: small-caps; font-weight: normal">Signature
Page to</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps">Grant Notice
for</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps">Stock
Options</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ORUKA THERAPEUTICS, INC.<BR>
2024 STOCK INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STANDARD TERMS AND CONDITIONS FOR<BR>
STOCK OPTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These Standard Terms and Conditions apply to the
Options granted pursuant to the Oruka Therapeutics, Inc. 2024 Stock Incentive Plan (the &ldquo;<B><I>Plan</I></B>&rdquo;), which are identified
as either incentive stock options or nonqualified stock options and are evidenced by a Grant Notice or an action of the Committee that
specifically refers to these Standard Terms and Conditions. In addition to these Standard Terms and Conditions, the Option shall be subject
to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference. Capitalized terms not otherwise
defined herein shall have the meaning set forth in the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">1.
</FONT>Terms of Option</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Oruka Therapeutics, Inc. (the &ldquo;<B><I>Company</I></B>&rdquo;)
has granted to the Participant named in the Grant Notice provided to said Participant herewith (the &ldquo;<B><I>Grant Notice</I></B>&rdquo;)
an Incentive Stock Option or Nonqualified Stock Option as specified in the Grant Notice (the &ldquo;<B><I>Option</I></B>&rdquo;) to purchase
up to the number of shares of Common Stock at an exercise price per share, each as set forth in the Grant Notice. The Option is subject
to the conditions set forth in the Grant Notice, these Standard Terms and Conditions, and the Plan. For purposes of these Standard Terms
and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">2.
</FONT>Status of the Stock Option</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>If the Option is designated as an &ldquo;Incentive Stock Option&rdquo; in the Grant Notice, then this Option is intended to qualify
as an &ldquo;incentive stock option&rdquo; under Section 422 of the Code. However, the Company does not represent or warrant that the
Option qualifies as such. The Participant should consult with the Participant&rsquo;s own tax advisors regarding the tax effects of the
Option and the requirements necessary to obtain favorable income tax treatment under Section 422 of the Code, including the holding period
requirements. If the Option is intended to qualify as an &ldquo;incentive stock option&rdquo; and the Participant disposes (whether by
sale, gift, transfer or otherwise) any shares of Common Stock acquired upon exercise of the Option within the one-year period beginning
on the exercise date or within the two-year period beginning on the Grant Date, the Participant shall notify the Company within 30 days
after such disposition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>To the extent that the aggregate Fair Market Value (determined as of the Grant Date) of the shares of Common Stock with respect
to which the Option (plus all other incentive stock options held by the Participant) are exercisable for the first time by the Participant
during any calendar year (under all plans of the Company and its affiliates) exceeds $100,000, the Option or portions thereof that exceed
such limit (according to the order in which they were granted) will be treated as Nonqualified Stock Options. In addition, to the extent
any portion of this Option does not qualify as an &ldquo;incentive stock option,&rdquo; such portion shall be deemed to be a Nonqualified
Stock Option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">3.
</FONT>Exercise of Option</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif"> </FONT>The Option shall not be exercisable as of the Grant Date set forth in the Grant Notice. After the Grant Date, to the extent not
previously exercised, and subject to termination or acceleration of vesting as provided in these Standard Terms and Conditions and the
Plan, the Option shall be exercisable only to the extent it becomes vested, as described in the Grant Notice or the terms of the Plan,
to purchase up to that number of shares of Common Stock as set forth in the Grant Notice; provided, that the Participant remains employed
with the Company and does not experience a Termination of Employment. The vesting period and/or exercisability of an Option may be adjusted
by the Committee to reflect the decreased level of employment during any period in which the Participant is on an approved leave of absence
or is employed on a less than full-time basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Exhibit
A</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Standard
Terms and Conditions for </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Stock Options</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>To exercise the Option (or any part thereof), the Participant shall deliver to the Company a &ldquo;Notice of Exercise&rdquo; in
a form specified by the Committee, specifying the number of whole shares of Common Stock the Participant wishes to purchase and how the
Participant&rsquo;s shares of Common Stock should be registered (in the Participant&rsquo;s name only or in the Participant&rsquo;s and
the Participant&rsquo;s spouse&rsquo;s names as community property or as joint tenants with right of survivorship).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif"> &nbsp;
</FONT>The exercise price (the &ldquo;<B><I>Exercise Price</I></B>&rdquo;) of the Option is set forth in the Grant Notice. The Company
shall not be obligated to issue any shares of Common Stock until the Participant shall have paid the total Exercise Price for that number
of shares of Common Stock. The Exercise Price may be paid in Common Stock, cash or a combination thereof, including an irrevocable commitment
by a broker to pay over such amount from a sale of the Common Stock issuable under the Option, the delivery of previously owned Common
Stock, withholding of shares of Common Stock deliverable upon exercise of the Option (but only to the extent share withholding is made
available to the Participant by the Company), or in such other manners as may be permitted by the Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>Fractional shares may not be exercised. Shares of Common Stock will be issued as soon as practical after exercise. Notwithstanding
the above, the Company shall not be obligated to deliver any shares of Common Stock during any period when the Company determines that
the exercisability of the Option or the delivery of shares of Common Stock hereunder would violate Company policy or any federal, state
or other applicable laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">4.
</FONT>Expiration of Option</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Option shall expire and cease to be exercisable
as of the earlier of (i) the Expiration Date set forth in the Grant Notice or (ii) the date specified below in connection with the Participant&rsquo;s
Termination of Employment:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>If the Participant&rsquo;s Termination of Employment is as a result of the Participant&rsquo;s death or Disability, the Participant
may exercise any portion of the Option that is vested and exercisable as of the date of the Participant&rsquo;s Termination of Employment
(the &ldquo;<B><I>Termination Date</I></B>&rdquo;) until the first anniversary of the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>If the Participant&rsquo;s Termination of Employment is by the Company for Cause, the entire Option, whether or not then vested
and exercisable, shall be immediately forfeited and canceled as of the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>If the Participant&rsquo;s Termination of Employment is for any reason other than as set forth in <U>Section 4(a)</U>, or <U>4(b)</U>,
the Participant may exercise any portion of the Option that is vested and exercisable as of the Termination Date until the date that is
three months following the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>Any portion of the Option that is not vested and exercisable at the time of a Termination of Employment (after taking into account
any accelerated vesting under this <U>Section 4</U>, Section 16 of the Plan or any other agreement between the Participant and the Company)
shall be forfeited and canceled as of the Termination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">5.
</FONT>Restrictions on Resales of Shares Acquired Pursuant to Option Exercise</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company may impose such restrictions, conditions
or limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers
by the Participant of any shares of Common Stock issued as a result of the exercise of the Option, including (a) restrictions under an
insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and other option
holders and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">6.
</FONT>Income Taxes</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company shall not deliver shares of Common
Stock in respect of the exercise of any Option unless and until the Participant has made arrangements satisfactory to the Company to satisfy
applicable withholding tax obligations. Unless the Participant pays the withholding tax obligations to the Company by cash or check in
connection with the exercise of the Option (including an irrevocable commitment by a broker to pay over such amount from a sale of the
Common Stock issuable under the Option), withholding may be effected, at the Company&rsquo;s election, withholding Common Stock issuable
in connection with the exercise of the Option (provided that shares of Common Stock may be withheld only to the extent that such withholding
will not result in adverse accounting treatment for the Company). The Participant acknowledges that the Company shall have the right to
deduct any taxes required to be withheld by law in connection with the exercise of the Option from any amounts payable by it to the Participant
(including future cash wages).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">7.
</FONT>Non-Transferability of Option</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as permitted by the Committee or as permitted
under the Plan, the Participant may not assign or transfer the Option to anyone other than by will or the laws of descent and distribution
and the Option shall be exercisable only by the Participant during his or her lifetime. The Company may cancel the Participant&rsquo;s
Option if the Participant attempts to assign or transfer it in a manner inconsistent with this <U>Section 7</U>. Notwithstanding the foregoing,
upon the Participant&rsquo;s death, the Option shall be transferred to the Participant&rsquo;s designated beneficiary or, if none, to
the Participant&rsquo;s estate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">8.
</FONT>Other Agreements Superseded</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Grant Notice, these Standard Terms and Conditions,
and the Plan constitute the entire understanding between the Participant and the Company regarding the Option; provided, however, that
any provisions regarding the acceleration of the Option (or other Awards) upon a Termination of Employment set forth in any written employment,
offer, services or severance agreement or letter between the Participant and the Company or under the terms of any severance plan in which
the Participant participates shall continue to apply to the Option. Any prior agreements, commitments or negotiations concerning the Option
are superseded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">9.
</FONT>Limitation of Interest in Shares Subject to Option</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Neither the Participant (individually or as a
member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest,
or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Grant Notice or these
Standard Terms and Conditions except as to such shares of Common Stock, if any, as shall have been issued to such person upon exercise
of the Option or any part of it. Nothing in the Plan, in the Grant Notice, these Standard Terms and Conditions or any other instrument
executed pursuant to the Plan shall confer upon the Participant any right to continue in the Company&rsquo;s employ or service nor limit
in any way the Company&rsquo;s right to terminate the Participant&rsquo;s employment or service at any time for any reason.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">10.
</FONT>No Liability of Company</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company and any affiliate that is in existence
or hereafter comes into existence shall not be liable to the Participant or any other person as to: (a) the non-issuance or sale of shares
of Common Stock as to which the Company has been unable to obtain from any regulatory body having jurisdiction the authority deemed by
the Company&rsquo;s counsel to be necessary to the lawful issuance and sale of any shares hereunder&#894; and (b) any tax consequence
expected, but not realized, by the Participant or other person due to the receipt, exercise or settlement of any Option granted hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">11.
</FONT>General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>In the event that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable
by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid
and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent
necessary to reform or delete such illegal, invalid or unenforceable provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>The headings preceding the text of the sections hereof are inserted solely for convenience of reference and shall not constitute
a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect. Words in the masculine gender
shall include the feminine gender, and where appropriate, the plural shall include the singular and the singular shall include the plural.
The use herein of the word &ldquo;including&rdquo; following any general statement, term or matter shall not be construed to limit such
statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether
or not non-limiting language (such as &ldquo;without limitation&rdquo;, &ldquo;but not limited to&rdquo;, or words of similar import)
is used with reference thereto, but rather shall be deemed to refer to all other items or matters that could reasonably fall within the
broadest possible scope of such general statement, term or matter. References herein to any agreement, instrument or other document means
such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions
thereof and not prohibited by the Plan or these Standard Terms and Conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted
heirs, beneficiaries, successors and assigns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>These Standard Terms and Conditions shall be construed in accordance with and governed by the laws of the State of Delaware, without
regard to principles of conflicts of law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>In the event of any conflict between the Grant Notice, these Standard Terms and Conditions, and the Plan, the Grant Notice and
these Standard Terms and Conditions shall control. In the event of any conflict between the Grant Notice and these Standard Terms and
Conditions, the Grant Notice shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f)<FONT STYLE="font-family: Times New Roman, Times, Serif">
</FONT>All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Committee in its total
and absolute discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">12.
</FONT>CLAWBACK</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Option and any shares of Common Stock received
upon exercise of the Option will be subject to recoupment in accordance with any clawback policy adopted by the Company, to the extent
applicable to the Participant. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign
for &ldquo;good reason&rdquo; or &ldquo;constructive termination&rdquo; (or similar term) under any agreement with the Company. By accepting
the Option, the Participant is agreeing to be bound by any such clawback policy, as in effect or as may be adopted and/or modified from
time to time by the Company in its discretion. For purposes of the foregoing, the Participant expressly and explicitly authorizes (x)
the Company to issue instructions, on the Participant&rsquo;s behalf, to any brokerage firm and/or third party administrator engaged by
the Company to hold shares of Common Stock and other amounts acquired under the Option or the Plan to re-convey, transfer or otherwise
return such shares of Common Stock and/or other amounts to the Company and (y) the Company&rsquo;s recovery of any covered compensation
through any method of recovery that the Company deems appropriate, including by reducing any amount that is or may become payable to the
Participant. The Participant further agrees to comply with any request or demand for repayment by any affiliate of the Company in order
to comply with such policies or applicable law. To the extent that the Standard Terms and Conditions and any Company recoupment policy
conflict, the terms of the recoupment policy shall prevail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><FONT STYLE="text-transform: none">13.
</FONT>Electronic Delivery</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By executing the Grant Notice, the Participant
hereby consents to the delivery of information (including information required to be delivered to the Participant pursuant to applicable
securities laws) regarding the Company and the Subsidiaries, the Plan, the Option and the Common Stock via Company web site or other electronic
delivery.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">A-5</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>6
<FILENAME>ea022059801ex-fee_oruka.htm
<DESCRIPTION>FILING FEE TABLE
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 107.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Calculation of Filing Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Form S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Form Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Oruka Therapeutics, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><U>Table 1: Newly Registered Securities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Security </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Type</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Security </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Class </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Title</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Fee </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Calculation </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Rule</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registered<SUP>(1)</SUP></B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proposed</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maximum</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Offering</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Price Per</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Unit</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maximum</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Aggregate</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Offering </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Price</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fee </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rate</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registration</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fee</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 8%; padding-bottom: 1.5pt; vertical-align: top">Equity</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 16%; padding-bottom: 1.5pt; vertical-align: top">Common stock, $0.001 par value per share</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 10%; padding-bottom: 1.5pt; vertical-align: top">Rule 457(a)<SUP>(2)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4,267,324</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">25.41</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">108,432,702.84</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center; padding-bottom: 1.5pt">$153.10 per $1,000,000</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">16,601.05</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; vertical-align: top">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: top">Common stock, $0.001 par value per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: top">Rule 457(a)<SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">367,567</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><SUP>(5)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">27.16</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,983,119.72</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">$153.10 per $1,000,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,528.42</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; vertical-align: top">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: top">Common stock, $0.001 par value per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: top">Rule 457(a)<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">463,489</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">25.41</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,777,255.49</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">$153.10 per $1,000,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,803.10</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; vertical-align: top">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: top">Common stock, $0.001 par value per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: top">Rule 457(a)<SUP>(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,179,193</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><SUP>(8)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.27</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,393,540.11</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">$153.10 per $1,000,000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,131.95</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; vertical-align: top">Equity</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: top">Common stock, $0.001 par value per share</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; vertical-align: top">Rule 457(a)<SUP>(9)</SUP></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">3,054,358</TD><TD STYLE="padding-bottom: 2pt; text-align: left"><SUP>(10)</SUP></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">7.80</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">23,823,992.40</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">$153.10 per $1,000,000</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,647.45</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt">Total Offering Amounts</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">161,410,610.56</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">24,711.97</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt">Total Fee Offsets</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="8" STYLE="font-weight: bold; text-align: center; padding-bottom: 4pt">Net Fee Due</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">24,711.97</TD><TD STYLE="padding-bottom: 4pt; text-align: left"></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in; text-align: left">(1)</TD><TD STYLE="text-align: justify">Pursuant to Rule 416(a) under the Securities Act of 1933,
as amended (the &ldquo;<B><I>Securities Act</I></B>&rdquo;), this Registration Statement on Form S-8 (this &ldquo;<B><I>Registration
Statement</I></B>&rdquo;) shall also cover any additional shares of common stock, par value $0.001 per share (the &ldquo;<B><I>Common
Stock</I></B>&rdquo;) of Oruka Therapeutics, Inc. (the &ldquo;<B><I>Registrant</I></B>&rdquo;) that become issuable under the Oruka Therapeutics,
Inc. 2024 Stock Incentive Plan (the &ldquo;<B><I>SIP</I></B>&rdquo;), the Oruka Therapeutics, Inc. 2024 Employee Stock Purchase Plan
(the &ldquo;<B><I>ESPP</I></B>&rdquo;), the Oruka Therapeutics, Inc. Amended and Restated 2024 Equity Incentive Plan (the &ldquo;<B><I>EIP</I></B>&rdquo;),
and the Assumed Warrants (as defined below) to prevent dilution in the event of stock splits, stock dividends or similar transactions<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in; text-align: left">(2)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the registration
fee pursuant to Rules 457(c) and (h) of the Securities Act and based on the average of the high and low sale prices of the Common Stock,
as quoted on The Nasdaq Global Market, on November 7, 2024<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in; text-align: left">(3)</TD><TD STYLE="text-align: justify">Represents the shares of Common Stock issuable under the
SIP.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in; text-align: left">(4)</TD><TD STYLE="text-align: justify">Estimated solely for the purposes of calculating the registration
fee pursuant to Rule 457(h) of the Securities Act and based on the weighted average exercise price of the outstanding options granted
under the SIP.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in; text-align: left">(5)</TD><TD STYLE="text-align: justify">Represents the shares of Common Stock issuable pursuant to
outstanding options granted under the SIP.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in; text-align: left">(6)</TD><TD STYLE="text-align: justify">Represents the shares of Common Stock issuable under the
ESPP.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in; text-align: left">(7)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the registration
fee pursuant to Rule 457(h) of the Securities Act and based on the weighted average exercise price of the outstanding options under the
EIP (the &ldquo;<B><I>Assumed Options</I></B>&rdquo;), which were assumed by the Registrant and converted into stock options to purchase
shares of Common Stock in connection with the consummation of the mergers contemplated by that certain Agreement and Plan of Merger and
Reorganization, dated as of April 3, 2024, by and among the Registrant, Atlas Merger Sub Corp, a Delaware corporation and wholly owned
subsidiary of the Registrant, Atlas Merger Sub II, LLC, a Delaware limited liability company and wholly owned subsidiary of the Registrant,
and Oruka Therapeutics Operating Company, LLC (formerly known as Oruka Therapeutics, Inc., a private Delaware corporation) (the &ldquo;<B><I>Merger</I></B>&rdquo;).</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in; text-align: left">(8)</TD><TD STYLE="text-align: justify">Represents the shares of Common Stock subject to the Assumed
Options.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in; text-align: left">(9)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the registration
fee pursuant to Rules 457(h) of the Securities Act, and based on the weighted average exercise price of the outstanding employee warrants
(the &ldquo;<B><I>Assumed Warrants</I></B>&rdquo;), which were assumed by the Registrant and converted into warrants to purchase shares
of Common Stock in connection with the consummation of the Merger.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.3in; text-align: left">(10)</TD><TD STYLE="text-align: justify">Represents the shares of Common Stock subject to the Assumed
Warrants.</TD>
</TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
