Orchestra BioMed Holdings, Inc.

Listed Company

OBIOCIK 0001814114NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$33.48M

Net Income

$-52.70M

Total Assets

$114.86M

Equity

$53.57M

Shares Out

58.52M

Op. Cash Flow

$-48.96M

Business

Orchestra BioMed Holdings, Inc. is a biomedical innovation company that accelerates medical technologies to patients via risk‑reward sharing partnerships with leading medical device companies. It develops bioelectronic therapies (AVIM and CNT‑HF), an interventional drug/device combination (Virtue Sirolimus AngioInfusion Balloon and SirolimusEFR), and procedure-support systems (FreeHold retractors, Pure‑Vu cleansing system). The company operates through Bioelectronic Therapies and Interventional Therapies segments and pursues strategic collaborations and licensing with firms such as Medtronic and Terumo. It advances clinical development, regulatory approvals and commercialization across the United States, Europe, Japan and other international markets through partner-led manufacturing and distribution.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	33	3	3	4	—
Cost of product revenues	190,000	204,000	186,000	211,000	—
Research and development	58	43	34	22	—
Selling, general and administrative	27	24	20	14	—
Total expenses	85	67	54	36	—
Loss from operations	−52	−64	−52	−33	−394,756
Interest (expense) income, net	−1	3	4	—	—
Change in the fair value of derivative liability	254,000	—	—	—	—
Loss on fair value of strategic investments	—	−68,000	−18,000	1	—
Other expense	—	−11,000	—	—	—
Total other (expense) income	−894,000	3	2	−951,000	—
Net loss	−53	−61	−49	−34	−378,753
Adjustment to carrying value of Series A Preferred Stock	−254,000	—	—	—	—
Net loss attributable to common stockholders	−53	−61	—	—	—
Basic (in dollars per share)	−1.11	−1.66	−1.48	−2.24	−0.02
Diluted (in dollars per share)	−1.11	−1.66	−1.48	−2.24	−0.02
Weighted-average shares used in computing net loss attributable to common stockholders per share, basic (in shares)	48	37	33	15	20
Weighted-average shares used in computing net loss attributable to common stockholders per share, diluted (in shares)	48	37	33	15	20
Unrealized gain on marketable securities	8,000	62,000	−2,000	−8,000	—
Comprehensive loss	−53	−61	−49	−34	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	35	22	31	20	2
Marketable securities	72	45	57	64	—
Accounts receivable, net	95,000	92,000	99,000	96,000	—
Inventory	310,000	173,000	146,000	276,000	—
Prepaid expenses and other current assets	994,000	2	1	533,000	—
Total current assets	108	69	89	85	2
Property and equipment, net	2	1	1	1	—
Right-of-use assets	1	2	2	2	—
Strategic investments	2	2	—	—	—
Deposits and other assets	1	1	769,000	5	—
TOTAL ASSETS	115	76	95	96	162
Accounts payable	6	5	3	4	1,388
Accrued expenses and other liabilities	10	6	5	5	14,151
Operating lease liability, current portion	751,000	550,000	649,000	697,000	—
Deferred revenue, current portion	—	4	3	6	—
Total current liabilities	17	16	11	19	165,539
Deferred revenue, less current portion	—	11	15	13	—
Royalty purchase agreement	16	—	—	—	—
Loan payable	14	14	—	9	—
Derivative liability	3	—	—	—	—
Operating lease liability, less current portion	936,000	2	1	2	—
Other long-term liabilities	308,000	40,000	—	196,000	—
TOTAL LIABILITIES	51	43	27	43	6
Series A Preferred Stock, $0.0001 par value per share; 200,000 issued and outstanding at December 31, 2025 and 0 issued and outstanding at December 31, 2024; aggregate liquidation preference of $20,000 at December 31, 2025	10	—	—	—	—
Preferred stock, $0.0001 par value, 10,000,000 shares authorized;	—	—	—	—	—
Common stock, $0.0001 par value per share; 340,000,000 shares authorized; 57,032,963 and 38,194,442 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively.	6,000	4,000	4,000	2,000	445
Additional paid-in capital	416	343	317	252	—
Accumulated other comprehensive income	60,000	52,000	−10,000	−8,000	—
Accumulated deficit	−363	−310	−249	−200	−4
TOTAL STOCKHOLDERS' EQUITY	54	33	68	53	−20
TOTAL LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS' EQUITY	115	76	95	96	162

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−53	−61	−49	−34	—
Depreciation and amortization	327,000	308,000	287,000	222,000	—
Stock-based compensation	12	11	8	3	—
Acquired in-process research and development	0	1	0	—	—
Non-cash interest expense on liability related to the royalty purchase agreement	2	—	—	—	—
Accretion and interest related to marketable securities	−811,000	−2	−4	−600,000	—
Non-cash lease expense	607,000	654,000	632,000	571,000	—
Amortization of deferred financing fees	215,000	31,000	112,000	163,000	—
Other	—	11,000	—	—	—
Accounts receivable	−3,000	22,000	−3,000	25,000	—
Inventory	−137,000	−28,000	131,000	−208,000	—
Prepaid expenses and other assets	880,000	−1	−781,000	−439,000	—
Accounts payable, accrued expenses and other liabilities	5	3	145,000	3	—
Operating lease liabilities - current and non-current	−550,000	−652,000	−693,000	−319,000	—
Deferred revenue	−15	−2	−2	−3	—
Net cash used in operating activities	−49	−51	−46	−29	−272,362
Purchases of property and equipment	−489,000	−289,000	−78,000	−591,000	—
Sales of marketable securities	50	87	153	—	—
Purchases of marketable securities	−76	−73	−142	−63	—
Asset acquisition, net of cash acquired	—	−602,000	—	—	—
Net cash (used in) provided by investing activities	−27	13	11	−64	—
Proceeds from sale of common stock and pre-funded warrants, net of issuance costs	58	—	—	—	—
Proceeds from the royalty purchase agreement	20	—	—	—	—
Proceeds from issuance of Series A preferred stock	13	—	—	—	—
Repayment of royalty liability	−972,000	—	—	—	—
Proceeds from Hercules term loan	—	15	—	10	—
Proceeds from At-The-Market offering, net of issuance costs	2	15	—	—	—
Proceeds from exercise of stock options	91,000	240,000	231,000	121,000	—
Restricted stock units withheld for tax	−2	−550,000	—	—	—
Deferred financing costs	−1	−554,000	—	—	—
Net cash provided by financing activities	88	29	46	103	—
Net increase (decrease) in cash and cash equivalents	12	−8	11	10	−272,362
Interest	1	102,000	1	1	—
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	—	1	—	—	—
Increase in accounts payable, accrued expenses and other liabilities related to fixed assets	169,000	—	—	—	—
Common stock issued pursuant to asset acquisition	—	352,000	—	—	—
Warrants issued pursuant to debt financing	239,000	185,000	66,000	—	—
Warrants issued pursuant to the royalty purchase agreement	3	—	—	—	—

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