Orchestra BioMed Holdings, Inc. Segments Disclosure
17. Segment Disclosures
The Company has one reportable segment, which consists of the development of clinical and preclinical product candidates through risk-reward sharing partnerships with leading medical device companies. The Company’s CODM, its Chief Executive Officer, manages the Company's operations on a consolidated basis for the purpose of assessing performance and allocating resources based on net loss that also is reported on the consolidated statement of operations and comprehensive loss as consolidated net loss. Net loss is used by the CODM to make key strategic and operational decisions. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets. The majority of the Company's long-lived assets are held in the United States.
The following table presents selected financial information, including significant expenses regularly reviewed by the CODM, about the Company’s single operating segment for the years ended December 31, 2025 and 2024:
| Year Ended December 31, | |||||
2025 | 2024 | |||||
(in thousands) |
| |
| | ||
Partnership revenue | $ | 32,871 | $ | 2,005 | ||
Product revenue |
| 611 |
| 633 | ||
Expenses: | ||||||
Cost of product revenues |
| 190 |
| 204 | ||
Non-clinical development costs |
| 17,979 |
| 15,179 | ||
Clinical development costs |
| 12,945 |
| 8,079 | ||
Personnel and consulting costs |
| 30,028 |
| 22,604 | ||
Stock-based compensation |
| 11,978 |
| 10,615 | ||
Depreciation and amortization expense |
| 327 |
| 308 | ||
Other segment expenses(1) |
| 11,588 |
| 10,029 | ||
Interest expense (income), net |
| 1,148 |
| (3,356) | ||
Net loss | $ | (52,701) | $ | (61,024) | ||
1Other segment expenses primarily include general and administrative costs not presented in other line items.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.