$OBIO

Orchestra BioMed Holdings, Inc.

CIK:0001814114|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 88	$ 836	$ 198	$ 1,704
Expenses:
Cost of product revenues	25	46	57	90
Research and development	16,590	13,853	32,371	27,335
Selling, general and administrative	5,829	6,264	12,202	12,527
Total expenses	22,444	20,163	44,630	39,952
Loss from operations	(22,356)	(19,327)	(44,432)	(38,248)
Other (expense) income:
Interest (expense) income, net	(1,768)	(36)	(2,589)	130
Change in the fair value of derivative liability	324		289
Gain on sale of strategic investments	45		2,286
Total other (expense) income	(1,399)	(36)	(14)	130
Net loss	(23,755)	(19,363)	(44,446)	(38,118)
Adjustment to carrying value of Series A Preferred Stock	(324)		(289)
Net loss attributable to common stockholders	$ (24,079)	$ (19,363)	$ (44,735)	$ (38,118)
Net loss attributable to common stockholders per share
Basic (in dollars per share)	$ (0.38)	$ (0.5)	$ (0.72)	$ (0.99)
Diluted (in dollars per share)	$ (0.38)	$ (0.5)	$ (0.72)	$ (0.99)
Weighted-average shares used in computing net loss attributable to common stockholders per share, basic (in shares)	63,812,098	38,392,716	62,019,963	38,314,936
Weighted-average shares used in computing net loss attributable to common stockholders per share, diluted (in shares)	63,812,098	38,392,716	62,019,963	38,314,936
Comprehensive loss
Net loss	$ (23,755)	$ (19,363)	$ (44,446)	$ (38,118)
Unrealized loss on marketable securities	(41)	(21)	(141)	(36)
Comprehensive loss	(23,796)	(19,384)	(44,587)	(38,154)
Partnership revenue
Revenue:
Total revenue		667		1,399
Product revenue
Revenue:
Total revenue	$ 88	$ 169	$ 198	$ 305

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (44,446)	$ (38,118)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	186	164
Stock-based compensation	5,356	6,215
Non-cash interest expense on liability related to the royalty purchase agreement	3,111
Accrued interest expense on liability related to the note payable	442
Gain on sale of strategic investments	(2,286)
Accretion and interest related to marketable securities	(476)	(161)
Non-cash lease expense	325	297
Change in the fair value of derivative liability	(289)
Amortization of deferred financing fees	129	92
Changes in operating assets and liabilities:
Accounts receivable	44	9
Inventory	60	(11)
Prepaid expenses and other assets	14	148
Accounts payable, accrued expenses and other liabilities	(3,311)	888
Operating lease liabilities - current and non-current	(359)	(267)
Deferred revenue		(1,399)
Net cash used in operating activities	(41,500)	(32,143)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(438)	(146)
Sales of marketable securities	38,791	32,403
Purchases of marketable securities	(56,125)	(2,902)
Sale of strategic investments	4,781
Net cash (used in) provided by investing activities	(12,991)	29,355
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the royalty purchase agreement	15,000
Proceeds from Medtronic term loan	20,000
Proceeds from At-The-Market offering, net of issuance costs	5,855
Proceeds from exercise of stock options	34	91
Restricted stock units withheld for tax	(616)	(815)
Net cash provided by (used in) financing activities	40,273	(724)
Net decrease in cash and cash equivalents	(14,218)	(3,512)
Cash and cash equivalents, beginning of the period	34,690	22,261
Cash and cash equivalents, end of the period	20,472	18,749
Cash paid during the six months ended June 30:
Interest	720	722
Supplemental disclosure of noncash activities
Purchases of Property & equipment within accounts payable, accrued expenses and other liabilities	$ 78	$ 23

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 20,472	$ 34,690
Marketable securities	89,491	71,822
Accounts receivable, net	51	95
Inventory	250	310
Prepaid expenses and other current assets	977	994
Total current assets	111,241	107,911
Property and equipment, net	2,045	1,715
Right-of-use assets	1,171	1,496
Strategic investments		2,495
Deposits and other assets	1,243	1,240
TOTAL ASSETS	115,700	114,857
CURRENT LIABILITIES:
Accounts payable	6,132	6,095
Accrued expenses and other liabilities	6,531	9,890
Operating lease liability, current portion	808	751
Total current liabilities	13,471	16,736
Royalty purchase agreement	34,593	16,482
Note payable	20,442
Loans payable	14,397	14,268
Derivative liability	2,460	2,749
Operating lease liability, less current portion	520	936
Other long-term liabilities	397	308
TOTAL LIABILITIES	86,280	51,479
Series A Preferred Stock, $0.0001 par value per share; 200,000 issued and outstanding at June 30, 2026 and December 31, 2025; aggregate liquidation preference of $20,000	10,097	9,808
STOCKHOLDERS' EQUITY
Preferred stock, $0.0001 par value, 10,000,000 shares authorized;
Common stock, $0.0001 par value per share; 340,000,000 shares authorized; 60,105,049 and 57,032,963 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively.	6	6
Additional paid-in capital	426,423	416,083
Accumulated other comprehensive (loss) income	(81)	60
Accumulated deficit	(407,025)	(362,579)
TOTAL STOCKHOLDERS' EQUITY	19,323	53,570
TOTAL LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS' EQUITY	$ 115,700	$ 114,857