OBIO · Orchestra BioMed Holdings, Inc.

Orchestra BioMed Holdings, Inc. operates as a biomedical company in the United States. The company's flagship product candidates include Atrioventricular Interval Modulation, a bioelectronic therapy candidate designed to immediately, substantially, and persistently lower blood pressure; and Virtue Sirolimus AngioInfusion Balloon for the treatment of atherosclerotic artery disease. It also develops Cardiac Neuromodulation Therapy for heart failure, or potential treatment of clinical indications, such as urology or osteoarthritis; and CNT-HF, a bioelectronic product candidate that aims to reduce chronic sympathetic nervous system activity in heart failure. In addition, the company offers FreeHold devices and additional minimally invasive surgery enabling devices; and Pure-Vu system, a medical device to facilitate the cleansing of a poorly prepared gastrointestinal tract during colonoscopy and upper gastrointestinal endoscopy procedures. It has a collaboration agreement with Medtronic, Inc. for the development of AVIM therapy for the treatment of HTN in pacemaker-indicated patients; and a strategic collaboration with Terumo Corporation and Terumo Medical Corporation for the development and commercialization of Virtue SAB for the treatment of coronary and peripheral vascular disease. Orchestra BioMed Holdings, Inc. was founded in 2018 and is headquartered in New Hope, Pennsylvania.

Cap structure and valuation

Cap structure
SP	$4.05
SO	59.9M
Options	0.1M
Warrants	9.3M
FD SO	69.3M
MC	$280.6M

Cash	$28.4M
Total debt	$15.0M
EV	$267.2M

TTM Multiples
EV / Revenue	8.2x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-08. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	0.11	30.92	0.86	0.84
Revenue YoY %	(87.3%)	12120.2%	(12.8%)	7.5%
Cost of Revenue	0.03	0.05	0.05	0.05
Gross Profit	0.08	30.87	0.81	0.79
Gross Profit YoY %	(90.5%)	15728.7%	(11.6%)	7.6%
Gross Margin %	70.9%	99.8%	94.3%	94.5%

SG&A	6.37	7.29	7.10	6.26
R&D	15.78	16.82	14.03	13.85
Operating Expense	22.15	24.11	21.12	20.12

Operating Income	(22.08)	6.75	(20.31)	(19.33)
Operating Income YoY %	(16.7%)	140.5%	(24.3%)	(14.6%)
Operating Margin %	(20069.1%)	21.8%	(2359.2%)	(2311.8%)
EBITDA	(21.99)	6.84	(20.23)	(19.25)
EBITDA Margin %	(19987.3%)	22.1%	(2349.8%)	(2302.2%)

Pretax Income	(20.69)	6.25	(20.83)	(19.36)
Net Income	(20.69)	6.25	(20.83)	(19.36)
Net Margin %	(18810.0%)	20.2%	(2419.0%)	(2316.1%)

Diluted EPS	-$0.33	$0.26	-$0.40	-$0.50
Basic EPS	-$0.33	$0.26	-$0.40	-$0.50
Diluted Avg Shares	62.7	4.7	52.2	38.4
Basic Avg Shares	62.7	4.7	52.2	38.4

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	32.72	33.48	2.64	2.76	3.53
Revenue YoY %	(2.3%)	1169.2%	(4.4%)	(21.9%)	—
Cost of Revenue	0.18	0.19	0.20	0.19	0.21
Gross Profit	32.55	33.29	2.43	2.57	3.32
Gross Profit YoY %	(2.2%)	1267.8%	(5.4%)	(22.5%)	—
Gross Margin %	99.5%	99.4%	92.3%	93.3%	94.0%

SG&A	27.02	26.91	23.93	20.26	14.03
R&D	60.48	58.19	42.80	33.82	21.95
Operating Expense	87.51	85.10	66.73	54.08	35.98

Operating Income	(54.96)	(51.81)	(64.30)	(51.51)	(32.66)
Operating Income YoY %	(6.1%)	19.4%	(24.8%)	(57.7%)	—
Operating Margin %	(168.0%)	(154.7%)	(2437.5%)	(1866.2%)	(924.3%)
EBITDA	(54.63)	(51.48)	(63.99)	(51.22)	(32.44)
EBITDA Margin %	(166.9%)	(153.8%)	(2425.8%)	(1855.8%)	(918.1%)

Interest Expense	—	—	0.30	1.40	1.30
Pretax Income	(54.64)	(52.70)	(61.02)	(49.12)	(33.61)
Tax Provision	—	0.00	—	—	—
Net Income	(54.64)	(52.70)	(61.02)	(49.12)	(33.61)
Net Margin %	(167.0%)	(157.4%)	(2313.3%)	(1779.7%)	(951.3%)

Diluted EPS	-$0.97	-$1.11	-$1.66	-$1.48	-$2.24
Basic EPS	-$0.97	-$1.11	-$1.66	-$1.48	-$2.24
Diluted Avg Shares	62.7	47.7	36.8	33.2	15.0
Basic Avg Shares	62.7	47.7	36.8	33.2	15.0

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	28.37	34.69	42.01	18.75
Receivables	0.08	0.10	0.05	0.08
Inventory	0.28	0.31	0.36	0.18
Total Current Assets	96.21	107.91	97.77	35.88

Net PPE	1.85	1.72	1.59	1.37
Total Assets	100.66	114.86	104.81	42.83

Accounts Payable	6.31	6.09	8.47	5.31
Total Current Liabilities	13.69	16.74	20.66	17.06
Long-term Debt	15.00	15.00	15.00	15.00
Total Liabilities	49.69	51.48	61.07	42.53

Retained Earnings	(383.27)	(362.58)	(368.82)	(348.00)
Total Equity	41.19	53.57	43.74	0.29

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	28.37	34.69	22.26	30.56	19.78
Receivables	0.08	0.10	0.09	0.10	0.10
Inventory	0.28	0.31	0.17	0.15	0.28
Total Current Assets	96.21	107.91	69.17	89.11	84.69

Net PPE	1.85	1.72	1.38	1.28	1.49
Total Assets	100.66	114.86	76.17	95.21	95.57

Accounts Payable	6.31	6.09	5.13	2.90	3.97
Total Current Liabilities	13.69	16.74	16.21	11.21	18.57
Long-term Debt	15.00	15.00	15.00	—	—
Total Liabilities	49.69	51.48	43.22	27.17	43.04
Mezzanine Equity	—	—	—	—	67.68

Retained Earnings	(383.27)	(362.58)	(309.88)	(248.85)	(199.73)
Total Equity	41.19	53.57	32.96	68.04	52.53

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(20.69)	6.25	(20.83)	(19.36)
D&A	0.09	0.08	0.08	0.08
Stock-Based Comp	2.85	2.75	3.01	3.25
Operating Cash Flow	(22.17)	(2.27)	(14.55)	(15.53)

CapEx	(0.18)	(0.03)	(0.31)	(0.03)
Investing Cash Flow	10.32	(17.71)	(38.58)	16.36

Financing Cash Flow	5.53	12.66	76.40	(0.43)

Free Cash Flow	(22.35)	(2.30)	(14.86)	(15.56)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(54.64)	(52.70)	(61.02)	(49.12)	(33.61)
D&A	0.33	0.33	0.31	0.29	0.22
Stock-Based Comp	11.86	11.98	10.62	7.62	3.38
Operating Cash Flow	(54.52)	(48.96)	(50.56)	(46.13)	(29.29)

CapEx	(0.56)	(0.49)	(0.29)	(0.08)	(0.59)
Investing Cash Flow	(29.62)	(26.94)	13.09	10.69	(64.12)

Debt Issuance	—	—	15.00	—	10.00
Debt Repayment	—	—	—	(10.85)	(6.45)
Financing Cash Flow	94.16	88.33	29.17	46.22	103.26

Free Cash Flow	(55.08)	(49.45)	(50.85)	(46.20)	(29.88)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	7.03	6.45	4.73	2.10
Quick Ratio	7.01	6.43	4.72	2.09
Debt / Equity	1.21	0.96	1.40	144.17
EBITDA Margin %	(19987.3%)	22.1%	(2349.8%)	(2302.2%)
Working Capital	82.52	91.17	77.11	18.82
Net Debt	(13.37)	(19.69)	(27.01)	(3.75)
ROE %	(50.2%)	11.7%	(47.6%)	(6563.7%)
ROA %	(20.6%)	5.4%	(19.9%)	(45.2%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	7.03	6.45	4.27	7.95	4.56
Quick Ratio	7.01	6.43	4.26	7.94	4.55
Debt / Equity	1.21	0.96	1.31	0.40	0.82
EBITDA Margin %	(166.9%)	(153.8%)	(2425.8%)	(1855.8%)	(918.1%)
Working Capital	82.52	91.17	52.96	77.91	66.12
Net Debt	(13.37)	(19.69)	(7.26)	—	—
ROE %	(132.6%)	(98.4%)	(185.2%)	(72.2%)	(64.0%)
ROA %	(54.3%)	(45.9%)	(80.1%)	(51.6%)	(35.2%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-19	Aryeh Jason	Director	2026-05-15	P	8,971	$3.90	$34,987
2026-05-19	Hochman David P	Director, Officer (See Remarks)	2026-05-15	P	5,000	$3.77	$18,850
2026-05-18	Fain Eric S	Director	2026-05-14	P	20,000	$4.13	$82,600
2026-04-29	RTW INVESTMENTS, LP	10% Owner	2026-04-27	X	1,250,032	$0.00	$125
2026-04-29	RTW INVESTMENTS, LP	10% Owner	2026-04-27	S	(32)	$4.13	-$132
2026-04-29	RTW INVESTMENTS, LP	10% Owner	2026-04-27	X	(1,250,032)	$2.75	-$3,437,463
2026-03-27	Sherman Darren	Director, Officer (See Remarks)	2026-03-25	F	(33,317)	$4.57	-$152,259
2026-03-27	Aiello Joshua	Officer (Principal Accounting Officer)	2026-03-25	F	(241)	$4.57	-$1,101
2026-03-27	Hochman David P	Director, Officer (See Remarks)	2026-03-25	F	(32,438)	$4.57	-$148,242
2026-03-16	Hochman David P	Director, Officer (See Remarks)	2026-03-13	P	10,000	$4.29	$42,900
2026-02-13	Aiello Joshua	Officer (Principal Accounting Officer)	2026-02-12	A	70,000	—	$0
2026-02-13	Sherman Darren	Director, Officer (See Remarks)	2026-02-12	A	397,000	—	$0
2026-02-13	Taylor Andrew Lawrence	Officer (Chief Financial Officer)	2026-02-12	A	181,000	—	$0
2026-02-13	Hochman David P	Director, Officer (See Remarks)	2026-02-12	A	504,000	—	$0
2026-02-06	Cleary Chris	Director	2026-02-05	F	(676)	$3.71	-$2,508
2026-02-06	Sherman Darren	Director, Officer (See Remarks)	2026-01-28	A	34,974	—	$0
2026-01-02	Taylor Andrew Lawrence	Officer (Chief Financial Officer)	2026-01-02	F	(3,452)	$4.31	-$14,878
2026-01-02	Aiello Joshua	Officer (Principal Accounting Officer)	2026-01-02	F	(241)	$4.31	-$1,039
2026-01-02	Sherman Darren	Director, Officer (See Remarks)	2026-01-02	F	(5,588)	$4.31	-$24,084
2025-12-12	Taylor Andrew Lawrence	Officer (Chief Financial Officer)	2025-12-10	F	(8,670)	$4.67	-$40,489
2025-12-12	Hochman David P	Director, Officer (See Remarks)	2025-12-10	F	(40,355)	$4.67	-$188,458
2025-12-12	Hochman David P	Director, Officer (See Remarks)	2025-12-10	F	(3,283)	$4.67	-$15,332
2025-11-26	Taylor Andrew Lawrence	Officer (Chief Financial Officer)	2025-11-25	F	(3,071)	$5.35	-$16,430
2025-11-26	Sherman Darren	Director, Officer (See Remarks)	2025-11-25	F	(40,340)	$5.35	-$215,819
2025-11-17	Hochman David P	Director, Officer (See Remarks)	2025-11-14	P	5,000	$4.07	$20,350
2025-11-14	Hochman David P	Director, Officer (See Remarks)	2025-11-13	F	(3,283)	$4.18	-$13,723
2025-11-14	Hochman David P	Director, Officer (See Remarks)	2025-11-13	F	(3,283)	$4.18	-$13,723
2025-09-19	Aryeh Jason	Director	2025-09-19	P	1,000	$2.45	$2,450
2025-09-19	Aiello Joshua	Officer (Principal Accounting Officer)	2025-09-17	F	(203)	$2.46	-$499
2025-09-19	Taylor Andrew Lawrence	Officer (Chief Financial Officer)	2025-09-17	F	(16,102)	$2.46	-$39,611
2025-09-19	Hochman David P	Director, Officer (See Remarks)	2025-09-17	F	(40,355)	$2.46	-$99,273
2025-09-19	Hochman David P	Director, Officer (See Remarks)	2025-09-17	F	(3,283)	$2.46	-$8,076
2025-09-05	Sherman Darren	Director, Officer (See Remarks)	2025-09-03	F	(40,340)	$2.72	-$109,725
2025-08-25	Fain Eric S	Director	2025-08-25	P	5,760	$2.61	$15,034
2025-08-25	Sherman Darren	Director, Officer (See Remarks)	2025-08-25	P	3,000	$2.62	$7,860
2025-08-25	Taylor Andrew Lawrence	Officer (Chief Financial Officer)	2025-08-25	P	2,000	$2.55	$5,100
2025-08-25	Hochman David P	Director, Officer (See Remarks)	2025-08-21	P	6,000	$2.49	$14,940
2025-08-08	Taylor Andrew Lawrence	Officer (Chief Financial Officer)	2025-08-07	A	80,000	—	$0
2025-08-08	Aryeh Jason	Director	2025-08-07	A	15,000	—	$0
2025-08-08	Sherman Darren	Director, Officer (See Remarks)	2025-08-07	A	120,000	—	$0
2025-08-08	Connealy Pamela Ann	Director	2025-08-07	A	15,000	—	$0
2025-08-08	Mack John Prosper	Director	2025-08-07	A	15,000	—	$0
2025-08-08	Fain Eric S	Director	2025-08-07	A	7,500	—	$0
2025-08-08	Fain Eric S	Director	2025-08-07	A	7,500	—	$0
2025-08-08	Cleary Chris	Director	2025-08-07	A	15,000	—	$0
2025-08-08	Hochman David P	Director, Officer (See Remarks)	2025-08-07	A	100,000	—	$0
2025-08-08	Hochman David P	Director, Officer (See Remarks)	2025-08-07	A	100,000	—	$0
2025-08-08	Pacitti David	Director	2025-08-07	A	15,000	—	$0
2025-08-08	Aiello Joshua	Officer (Principal Accounting Officer)	2025-08-07	A	15,000	—	$0
2025-08-06	RTW INVESTMENTS, LP	10% Owner	2025-08-04	P	3,636,363	$2.75	$9,999,635
2025-08-05	PERCEPTIVE ADVISORS LLC	10% Owner	2025-08-01	P	700,000	$2.75	$1,925,000
2025-08-05	PERCEPTIVE ADVISORS LLC	10% Owner	2025-08-01	P	1,500,000	$2.75	$4,124,850
2025-08-04	Hochman David P	Director, Officer (See Remarks)	2025-08-04	P	20,000	$2.75	$55,000
2025-06-27	Fain Eric S	Director	2025-06-26	S	(2,683)	$3.05	-$8,183
2025-06-27	Aryeh Jason	Director	2025-06-24	A	12,422	—	$0
2025-06-27	Aryeh Jason	Director	2025-06-24	A	36,797	—	$0
2025-06-26	Cleary Chris	Director	2025-06-24	A	12,422	—	$0
2025-06-26	Cleary Chris	Director	2025-06-24	A	36,797	—	$0
2025-06-26	Mack John Prosper	Director	2025-06-24	A	12,422	—	$0
2025-06-26	Mack John Prosper	Director	2025-06-24	A	36,797	—	$0
2025-06-26	Connealy Pamela Ann	Director	2025-06-24	A	12,422	—	$0
2025-06-26	Connealy Pamela Ann	Director	2025-06-24	A	36,797	—	$0
2025-06-26	Fain Eric S	Director	2025-06-24	A	12,422	—	$0
2025-06-26	Fain Eric S	Director	2025-06-24	A	36,797	—	$0
2025-06-26	Pacitti David	Director	2025-06-24	A	12,422	—	$0
2025-06-26	Pacitti David	Director	2025-06-24	A	36,797	—	$0
2025-06-20	Aiello Joshua	Officer (Principal Accounting Officer)	2025-06-18	F	(393)	$2.99	-$1,175
2025-06-13	Taylor Andrew Lawrence	Officer (Chief Financial Officer)	2025-06-11	F	(28,172)	$3.14	-$88,460
2025-06-13	Hochman David P	Director, Officer (See Remarks)	2025-06-11	F	(34,038)	$3.14	-$106,879
2025-06-13	Hochman David P	Director, Officer (See Remarks)	2025-06-11	F	(5,671)	$3.14	-$17,807
2025-05-30	Sherman Darren	Director, Officer (See Remarks)	2025-05-28	F	(45,843)	$2.95	-$135,237
2025-05-01	RTW INVESTMENTS, LP	10% Owner	2025-04-30	P	49,900	$2.99	$149,201
2025-04-29	RTW INVESTMENTS, LP	10% Owner	2025-04-29	P	50,000	$2.53	$126,500
2025-04-04	Hochman David P	Director, Officer (See Remarks)	2025-04-04	A	98,333	—	$0
2025-04-04	Hochman David P	Director, Officer (See Remarks)	2025-04-04	A	147,500	—	$0
2025-04-04	Aiello Joshua	Officer (Principal Accounting Officer)	2025-04-04	A	48,000	—	$0
2025-04-04	Sherman Darren	Director, Officer (See Remarks)	2025-04-04	A	115,708	—	$0
2025-04-04	Taylor Andrew Lawrence	Officer (Chief Financial Officer)	2025-04-04	A	84,000	—	$0
2025-03-28	Aiello Joshua	Officer (Principal Accounting Officer)	2025-03-26	F	(278)	$4.38	-$1,218
2025-03-07	Hochman David P	Director, Officer (See Remarks)	2025-03-07	F	(80,080)	$4.23	-$338,738
2025-02-05	Cleary Chris	Director	2025-02-03	A	10,155	—	$0
2025-02-05	Cleary Chris	Director	2025-02-03	A	30,742	—	$0
2024-12-30	Aryeh Jason	Director	2024-12-27	M	11,700	$4.30	$50,310
2024-12-30	Aryeh Jason	Director	2024-12-27	M	(11,700)	—	$-0
2024-12-26	Hochman David P	Director, Officer (See Remarks)	2024-12-23	P	4,000	$4.66	$18,640
2024-12-20	Taylor Andrew Lawrence	Officer (Chief Financial Officer)	2024-12-19	P	1,000	$4.83	$4,830
2024-12-19	Hochman David P	Director, Officer (See Remarks)	2024-12-18	P	5,000	$4.91	$24,550
2024-12-13	Taylor Andrew Lawrence	Officer (Chief Financial Officer)	2024-12-12	F	(34,403)	$5.03	-$173,047
2024-12-06	Sherman Darren	Director, Officer (See Remarks)	2024-12-05	F	(31,815)	$5.57	-$177,210
2024-09-26	Hochman David P	Director, Officer (See Remarks)	2024-09-25	P	1,500	$4.86	$7,290
2024-09-26	Hochman David P	Director, Officer (See Remarks)	2024-09-25	P	2,000	$4.74	$9,480
2024-09-26	Hochman David P	Director, Officer (See Remarks)	2024-09-25	P	2,000	$4.70	$9,400
2024-09-26	Hochman David P	Director, Officer (See Remarks)	2024-09-25	P	2,000	$4.73	$9,460
2024-09-26	Hochman David P	Director, Officer (See Remarks)	2024-09-24	P	2,500	$4.91	$12,275
2024-09-10	Sherman Darren	Director, Officer (See Remarks)	2024-09-10	S	(6,904)	$5.31	-$36,660
2024-09-10	Fain Eric S	Director	2024-09-10	S	(1,800)	$5.34	-$9,612
2024-09-10	Sherman Darren	Director, Officer (See Remarks)	2024-09-09	S	(6,804)	$5.48	-$37,286
2024-09-10	Fain Eric S	Director	2024-09-09	S	(1,800)	$5.43	-$9,774
2024-09-10	Fain Eric S	Director	2024-09-06	S	(2,000)	$5.64	-$11,280
2024-09-06	Sherman Darren	Director, Officer (See Remarks)	2024-09-06	S	(6,819)	$5.65	-$38,527
2024-09-06	Sherman Darren	Director, Officer (See Remarks)	2024-09-05	S	(6,961)	$5.85	-$40,722
2024-09-06	Sherman Darren	Director, Officer (See Remarks)	2024-09-04	S	(6,837)	$6.10	-$41,706
2024-08-15	Hochman David P	Director, Officer (See Remarks)	2024-08-14	P	2,500	$5.84	$14,600
2024-08-08	Mack John Prosper	Director	2024-08-07	A	12,864	—	$0
2024-08-08	Mack John Prosper	Director	2024-08-07	A	40,737	—	$0
2024-08-07	HSAC 2 Holdings, LLC	10% Owner	2024-08-05	J	(3,405,251)	—	$-0
2024-06-26	Hochman David P	Director, Officer (See Remarks)	2024-06-25	P	1,000	$6.95	$6,950
2024-06-21	Connealy Pamela Ann	Director	2024-06-20	A	5,376	—	$0
2024-06-21	Connealy Pamela Ann	Director	2024-06-20	A	17,068	—	$0
2024-06-21	Aryeh Jason	Director	2024-06-20	A	5,376	—	$0
2024-06-21	Aryeh Jason	Director	2024-06-20	A	17,068	—	$0
2024-06-21	ROSE ERIC A MD	Director	2024-06-20	A	5,376	—	$0
2024-06-21	ROSE ERIC A MD	Director	2024-06-20	A	17,068	—	$0
2024-06-21	Fain Eric S	Director	2024-06-20	A	5,376	—	$0
2024-06-21	Fain Eric S	Director	2024-06-20	A	17,068	—	$0
2024-06-21	Pacitti David	Director	2024-06-20	A	5,376	—	$0
2024-06-21	Pacitti David	Director	2024-06-20	A	17,068	—	$0
2024-06-03	Little William Reed	Officer (See Remarks)	2024-05-30	P	4,000	$7.00	$28,000
2024-05-21	Hochman David P	Director, Officer (See Remarks)	2024-05-17	P	3,000	$5.15	$15,450
2024-05-21	Hochman David P	Director, Officer (See Remarks)	2024-05-16	P	2,000	$4.75	$9,500
2024-05-20	Hochman David P	Director, Officer (See Remarks)	2024-05-17	A	3,000	$5.15	$15,450
2024-05-20	Hochman David P	Director, Officer (See Remarks)	2024-05-16	A	2,000	$4.75	$9,500