OBIO on Nasdaq
Orchestra BioMed Holdings, Inc.
Our vision is to accelerate medical innovation to patients through risk-reward-sharing partnerships with leading medical device companies.1
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Last updated Oct 19, 2026.
Overview
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- TickerOBIO on Nasdaq1
- IndustrySurgical & Medical Instruments & Apparatus1
- HeadquartersNew Hope, Pennsylvania1
- Incorporated inDE2
- Business address150 Union Square Drive, New Hope, Pa 189382
- Filer categoryNon-accelerated filer, Smaller reporting company2
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Our vision is to accelerate medical innovation to patients through risk-reward-sharing partnerships with leading medical device companies.3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-154.7%Operating margin4
-157.4%Net margin4
1169.2%Revenue growth, 20254
-98.4%Return on equity4
0.28×Debt to equity4
-$49.5MFree cash flow4
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Partnership Revenue brought in 98% of the revenue Orchestra BioMed Holdings, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Partnership Revenue | $2.0M | $32.9M |
| Product | $633.0K | $611.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue0¢$190.0K
- Research and development68¢$58.2M
- Selling, general and admin32¢$26.9M
Out of $33.5M in revenue.4 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Total revenue | $33.5M | $2.6M |
| Cost of product revenues | $190.0K | $204.0K |
| Research and development | $58.2M | $42.8M |
| Selling, general and administrative | $26.9M | $23.9M |
| Total expenses | $85.3M | $66.9M |
| Loss from operations | -$51.8M | -$64.3M |
| Interest (expense) income, net | -$1.1M | $3.4M |
| Change in the fair value of derivative liability | $254.0K | |
| Loss on fair value of strategic investments | -$68.0K | |
| Other expense | -$11.0K | |
| Total other (expense) income | -$894.0K | $3.3M |
| Adjustment to carrying value of Series A Preferred Stock | -$254.0K | |
| Net loss attributable to common stockholders | -$53.0M | -$61.0M |
| Basic (in dollars per share) | -$1.11 | -$1.66 |
| Diluted (in dollars per share) | -$1.11 | -$1.66 |
| Weighted-average shares used in computing net loss attributable to common stockholders per share, basic (in shares) | 47.7M shares | 36.8M shares |
| Weighted-average shares used in computing net loss attributable to common stockholders per share, diluted (in shares) | 47.7M shares | 36.8M shares |
| Net loss | -$52.7M | -$61.0M |
| Unrealized gain on marketable securities | $8.0K | $62.0K |
| Comprehensive loss | -$52.7M | -$61.0M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.4
| Period ending | 2025-12-31 | 2025-10-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $34.7M | $22.3M | ||
| Marketable securities | $71.8M | $44.6M | ||
| Accounts receivable, net | $95.0K | $92.0K | ||
| Inventory | $310.0K | $173.0K | ||
| Prepaid expenses and other current assets | $994.0K | $2.1M | ||
| Total current assets | $107.9M | $69.2M | ||
| Property and equipment, net | $1.7M | $1.4M | ||
| Right-of-use assets | $1.5M | $2.1M | ||
| Strategic investments | $2.5M | $2.5M | ||
| Deposits and other assets | $1.2M | $1.0M | ||
| TOTAL ASSETS | $114.9M | $76.2M | ||
| Accounts payable | $6.1M | $5.1M | ||
| Accrued expenses and other liabilities | $9.9M | $6.1M | ||
| Operating lease liability, current portion | $751.0K | $550.0K | ||
| Deferred revenue, current portion | $4.4M | |||
| Total current liabilities | $16.7M | $16.2M | ||
| Deferred revenue, less current portion | $11.0M | |||
| Royalty purchase agreement | $16.5M | |||
| Loan payable | $14.3M | $14.3M | ||
| Derivative liability | $2.7M | |||
| Operating lease liability, less current portion | $936.0K | $1.7M | ||
| Other long-term liabilities | $308.0K | $40.0K | ||
| TOTAL LIABILITIES | $51.5M | $43.2M | ||
| 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 | $9.8M | |||
| 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. | $6.0K | $4.0K | ||
| Additional paid-in capital | $416.1M | $342.8M | ||
| Accumulated other comprehensive income | $60.0K | $52.0K | ||
| Accumulated deficit | -$362.6M | -$309.9M | ||
| TOTAL STOCKHOLDERS' EQUITY | $53.6M | $33.0M | $68.0M | |
| TOTAL LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS' EQUITY | $114.9M | $76.2M | ||
| Series A redeemable preferred stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | |
| Series A redeemable preferred stock, shares issued | 200.0K shares | 0 shares | ||
| Series A redeemable preferred stock, shares outstanding | 200.0K shares | 0 shares | ||
| Series A redeemable preferred stock, liquidation preference | $20.0M | |||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized | 340.0M shares | 340.0M shares | ||
| Common stock, shares issued | 57.0M shares | 38.2M shares | ||
| Common stock, shares outstanding | 57.0M shares | 38.2M shares |
| Period ending | 2025-12-31 | 2025-10-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $34.7M | $22.3M | ||
| Marketable securities | $71.8M | $44.6M | ||
| Accounts receivable, net | $95.0K | $92.0K | ||
| Inventory | $310.0K | $173.0K | ||
| Prepaid expenses and other current assets | $994.0K | $2.1M | ||
| Total current assets | $107.9M | $69.2M | ||
| Property and equipment, net | $1.7M | $1.4M | ||
| Right-of-use assets | $1.5M | $2.1M | ||
| Strategic investments | $2.5M | $2.5M | ||
| Deposits and other assets | $1.2M | $1.0M | ||
| TOTAL ASSETS | $114.9M | $76.2M | ||
| Accounts payable | $6.1M | $5.1M | ||
| Accrued expenses and other liabilities | $9.9M | $6.1M | ||
| Operating lease liability, current portion | $751.0K | $550.0K | ||
| Deferred revenue, current portion | $4.4M | |||
| Total current liabilities | $16.7M | $16.2M | ||
| Deferred revenue, less current portion | $11.0M | |||
| Royalty purchase agreement | $16.5M | |||
| Loan payable | $14.3M | $14.3M | ||
| Derivative liability | $2.7M | |||
| Operating lease liability, less current portion | $936.0K | $1.7M | ||
| Other long-term liabilities | $308.0K | $40.0K | ||
| TOTAL LIABILITIES | $51.5M | $43.2M | ||
| 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 | $9.8M | |||
| 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. | $6.0K | $4.0K | ||
| Additional paid-in capital | $416.1M | $342.8M | ||
| Accumulated other comprehensive income | $60.0K | $52.0K | ||
| Accumulated deficit | -$362.6M | -$309.9M | ||
| TOTAL STOCKHOLDERS' EQUITY | $53.6M | $33.0M | $68.0M | |
| TOTAL LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS' EQUITY | $114.9M | $76.2M | ||
| Series A redeemable preferred stock, par value (in dollars per share) | $0.00 | $0.00 | $0.00 | |
| Series A redeemable preferred stock, shares issued | 200.0K shares | 0 shares | ||
| Series A redeemable preferred stock, shares outstanding | 200.0K shares | 0 shares | ||
| Series A redeemable preferred stock, liquidation preference | $20.0M | |||
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | ||
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
| Common stock, shares authorized | 340.0M shares | 340.0M shares | ||
| Common stock, shares issued | 57.0M shares | 38.2M shares | ||
| Common stock, shares outstanding | 57.0M shares | 38.2M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.4
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$52.7M | -$61.0M |
| Depreciation and amortization | $327.0K | $308.0K |
| Stock-based compensation | $12.0M | $10.6M |
| Acquired in-process research and development | $0 | $1.0M |
| Loss on fair value of strategic investments | $68.0K | |
| Non-cash interest expense on liability related to the royalty purchase agreement | $2.0M | |
| Accretion and interest related to marketable securities | -$811.0K | -$1.5M |
| Non-cash lease expense | $607.0K | $654.0K |
| Change in the fair value of derivative liability | -$254.0K | |
| Amortization of deferred financing fees | $215.0K | $31.0K |
| Other | $11.0K | |
| Accounts receivable | -$3.0K | $22.0K |
| Inventory | -$137.0K | -$28.0K |
| Prepaid expenses and other assets | $880.0K | -$1.1M |
| Accounts payable, accrued expenses and other liabilities | $4.9M | $3.0M |
| Operating lease liabilities - current and non-current | -$550.0K | -$652.0K |
| Deferred revenue | -$15.4M | -$2.0M |
| Net cash used in operating activities | -$49.0M | -$50.6M |
| Purchases of property and equipment | -$489.0K | -$289.0K |
| Sales of marketable securities | $49.9M | $86.6M |
| Purchases of marketable securities | -$76.3M | -$72.6M |
| Asset acquisition, net of cash acquired | -$602.0K | |
| Net cash (used in) provided by investing activities | -$26.9M | $13.1M |
| Proceeds from sale of common stock and pre-funded warrants, net of issuance costs | $57.8M | |
| Proceeds from the royalty purchase agreement | $20.0M | |
| Proceeds from issuance of Series A preferred stock | $12.6M | |
| Repayment of royalty liability | -$972.0K | |
| Proceeds from Hercules term loan | $15.0M | |
| Proceeds from At-The-Market offering, net of issuance costs | $1.5M | $15.0M |
| Proceeds from exercise of stock options | $91.0K | $240.0K |
| Restricted stock units withheld for tax | -$1.6M | -$550.0K |
| Deferred financing costs | -$1.1M | -$554.0K |
| Net cash provided by financing activities | $88.3M | $29.2M |
| Net increase (decrease) in cash and cash equivalents | $12.4M | -$8.3M |
| Interest | $1.4M | $102.0K |
| Operating lease right-of-use asset obtained in exchange for new operating lease liabilities | $1.2M | |
| Increase in accounts payable, accrued expenses and other liabilities related to fixed assets | $169.0K | |
| Common stock issued pursuant to asset acquisition | $352.0K | |
| Warrants issued pursuant to debt financing | $239.0K | $185.0K |
| Warrants issued pursuant to the royalty purchase agreement | $3.5M |
No quarter-by-quarter statement was filed.
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Leadership
Who has led Orchestra BioMed Holdings, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
2025
- Chief executive officerRoderick Wong Aug 3, 2020 to Jan 26, 202311
- Chief financial officerMichael Kaswan Jan 30, 2023 to May 19, 202312
- Chief financial officerNaveen Yalamanchi Aug 3, 2020 to Aug 3, 202013
Board members and other officers (24)
- OfficerDarren Sherman Jan 30, 2023 to now14
- OfficerDavid P. Hochman Jan 30, 2023 to now15
- Principal Accounting OfficerJoshua Aiello Jan 30, 2023 to now16
- OfficerYuval Mika Jan 30, 2023 to May 10, 202417
- OfficerWilliam Reed Little Jun 12, 2023 to Jun 3, 202418
- OfficerGeorge Papandreou Sep 29, 2023 to May 10, 202419
- VP Operations, Sec & TreasurerAlice Lee Aug 3, 2020 to Aug 6, 202020
- VP-Corp Strategy & Corp Comms.Stephanie A. Sirota Aug 3, 2020 to Aug 6, 202021
- Board memberChris Cleary Feb 5, 2025 to now22
- Board memberDavid Pacitti Mar 28, 2024 to now23
- Board memberJohn Prosper Mack Jul 30, 2024 to now24
- Board memberConnealy Pamela Yanchik Jan 30, 2023 to now25
- Board memberDarren Sherman Jan 30, 2023 to now14
- Board memberDavid P. Hochman Jan 30, 2023 to now15
- Board memberEric A. Rose Md. Jan 30, 2023 to Jun 21, 202426
- Board memberEric S. Fain Jan 30, 2023 to now27
- Board memberJason Aryeh Jan 30, 2023 to now28
- Board memberYuval Mika Jan 30, 2023 to Jan 30, 202317
- Board memberCarsten Boess Aug 3, 2020 to Aug 10, 202029
- Board memberMichael Burkes Brophy Aug 3, 2020 to Aug 10, 202030
- Board memberNaveen Yalamanchi Aug 3, 2020 to Aug 3, 202013
- Board memberPedro P. Granadillo Aug 3, 2020 to Aug 10, 202031
- Board memberRoderick Wong Aug 3, 2020 to Jan 26, 202311
- Board memberStuart Walter Peltz Aug 3, 2020 to Aug 10, 202032
Former names
- Health Sciences Acquisitions Corp 2Jun 22, 2020 to Jan 26, 20232
Timeline
- Aug 3, 2020New chief executive Roderick Wong becomes CEO11
Filings
369 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 43 major events, 194 insider forms, 23 large holders, 87 other. The latest 20:
- Oct 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Oct 1, 2026144 EDGAR
- Oct 1, 20268-K EDGAR
- Sep 11, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 8, 20268-K EDGAR
- Sep 8, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 1, 2026144 EDGAR
- Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 28, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 14, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 14, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 14, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 14, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 10, 202610-Q EDGAR
- Aug 4, 20264 OWNERSHIP DOCUMENT EDGAR
- Aug 3, 2026144 EDGAR
- Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 1, 2026144 EDGAR
The 369 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
45 open-market trades by officers, directors and large owners since October 2021: 31 buys and 14 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Hochman David PSee Remarks | Buy | 10,000 | $4.79 | $47.9K | Form 4 |
| Sep 1, 2026 | Sherman DarrenSee Remarks | Sale | 15,000 | $4.94 | $74.1K | Form 4 |
| Aug 26, 2026 | Sherman DarrenSee Remarks | Buy | 2,000 | $5.33 | $10.7K | Form 4 |
| Aug 3, 2026 | Sherman DarrenSee Remarks | Sale | 15,000 | $4.09 | $61.4K | Form 4 |
| Jul 1, 2026 | Sherman DarrenSee Remarks | Sale | 15,000 | $4.27 | $64.0K | Form 4 |
| Jun 1, 2026 | Hochman David PSee Remarks | Buy | 5,000 | $3.83 | $19.1K | Form 4 |
| Jun 1, 2026 | Sherman DarrenSee Remarks | Sale | 15,000 | $3.87 | $58.0K | Form 4 |
| May 18, 2026 | Aryeh JasonDirector | Buy | 665 | $3.75 | $2.5K | Form 4 |
| May 15, 2026 | Aryeh JasonDirector | Buy | 8,971 | $3.90 | $35.0K | Form 4 |
| May 15, 2026 | Hochman David PSee Remarks | Buy | 5,000 | $3.77 | $18.9K | Form 4 |
| May 14, 2026 | Fain Eric SDirector | Buy | 20,000 | $4.13 | $82.6K | Form 4 |
| Apr 27, 2026 | RTW INVESTMENTS, LP10% owner | Sale | 32 | $4.13 | $132 | Form 4 |
| Mar 13, 2026 | Hochman David PSee Remarks | Buy | 10,000 | $4.29 | $42.9K | Form 4 |
| Nov 14, 2025 | Hochman David PSee Remarks | Buy | 5,000 | $4.07 | $20.4K | Form 4 |
| Sep 19, 2025 | Aryeh JasonDirector | Buy | 1,000 | $2.45 | $2.5K | Form 4 |
| Aug 25, 2025 | Fain Eric SDirector | Buy | 5,760 | $2.61 | $15.0K | Form 4 |
| Aug 25, 2025 | Sherman DarrenSee Remarks | Buy | 3,000 | $2.62 | $7.9K | Form 4 |
| Aug 25, 2025 | Taylor Andrew LawrenceChief Financial Officer | Buy | 2,000 | $2.55 | $5.1K | Form 4 |
| Aug 21, 2025 | Hochman David PSee Remarks | Buy | 6,000 | $2.49 | $14.9K | Form 4 |
| Aug 4, 2025 | Hochman David PSee Remarks | Buy | 20,000 | $2.75 | $55.0K | Form 4 |
All 45 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- RTW INVESTMENTS, LPSCHEDULE 13D/A, 8 filings Oct 12, 2022 to Apr 29, 202633
- Tasso Partners, LLCSCHEDULE 13G, 1 filing Nov 19, 202534
- PERCEPTIVE ADVISORS LLCSCHEDULE 13G/A, 4 filings Sep 13, 2023 to Nov 14, 202535
- BlackRockSC 13G, 2 filings Oct 23, 2024 to Nov 8, 202436
- HSAC 2 Holdings, LLCSC 13D/A, 3 filings Oct 12, 2022 to Aug 7, 202437
- PRICE T ROWE ASSOCIATES INC /MD/SC 13G, 2 filings Feb 14, 2023 to Feb 14, 202438
- RA CAPITAL MANAGEMENT, L.P.SC 13G, 1 filing Feb 14, 202339
- Geoffrey Wade SmithSC 13D, 1 filing Feb 7, 202340
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 77. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARDarren Sherman, Officer
- 15SEC EDGARDavid P. Hochman, Officer
- 16
- 17SEC EDGARYuval Mika, Officer
- 18SEC EDGARWilliam Reed Little, Officer
- 19SEC EDGARGeorge Papandreou, Officer
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- 21
- 22SEC EDGARChris Cleary, Board member
- 23SEC EDGARDavid Pacitti, Board member
- 24SEC EDGARJohn Prosper Mack, Board member
- 25
- 26SEC EDGAREric A. Rose Md., Board member
- 27SEC EDGAREric S. Fain, Board member
- 28SEC EDGARJason Aryeh, Board member
- 29SEC EDGARCarsten Boess, Board member
- 30SEC EDGARMichael Burkes Brophy, Board member
- 31SEC EDGARPedro P. Granadillo, Board member
- 32SEC EDGARStuart Walter Peltz, Board member
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