Orchestra BioMed Holdings, Inc.

Orchestra BioMed Holdings, Inc. (OBIO) reported FY 2025 total revenue of $33.5M, a 1,169% YoY increase from $2.6M in 2024, driven by $32.9M in partnership revenue from the Terumo Termination and ROFR Agreement, including $10.0M upfront and $7.4M premium on Series A Preferred Stock issuance, plus recognition of remaining $15.4M deferred revenue. Product revenue from FreeHold retractors was stable at $0.6M. Despite revenue growth, net loss narrowed to -$52.7M from -$61.0M, with EPS improving to -$1 from -$1.66 on 47.7M weighted shares. Operating loss improved to -$51.8M from -$64.3M, reflecting higher R&D ($58.2M, +36%) for BACKBEAT and Virtue Trials, and SG&A ($26.9M, +12%). Cash position strengthened to $106.5M ($34.7M cash + $71.8M marketable securities), supporting operations into Q4 2027. Financing included $57.8M from common stock/pre-funded warrants, $20.0M royalty proceeds from Ligand, and $12.6M Series A issuance. Total assets reached $114.9M, with $51.5M liabilities including $16.5M royalty liability and $14.3M loan payable. Focus remains on pivotal trials for AVIM Therapy (enrollment mid-2026) and Virtue SAB (mid-2027), with partnerships enabling commercialization.

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