Filings/OBIO/10-Q

Source document

EDGAR
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KPIsSections18
Headline metrics
Revenue — GREEN$198,000
Gross margin — GREEN71.2%
Net income — GREEN-$44.7M
Net margin — GREEN-22593.4%
Operating margin — RED-22440.4%
Red flags5 red2 orange
Liquidity5
RED
Negative operating cash flowoperating_cf_burn
The company is burning cash from operations — sustainability depends on financing.
RED
Net margin -22593.4%net_margin_sharply_negative
Net income margin below -5% — profitability materially negative vs revenue.
RED
Cash conversion (CFO/Rev) -20959.6%cash_conversion_weak
CFO/Revenue below 0 — operating model not generating cash despite revenue.
RED
Cash runway ~0.5 yearscash_runway_low
At current burn rate, cash covers less than 2 years — may require near-term financing.
ORANGE
Accumulated deficit / equity 1383%accumulated_deficit_high
Accumulated deficit exceeds equity book value — balance sheet technically impaired.
Dilution · capital1
RED
SBC/Revenue 2705.1%sbc_revenue_high
Stock-based compensation exceeds 25% of revenue — materially dilutive.
Concentration1
ORANGE
R&D/Revenue 16349.0%rd_intensity_high
R&D exceeds 40% of revenue — sustainable only if growth trajectory justifies the investment.
Income Statement
Income Statement
MetricValueFlag
Revenue$198,000GREEN
Revenue (quarter)$88,000GREEN
Gross Margin71.2%GREEN
Operating Margin-22440.4%RED
Net Margin-22593.4%GREEN
Net Income-$44.7MGREEN
EPS (diluted)$-0.72GREEN
R&D % Revenue16349.0%GREEN
Balance Sheet
Balance Sheet
MetricValueFlag
Cash$20.5MGREEN
Broad Liquidity$110.0MGREEN
Current Ratio8.26GREEN
Total Assets$115.7MGREEN
Total Equity$29.4MGREEN
Debt/Equity0.68GREEN
Cash Flow
Cash Flow
MetricValueFlag
Operating CF-$41.5MGREEN
Cash Conversion (CFO/Rev)-209.60GREEN
SBC % Revenue2705.1%GREEN
Free Cash Flow-$41.9MGREEN

Sections in this filing

Financial Statements (unaudited)

Item 1. Financial Statements. ORCHESTRA BIOMED HOLDINGS, INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ December 31, ​ ​ 2026 ​ 2025 ASSETS ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ LIABILITIES, SERIES A PREFERRED STOCK AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ 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 ​ ​ — Loan 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 ​ ​ ​ The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Table of Contents ORCHESTRA BIOMED HOLDINGS, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) (Unaudited) ​ ​ ​