OBIO Stock — Orchestra BioMed Holdings Inc.: Cash, EV, Pipeline

What they do

Our Vision Our vision is to accelerate medical innovation to patients through risk-reward-sharing partnerships with leading medical device companies. Our Company We are a biomedical innovation company accelerating high-impact technologies to patients through strategic collaborations with market-leading global medical device companies.

Source: 10-K FY2025 via SEC EDGAR

Share price

$6.96

Market cap

$548.2M

Cash

$102.7M

Enterprise value

$497.3M

Balance sheet

Cash	$102.7M
Debt	$15.0M
Royalty-sale liability	$36.8M
Net cash	$87.7M
Enterprise value	$497.3M
Basic shares	60.1M shares
Fully diluted shares	77.9M shares
Fully diluted market cap	$542.3M
Cash per share	$1.71
Quarterly burn	$19.3M
Cash runway	5.7 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-13.

Royalty-sale liability as of 2026-09-30 (10-Q); included in enterprise value.

Share structure

Common

60.1M

Pre-funded warrants

0.0M

Options

8.5M

RSUs

3.5M

Warrants

4.1M

Converts

0.0M

Conv preferred

1.7M

ESPP reserve

—

FDSO

77.9M

Cap table as of 2026-06-30.

Price history

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Next catalyst

AVIM Therapy · Est. May 16, 2027 · quarter midpoint · guided in 5 mo

Recently reported

Trial result Mixed · 2026-10-01

hypertension, hypertension, systolic, hypertension, essential

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. May 16, 2027 in 5 mo quarter midpoint	AVIM Therapy BACKBEAT pivotal trial primary endpoint data	Not disclosed	BACKBEAT pivotal trial primary endpoint	Q2 2027

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

AVIM Therapy (Atrioventricular Interval Modulation)

Phase 3 · Active Modality: bioelectronic (cardiac pacing firmware)

Partnerships Medtronic: exclusive license and collaboration for development and commercialization in pacemaker-indicated patients (right of first negotiation in non-pacemaker patients); Ligand: royalty purchase agreement (17% of product revenues until $17M annual threshold, then 4%/4%, stepping up if enrollment milestones not met by Jan 1, 2027)

Indications

Uncontrolled hypertension in pacemaker-indicated patients (Phase 3)

Catalysts

— End Q3 2026
— Q2 2027

Status note Double-blind randomized BACKBEAT global pivotal trial (up to 500 patients) with FDA IDE approval; delivered via Medtronic dual-chamber pacemaker. FDA Breakthrough Device Designations received.

Virtue SAB (Sirolimus AngioInfusion Balloon)

Phase 3 · Active Modality: drug/device combination (angioinfusion balloon)

Partnerships n/a (Terumo development/commercialization agreement terminated October 24, 2025; Terumo retains right of first refusal)

Indications

Coronary in-stent restenosis (Phase 3)
Coronary small vessel disease (Stage not disclosed)
Below-the-knee peripheral artery disease (Stage not disclosed)

Catalysts

— 2027

Status note FDA IDE-approved Virtue Trial (740 patients) randomizes Virtue SAB vs Boston Scientific's AGENT drug-coated balloon. FDA Breakthrough Device Designations for coronary ISR, coronary small vessel disease, and below-the-knee peripheral artery disease.

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06059638	Not disclosed	Recruiting	Sponsor	Orchestra BioMed, Inc	—	Hypertension; Hypertension, Systolic; Hypertension, Essential	—
NCT07045194	Not disclosed	Recruiting	Sponsor	Orchestra BioMed, Inc	—	Coronary Artery Disease	—

Sponsor-matched active trials from ClinicalTrials.gov (2 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 2 active trials for Orchestra BioMed, Inc on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RTW Investments	9,556,063	+1,250,000	0.35%	2026-08-14
Perceptive Advisors	5,037,906	no change	0.34%	2026-08-14
DAFNA Capital	126,841	no change	0.10%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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OBIO — Orchestra BioMed Holdings Inc. ☆