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Orchestra BioMed Holdings Inc Financials

OBIO
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Orchestra BioMed Holdings Inc (OBIO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI OBIO FY2025

High-margin revenue rose sharply, but R&D-led cash burn still made external financing the business's main fuel rather than operations.

Revenue jumped to $33.5M in FY2025 from $2.6M in FY2024, which looked like a change in scale after several years of very small reported sales. But operating cash flow remained deeply negative at -$49.0M while R&D still ran at $58.2M, so the added revenue behaved more like burn offset than a shift to a self-funding model.

FY2025 gross margin reached 99.4%, so the bottleneck is not direct cost of delivering recognized revenue. The pressure sits in research spending: at $58.2M, it still exceeded total revenue of $33.5M, meaning the company remains economically organized around development rather than scaled commercial throughput.

The balance sheet was replenished by external capital, not by internal generation: financing brought in $88.3M in FY2025 while free cash flow was -$49.5M. Even after that refill, year-end cash of $34.7M was only modestly above the year's operating cash outflow of -$49.0M, so liquidity depends on periodic access to new funding.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&D Intensity Revenue Progress Burn Trend Balance Sheet 60 / 100
Financial Health Score 60/100
Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Orchestra BioMed Holdings Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway
36
Dilution
32
R&D Intensity
90
Revenue Progress
98
Burn Trend
39
Balance Sheet
66
Altman Z-Score Distress
-1.93

Orchestra BioMed Holdings Inc scores -1.93, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($234.7M) relative to total liabilities ($51.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral
6/9

Orchestra BioMed Holdings Inc passes 6 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality
0.93x

For every $1 of reported earnings, Orchestra BioMed Holdings Inc generates $0.93 in operating cash flow (-$49.0M OCF vs -$52.7M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
$33.5M
YoY+1169.2%

Orchestra BioMed Holdings Inc generated $33.5M in revenue in fiscal year 2025. This represents an increase of 1169.2% from the prior year.

EBITDA
-$51.5M
YoY+19.6%

Orchestra BioMed Holdings Inc's EBITDA was -$51.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.6% from the prior year.

Net Income
-$52.7M
YoY+13.6%

Orchestra BioMed Holdings Inc reported -$52.7M in net income in fiscal year 2025. This represents an increase of 13.6% from the prior year.

EPS (Diluted)
$-1.11
YoY+33.1%

Orchestra BioMed Holdings Inc earned $-1.11 per diluted share (EPS) in fiscal year 2025. This represents an increase of 33.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$49.5M
YoY+2.7%

Orchestra BioMed Holdings Inc generated -$49.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 2.7% from the prior year.

Cash & Debt
$34.7M
YoY+55.8%

Orchestra BioMed Holdings Inc held $34.7M in cash against $15.0M in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
57M
YoY+49.3%

Orchestra BioMed Holdings Inc had 57M shares outstanding in fiscal year 2025. This represents an increase of 49.3% from the prior year.

Margins & Returns

Gross Margin
99.4%
YoY+7.2pp

Orchestra BioMed Holdings Inc's gross margin was 99.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.2 percentage points from the prior year.

Operating Margin
-154.7%
YoY+2282.8pp

Orchestra BioMed Holdings Inc's operating margin was -154.7% in fiscal year 2025, reflecting core business profitability. This is up 2282.8 percentage points from the prior year.

Net Margin
-157.4%
YoY+2155.9pp

Orchestra BioMed Holdings Inc's net profit margin was -157.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2155.9 percentage points from the prior year.

Return on Equity
-98.4%
YoY+86.8pp

Orchestra BioMed Holdings Inc's ROE was -98.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 86.8 percentage points from the prior year.

Capital Allocation

R&D Spending
$58.2M
YoY+35.9%

Orchestra BioMed Holdings Inc invested $58.2M in research and development in fiscal year 2025. This represents an increase of 35.9% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$489K
YoY+69.2%

Orchestra BioMed Holdings Inc invested $489K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 69.2% from the prior year.

OBIO Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $110K-99.6% $30.9M+3490.8% $861K+3.0% $836K-3.7% $868K+243.1% $253K-74.4% $987K+26.9% $778K
Cost of Revenue $32K-37.3% $51K+4.1% $49K+6.5% $46K+4.5% $44K-24.1% $58K-14.7% $68K+54.5% $44K
Gross Profit $78K-99.7% $30.9M+3701.2% $812K+2.8% $790K-4.1% $824K+322.6% $195K-78.8% $919K+25.2% $734K
R&D Expenses $15.8M-6.2% $16.8M+19.9% $14.0M+1.3% $13.9M+2.8% $13.5M+22.9% $11.0M-5.4% $11.6M+4.2% $11.1M
SG&A Expenses $6.4M-12.6% $7.3M+2.7% $7.1M+13.3% $6.3M0.0% $6.3M+6.1% $5.9M+4.1% $5.7M-12.4% $6.5M
Operating Income -$22.1M-426.9% $6.8M+133.2% -$20.3M-5.1% -$19.3M-2.1% -$18.9M-13.5% -$16.7M-2.0% -$16.3M+3.1% -$16.9M
Interest Expense $480K N/A N/A N/A N/A $297K $0 $0
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income -$20.7M-431.3% $6.2M+130.0% -$20.8M-7.6% -$19.4M-3.2% -$18.8M-16.1% -$16.2M-4.7% -$15.4M+3.5% -$16.0M
EPS (Diluted) $-0.33 N/A $-0.40+20.0% $-0.50-2.0% $-0.49 N/A $-0.41+8.9% $-0.45

OBIO Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $100.7M-12.4% $114.9M+9.6% $104.8M+144.7% $42.8M-27.5% $59.1M-22.5% $76.2M+1.1% $75.3M+4.1% $72.4M
Current Assets $96.2M-10.8% $107.9M+10.4% $97.8M+172.5% $35.9M-30.9% $51.9M-25.0% $69.2M+0.9% $68.6M+3.1% $66.5M
Cash & Equivalents $28.4M-18.2% $34.7M-17.4% $42.0M+124.1% $18.7M+2.2% $18.3M-17.6% $22.3M-13.1% $25.6M+8.0% $23.7M
Inventory $277K-10.6% $310K-15.1% $365K+97.3% $185K+37.0% $135K-22.0% $173K-26.1% $234K+234.3% $70K
Accounts Receivable $84K-11.6% $95K+82.7% $52K-37.3% $83K-6.7% $89K-3.3% $92K-20.0% $115K+43.8% $80K
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $49.7M-3.5% $51.5M-15.7% $61.1M+43.6% $42.5M+0.8% $42.2M-2.4% $43.2M+48.5% $29.1M+3.0% $28.3M
Current Liabilities $13.7M-18.2% $16.7M-19.0% $20.7M+21.1% $17.1M+10.1% $15.5M-4.4% $16.2M-0.1% $16.2M+11.8% $14.5M
Long-Term Debt $15.0M0.0% $15.0M0.0% $15.0M0.0% $15.0M0.0% $15.0M0.0% $15.0M N/A N/A
Total Equity $41.2M-23.1% $53.6M+22.5% $43.7M+14726.8% $295K-98.2% $16.9M-48.9% $33.0M-28.7% $46.2M+4.7% $44.1M
Retained Earnings -$383.3M-5.7% -$362.6M+1.7% -$368.8M-6.0% -$348.0M-5.9% -$328.6M-6.1% -$309.9M-5.5% -$293.7M-5.5% -$278.3M

OBIO Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$22.2M-876.6% -$2.3M+84.4% -$14.6M+6.3% -$15.5M+6.6% -$16.6M-22.7% -$13.5M+1.2% -$13.7M-34.2% -$10.2M
Capital Expenditures $184K+457.6% $33K-89.4% $310K+811.8% $34K-69.6% $112K+5.7% $106K+55.9% $68K-36.4% $107K
Free Cash Flow -$22.4M-870.6% -$2.3M+84.5% -$14.9M+4.5% -$15.6M+7.0% -$16.7M-22.6% -$13.6M+0.9% -$13.8M-33.5% -$10.3M
Investing Cash Flow $10.3M+158.3% -$17.7M+54.1% -$38.6M-335.9% $16.4M+25.8% $13.0M+446.4% -$3.8M-773.8% $557K-94.7% $10.4M
Financing Cash Flow $5.5M-56.3% $12.7M-83.4% $76.4M+17949.8% -$428K-44.6% -$296K-102.1% $13.9M-7.2% $15.0M+8692.4% $171K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

OBIO Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 70.9%-28.9pp 99.8%+5.5pp 94.3%-0.2pp 94.5%-0.4pp 94.9%+17.8pp 77.1%-16.0pp 93.1%-1.2pp 94.3%
Operating Margin -20069.1%-20090.9pp 21.9%+2381.1pp -2359.2%-47.4pp -2311.8%-132.0pp -2179.8%+4411.9pp -6591.7%-4936.0pp -1655.7%+511.2pp -2167.0%
Net Margin -18810.0%-18830.2pp 20.2%+2439.3pp -2419.1%-102.9pp -2316.2%-155.4pp -2160.7%+4224.7pp -6385.4%-4822.5pp -1562.9%+491.1pp -2054.0%
Return on Equity -50.2%-61.9pp 11.7%+59.3pp -47.6%+6516.1pp -6563.7%-6452.5pp -111.3%-62.2pp -49.0%-15.6pp -33.4%+2.8pp -36.2%
Return on Assets -20.6%-26.0pp 5.4%+25.3pp -19.9%+25.3pp -45.2%-13.5pp -31.8%-10.5pp -21.2%-0.7pp -20.5%+1.6pp -22.1%
Current Ratio 7.03+0.6 6.45+1.7 4.73+2.6 2.10-1.2 3.35-0.9 4.27+0.0 4.23-0.4 4.58
Debt-to-Equity 0.36+0.1 0.28-0.1 0.34-50.5 50.85+50.0 0.89+0.4 0.46-0.2 0.63-0.0 0.64
FCF Margin -20320.0%-20312.5pp -7.4%+1718.5pp -1725.9%+135.5pp -1861.4%+65.8pp -1927.2%+3465.7pp -5392.9%-3998.0pp -1394.9%-69.3pp -1325.6%

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Frequently Asked Questions

Orchestra BioMed Holdings Inc (OBIO) reported $33.5M in total revenue for fiscal year 2025. This represents a 1169.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Orchestra BioMed Holdings Inc (OBIO) revenue grew by 1169.2% year-over-year, from $2.6M to $33.5M in fiscal year 2025.

No, Orchestra BioMed Holdings Inc (OBIO) reported a net income of -$52.7M in fiscal year 2025, with a net profit margin of -157.4%.

Orchestra BioMed Holdings Inc (OBIO) reported diluted earnings per share of $-1.11 for fiscal year 2025. This represents a 33.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Orchestra BioMed Holdings Inc (OBIO) had EBITDA of -$51.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Orchestra BioMed Holdings Inc (OBIO) had $34.7M in cash and equivalents against $15.0M in long-term debt.

Orchestra BioMed Holdings Inc (OBIO) had a gross margin of 99.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Orchestra BioMed Holdings Inc (OBIO) had an operating margin of -154.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Orchestra BioMed Holdings Inc (OBIO) had a net profit margin of -157.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Orchestra BioMed Holdings Inc (OBIO) has a return on equity of -98.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Orchestra BioMed Holdings Inc (OBIO) generated -$49.5M in free cash flow during fiscal year 2025. This represents a 2.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Orchestra BioMed Holdings Inc (OBIO) generated -$49.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Orchestra BioMed Holdings Inc (OBIO) had $114.9M in total assets as of fiscal year 2025, including both current and long-term assets.

Orchestra BioMed Holdings Inc (OBIO) invested $489K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Orchestra BioMed Holdings Inc (OBIO) invested $58.2M in research and development during fiscal year 2025.

Orchestra BioMed Holdings Inc (OBIO) had 57M shares outstanding as of fiscal year 2025.

Orchestra BioMed Holdings Inc (OBIO) had a current ratio of 6.45 as of fiscal year 2025, which is generally considered healthy.

Orchestra BioMed Holdings Inc (OBIO) had a debt-to-equity ratio of 0.28 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Orchestra BioMed Holdings Inc (OBIO) had a return on assets of -45.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Orchestra BioMed Holdings Inc (OBIO) had $34.7M in cash against an annual operating cash burn of $49.0M. This gives an estimated cash runway of approximately 9 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Orchestra BioMed Holdings Inc (OBIO) has an Altman Z-Score of -1.93, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Orchestra BioMed Holdings Inc (OBIO) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Orchestra BioMed Holdings Inc (OBIO) has an earnings quality ratio of 0.93x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Orchestra BioMed Holdings Inc (OBIO) scores 60 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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