Orchestra BioMed (OBIO) director Darren Sherman sells 15,000 shares under 10b5-1 plan

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Orchestra BioMed Holdings director and officer Darren Sherman reported selling 15,000 shares of common stock in an open-market transaction. The shares were sold at a weighted average price of $3.87 per share, in multiple trades between $3.81 and $4.01.

After this sale, Sherman directly holds 1,184,327 shares of Orchestra BioMed common stock. The filing notes that the transactions were executed under a pre-arranged Rule 10b5-1 trading plan adopted on December 18, 2025, indicating the sales were scheduled in advance rather than timed discretionarily.

Insights

Planned, modest open-market sale with large remaining stake.

Darren Sherman, a director and officer of Orchestra BioMed, sold 15,000 common shares at a weighted average of $3.87. The trades occurred in a price range between $3.81 and $4.01 per share.

The filing states the sale was made under a pre-arranged Rule 10b5-1 trading plan adopted on December 18, 2025, which frames this as a scheduled liquidity event rather than an opportunistic trade. Following the transactions, Sherman still directly owns 1,184,327 shares, so the sale represents only a small portion of his disclosed holdings.

Insider Trade Summary 10b5-1

Net Seller: 15,000 shares ($58,050)

Net Sell 1 txn

Insider Sherman Darren

Role See Remarks

Sold 15,000 shs ($58K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.0001 per share	15,000	$3.87	$58K

Holdings After Transaction: Common Stock, par value $0.0001 per share — 1,184,327 shares (Direct, null)

Footnotes (1)

The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 18, 2025. The price reported is a weighted average price. These shares were disposed in multiple transactions at prices ranging from $3.81 to $4.01. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares disposed at each separate price within the range set forth in this footnote.

Key Figures

Shares sold: 15,000 shares Weighted average sale price: $3.87 per share Sale price range: $3.81–$4.01 per share +2 more

5 metrics

Shares sold 15,000 shares Open-market sale on June 1, 2026

Weighted average sale price $3.87 per share Open-market sale of common stock

Sale price range $3.81–$4.01 per share Range of prices for multiple transactions

Shares owned after transaction 1,184,327 shares Direct holdings following sale

Trading plan adoption date December 18, 2025 Rule 10b5-1 plan used for the sale

Key Terms

Rule 10b5-1 trading plan, weighted average price, open-market sale, common stock, par value $0.0001 per share

4 terms

Rule 10b5-1 trading plan regulatory

"sales were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

weighted average price financial

"The price reported is a weighted average price. These shares were disposed in multiple transactions"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

open-market sale financial

"transaction_action: "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

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Form 4 Insider Transactions: What Each Field Means →

06/02/2026 - 04:27 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Sherman Darren

(Last)

(First)

(Middle)

C/O ORCHESTRA BIOMED HOLDINGS, INC.

150 UNION SQUARE DRIVE

(Street)

NEW HOPE

PENNSYLVANIA

18938

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Orchestra BioMed Holdings, Inc. [ OBIO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	See Remarks

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.0001 per share	06/01/2026		S⁽¹⁾		15,000	D	$3.87⁽²⁾	1,184,327	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on December 18, 2025.

2. The price reported is a weighted average price. These shares were disposed in multiple transactions at prices ranging from $3.81 to $4.01. The reporting person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares disposed at each separate price within the range set forth in this footnote.

Remarks:

President and Chief Operating Officer

	/s/ Andrew Taylor, Attorney-in-Fact	06/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did Darren Sherman report in this Orchestra BioMed (OBIO) Form 4?

Darren Sherman reported selling 15,000 shares of Orchestra BioMed common stock. The shares were sold in open-market transactions at a weighted average price of $3.87 per share, with individual trades ranging from $3.81 to $4.01.

At what price did Darren Sherman sell OBIO shares in this transaction?

Sherman sold his Orchestra BioMed shares at a weighted average price of $3.87. According to the filing, the 15,000 shares were disposed of in multiple trades executed between $3.81 and $4.01 per share on the transaction date.

How many Orchestra BioMed (OBIO) shares does Darren Sherman hold after the sale?

After the reported sale, Sherman directly holds 1,184,327 shares of Orchestra BioMed common stock. This figure, disclosed in the Form 4, shows he retains a substantial ownership position despite selling 15,000 shares in the recent open-market transaction.

Was Darren Sherman’s OBIO stock sale under a Rule 10b5-1 trading plan?

Yes. The Form 4 states that Sherman’s sales were executed pursuant to a Rule 10b5-1 trading plan. That plan was adopted on December 18, 2025, meaning the transactions were pre-scheduled rather than being timed in response to short-term market developments.

What does the price range in Darren Sherman’s OBIO sale represent?

The price range reflects that the 15,000 shares were sold in multiple trades. The filing reports a weighted average price of $3.87 per share, with individual transactions executed at prices between $3.81 and $4.01, and offers to provide detailed breakdowns on request.

Does this Form 4 indicate any derivative exercises by Darren Sherman in OBIO?

No derivative transactions are reported in this Form 4. The filing shows one non-derivative transaction, an open-market sale of 15,000 shares of common stock, and lists no remaining derivative positions in the accompanying derivative transaction summary.