Was Darren Sherman’s Orchestra BioMed (OBIO) share sale under a Rule 10b5-1 plan?

Yes, the filing states the sale was made under a Rule 10b5-1 trading plan. The plan was adopted on December 18, 2025, indicating the transactions were pre-arranged rather than timed opportunistically based on subsequent market developments.

Orchestra BioMed (OBIO) insider 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 sold 15,000 shares of common stock in an open-market sale. The transaction occurred at a weighted average price of about $4.27 per share, with individual sale prices ranging from $4.21 to $4.32.

The sales were made under a pre-arranged Rule 10b5-1 trading plan adopted on December 18, 2025. After this transaction, Sherman directly holds 1,169,327 shares, indicating he retains a substantial continuing stake in Orchestra BioMed.

Insider Trade Summary 10b5-1

Net Seller: 15,000 shares

Net Sell 1 txn

Insider Sherman Darren

Role See Remarks

Sold 15,000 shs ($64K)

Type	Security	Shares	Price	Value
Sale	Common Stock, par value $0.0001 per share	15,000	$4.27	$64K

Holdings After Transaction: Common Stock, par value $0.0001 per share — 1,169,327 shares (Direct)

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 $4.21 to $4.32. 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: $4.27 per share Sale price range: $4.21 to $4.32 +2 more

5 metrics

Shares sold 15,000 shares Open-market sale on 2026-07-01

Weighted average sale price $4.27 per share Common stock sale

Sale price range $4.21 to $4.32 Multiple transactions within this range

Shares held after transaction 1,169,327 shares Direct ownership after sale

Rule 10b5-1 plan adoption date December 18, 2025 Plan governing the reported 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

"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."

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 at prices ranging from $4.21 to $4.32."

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 04:17 PM Accepted by SEC EDGAR 07/02/2026 - 04:15 PM

FAQ

What insider transaction did Orchestra BioMed (OBIO) report for Darren Sherman?

Orchestra BioMed reported that Darren Sherman sold 15,000 shares of common stock. The shares were sold in an open-market transaction at a weighted average price of about $4.27 per share, reflecting a routine insider disposition disclosed in a Form 4 filing.

At what prices did Darren Sherman sell Orchestra BioMed (OBIO) shares?

Darren Sherman’s 15,000 Orchestra BioMed shares were sold at prices from $4.21 to $4.32. The Form 4 states a weighted average sale price of approximately $4.27 per share across multiple trades within that range.

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

After the reported sale, Darren Sherman directly holds 1,169,327 Orchestra BioMed shares. This post-transaction holding, disclosed in the Form 4, shows he retains a large continuing equity position in the company following the 15,000-share disposition.

What type of security did Darren Sherman sell in Orchestra BioMed (OBIO)?

Darren Sherman sold common stock of Orchestra BioMed, with a par value of $0.0001 per share. The Form 4 lists one non-derivative transaction involving 15,000 shares of this common stock in an open-market sale.

How significant is the reported Orchestra BioMed (OBIO) insider sale by Darren Sherman?

The filing shows a 15,000-share sale with remaining holdings of 1,169,327 shares. This suggests the transaction represents only a small portion of his disclosed stake and was executed under a pre-established Rule 10b5-1 trading plan.

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)
07/01/2026

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	07/01/2026		S⁽¹⁾		15,000	D	$4.27⁽²⁾	1,169,327	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 $4.21 to $4.32. 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	07/02/2026
	** 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