Orchestra BioMed Holdings, Inc.
OBIOHealthcare|Biotechnology|US
$5.68
+0.06 (+1.07%)
Tangible Book / Share
$0.46
Cash / Share
$1.72
Financials
Financial Snapshot
Market Cap
$341.4M
Enterprise Value
$391.7M
Revenue (TTM)
$32.0M
Net Income (TTM)
-$59.0M
Cash & Investments
$110.0M
Net Cash
$39.2M
Free Cash Flow (TTM)
-$59.1M
Operating CF (TTM)
-$58.3M
Debt/Equity
2.41
Cash Runway & Burn Rate
Cash on Hand
$110.0M
Quarterly Burn
$14.6M
Monthly Burn
$4.9M
Est. Runway
~7.5 quarters
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $35.8M | $10.9M | $83.8M | $87.6M | $66.8M | $106.5M | $110.0M | |
| Operating Cash Flow | -$26.2M | -$19.4M | -$29.3M | -$46.1M | -$50.6M | -$49.0M | -$58.3M | |
| Free Cash Flow | -$26.7M | -$19.7M | -$29.9M | -$46.2M | -$50.8M | -$49.5M | -$59.1M | |
| Capital Expenditure | -$539.0K | -$274.0K | -$591.0K | -$78.0K | -$289.0K | -$489.0K | -$781.0K | |
| Financing Cash Flow | $10.0M | -$4.0M | $103.3M | $46.2M | $29.2M | $88.3M | $129.3M |
R&D Spending
R&D (TTM)
$63.2M
R&D Intensity
197.7%
R&D Growth vs Prior
+8.7%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.7M | -$782.0K | $3.5M | $2.8M | $2.6M | $33.5M | $32.0M | |
| R&D Expense | $13.5M | $12.9M | $21.9M | $33.8M | $42.8M | $58.2M | $63.2M | |
| R&D % of Revenue | 236.3% | -1648.3% | 621.1% | 1225.4% | 1622.6% | 173.8% | 197.7% | |
| SG&A | $10.8M | $7.9M | $13.9M | $20.3M | $23.9M | $26.9M | $26.6M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $5.7M | -$782.0K | $3.5M | $2.8M | $2.6M | $33.5M | $32.0M | |
| Cost of Revenue | $145.0K | $199.0K | $322.0K | $186.0K | $204.0K | $190.0K | $217.0K | |
| Gross Profit | $5.6M | -$981.0K | $3.2M | $2.6M | $2.4M | $33.3M | $31.8M | |
| R&D | $13.5M | $12.9M | $21.9M | $33.8M | $42.8M | $58.2M | $63.2M | |
| SG&A | $10.8M | $7.9M | $13.9M | $20.3M | $23.9M | $26.9M | $26.6M | |
| Operating Income | -$18.8M | -$21.8M | -$32.7M | -$51.5M | -$64.3M | -$51.8M | -$58.0M | |
| Interest Expense | $0.00 | $927.0K | $0.00 | $0.00 | $0.00 | $1.1M | $2.1M | |
| Pretax Income | -$21.4M | -$23.0M | -$33.6M | -$49.1M | -$61.0M | -$52.7M | -$59.0M | |
| Net Income | -$21.4M | -$23.0M | -$33.6M | -$49.1M | -$61.0M | -$52.7M | -$59.0M | |
| EPS (Diluted) | -0.01 | -0.02 | -1.32 | -1.48 | -1.66 | -1.11 | -0.99 | |
| EBITDA | -$18.6M | -$21.9M | -$33.4M | -$48.8M | -$60.7M | -$51.2M | -$57.1M | |
| Shares Out. (M) | 20.45 | 20.45 | 25.47 | 33.23 | 36.82 | 47.75 | 63.81 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $20.3M | $9.9M | $19.8M | $30.6M | $22.3M | $34.7M | $20.5M | |
| Short-Term Investments | $15.4M | $958.0K | $64.0M | $57.0M | $44.6M | $71.8M | $89.5M | |
| Total Current Assets | $36.3M | $11.3M | $84.7M | $89.1M | $69.2M | $107.9M | $111.2M | |
| Total Assets | $38.1M | $13.5M | $95.6M | $95.2M | $76.2M | $114.9M | $115.7M | |
| Total Current Liabilities | $14.4M | $12.2M | $18.6M | $11.2M | $16.2M | $16.7M | $13.5M | |
| Long-Term Debt | $5.5M | $3.7M | $9.5M | $0.00 | $14.3M | $14.3M | $69.4M | |
| Total Liabilities | $86.6M | $84.8M | $43.0M | $27.2M | $43.2M | $51.5M | $86.3M | |
| Stockholders' Equity | -$48.5M | -$71.2M | $52.5M | $68.0M | $33.0M | $63.4M | $29.4M | |
| Retained Earnings | -$143.1M | -$166.1M | -$199.7M | -$248.9M | -$309.9M | -$362.6M | -$407.0M |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$26.2M | -$19.4M | -$29.3M | -$46.1M | -$50.6M | -$49.0M | -$58.3M | |
| Capital Expenditure | -$539.0K | -$274.0K | -$591.0K | -$78.0K | -$289.0K | -$489.0K | -$781.0K | |
| Free Cash Flow | -$26.7M | -$19.7M | -$29.9M | -$46.2M | -$50.8M | -$49.5M | -$59.1M | |
| Investing Cash Flow | $27.0M | $13.0M | -$64.1M | $10.7M | $13.1M | -$26.9M | -$69.3M | |
| Financing Cash Flow | $10.0M | -$4.0M | $103.3M | $46.2M | $29.2M | $88.3M | $129.3M | |
| Issuance of Stock | $162.3M | $7.0K | $109.8M | $254.0K | $15.0M | $72.0M | $77.8M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$616.0K | |
| Net Debt Issuance | $10.0M | -$4.0M | $3.6M | -$10.8M | $15.0M | $17.9M | $37.9M | |
| Stock Based Comp. | $221.0K | $302.0K | $3.4M | $7.6M | $10.6M | $12.0M | $11.1M | |
| Net Change in Cash | $10.8M | -$10.4M | $9.8M | $10.8M | -$8.3M | $12.4M | $1.7M |
Dilution Tracker
Shares outstanding grew 133.5% over 5 years — significant dilution
Shares Outstanding
60M
5-Year Share Growth
+133.5%
Stock Issuance (TTM)
$77.8M
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 20.45 | 20.45 | 25.47 | 33.23 | 36.82 | 47.75 | 63.81 | |
| Change vs Prior % | — | 0.0% | 24.6% | 30.4% | 10.8% | 29.7% | 33.6% | |
| Stock Issuance | $162.3M | $7.0K | $109.8M | $254.0K | $15.0M | $72.0M | $77.8M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$616.0K | |
| Stock Based Comp. | $221.0K | $302.0K | $3.4M | $7.6M | $10.6M | $12.0M | $11.1M |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 97.5% | 125.4% | 90.9% | 93.3% | 92.3% | 99.4% | 99.3% | |
| Operating Margin % | -328.8% | 2787.6% | -924.3% | -1866.2% | -2437.5% | -154.7% | -181.4% | |
| Net Margin % | -374.5% | 2943.0% | -951.3% | -1779.7% | -2313.3% | -157.4% | -184.6% | |
| EBITDA Margin % | -326.4% | 2801.3% | -945.0% | -1769.3% | -2301.6% | -153.0% | -178.6% | |
| FCF Margin % | -468.6% | 2519.6% | -845.7% | -1674.1% | -1927.5% | -147.7% | -184.8% | |
| ROE % | 44.0% | 32.3% | -64.0% | -72.2% | -185.2% | -83.2% | -125.9% | |
| ROA % | -56.1% | -170.1% | -35.2% | -51.6% | -80.1% | -45.9% | -51.0% | |
| ROIC % | -67.6% | -663.2% | -42.0% | -60.8% | -106.3% | -52.4% | -56.3% | |
| R&D / Revenue % | 236.3% | -1648.3% | 621.1% | 1225.4% | 1622.6% | 173.8% | 197.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | -113.7% | 551.8% | -21.9% | -4.4% | 1169.2% | |
| Gross Profit | 0.0% | -117.7% | 427.3% | -19.8% | -5.4% | 1267.8% | |
| Operating Income | 0.0% | -16.2% | -49.8% | -57.7% | -24.8% | 19.4% | |
| Net Income | 0.0% | -7.8% | -46.0% | -46.2% | -24.2% | 13.6% | |
| EPS (Diluted) | 0.0% | -117.6% | -7035.1% | -12.1% | -12.2% | 33.1% | |
| Operating Cash Flow | 0.0% | 25.8% | -50.7% | -57.5% | -9.6% | 3.2% | |
| Free Cash Flow | 0.0% | 26.3% | -51.7% | -54.6% | -10.0% | 2.7% | |
| R&D Expense | 0.0% | -4.4% | 70.2% | 54.1% | 26.6% | 35.9% | |
| SG&A Expense | 0.0% | -26.8% | 75.6% | 45.5% | 18.1% | 12.5% | |
| Total Assets | 0.0% | -64.5% | 606.5% | -0.4% | -20.0% | 50.8% | |
| Book Value / Share | 0.0% | -46.7% | 159.2% | -0.7% | -56.3% | 48.3% | |
| Debt | 0.0% | -40.0% | 109.2% | -85.8% | 879.8% | -3.5% | |
| Diluted Shares | 0.0% | 0.0% | 24.6% | 30.4% | 10.8% | 29.7% |
Valuation
P/E (TTM)At Loss
P/S10.68
10Y Low / Med / High5.92 / 55.83 / 109.91
P/B12.32
10Y Low / Med / High3.13 / 4.47 / 4.84
EV/EBITDAAt Loss
EV/Revenue12.25
10Y Low / Med / High5.36 / 53.66 / 99.45
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.46
Net Current Assets / Share
$0.42
Graham Net-Net
$0.37
Cash / Share
$1.72
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -1507.06 | -544.86 | -7.56 | -6.17 | -2.41 | -3.74 | -5.74 | |
| P/S Ratio | 45.93 | -263.60 | 71.95 | 109.91 | 55.83 | 5.92 | 10.68 | |
| P/B Ratio | -5.40 | -2.89 | 4.84 | 4.46 | 4.47 | 3.13 | 12.32 | |
| EV/EBITDA | -13.49 | -9.22 | -7.38 | -5.62 | -2.33 | -3.50 | -6.86 | |
| EV/Revenue | 44.03 | -258.15 | 69.71 | 99.45 | 53.66 | 5.36 | 12.25 |
Analyst Estimates & Quality
Altman Z-Score
-2.90
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $454.0K | $577.3K | $13.9M |
| Net Income | -$73.6M | -$73.1M | -$46.2M |
| EPS | $-1.52 | $-1.51 | $-0.95 |
| # Analysts (EPS) | 5 | 5 | 3 |
Revenue Segments
By Product
| Segment | 2023 | 2024 | 2025 |
|---|---|---|---|
| Product | $654.0K | $633.0K | $611.0K |