Orchestra BioMed Holdings, Inc.
OBIO · Surgical & Medical Instruments & Apparatus · 59.9M shares · +22%/yr ↑ shares · EDGAR filings ↗
Reference price $3.83 · est. market cap ~$229M — last insider purchase, 2026-06-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — device/biopharma clinical (BackBeat/Virtue), heavy burn, funded.
Strengths
- Liquidity — current ratio 6.5 (82nd)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Net lossNet loss (net margin -157.4%)
- Cash burnNegative free cash flow (-49.5M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +22%/yr over 3y (dilution)
- Insider buyingInsider buying — 6 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$200,981, last 6mo) Form 4 ↗
- Strong balance sheetStrong balance sheet — $111M cash & investments, ~9 quarters of runway
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- AccumulatingInstitutional holders rose 6→7 QoQ (2025-12-31→2026-03-31)
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, last 6mo) Form 4 ↗
- Revenue declineRevenue -99.6% YoY
- New fund positionNotable fund(s) opened this quarter: FMR LLC
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
99.4%
Operating margin
-154.7%
Net margin
-157.4%
Return on assets
-45.9%
Revenue growth (QoQ)
-99.6%
Current ratio
6.4×
Free cash flow
-$49M
EBITDA
-$51M
Cash & investments
$111M
Cash runway
9q
Stock comp / revenue
35.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-24 | Mack John Prosper | Tax withheld | 3.5K | — |
| 2026-06-24 | Pacitti David | Tax withheld | 3.8K | — |
| 2026-06-24 | Cleary Chris | Tax withheld | 3.5K | — |
| 2026-06-24 | Fain Eric S | Tax withheld | 4.3K | — |
| 2026-06-23 | Mack John Prosper | Grant | 35K | — |
| 2026-06-23 | Fain Eric S | Grant | 17K | — |
| 2026-06-23 | Pacitti David | Grant | 17K | — |
| 2026-06-23 | Connealy Pamela Ann | Grant | 17K | — |
| 2026-06-10 | Hochman David P | Tax withheld | 3.3K | $4.02 |
| 2026-06-10 | Taylor Andrew Lawrence | Tax withheld | 36K | $4.02 |
| 2026-06-10 | Hochman David P | Tax withheld | 3.3K | $4.02 |
| 2026-06-01 | Hochman David P | Buy | 5.0K | $3.83 |
| 2026-06-01 | Sherman Darren | Sell | 15K | $3.87 |
| 2026-05-28 | Taylor Andrew Lawrence | Tax withheld | 3.1K | $3.98 |
| 2026-05-28 | Sherman Darren | Tax withheld | 4.9K | $3.98 |
| 2026-05-18 | Aryeh Jason | Buy | 665 | $3.75 |
| 2026-05-15 | Aryeh Jason | Buy | 9.0K | $3.90 |
| 2026-05-15 | Hochman David P | Buy | 5.0K | $3.77 |
| 2026-05-14 | Fain Eric S | Buy | 20K | $4.13 |
| 2026-04-27 | RTW INVESTMENTS, LP | Sell | 32 | $4.13 |
| 2026-04-27 | RTW INVESTMENTS, LP | Option exercise | 1.3M | $0.00 |
| 2026-03-25 | Sherman Darren | Tax withheld | 33K | $4.57 |
| 2026-03-25 | Aiello Joshua | Tax withheld | 241 | $4.57 |
| 2026-03-25 | Hochman David P | Tax withheld | 32K | $4.57 |
| 2026-03-13 | Hochman David P | Buy | 10K | $4.29 |
| 2026-02-12 | Sherman Darren | Grant | 397K | — |
| 2026-02-12 | Taylor Andrew Lawrence | Grant | 181K | — |
| 2026-02-12 | Hochman David P | Grant | 504K | — |
| 2026-02-05 | Cleary Chris | Tax withheld | 676 | $3.71 |
| 2026-01-02 | Taylor Andrew Lawrence | Tax withheld | 3.5K | $4.31 |
| 2026-01-02 | Aiello Joshua | Tax withheld | 241 | $4.31 |
| 2026-01-02 | Sherman Darren | Tax withheld | 5.6K | $4.31 |
| 2025-12-10 | Taylor Andrew Lawrence | Tax withheld | 8.7K | $4.67 |
| 2025-12-10 | Hochman David P | Tax withheld | 40K | $4.67 |
| 2025-12-10 | Hochman David P | Tax withheld | 3.3K | $4.67 |
| 2025-11-25 | Taylor Andrew Lawrence | Tax withheld | 3.1K | $5.35 |
| 2025-11-25 | Sherman Darren | Tax withheld | 40K | $5.35 |
| 2025-11-14 | Hochman David P | Buy | 5.0K | $4.07 |
| 2025-11-13 | Hochman David P | Tax withheld | 3.3K | $4.18 |
| 2025-11-13 | Hochman David P | Tax withheld | 3.3K | $4.18 |
| 2025-09-19 | Aryeh Jason | Buy | 1.0K | $2.45 |
| 2025-09-17 | Taylor Andrew Lawrence | Tax withheld | 16K | $2.46 |
| 2025-09-17 | Aiello Joshua | Tax withheld | 203 | $2.46 |
| 2025-09-17 | Hochman David P | Tax withheld | 40K | $2.46 |
| 2025-09-17 | Hochman David P | Tax withheld | 3.3K | $2.46 |
| 2025-09-03 | Sherman Darren | Tax withheld | 40K | $2.72 |
| 2025-08-25 | Taylor Andrew Lawrence | Buy | 2.0K | $2.55 |
| 2025-08-25 | Fain Eric S | Buy | 5.8K | $2.61 |
| 2025-08-25 | Sherman Darren | Buy | 3.0K | $2.62 |
| 2025-08-21 | Hochman David P | Buy | 6.0K | $2.49 |
| 2025-08-07 | Fain Eric S | Grant | 7.5K | — |
| 2025-08-07 | Fain Eric S | Grant | 7.5K | — |
| 2025-08-07 | Cleary Chris | Grant | 15K | — |
| 2025-08-07 | Hochman David P | Grant | 100K | — |
| 2025-08-07 | Hochman David P | Grant | 100K | — |
| 2025-08-07 | Pacitti David | Grant | 15K | — |
| 2025-08-07 | Aiello Joshua | Grant | 15K | — |
| 2025-08-07 | Mack John Prosper | Grant | 15K | — |
| 2025-08-07 | Taylor Andrew Lawrence | Grant | 80K | — |
| 2025-08-07 | Aryeh Jason | Grant | 15K | — |
| 2025-08-07 | Sherman Darren | Grant | 120K | — |
| 2025-08-07 | Connealy Pamela Ann | Grant | 15K | — |
| 2025-08-04 | Hochman David P | Buy | 20K | $2.75 |
| 2025-08-01 | PERCEPTIVE ADVISORS LLC | Buy | 700K | $2.75 |
| 2025-06-26 | Fain Eric S | Sell | 2.7K | $3.05 |
| 2025-06-24 | Aryeh Jason | Grant | 12K | — |
| 2025-06-24 | Cleary Chris | Grant | 12K | — |
| 2025-06-24 | Mack John Prosper | Grant | 12K | — |
| 2025-06-24 | Connealy Pamela Ann | Grant | 12K | — |
| 2025-06-24 | Fain Eric S | Grant | 12K | — |
| 2025-06-24 | Pacitti David | Grant | 12K | — |
| 2025-06-18 | Aiello Joshua | Tax withheld | 393 | $2.99 |
| 2025-06-11 | Taylor Andrew Lawrence | Tax withheld | 28K | $3.14 |
| 2025-06-11 | Hochman David P | Tax withheld | 34K | $3.14 |
| 2025-06-11 | Hochman David P | Tax withheld | 5.7K | $3.14 |
| 2025-05-28 | Sherman Darren | Tax withheld | 46K | $2.95 |
| 2025-04-30 | RTW INVESTMENTS, LP | Buy | 50K | $2.99 |
| 2025-04-29 | RTW INVESTMENTS, LP | Buy | 50K | $2.53 |
| 2025-04-04 | Hochman David P | Grant | 98K | — |
| 2025-04-04 | Sherman Darren | Grant | 116K | — |
| 2025-04-04 | Taylor Andrew Lawrence | Grant | 84K | — |
| 2025-03-26 | Aiello Joshua | Tax withheld | 278 | $4.38 |
| 2025-03-07 | Hochman David P | Tax withheld | 80K | $4.23 |
| 2025-02-03 | Cleary Chris | Grant | 10K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Shareholder vote | filing ↗ |
| 2026-02-13 | Exec/director change | filing ↗ |
| 2026-01-12 | OtherExhibits | filing ↗ |
| 2025-11-13 | Reg FDExhibits | filing ↗ |
| 2025-10-30 | Reg FDExhibits | filing ↗ |
| 2025-10-28 | Material agreement1.023.02Reg FDOtherExhibits | filing ↗ |
| 2025-08-04 | Material agreementReg FDOtherExhibits | filing ↗ |
| 2025-07-31 | Material agreementDebt obligation3.02Reg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-23 | 0001104659-26-076845 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001104659-26-059382 ↗ |
| 10-K | 2026-03-12 | 2025-12-31 | 0001104659-26-026754 ↗ |
| 8-K | 2026-02-13 | 2026-02-12 | 0001104659-26-015315 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001104659-26-002752 ↗ |
| 8-K | 2025-11-13 | 2025-11-12 | 0001104659-25-110907 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001104659-25-109128 ↗ |
| 8-K | 2025-10-30 | 2025-10-30 | 0001104659-25-104016 ↗ |
| 8-K | 2025-10-28 | 2025-10-24 | 0001104659-25-102862 ↗ |
| 10-Q | 2025-08-12 | 2025-06-30 | 0001558370-25-011148 ↗ |
| 8-K | 2025-08-04 | 2025-07-31 | 0001104659-25-073641 ↗ |
| 8-K | 2025-07-31 | 2025-07-31 | 0001104659-25-072678 ↗ |