OBIO
Orchestra BioMed Holdings, Inc.Healthcare·Biotechnology
$3.91
$234M market cap
Revenue
$31.0M
Free Cash Flow
$-24.7M
Rev Growth
+0.0%
FCF Margin
-79.5%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Orchestra BioMed Holdings, Inc. operates as a biomedical innovation company. The company's flagship product candidates include BackBeat Cardiac Neuromodulation Therapy (CNT) for the treatment of hypertension; and Virtue Sirolimus AngioInfusion Balloon (SAB) for the treatment of atherosclerotic artery disease. Its products also comprise FreeHold retractors that are minimally invasive surgical device solutions. The company has a strategic collaboration with Medtronic for the development and commer
2-Year Price History
$4.06-49.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.1 | -22.0 | -22.1 | -20.7 | -22.2 | -22.4 | -0.2 | 94.4 | 1.5 | 38.4 | -941.5% | -26.8x | -- |
| Act | 2025-Q4 | 30.9 | 7.1 | 6.8 | 6.3 | -2.3 | -2.3 | -0.0 | 106.5 | 32.4 | 38.4 | 50.9% | -- | -- |
Valuation & Metrics
Market Stats
Price$3.91
Market Cap$234M
Enterprise Value$141M
P/S Ratio7.5x
P/FCF--
EV/FCF--
FCF Margin (TTM)-79.5%
FCF Yield-10.5%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$31.0M
Net Income$-14.4M
Free Cash Flow$-24.7M
Revenue Growth (YoY)+0.0%
EBITDA Margin-48.0%
Net Margin-46.6%
FCF Margin-79.5%
CapEx % of Revenue0.7%
SBC % of Revenue8.9%
ROIC-445.3%
WC Change % Rev0.8%
Interest Coverage-18.1x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares1.0M
Days to Cover5.1
Change (vs Prior)+9.7%
Need at least 2 settlement dates for chart
Employees
Headcount70
Revenue / Employee$443,243
Gross Profit / Employee$441,200
Cash Runway
46.0months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
33.0%(+7.9% YoY)
55 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
6.7%(-1.3% YoY)
7 filers
Vanguard, iShares, SPDR
Market makers
0.3%(+0.2% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| RTW INVESTMENTS, LP | $35.3M | $14.12 | +$0 | +$425K | -2.2% | $9.26B |
| PERCEPTIVE ADVISORS LLC | $21.4M | $11.01 | −$380K | +$1.9M | -1.3% | $5.05B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $9.4M | $4.25 | +$9.4M | +$9.4M | — | $4.04T |
| Alyeska Investment Group, L.P. | $4.3M | $2.48 | +$0 | +$4.3M | -0.5% | $35.33B |
| Propel Bio Management, LLC | $3.8M | $4.25 | +$3.8M | +$3.8M | -2.9% | $159M |
| MILLENNIUM MANAGEMENT LLC | $3.0M | $3.74 | +$2.0M | +$3.0M | -0.5% | $127.40B |
| BlackRock, Inc.Passive | $2.7M | $5.12 | +$20K | −$5.6M | -0.2% | $5.69T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $2.1M | $8.69 | +$52K | −$467K | +2.3% | $1.61T |
| Affinity Asset Advisors, LLC | $1.7M | $2.48 | −$724K | +$1.7M | +0.5% | $1.60B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $1.1M | $8.68 | +$7K | +$206K | +0.7% | $645.81B |
| Knott David M Jr | $1.1M | $2.95 | +$16K | +$1.1M | -0.2% | $168M |
| VANGUARD FIDUCIARY TRUST COPassive | $1000K | $4.25 | +$1000K | +$1000K | — | $395.83B |
| Simplify Asset Management Inc. | $932K | $4.25 | +$932K | +$932K | -1.4% | $6.44B |
| MARSHALL WACE, LLP | $801K | $3.77 | +$71K | +$801K | +0.6% | $92.71B |
| 683 Capital Management, LLC | $786K | $4.15 | −$81K | +$786K | -2.2% | $1.02B |
| STATE STREET CORPPassive | $720K | $7.80 | +$44K | −$1.3M | -0.2% | $2.89T |
| GOLDMAN SACHS GROUP INC | $660K | $4.03 | +$90K | +$453K | -0.2% | $760.93B |
| DAFNA Capital Management LLC | $539K | $2.48 | +$0 | +$539K | -5.3% | $434M |
| NORTHERN TRUST CORPPassive | $503K | $7.81 | +$31K | −$512K | -0.2% | $755.34B |
| Qube Research & Technologies Ltd | $463K | $3.75 | +$9K | +$463K | +0.3% | $70.36B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-1.55%
avg per quarter
Holders (ex-self)
-1.50%
excl. this stock
Buyers (this Q)
-1.49%
42 buyers · $0.02B in
Sellers (this Q)
+0.44%
14 sellers · $0.00B out
alpha coverage: 89% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+3.5%
how holders react when this stock falls
On quiet Qs
+20.1%
−10% to +10% baseline
On rallies (+10%+)
+14.3%
how they react when this stock rises
Holders' portfolio flow this Q
+2.6%
inflows — adds are organic
Sellers' portfolio flow this Q
+11.3%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-5.6%
Holder mid (any stock)
-5.3%
Holder rally (any stock)
-1.6%
Biggest decreases this quarter
PRICE T ROWE ASSOCIATES INC /MD/exited−$1.5MAffinity Asset Advisors, LLC−$724Kα+0.5ExodusPoint Capital Management, LPexited−$397KPERCEPTIVE ADVISORS LLC−$380Kα-1.3Point72 Asset Management, L.P.−$315Kα+0.9SUSQUEHANNA INTERNATIONAL GROUP, LLP−$245Kα-0.6XTX Topco Ltdexited−$209KTD ASSET MANAGEMENT INCexited−$190KSquarepoint Ops LLCexited−$184KMANUFACTURERS LIFE INSURANCE COMPANY, THEexited−$135K
New buyers this quarter
Top-5 holders · 75.6%
RTW INVESTMENTS, LP--
PERCEPTIVE ADVISORS LLC--
VANGUARD CAPITAL MANAGEMENT LLC--
Alyeska Investment Group, L.P.--
Propel Bio Management, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
RTW INVESTMENTS, LP8.3MPERCEPTIVE ADVISORS LLC5.0MPRICE T ROWE ASSOCIATES INC /MD/—Boxer Capital, LLC—Alyeska Investment Group, L.P.1.0MPropel Bio Management, LLC897KCITADEL ADVISORS LLC79KMILLENNIUM MANAGEMENT LLC703KPathstone Holdings, LLC—SVB FINANCIAL GROUP—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$13.0023250.0%
Last Year (2 analysts)$12.5021970.0%
Current Price$3.91
Analyst Ratings
4
1
Buy: 4Hold: 1Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$303K
12 txns · 5 insiders · 87,396 sh
Sells ($, 12mo)
$8K
1 txn · 1 insider · 2,683 sh
Major holders (≥10% beneficial owners)
Buys ($, 12mo)
$1.93M
2 txns · 2 insiders · 5,836,363 sh
Sells ($, 12mo)
$132
1 txn · 1 insider · 32 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-05-18 | BUY | Aryeh Jason | director | 665 | $3.75 | $2K | $443K |
| 2026-05-15 | BUY | Aryeh Jason | director | 8,971 | $3.90 | $35K | $458K |
| 2026-05-15 | BUY | Hochman David P | director, officer: See Remarks | 5,000 | $3.77 | $19K | $3.99M |
| 2026-05-14 | BUY | Fain Eric S | director | 20,000 | $4.13 | $83K | $379K |
| 2026-04-27 | SELL | RTW INVESTMENTS, LP | 10 percent owner | 32 | $4.13 | $132 | $39.47M |
| 2026-03-13 | BUY | Hochman David P | director, officer: See Remarks | 10,000 | $4.29 | $43K | $4.66M |
| 2025-11-14 | BUY | Hochman David P | director, officer: See Remarks | 5,000 | $4.07 | $20K | $2.49M |
| 2025-09-19 | BUY | Aryeh Jason | director | 1,000 | $2.45 | $2K | $266K |
| 2025-08-25 | BUY | Fain Eric S | director | 5,760 | $2.61 | $15K | $187K |
| 2025-08-25 | BUY | Sherman Darren | director, officer: See Remarks | 3,000 | $2.62 | $8K | $2.43M |
| 2025-08-25 | BUY | Taylor Andrew Lawrence | officer: Chief Financial Officer | 2,000 | $2.55 | $5K | $1.23M |
| 2025-08-21 | BUY | Hochman David P | director, officer: See Remarks | 6,000 | $2.49 | $15K | $1.62M |
| 2025-08-04 | BUY | Hochman David P | director, officer: See Remarks | 20,000 | $2.75 | $55K | $961K |
| 2025-08-04 | BUY | RTW INVESTMENTS, LP | 10 percent owner | 3,636,363 | $0.00 | $364 | $364 |
| 2025-08-01 | BUY | PERCEPTIVE ADVISORS LLC | 10 percent owner | 2,200,000 | $0.88 | $1.93M | $4.63M |
| 2025-06-26 | SELL | Fain Eric S | director | 2,683 | $3.05 | $8K | $155K |
Order Flow (FINRA, ~3w lag)
23.4%retail-14.2pp
20.0%dark+3.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Orchestra BioMed: High-Octane Dilution and 22.5% Royalty Debt Masked as Strategic Partnerships
Overall Risk
7/10
Fraud
3/10
Dilution
9/10
Insolvency
6/10
Earnings Overstated
7/10
Hidden Liabilities
8/10
Legal
5/10
Audit Warnings
4/10
Hidden Upside
5/10
Contextually Acceptable
6/10