Orchestra BioMed Holdings, Inc. Files 2023 Annual Report on Form 10-K

Ticker: OBIO · Form: 10-K · Filed: Mar 27, 2024 · CIK: 1814114

Orchestra Biomed Holdings, Inc. 10-K Filing Summary
FieldDetail
CompanyOrchestra Biomed Holdings, Inc. (OBIO)
Form Type10-K
Filed DateMar 27, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$0.0001, $2 billion, $8 billion
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Orchestra BioMed, Warrants, Financial Report, SEC Filing

TL;DR

<b>Orchestra BioMed Holdings, Inc. has filed its 2023 10-K annual report, detailing financial data and warrant valuations.</b>

AI Summary

Orchestra BioMed Holdings, Inc. (OBIO) filed a Annual Report (10-K) with the SEC on March 27, 2024. Orchestra BioMed Holdings, Inc. filed its 2023 10-K report on March 27, 2024. The company was formerly known as Health Sciences Acquisitions Corp 2, with a name change effective June 3, 2020. The filing includes data related to various warrant types, including Private Warrants Held By Sponsor, Legacy Orchestra Warrants, and Common Warrants. Valuation inputs such as risk-free interest rates, price volatility, expected term, and exercise prices are detailed for different warrant classes. The company is incorporated in Delaware and its fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking Orchestra BioMed Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Orchestra BioMed's financial position and operational details for the fiscal year ended December 31, 2023, which is crucial for investors to assess the company's performance and outlook. The detailed breakdown of warrant valuations and associated input parameters offers insight into the company's capital structure and potential future equity dilution.

Risk Assessment

Risk Level: medium — Orchestra BioMed Holdings, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, but the lack of specific financial performance metrics like revenue or net income in the provided snippet suggests a focus on financial instruments and corporate structure rather than operational results, which warrants a medium risk assessment for investors seeking immediate performance data.

Analyst Insight

Investors should review the full 10-K filing to understand the company's financial health, strategic initiatives, and the implications of its warrant structures.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Period of report)
  • 2024-03-27 — Filing Date (Date the 10-K was filed)
  • 001-39421 — SEC File Number (SEC file number for the company)
  • 3841 — SIC Code (Standard Industrial Classification code)

Key Players & Entities

  • Orchestra BioMed Holdings, Inc. (company) — Filer name
  • Health Sciences Acquisitions Corp 2 (company) — Former company name
  • DE (jurisdiction) — State of incorporation
  • 150 UNION SQUARE DRIVE (address) — Business and mailing address
  • NEW HOPE (location) — City for business and mailing address
  • PA (location) — State for business and mailing address
  • 18938 (postal_code) — ZIP code for business and mailing address
  • 646-343-9298 (phone_number) — Business phone number

FAQ

When did Orchestra BioMed Holdings, Inc. file this 10-K?

Orchestra BioMed Holdings, Inc. filed this Annual Report (10-K) with the SEC on March 27, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Orchestra BioMed Holdings, Inc. (OBIO).

Where can I read the original 10-K filing from Orchestra BioMed Holdings, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Orchestra BioMed Holdings, Inc..

What are the key takeaways from Orchestra BioMed Holdings, Inc.'s 10-K?

Orchestra BioMed Holdings, Inc. filed this 10-K on March 27, 2024. Key takeaways: Orchestra BioMed Holdings, Inc. filed its 2023 10-K report on March 27, 2024.. The company was formerly known as Health Sciences Acquisitions Corp 2, with a name change effective June 3, 2020.. The filing includes data related to various warrant types, including Private Warrants Held By Sponsor, Legacy Orchestra Warrants, and Common Warrants..

Is Orchestra BioMed Holdings, Inc. a risky investment based on this filing?

Based on this 10-K, Orchestra BioMed Holdings, Inc. presents a moderate-risk profile. The filing is a standard 10-K, but the lack of specific financial performance metrics like revenue or net income in the provided snippet suggests a focus on financial instruments and corporate structure rather than operational results, which warrants a medium risk assessment for investors seeking immediate performance data.

What should investors do after reading Orchestra BioMed Holdings, Inc.'s 10-K?

Investors should review the full 10-K filing to understand the company's financial health, strategic initiatives, and the implications of its warrant structures. The overall sentiment from this filing is neutral.

Risk Factors

  • Valuation of Financial Instruments [medium — financial]: The company's financial statements include detailed valuations of various warrants, requiring significant judgment and assumptions regarding inputs like risk-free interest rates, price volatility, and expected term.

Key Dates

  • 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
  • 2024-03-27: 10-K Filing Date — Indicates when the annual report was submitted to the SEC.
  • 2020-06-03: Company Name Change — Date Orchestra BioMed Holdings, Inc. officially changed its name from Health Sciences Acquisitions Corp 2.

Filing Stats: 4,460 words · 18 min read · ~15 pages · Grade level 17.5 · Accepted 2024-03-27 16:06:02

Key Financial Figures

  • $0.0001 — ch registered Common stock, par value $0.0001 per share OBIO The Nasdaq Global Ma
  • $2 billion — tial annual revenue opportunity of over $2 billion. We also believe BackBeat CNT may offer
  • $8 billion — annual revenue opportunity of more than $8 billion. 1 Table of Contents On June 30, 2

Filing Documents

Business

Business 1 Item 1A

Risk Factors

Risk Factors 76 Item 1B Unresolved Staff Comments 127 Item 1C Cybersecurity 127 Item 2

Properties

Properties 128 Item 3

Legal Proceedings

Legal Proceedings 129 Item 4 Mine Safety Disclosures 129 PART II 129 Item 5 Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 129 Item 6 [Reserved] 130 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 131 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 146 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 147 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 184 Item 9A

Controls and Procedures

Controls and Procedures 184 Item 9B Other Information 185 Item 9C Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 185 PART III 186 Item 10 Directors, Executive Officers and Corporate Governance 186 Item 11

Executive Compensation

Executive Compensation 193 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 203 Item 13 Certain Relationships and Related Transactions, and Director Independence 205 Item 14 Principal Accountant Fees and Services 208 PART IV 209 Item 15 Exhibits and Financial Statement Schedules 209 Item 16 Form 10-K Summary 213

Signatures

Signatures 214 i Table of Contents Unless the context indicates otherwise, references in this Annual Report on Form 10-K to the "Company," "Orchestra," "we," "us," "our" and similar terms refer to Orchestra BioMed Holdings, Inc., a Delaware corporation formerly known as Health Sciences Acquisitions Corporation 2, and its consolidated subsidiaries. "Legacy Orchestra" refers to Orchestra BioMed, Inc., the private Delaware corporation that is now our wholly owned subsidiary. References to "HSAC2" refer to Health Sciences Acquisitions Corporation 2, our predecessor company prior to the consummation of the Business Combination (as defined herein). Certain information contained in this Annual Report on Form 10-K relates to or is based on studies, publications, surveys and other data obtained from third-party sources and our own internal estimates and research. While we believe these third-party sources to be reliable as of the date of this Annual Report on Form 10-K, we have not independently verified the market and industry data contained in this Annual Report on Form 10-K or the underlying assumptions relied on therein. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source. Notwithstanding the foregoing, we are liable for the information provided in this Annual Report on Form 10-K. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those referred to in "Part I, Item 1A. Risk Factors" in this Annual Report on Form 10-K. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. ii Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements. All statements other than statements of historical facts contained in this report, including statements regarding our

Business

Item 1. Business Our Vision Our vision is to accelerate medical innovation to patients through risk-reward-sharing partnerships with leading medical device companies. Our Company We are a biomedical innovation company accelerating high-impact technologies to patients through risk-reward sharing partnerships with leading medical device companies. Our partnership-enabled business model focuses on forging strategic collaborations with leading medical device companies to drive successful global commercialization of products we develop. We are led by a highly accomplished, multidisciplinary management team and a board of directors with extensive experience in all phases of therapeutic device development. Our business was formed in 2018 by assembling a pipeline of multiple late-stage clinical product candidates originally developed by our founding team. Our lead product candidate is BackBeat Cardiac Neuromodulation Therapy ("BackBeat CNT") for the treatment of hypertension ("HTN"), the leading risk factor for death worldwide. We have an exclusive license and collaboration agreement with Medtronic, Inc. for the development and commercialization of BackBeat CNT for the treatment of HTN in patients indicated for a cardiac pacemaker. We are also developing the Virtue Sirolimus AngioInfusion Balloon ("Virtue SAB") for the treatment of atherosclerotic artery disease, the leading cause of mortality worldwide. We have a strategic collaboration with Terumo Medical Corporation ("Terumo") for the development and commercialization of Virtue SAB for the treatment of coronary and peripheral artery disease. On January 26, 2023, we consummated the business combination contemplated by the Agreement and Plan of Merger, dated as of July 4, 2022 (as amended, the "Merger Agreement"), by and among HSAC2, a special purpose acquisition company incorporated as a Cayman Islands exempted company in 2020 ("HSAC2"), HSAC Olympus Merger Sub, Inc., a Delaware corporation and wholly owned subsid

View Full Filing

View this 10-K filing on SEC EDGAR

View on ReadTheFiling | About | Contact | Privacy | Terms

Data from SEC EDGAR. Not affiliated with the SEC. Not investment advice. © 2026 OpenDataHQ.