Orchestra BioMed Holdings, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $836,000, a 7% increase from $778,000 in the same period last year. The revenue growth was driven by a 6% rise in partnership revenue, which reached $667,000, and a 13% increase in product revenue, totaling $169,000. However, the company continues to face significant losses, with a net loss of $19.4 million for the quarter, compared to a loss of $16 million in the prior year, reflecting a 21% increase in losses.
For the first half of 2025, Orchestra BioMed's total revenue was $1.7 million, up 22% from $1.4 million in the first half of 2024. The increase in revenue was attributed to higher partnership revenues from the Terumo Agreement and increased product sales from FreeHold’s organ retractors. Despite the revenue growth, total expenses also rose by 22% to $40 million, primarily due to increased research and development costs, which surged by 35% to $27.3 million as the company advanced its clinical studies, including the BACKBEAT study and the Virtue SAB pivotal trial.
The company’s balance sheet as of June 30, 2025, showed total assets of $42.8 million, a significant decrease from $76.2 million at the end of 2024. This decline was largely due to a reduction in cash and cash equivalents, which fell to $18.7 million from $22.3 million. The accumulated deficit increased to $348 million, highlighting the ongoing financial challenges faced by the company as it continues to invest heavily in its product development pipeline.
Strategically, Orchestra BioMed has made significant moves, including entering into a revenue participation right purchase and sale agreement with Ligand Pharmaceuticals, which will provide the company with $35 million in exchange for revenue rights related to its AVIM therapy and Virtue SAB products. Additionally, the company secured a $20 million convertible loan from Medtronic, further strengthening its financial position. These agreements are expected to enhance the company’s liquidity and support its ongoing clinical trials.
Looking ahead, Orchestra BioMed anticipates continued investment in its research and development efforts, particularly for the AVIM therapy and Virtue SAB programs. The company expects to initiate enrollment for the Virtue SAB trial in the second half of 2025 and aims to complete the BACKBEAT study by mid-2026. However, the company acknowledges the need for additional capital to sustain its operations and meet its strategic goals, indicating that it may seek further financing through equity or debt offerings in the future.
About Orchestra BioMed Holdings, Inc.
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