Orchestra BioMed Reports $110.9 Million Revenue in Q1 2026, Net Loss Increases to $20.7 Million

Orchestra BioMed Holdings, Inc. reported a total revenue of $110.9 million for the first quarter of 2026, a decrease of 0.7% compared to $111.6 million in the same period of 2025. The decline was primarily attributed to the absence of partnership revenue, which fell to zero from $732,000 in the previous year due to the termination of the Terumo Agreement. Product revenue, however, saw a slight decrease of 19% to $110,136, reflecting lower sales volume of FreeHold’s intracorporeal organ retractors. The company's net loss for the quarter was $20.7 million, compared to a net loss of $18.8 million in the prior year, marking a 10% increase in losses.

Total expenses for the quarter increased by 12% to $22.2 million, driven by a 17% rise in research and development costs, which reached $15.8 million. This increase was largely due to heightened activity related to the ongoing BACKBEAT Trial and the initiation of the Virtue Trial. Selling, general, and administrative expenses remained relatively stable, increasing slightly to $6.4 million from $6.3 million. The company also reported a gain of $2.2 million from the sale of strategic investments, which contributed positively to its financial performance.

In terms of operational developments, Orchestra BioMed has been actively advancing its clinical trials. The BACKBEAT Trial, which focuses on the Atrioventricular Interval Modulation Therapy (AVIM Therapy) for hypertension, is expected to complete enrollment by the end of the third quarter of 2026. The company has received FDA Breakthrough Device Designation for AVIM Therapy, which is anticipated to address a significant market of over 7.7 million patients in the U.S. with uncontrolled hypertension. Additionally, the Virtue SAB product candidate is undergoing a pivotal trial, with enrollment expected to conclude in 2027.

As of March 31, 2026, Orchestra BioMed had cash and cash equivalents of $28.4 million and marketable securities totaling $66 million, providing a total liquidity of $94.4 million. The company has raised a cumulative $367.2 million since its inception and plans to utilize these funds to support ongoing clinical trials and product development. Looking ahead, the company anticipates continued operating losses as it invests in its product pipeline, with expectations to require additional capital to sustain operations beyond 2027. The management is exploring various financing options, including potential equity offerings, to meet future funding needs.