$OBIO
Orchestra Biomed Holdings Inc

2022 Q3 Form 10-Q Financial Statement

#000121390022047919 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $56.00K $60.00K $42.00K
YoY Change 40.0% 0.0% 5.0%
Gross Profit $1.107M -$60.00K -$42.00K
YoY Change -14.19% -94.23% -103.28%
Gross Profit Margin
Selling, General & Admin $813.4K $938.2K $452.0K
YoY Change 761.22% 874.01% 310.86%
% of Gross Profit 73.48%
Research & Development $5.899M $5.029M $3.474M
YoY Change 61.17% 90.49% 13.53%
% of Gross Profit 532.88%
Depreciation & Amortization $152.0K $49.00K $48.00K
YoY Change 280.0% -2.0% 20.0%
% of Gross Profit 13.73%
Operating Expenses $813.4K $938.2K $452.0K
YoY Change 761.22% 874.01% 310.86%
Operating Profit -$813.4K -$938.2K -$5.128M
YoY Change 761.26% 874.04% -538.29%
Interest Expense $127.6K $203.3K $14.27K
YoY Change 3066.75% 4993.98%
% of Operating Profit
Other Income/Expense, Net $30.00K $30.00K
YoY Change 0.0% 0.0%
Pretax Income -$685.8K -$734.9K -$437.7K
YoY Change 658.53% 695.97% 297.9%
Income Tax
% Of Pretax Income
Net Earnings -$685.8K -$734.9K -$437.7K
YoY Change 658.53% 695.98% 305.26%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05 -$0.04 -$0.62
Diluted Earnings Per Share -$0.05 -$0.04 -$21.40K
COMMON SHARES
Basic Shares Outstanding 11.21M shares 20.45M shares 9.225M shares
Diluted Shares Outstanding 13.72M shares 20.45M shares 9.225M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $735.2K $1.307M $1.419M
YoY Change -58.77% -31.63% -29.06%
Cash & Equivalents $735.2K $1.307M $29.33M
Short-Term Investments $251.0K $600.0K $700.0K
Other Short-Term Assets $137.3K $36.42K $71.29K
YoY Change 69.2% -65.53% -28.71%
Inventory $330.0K $100.0K $0.00
Prepaid Expenses $137.3K $36.42K
Receivables $96.00K $100.0K $100.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $872.6K $1.343M $1.490M
YoY Change -53.2% -33.41% -29.04%
LONG-TERM ASSETS
Property, Plant & Equipment $3.844M $3.800M $3.600M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $67.78M $160.2M $160.0M
YoY Change -57.64% 0.14% 0.02%
Other Assets $3.508M $2.200M $1.000M
YoY Change
Total Long-Term Assets $67.78M $160.2M $160.0M
YoY Change -57.64% 0.14% 0.02%
TOTAL ASSETS
Total Short-Term Assets $872.6K $1.343M $1.490M
Total Long-Term Assets $67.78M $160.2M $160.0M
Total Assets $68.65M $161.6M $161.5M
YoY Change -57.59% -0.28% -0.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $281.6K $170.7K $103.6K
YoY Change 16861.51% 782.4%
Accrued Expenses $1.159M $927.0K $202.9K
YoY Change 757.4% 428.03% 102.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $1.000M
YoY Change
Total Short-Term Liabilities $1.441M $1.098M $306.5K
YoY Change 952.77% 463.22% 53.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.33M $18.50M $18.60M
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.441M $1.098M $306.5K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $7.041M $6.698M $5.907M
YoY Change 22.72% 15.58% 1.84%
SHAREHOLDERS EQUITY
Retained Earnings -$6.068M -$5.255M
YoY Change
Common Stock $445.00 $445.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.068M -$5.255M -$4.380M
YoY Change
Total Liabilities & Shareholders Equity $68.65M $161.6M $161.5M
YoY Change -57.59% -0.28% -0.35%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$685.8K -$734.9K -$437.7K
YoY Change 658.53% 695.98% 305.26%
Depreciation, Depletion And Amortization $152.0K $49.00K $48.00K
YoY Change 280.0% -2.0% 20.0%
Cash From Operating Activities -$571.5K -$112.2K -$335.6K
YoY Change 346.43% 215.82% 319.48%
INVESTING ACTIVITIES
Capital Expenditures $537.0K $260.0K $47.00K
YoY Change 974.0% -53.0%
Acquisitions
YoY Change
Other Investing Activities $92.59M $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $92.59M $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.000M
YoY Change
Cash From Financing Activities -92.59M 86.09M $24.76M
YoY Change -2576.4%
NET CHANGE
Cash From Operating Activities -571.5K -112.2K -335.6K
Cash From Investing Activities 92.59M 0.000 0.000
Cash From Financing Activities -92.59M 86.09M $24.76M
Net Change In Cash -571.5K -112.2K -335.6K
YoY Change 346.43% 215.82% 319.48%
FREE CASH FLOW
Cash From Operating Activities -$571.5K -$112.2K -$335.6K
Capital Expenditures $537.0K $260.0K $47.00K
Free Cash Flow -$1.108M -$372.2K -$382.6K
YoY Change 522.71% 947.8% 112.54%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
dei Document Transition Report
DocumentTransitionReport
false
dei Entity Registrant Name
EntityRegistrantName
HEALTH SCIENCES ACQUISITIONS CORPORATION 2
dei Entity File Number
EntityFileNumber
001-39421
dei Entity Address Address Line1
EntityAddressAddressLine1
40 10th Avenue
dei Entity Address Address Line2
EntityAddressAddressLine2
Floor 7
dei Entity Address City Or Town
EntityAddressCityOrTown
New York,
dei Entity Address State Or Province
EntityAddressStateOrProvince
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dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
10014
dei City Area Code
CityAreaCode
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dei Local Phone Number
LocalPhoneNumber
597-6980
dei Security12b Title
Security12bTitle
Ordinary Shares
dei Trading Symbol
TradingSymbol
HSAQ
dei Security Exchange Name
SecurityExchangeName
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dei Entity Current Reporting Status
EntityCurrentReportingStatus
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dei Entity Filer Category
EntityFilerCategory
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hsaq Description Of Private Placement Warrant
DescriptionOfPrivatePlacementWarrant
Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement (the “Private Placement”) with the Sponsor of (i) 450,000 ordinary shares (the “Private Placement Shares”), at a price of $10.00 per Private Placement Share (for a total purchase price of $4.5 million), and (ii) 1,500,000 warrants (the “Private Placement Warrants”) at a price of $1.00 per Private Placement Warrant (for a total purchase price of $1.5 million), generating gross proceeds to the Company of $6.0 million (see Note 4). 
hsaq Percentage Held In Trust Account
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hsaq Ordinary Share Value Percentage
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hsaq Redeem Shares Percentage
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us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit Risk</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000 and investments held in the Trust Account. The Company has not experienced losses on these accounts, and management believes the Company is not exposed to significant risks on such accounts.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p>
CY2022Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
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us-gaap Debt Conversion Description
DebtConversionDescription
The notes would either be paid upon consummation of the initial Business Combination, without interest, or, at the lender’s discretion, up to $500,000 of such loans may be converted upon consummation of the Business Combination into additional private warrants at a price of $1.00 per warrant.
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us-gaap Other Expenses
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OtherExpenses
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hsaq Aggregate Purchase Price
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us-gaap Related Party Transaction Description Of Transaction
RelatedPartyTransactionDescriptionOfTransaction
The Initial Shareholders have agreed not to transfer, assign or sell any of their Insider Shares (except to certain permitted transferees) until, with respect to 50% of the Insider Shares, the earlier of six months after the date of the consummation of the initial Business Combination and the date on which the closing price of the Company’s ordinary shares equals or exceeds $12.50 per ordinary share for any 20 trading days within a 30-trading day period following the consummation of the initial Business Combination, and, with respect to the remaining 50% of the Insider Shares, six months after the date of the consummation of the initial Business Combination, or earlier in each case if, subsequent to the initial Business Combination, the Company completes a liquidation, merger, stock exchange or other similar transaction which results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. 
CY2020Q2 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
300000 usd
CY2020Q3 hsaq Borrowed Amount
BorrowedAmount
300000 usd
hsaq Underwriting Agreement Description
UnderwritingAgreementDescription
The Company granted the underwriters a 45-day option from the effective date of the registration statement relating to the Initial Public Offering to purchase up to 2,086,956 additional ordinary shares at the Initial Public Offering price less the underwriting discounts and commissions.
CY2022Q2 hsaq Underwriting Discount Rate
UnderwritingDiscountRate
0.2
hsaq Underwriting Discount Fee Deferred
UnderwritingDiscountFeeDeferred
0.35
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
20450000 shares
CY2022Q2 us-gaap Excess Stock Shares Outstanding
ExcessStockSharesOutstanding
20450000 shares
CY2022Q2 hsaq Shares Subject To Possible Redemption
SharesSubjectToPossibleRedemption
16000000 shares
CY2021 hsaq Gross Proceeds Received From Initial Public Offerings
GrossProceedsReceivedFromInitialPublicOfferings
160000000 usd
CY2021 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
9418420 usd
CY2021 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
9418420 usd
CY2022Q2 us-gaap Financial Instrument Subject To Mandatory Redemption Par Value Per Share
FinancialInstrumentSubjectToMandatoryRedemptionParValuePerShare
10.02
CY2022Q2 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
92600000 usd
CY2021 hsaq Ordinary Share Subject To Possible Redemption
OrdinaryShareSubjectToPossibleRedemption
160000000 usd
hsaq Increase In Redemption Value Of Ordinary Shares Subject To Possible Redemption
IncreaseInRedemptionValueOfOrdinarySharesSubjectToPossibleRedemption
139964 usd
hsaq Ordinary Share Subject To Possible Redemption
OrdinaryShareSubjectToPossibleRedemption
160139964 usd
us-gaap Stock Issued During Period Shares Purchase Of Assets
StockIssuedDuringPeriodSharesPurchaseOfAssets
1 shares
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.5
CY2022Q2 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2022Q2 us-gaap Assets Held In Trust
AssetsHeldInTrust
160239964 usd
CY2021Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
160022447 usd
us-gaap Payments For Purchase Of Other Assets1
PaymentsForPurchaseOfOtherAssets1
10000000 usd
us-gaap Origination Of Loan To Purchase Common Stock
OriginationOfLoanToPurchaseCommonStock
20000000 usd
CY2022Q2 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
60000000 usd
us-gaap Securities Purchased Under Agreements To Resell Increase
SecuritiesPurchasedUnderAgreementsToResellIncrease
10000000 usd
hsaq Forward Purchase Agreements Description
ForwardPurchaseAgreementsDescription
In addition, the Sponsor has agreed that 25% or 1,000,000 shares of its New Orchestra common stock received in the domestication will be forfeited to New Orchestra on the first business day following the fifth anniversary of the closing unless, as to 500,000 shares, the VWAP (as defined in the Merger Agreement) of the New Orchestra common stock is greater than or equal to $15.00 per share over any 20 Trading Days (as defined in the Merger Agreement) within any 30-Trading Day period, and as to the remaining 500,000 shares, the VWAP of the New Orchestra common stock is greater than or equal to $20.00 per share over any 20-Trading Days within any 30-Trading Day period. In addition, subject to the closing of the Orchestra Business Combination, the Sponsor has agreed to forfeit 50% of its Private Placement Warrants, comprising 750,000 Private Placement Warrants, for no consideration. Further, the Sponsor and the other Initial Shareholders prior to the Company's initial public offering have agreed to subject the 4,000,000 shares of New Orchestra common stock to be received in the domestication in exchange for the 4,000,000 Insider Shares and 450,000 shares of New Orchestra common stock to be received in the domestication in exchange for the 450,000 Private Placement Shares, to a lock-up for up to 12 months. 
CY2022Q2 us-gaap Shares Issued
SharesIssued
9237883 shares
us-gaap Public Utilities Approved Rate Increase Decrease Percentage
PublicUtilitiesApprovedRateIncreaseDecreasePercentage
0.577 pure
us-gaap Public Utilities Requested Rate Increase Decrease Percentage
PublicUtilitiesRequestedRateIncreaseDecreasePercentage
0.423 pure
CY2022Q2 us-gaap Common Stock Held In Trust
CommonStockHeldInTrust
67800000 usd
CY2022Q2 us-gaap Excess Stock Shares Authorized
ExcessStockSharesAuthorized
1000000 shares
CY2022Q2 us-gaap Share Price
SharePrice
10.01
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001814114

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