$OBIO
Orchestra Biomed Holdings Inc

2023 Q3 Form 10-Q Financial Statement

#000155837023014496 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $419.0K $915.0K $0.00
YoY Change
Cost Of Revenue $41.00K $54.00K $60.00K
YoY Change -26.79% -10.0% 0.0%
Gross Profit $378.0K $861.0K -$60.00K
YoY Change -65.85% -1535.0% -94.23%
Gross Profit Margin 90.21% 94.1%
Selling, General & Admin $6.344M $5.318M $938.2K
YoY Change 679.92% 466.85% 874.01%
% of Gross Profit 1678.31% 617.65%
Research & Development $8.558M $8.499M $5.029M
YoY Change 45.08% 69.0% 90.49%
% of Gross Profit 2264.02% 987.11%
Depreciation & Amortization $71.00K $72.00K $49.00K
YoY Change -53.29% 46.94% -2.0%
% of Gross Profit 18.78% 8.36%
Operating Expenses $14.90M $13.82M $938.2K
YoY Change 1732.02% 1372.76% 874.01%
Operating Profit -$14.52M -$12.96M -$938.2K
YoY Change 1685.56% 1280.98% 874.04%
Interest Expense $1.210M $910.0K $203.3K
YoY Change 848.13% 347.72% 4993.98%
% of Operating Profit
Other Income/Expense, Net $30.00K
YoY Change 0.0%
Pretax Income -$13.32M -$12.05M -$734.9K
YoY Change 1842.29% 1539.63% 695.97%
Income Tax
% Of Pretax Income
Net Earnings -$13.32M -$12.05M -$734.9K
YoY Change 1841.7% 1539.09% 695.98%
Net Earnings / Revenue -3178.04% -1316.5%
Basic Earnings Per Share -$0.38 -$0.35 -$0.04
Diluted Earnings Per Share -$0.38 -$0.35 -$0.04
COMMON SHARES
Basic Shares Outstanding 35.74M 35.76M shares 20.45M shares
Diluted Shares Outstanding 35.24M 34.61M 20.45M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.9M $117.8M $1.307M
YoY Change 14711.89% 8915.08% -31.63%
Cash & Equivalents $19.08M $16.41M $1.307M
Short-Term Investments $89.80M $101.4M $600.0K
Other Short-Term Assets $1.100M $1.500M $36.42K
YoY Change 700.93% 4018.62% -65.53%
Inventory $137.0K $178.0K $100.0K
Prepaid Expenses $36.42K
Receivables $86.00K $171.0K $100.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $110.2M $119.6M $1.343M
YoY Change 12528.32% 8803.9% -33.41%
LONG-TERM ASSETS
Property, Plant & Equipment $1.355M $1.407M $3.800M
YoY Change -64.75% -62.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.500M $2.500M $160.2M
YoY Change -96.31% -98.44% 0.14%
Other Assets $600.0K $500.0K $2.200M
YoY Change -82.9% -77.27%
Total Long-Term Assets $6.168M $6.293M $160.2M
YoY Change -90.9% -96.07% 0.14%
TOTAL ASSETS
Total Short-Term Assets $110.2M $119.6M $1.343M
Total Long-Term Assets $6.168M $6.293M $160.2M
Total Assets $116.4M $125.9M $161.6M
YoY Change 69.5% -22.09% -0.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.150M $3.011M $170.7K
YoY Change 1018.76% 1664.36% 782.4%
Accrued Expenses $4.301M $3.826M $927.0K
YoY Change 271.11% 312.73% 428.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.600M $0.00
YoY Change
Total Short-Term Liabilities $21.47M $11.86M $1.098M
YoY Change 1390.65% 980.48% 463.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $9.600M $0.00
YoY Change
Other Long-Term Liabilities $266.0K $213.0K $18.50M
YoY Change -98.47% -98.85%
Total Long-Term Liabilities $266.0K $213.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $21.47M $11.86M $1.098M
Total Long-Term Liabilities $266.0K $213.0K $0.00
Total Liabilities $36.70M $36.44M $6.698M
YoY Change 421.28% 444.13% 15.58%
SHAREHOLDERS EQUITY
Retained Earnings -$236.0M -$222.7M -$5.255M
YoY Change 3789.59% 4138.26%
Common Stock $4.000K $4.000K $445.00
YoY Change 798.88% 798.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.70M $89.40M -$5.255M
YoY Change
Total Liabilities & Shareholders Equity $116.4M $125.9M $161.6M
YoY Change 69.5% -22.09% -0.28%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$13.32M -$12.05M -$734.9K
YoY Change 1841.7% 1539.09% 695.98%
Depreciation, Depletion And Amortization $71.00K $72.00K $49.00K
YoY Change -53.29% 46.94% -2.0%
Cash From Operating Activities -$10.28M -$10.49M -$112.2K
YoY Change 1698.84% 9251.04% 215.82%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $20.00K $260.0K
YoY Change -96.28% -92.31%
Acquisitions
YoY Change
Other Investing Activities $12.97M $8.140M $0.00
YoY Change -85.99% -100.0%
Cash From Investing Activities $12.95M $8.120M $0.00
YoY Change -86.01% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 90.00K 86.09M
YoY Change -100.0% -99.9%
NET CHANGE
Cash From Operating Activities -10.28M -10.49M -112.2K
Cash From Investing Activities 12.95M 8.120M 0.000
Cash From Financing Activities 0.000 90.00K 86.09M
Net Change In Cash 2.670M -2.280M -112.2K
YoY Change -567.21% 1932.45% 215.82%
FREE CASH FLOW
Cash From Operating Activities -$10.28M -$10.49M -$112.2K
Capital Expenditures $20.00K $20.00K $260.0K
Free Cash Flow -$10.30M -$10.51M -$372.2K
YoY Change 829.2% 2723.9% 947.8%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures in the condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. Actual results could differ materially from those estimates. Areas where significant estimates exist include, but are not limited to, the fair value of stock-based compensation, research and development costs incurred, the fair value of the warrant liability, and the estimated costs to complete the combined performance obligation pursuant to the Terumo Agreement (Note 4).</p>
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