$OBIO
Orchestra Biomed Holdings Inc

2023 Q4 Form 10-Q Financial Statement

#000155837023018829 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $262.0K $419.0K $0.00
YoY Change
Cost Of Revenue $47.00K $41.00K $56.00K
YoY Change -11.32% -26.79% 40.0%
Gross Profit $215.0K $378.0K $1.107M
YoY Change -79.52% -65.85% -14.19%
Gross Profit Margin 82.06% 90.21%
Selling, General & Admin $4.185M $6.344M $813.4K
YoY Change 377.35% 679.92% 761.22%
% of Gross Profit 1946.51% 1678.31% 73.48%
Research & Development $8.511M $8.558M $5.899M
YoY Change 12.83% 45.08% 61.17%
% of Gross Profit 3958.6% 2264.02% 532.88%
Depreciation & Amortization $72.00K $71.00K $152.0K
YoY Change 2.86% -53.29% 280.0%
% of Gross Profit 33.49% 18.78% 13.73%
Operating Expenses $12.70M $14.90M $813.4K
YoY Change 1348.12% 1732.02% 761.22%
Operating Profit -$12.48M -$14.52M -$813.4K
YoY Change -7302.79% 1685.56% 761.26%
Interest Expense $814.0K $1.210M $127.6K
YoY Change 848.13% 3066.75%
% of Operating Profit
Other Income/Expense, Net $30.00K
YoY Change 0.0%
Pretax Income -$12.82M -$13.32M -$685.8K
YoY Change 1362.04% 1842.29% 658.53%
Income Tax
% Of Pretax Income
Net Earnings -$12.82M -$13.32M -$685.8K
YoY Change 1362.04% 1841.7% 658.53%
Net Earnings / Revenue -4892.37% -3178.04%
Basic Earnings Per Share -$0.38 -$0.05
Diluted Earnings Per Share -$0.36 -$0.38 -$0.05
COMMON SHARES
Basic Shares Outstanding 35.74M 35.74M 11.21M shares
Diluted Shares Outstanding 35.24M 13.72M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $87.60M $108.9M $735.2K
YoY Change 36.67% 14711.89% -58.77%
Cash & Equivalents $30.56M $19.08M $735.2K
Short-Term Investments $57.04M $89.80M $251.0K
Other Short-Term Assets $1.274M $1.100M $137.3K
YoY Change -98.02% 700.93% 69.2%
Inventory $146.0K $137.0K $330.0K
Prepaid Expenses $137.3K
Receivables $99.00K $86.00K $96.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $89.11M $110.2M $872.6K
YoY Change 29696.14% 12528.32% -53.2%
LONG-TERM ASSETS
Property, Plant & Equipment $2.834M $1.355M $3.844M
YoY Change 90.33% -64.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.495M $2.500M $67.78M
YoY Change 0.0% -96.31% -57.64%
Other Assets $769.0K $600.0K $3.508M
YoY Change -83.68% -82.9%
Total Long-Term Assets $6.098M $6.168M $67.78M
YoY Change -91.0% -90.9% -57.64%
TOTAL ASSETS
Total Short-Term Assets $89.11M $110.2M $872.6K
Total Long-Term Assets $6.098M $6.168M $67.78M
Total Assets $95.21M $116.4M $68.65M
YoY Change 39.86% 69.5% -57.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.900M $3.150M $281.6K
YoY Change 669.37% 1018.76% 16861.51%
Accrued Expenses $5.798M $4.301M $1.159M
YoY Change 324.19% 271.11% 757.4%
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 $11.21M $21.47M $1.441M
YoY Change 542.75% 1390.65% 952.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $15.96M $266.0K $17.33M
YoY Change 8043.37% -98.47%
Total Long-Term Liabilities $15.96M $266.0K $0.00
YoY Change 8043.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.21M $21.47M $1.441M
Total Long-Term Liabilities $15.96M $266.0K $0.00
Total Liabilities $27.17M $36.70M $7.041M
YoY Change 269.96% 421.28% 22.72%
SHAREHOLDERS EQUITY
Retained Earnings -$248.9M -$236.0M -$6.068M
YoY Change 3483.15% 3789.59%
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 $68.04M $79.70M -$6.068M
YoY Change
Total Liabilities & Shareholders Equity $95.21M $116.4M $68.65M
YoY Change 39.86% 69.5% -57.59%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$12.82M -$13.32M -$685.8K
YoY Change 1362.04% 1841.7% 658.53%
Depreciation, Depletion And Amortization $72.00K $71.00K $152.0K
YoY Change 2.86% -53.29% 280.0%
Cash From Operating Activities -$10.97M -$10.28M -$571.5K
YoY Change 1859.43% 1698.84% 346.43%
INVESTING ACTIVITIES
Capital Expenditures -$3.000K $20.00K $537.0K
YoY Change -105.56% -96.28% 974.0%
Acquisitions
YoY Change
Other Investing Activities $33.15M $12.97M $92.59M
YoY Change -85.99%
Cash From Investing Activities $33.15M $12.95M $92.59M
YoY Change -86.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.70M 0.000 -92.59M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -10.97M -10.28M -571.5K
Cash From Investing Activities 33.15M 12.95M 92.59M
Cash From Financing Activities -10.70M 0.000 -92.59M
Net Change In Cash 11.48M 2.670M -571.5K
YoY Change -2149.96% -567.21% 346.43%
FREE CASH FLOW
Cash From Operating Activities -$10.97M -$10.28M -$571.5K
Capital Expenditures -$3.000K $20.00K $537.0K
Free Cash Flow -$10.97M -$10.30M -$1.108M
YoY Change 1686.63% 829.2% 522.71%

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;">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. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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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