$OBIO
Orchestra Biomed Holdings Inc

2024 Q2 Form 10-Q Financial Statement

#000155837024007978 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $778.0K $620.0K
YoY Change -14.97% -46.74%
Cost Of Revenue $44.00K $34.00K
YoY Change -18.52% -22.73%
Gross Profit $734.0K $586.0K
YoY Change -14.75% -47.68%
Gross Profit Margin 94.34% 94.52%
Selling, General & Admin $6.467M $5.897M
YoY Change 21.61% 33.69%
% of Gross Profit 881.06% 1006.31%
Research & Development $11.13M $9.112M
YoY Change 30.91% 10.39%
% of Gross Profit 1515.8% 1554.95%
Depreciation & Amortization $74.00K $74.00K
YoY Change 2.78% 4.23%
% of Gross Profit 10.08% 12.63%
Operating Expenses $17.59M $15.01M
YoY Change 27.33% 18.51%
Operating Profit -$16.86M -$14.42M
YoY Change 30.13% 24.93%
Interest Expense $879.0K $971.0K
YoY Change -3.41% 176.64%
% of Operating Profit
Other Income/Expense, Net $0.00 -$11.00K
YoY Change
Pretax Income -$15.98M -$13.46M
YoY Change 32.61% 23.06%
Income Tax
% Of Pretax Income
Net Earnings -$15.98M -$13.46M
YoY Change 32.66% 23.06%
Net Earnings / Revenue -2053.98% -2171.45%
Basic Earnings Per Share -$0.45 -$0.38
Diluted Earnings Per Share -$0.45 -$0.38
COMMON SHARES
Basic Shares Outstanding 35.79M 35.78M
Diluted Shares Outstanding 35.80M 35.78M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $65.18M $75.04M
YoY Change -44.67% -40.98%
Cash & Equivalents $23.71M $23.32M
Short-Term Investments $41.47M $51.71M
Other Short-Term Assets $1.150M $1.209M
YoY Change -23.33% -98.91%
Inventory $70.00K $115.0K
Prepaid Expenses
Receivables $80.00K $67.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $66.48M $76.43M
YoY Change -44.41% -41.15%
LONG-TERM ASSETS
Property, Plant & Equipment $1.235M $1.309M
YoY Change -12.22% -9.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.495M $2.495M
YoY Change -0.2% 0.0%
Other Assets $841.0K $894.0K
YoY Change 68.2% 112.35%
Total Long-Term Assets $5.902M $6.199M
YoY Change -6.21% -3.16%
TOTAL ASSETS
Total Short-Term Assets $66.48M $76.43M
Total Long-Term Assets $5.902M $6.199M
Total Assets $72.38M $82.63M
YoY Change -42.5% -39.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.273M $3.354M
YoY Change 108.34% 21.3%
Accrued Expenses $4.225M $3.526M
YoY Change 10.43% 8.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.50M $10.42M
YoY Change 22.29% -13.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $13.75M $15.02M
YoY Change 6357.28% 5933.73%
Total Long-Term Liabilities $13.75M $15.02M
YoY Change 6357.28% 5933.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.50M $10.42M
Total Long-Term Liabilities $13.75M $15.02M
Total Liabilities $28.26M $25.44M
YoY Change -22.46% -30.35%
SHAREHOLDERS EQUITY
Retained Earnings -$278.3M -$262.3M
YoY Change 24.95% 24.51%
Common Stock $4.000K $4.000K
YoY Change 0.0% 33.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $44.13M $57.19M
YoY Change
Total Liabilities & Shareholders Equity $72.38M $82.63M
YoY Change -42.5% -39.37%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$15.98M -$13.46M
YoY Change 32.66% 23.06%
Depreciation, Depletion And Amortization $74.00K $74.00K
YoY Change 2.78% 4.23%
Cash From Operating Activities -$10.21M -$13.11M
YoY Change -2.71% -8.81%
INVESTING ACTIVITIES
Capital Expenditures $107.0K $8.000K
YoY Change 435.0% -77.14%
Acquisitions
YoY Change
Other Investing Activities $10.53M $5.869M
YoY Change 29.37% -113.49%
Cash From Investing Activities $10.42M $5.861M
YoY Change 28.37% -113.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 171.0K 18.00K
YoY Change 90.0% -99.97%
NET CHANGE
Cash From Operating Activities -10.21M -13.11M
Cash From Investing Activities 10.42M 5.861M
Cash From Financing Activities 171.0K 18.00K
Net Change In Cash 389.0K -7.235M
YoY Change -117.06% 564.37%
FREE CASH FLOW
Cash From Operating Activities -$10.21M -$13.11M
Capital Expenditures $107.0K $8.000K
Free Cash Flow -$10.31M -$13.12M
YoY Change -1.87% -8.98%

Facts In Submission

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ProceedsFromStockOptionsExercised
10000
CY2023Q1 obio Effect Of Merger Net Of Transaction Costs
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56810000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
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18000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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56821000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7235000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-1089000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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19784000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23324000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Interest Paid
InterestPaid
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CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2024Q1 us-gaap Use Of Estimates
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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>
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2024Q1 us-gaap Inventory Write Down
InventoryWriteDown
0
CY2023 us-gaap Inventory Write Down
InventoryWriteDown
0
CY2024Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2023Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0.035
CY2024Q1 us-gaap Defined Contribution Plan Cost Recognized
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87000
CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
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113000
CY2024Q1 us-gaap Number Of Operating Segments
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1
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
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3100000
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
13900000
CY2024Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
57710000
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
84628000
CY2024Q1 us-gaap Debt Securities Available For Sale Amortized Cost After Allowance For Credit Loss
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51698000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
10000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
17000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
51691000
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostAfterAllowanceForCreditLoss
56978000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
7000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
17000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
56968000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
17400000
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2024Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2379000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2323000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1070000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1044000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1309000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1279000
CY2024Q1 us-gaap Depreciation
Depreciation
74000
CY2023Q1 us-gaap Depreciation
Depreciation
71000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
994000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2661000
CY2024Q1 obio Clinical Trial Accruals
ClinicalTrialAccruals
1532000
CY2023Q4 obio Clinical Trial Accruals
ClinicalTrialAccruals
1409000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1000000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1079000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3526000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5149000
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
340000000
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.50
CY2022Q4 obio Warrant Liability Fair Value Disclosure
WarrantLiabilityFairValueDisclosure
2100000
CY2023Q1 obio Warrant Liability Fair Value Disclosure
WarrantLiabilityFairValueDisclosure
2400000
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
2089000
CY2023 obio Warrants Exercise During Period Value
WarrantsExerciseDuringPeriodValue
-10000
CY2023 obio Fair Value Adjustments Of Warrants
FairValueAdjustmentsOfWarrants
294000
CY2023 obio Adjustments To Additional Paid In Capital Warrant Reclassified To Equity
AdjustmentsToAdditionalPaidInCapitalWarrantReclassifiedToEquity
-2373000
CY2023Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0
CY2019Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
8052
CY2019Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
5200
CY2022Q4 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
7800
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
228000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
205000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M14D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0921
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
219000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
209000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
509000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
339000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
464000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
476000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
159000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1947000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
323000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1624000
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
351000
CY2024Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
0
CY2023 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1200000
CY2023Q2 obio Earnout First Milestone
EarnoutFirstMilestone
4000000
CY2023Q2 obio Earn Out Shares First Milestone Rounded Off
EarnOutSharesFirstMilestoneRoundedOff
3999987
CY2023Q2 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
500000
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12633408
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16405749
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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