Orchestra BioMed Holdings, Inc. (Nasdaq: OBIO, “Orchestra BioMed”
or the “Company”), a biomedical innovation company accelerating
high-impact technologies to patients through risk-reward sharing
partnerships, today reported its third quarter 2024 financial
results and provided a business update.
"The Orchestra BioMed team is focused on
execution of the BACKBEAT global pivotal study alongside our
strategic partner, Medtronic. We are excited about the enthusiasm
we have seen from the clinical community for the potential of AVIM
therapy to provide these typically older, higher risk hypertension
patients with a potent, programmable, always on treatment option
for managing their blood pressure,” commented David Hochman,
Chairman, Chief Executive Officer, and Founder of Orchestra BioMed.
“We received FDA approval for and recently started to implement an
important amendment to our study protocol that improves patient
engagement processes and significantly expands our window for
screening and enrollment. We believe this amendment will help us
execute the ongoing study and deliver regulatory-submission-ready
clinical results to our partners at Medtronic.”
Mr. Hochman continued, “In parallel with our
work on AVIM therapy, we are continuing to advance our Virtue SAB
program with active preparations to initiate coronary pivotal
studies. The agenda at this year’s TCT conference highlighted the
growing importance of drug-coated balloons in the future of
coronary and peripheral interventions for artery disease. We view
Virtue SAB as a revolutionary innovation that can elevate this
rapidly accelerating therapeutic trend, offering superior drug
delivery without the limitations of fragile balloon coatings.
Overall, we expect 2025 to be a milestone year for Orchestra BioMed
and remain steadfast in our commitment to employ our
partnership-enabled business model to deliver innovative solutions
that will make a meaningful impact on patient care."
Recent Business Highlights:
- Continued site activation and
patient enrollment of the BACKBEAT global pivotal study, in
collaboration with Medtronic (NYSE: MDT), evaluating the efficacy
and safety of atrioventricular interval modulation (“AVIM”) therapy
in hypertensive pacemaker patients.
- Received FDA approval for and are
now implementing an amendment to the BACKBEAT study protocol
intended to improve patient engagement processes and expand the
window for screening and enrolling patients.
- Preparing to initiate coronary
pivotal studies for Virtue® Sirolimus AngioInfusionTM Balloon
(“SAB”).
- Actively engaged with Terumo in
Virtue SAB partnership restructuring discussions.
- Vivasure Medical Ltd. (“Vivasure”),
a strategic holding of Orchestra BioMed, reported positive data
from its U.S. IDE PATCH pivotal study at the Transcatheter
Cardiovascular Therapeutics (“TCT”) 2024 annual conference
demonstrating that its PerQseal® Closure Device achieved closure
with very low rates of major vascular complications and rapid times
to hemostasis. This data positions PerQseal for potential
regulatory approval and commercial launch in 2025.
- Haemonetics Corporation (NYSE: HAE)
has invested over $30 million in Vivasure and has an option to
acquire the company.
Financial Results for the Third Quarter
Ended September 30, 2024
- Cash and cash equivalents
and Marketable securities totaled $66.9 million as of
September 30, 2024. Following the close of Q3
2024, cash and cash equivalents increased in November 2024 by
approximately $15 million from the initial draw on our credit
facility with Hercules Capital, Inc. Operating cash runway is
expected into second half of 2026 based on internal forecast
reflecting operating priorities and certain potential future
proceeds.
- Net cash used
in operating activities and for the purchase of fixed assets was
$13.8 million during the third quarter of 2024, compared with $10.3
million for the third quarter of 2023, with the primary driver of
this increase being increased cash outflows for research and
development during the third quarter of 2024.
- Revenue for
the third quarter of 2024 was $1.0 million, compared with $0.4
million for the third quarter in 2023. The increase was primarily
due to increased recognition of partnership revenues earned under
the agreement with Terumo.
- Research and development
expenses for the third quarter of 2024 were $11.6
million, compared with $8.6 million for the same period in 2023.
The increase was primarily due to additional costs associated with
the ongoing BACKBEAT global pivotal study.
- Selling, general and
administrative expenses for the third quarter of 2024
were $5.7 million, compared with $6.3 million for the third quarter
of 2023. The decrease was primarily due to reduced expenses
related to stock-based compensation.
- Net loss for
the third quarter of 2024 was $15.4 million, or $0.41 per share,
compared with a net loss of $13.3 million, or $0.38 per share, for
2023. Net loss for the third quarter of 2024 included non-cash
stock-based compensation expense of $2.4 million as compared with
$3.5 million for the same period in 2023.
About Orchestra BioMed
Orchestra BioMed (Nasdaq: OBIO) is a biomedical innovation company
accelerating high-impact technologies to patients through
risk-reward sharing partnerships with leading medical device
companies. Orchestra BioMed’s partnership-enabled business model
focuses on forging strategic collaborations with leading medical
device companies to drive successful global commercialization of
products it develops. Orchestra BioMed’s lead product candidate is
atrioventricular interval modulation (AVIM) therapy (also known as
BackBeat Cardiac Neuromodulation Therapy (CNT™)) for the treatment
of hypertension, a significant risk factor for death worldwide.
Orchestra BioMed is also developing the Virtue® Sirolimus
AngioInfusion™ Balloon (SAB) for the treatment of atherosclerotic
artery disease, the leading cause of mortality worldwide. Orchestra
BioMed has a strategic collaboration with Medtronic, one of the
largest medical device companies in the world, for development and
commercialization of AVIM therapy for the treatment of hypertension
in pacemaker-indicated patients, and a strategic partnership with
Terumo, a global leader in medical technology, for development and
commercialization of Virtue SAB for the treatment of artery
disease. For further information about Orchestra BioMed, please
visit www.orchestrabiomed.com, and follow us
on LinkedIn.
References to Websites and Social Media
Platforms
References to information included on, or
accessible through, websites and social media platforms do not
constitute incorporation by reference of the information contained
at or available through such websites or social media platforms,
and you should not consider such information to be part of this
press release.
About AVIM Therapy
AVIM therapy, also known as BackBeat CNT™, is an
investigational therapy compatible with standard dual-chamber
pacemakers designed to substantially and persistently lower blood
pressure. It has been evaluated in pilot studies in patients with
hypertension who are also indicated for a pacemaker. MODERATO II, a
double-blind, randomized, pilot study, showed that patients treated
with AVIM therapy experienced net reductions of 8.1 mmHg in 24-hour
ambulatory systolic blood pressure (aSBP) and 12.3 mmHg in office
systolic blood pressure (oSBP) at six months when compared to
control patients. The BACKBEAT (BradycArdia paCemaKer with
atrioventricular interval modulation for Blood prEssure treAtmenT)
global pivotal study will further evaluate the safety and efficacy
of AVIM therapy in lowering blood pressure in a similar target
population of patients who have been indicated for, and recently
implanted with, a dual-chamber cardiac pacemaker.
About Virtue SAB
Virtue SAB is a patented drug/device combination
product candidate in development for the treatment of certain forms
of artery disease that is designed to deliver a proprietary,
investigational, extended-release formulation of sirolimus,
SirolimusEFR™, to the vessel wall during balloon angioplasty
without any coating on the balloon surface or the need to leave a
stent or other permanent implant in the artery. Virtue SAB
demonstrated positive three-year clinical data in coronary ISR in
the SABRE study, a multi-center prospective, independent core
lab-adjudicated clinical study conducted in Europe. Virtue SAB has
been granted Breakthrough Device designation by the FDA for
specific indications relating to coronary ISR, coronary small
vessel disease and peripheral artery disease below-the-knee.
Orchestra BioMed has a strategic partnership with Terumo (Terumo,
TSE: 4543), a global leader in medical technology headquartered in
Tokyo, Japan, as well as Terumo Medical Corporation, its U.S.
subsidiary, to collaborate on the global development and
commercialization of Virtue SAB in coronary and peripheral vascular
indications.
Forward-Looking Statements
Certain statements included in this press
release that are not historical facts are forward-looking
statements for purposes of the safe harbor provisions under the
United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally are accompanied by words such
as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,” “predict,”
“potential,” “seem,” “seek,” “future,” “outlook” and similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements relating to the initiation, enrollment, timing,
implementation and design of the Company’s planned and ongoing
pivotal trials and reporting of top-line results, realizing the
clinical and commercial value of BackBeat CNT and Virtue SAB, the
expected runway of the Company’s current cash, cash equivalents,
marketable securities the Company’s ability to restructure its
partnership agreement with Terumo, the potential safety and
efficacy of the Company’s product candidates, regulatory approval
Vivasure’s PerQseal® Closure Device and the timing of any
acquisition of Vivasure, and the ability of the Company’s
partnerships to accelerate clinical development. These statements
are based on various assumptions, whether or not identified in this
press release, and on the current expectations of the Company’s
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as and must not be relied on as
a guarantee, an assurance, a prediction, or a definitive statement
of fact or probability. Actual events and circumstances are
difficult or impossible to predict and may differ from assumptions.
Many actual events and circumstances are beyond the control of the
Company. These forward-looking statements are subject to a number
of risks and uncertainties, including changes in domestic and
foreign business, market, financial, political, and legal
conditions; risks related to regulatory approval of the Company’s
commercial product candidates and ongoing regulation of the
Company’s product candidates, if approved; the timing of, and the
Company’s ability to achieve expected regulatory and business
milestones; the impact of competitive products and product
candidates; and the risk factors discussed under the heading “Item
1A. Risk Factors” in the Company’s annual report on Form 10-K for
the year ended December 31, 2023, which was filed with the
Securities and Exchange Commission (“SEC”) on March 27, 2024 , and
under the heading “Item1A. Risk Factors” in Part II of the
Company’s quarterly report on Form 10-Q for the quarter ended
September 30, 2024, filed with the SEC on November 12, 2024.
The Company operates in a very competitive and
rapidly changing environment. New risks emerge from time to time.
Given these risks and uncertainties, the Company cautions against
placing undue reliance on these forward-looking statements, which
only speak as of the date of this press release. The Company does
not plan and undertakes no obligation to update any of the
forward-looking statements made herein, except as required by
law.
ORCHESTRA BIOMED HOLDINGS, INC. |
Condensed Consolidated Balance Sheets |
(in thousands, except share and per share
data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2024 |
|
2023 |
ASSETS |
|
|
|
|
|
|
CURRENT ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
25,605 |
|
|
$ |
30,559 |
|
Marketable securities |
|
|
41,321 |
|
|
|
56,968 |
|
Strategic investments, current portion |
|
|
— |
|
|
|
68 |
|
Accounts receivable, net |
|
|
115 |
|
|
|
99 |
|
Inventory |
|
|
234 |
|
|
|
146 |
|
Prepaid expenses and other current assets |
|
|
1,278 |
|
|
|
1,274 |
|
Total current assets |
|
|
68,553 |
|
|
|
89,114 |
|
Property and equipment,
net |
|
|
1,254 |
|
|
|
1,279 |
|
Right-of-use assets |
|
|
1,714 |
|
|
|
1,555 |
|
Strategic investments, less
current portion |
|
|
2,495 |
|
|
|
2,495 |
|
Deposits and other assets |
|
|
1,303 |
|
|
|
769 |
|
TOTAL ASSETS |
|
$ |
75,319 |
|
|
$ |
95,212 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
|
|
|
Accounts payable |
|
$ |
4,723 |
|
|
$ |
2,900 |
|
Accrued expenses and other liabilities |
|
|
7,034 |
|
|
|
5,149 |
|
Operating lease liability, current portion |
|
|
395 |
|
|
|
649 |
|
Deferred revenue, current portion |
|
|
4,066 |
|
|
|
2,510 |
|
Total current liabilities |
|
|
16,218 |
|
|
|
11,208 |
|
Deferred revenue, less current
portion |
|
|
11,439 |
|
|
|
14,923 |
|
Operating lease liability,
less current portion |
|
|
1,443 |
|
|
|
1,038 |
|
TOTAL LIABILITIES |
|
|
29,100 |
|
|
|
27,169 |
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Preferred stock, $0.0001 par
value per share; 10,000,000 shares authorized; none issued or
outstanding at September 30, 2024 and
December 31, 2023. |
|
|
— |
|
|
|
— |
|
Common stock, $0.0001 par
value per share; 340,000,000 shares authorized; 37,942,905 and
35,777,412 shares issued and outstanding as of
September 30, 2024 and December 31, 2023,
respectively. |
|
|
4 |
|
|
|
4 |
|
Additional paid-in
capital |
|
|
339,840 |
|
|
|
316,903 |
|
Accumulated other
comprehensive income (loss) |
|
|
98 |
|
|
|
(10 |
) |
Accumulated deficit |
|
|
(293,723 |
) |
|
|
(248,854 |
) |
TOTAL STOCKHOLDERS’ EQUITY |
|
|
46,219 |
|
|
|
68,043 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
75,319 |
|
|
$ |
95,212 |
|
|
ORCHESTRA BIOMED HOLDINGS, INC. |
Condensed Consolidated Statements of Operations and
Comprehensive Loss |
(in thousands, except share and per share
data) |
(Unaudited) |
|
|
|
Three Months Ended September 30, |
|
|
|
2024 |
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
Partnership revenue |
|
$ |
803 |
|
|
$ |
271 |
|
|
Product revenue |
|
|
184 |
|
|
|
148 |
|
|
Total revenue |
|
|
987 |
|
|
|
419 |
|
|
Expenses: |
|
|
|
|
|
|
|
Cost of product revenues |
|
|
68 |
|
|
|
41 |
|
|
Research and development |
|
|
11,595 |
|
|
|
8,558 |
|
|
Selling, general and administrative |
|
|
5,666 |
|
|
|
6,344 |
|
|
Total expenses |
|
|
17,329 |
|
|
|
14,943 |
|
|
Loss from
operations |
|
|
(16,342 |
) |
|
|
(14,524 |
) |
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest income, net |
|
|
916 |
|
|
|
915 |
|
|
Gain (loss) on fair value of strategic investments |
|
|
— |
|
|
|
293 |
|
|
Total other income |
|
|
916 |
|
|
|
1,208 |
|
|
Net loss |
|
$ |
(15,426 |
) |
|
$ |
(13,316 |
) |
|
Net loss per
share |
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.41 |
) |
|
$ |
(0.38 |
) |
|
Weighted-average shares used
in computing net loss per share, basic and diluted |
|
|
37,621,495 |
|
|
|
35,243,598 |
|
|
Comprehensive
loss |
|
|
|
|
|
|
|
Net loss |
|
$ |
(15,426 |
) |
|
$ |
(13,316 |
) |
|
Unrealized gain (loss) on marketable securities |
|
|
121 |
|
|
|
19 |
|
|
Comprehensive
loss |
|
$ |
(15,305 |
) |
|
$ |
(13,297 |
) |
|
Orchestra BioMed (NASDAQ:OBIO)
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