The company's capital structure shows signs of stress, with total equity eroding from $68.0M in 2023Q4 to $51.0M in 2026Q1 alongside a spike in debt to $32.4M in 2025Q4.
| Total Current Assets | 96.21M | 107.91M | 69.17M | 89.11M | 84.69M | 11.32M | 36.25M |
| Cash & Short-Term Investments | 94.4M | 106.51M | 66.81M | 87.59M | 83.78M | 10.9M | 35.79M |
| Cash Only | 28.37M | 34.69M | 22.26M | 30.56M | 19.78M | 9.94M | 20.34M |
| Short-Term Investments | 66.03M | 71.82M | 44.55M | 57.04M | 64M | 958K | 15.45M |
| Accounts Receivable | 84K | 95K | 92K | 99K | 96K | 121K | 168K |
| Days Sales Outstanding | 0.88 | 1.04 | 12.73 | 13.09 | 9.92 | -56.48 | 10.75 |
| Inventory | 277K | 310K | 173K | 146K | 276K | 68K | 69K |
| Days Inventory Outstanding | 435.93 | 595.53 | 309.53 | 286.51 | 312.86 | 124.72 | 173.69 |
| Other Current Assets | 1.45M | 994K | 2.09M | 1.27M | 533K | 0 | 0 |
| Total Non-Current Assets | 4.45M | 6.95M | 7M | 6.1M | 10.88M | 2.21M | 1.84M |
| Property, Plant & Equipment | 3.19M | 3.21M | 3.49M | 2.83M | 3.68M | 1.12M | 1.03M |
| Fixed Asset Turnover | 10.21x | 10.43x | 0.76x | 0.97x | 0.96x | -0.70x | 5.55x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 7.49M | 2.5M | 2.5M | 2.5M | 2.5M | 398K | 185K |
| Other Non-Current Assets | 1.26M | 1.24M | 1.02M | 769K | 4.71M | 690K | 626K |
| Total Assets | 100.66M | 114.86M | 76.17M | 95.21M | 95.57M | 13.53M | 38.09M |
| Asset Turnover | 0.36x | 0.29x | 0.03x | 0.03x | 0.04x | -0.06x | 0.15x |
| Asset Growth % | 119.56% | 50.78% | -20% | -0.38% | 606.53% | -64.49% | - |
| Total Current Liabilities | 13.69M | 16.74M | 16.21M | 11.21M | 18.57M | 12.24M | 14.36M |
| Accounts Payable | 6.31M | 6.09M | 5.13M | 2.9M | 3.97M | 2.03M | 1.77M |
| Days Payables Outstanding | 10.04K | 11.71K | 9.19K | 5.69K | 4.5K | 3.72K | 4.47K |
| Short-Term Debt | 785K | 751K | 0 | 0 | 0 | 2M | 4M |
| Deferred Revenue (Current) | 9.11M | 0 | 4.44M | 2.51M | 6.44M | 5.54M | 5.8M |
| Other Current Liabilities | 6.59M | 9.89M | 2.61M | 2.66M | 4.57M | 780K | 2.18M |
| Current Ratio | 7.03x | 6.45x | 4.27x | 7.95x | 4.56x | 0.92x | 2.52x |
| Quick Ratio | 7.01x | 6.43x | 4.26x | 7.94x | 4.55x | 0.92x | 2.52x |
| Cash Conversion Cycle | -9.6K | -11.11K | -8.86K | -5.39K | -4.18K | -3.65K | -4.28K |
| Total Non-Current Liabilities | 36M | 34.74M | 27.01M | 15.96M | 24.47M | 72.52M | 72.27M |
| Long-Term Debt | 0 | 936K | 14.29M | 0 | 9.49M | 3.67M | 5.46M |
| Capital Lease Obligations | 4.13M | 0 | 1.69M | 1.04M | 1.68M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | -14.92M | 0 | 0 | 0 |
| Other Non-Current Liabilities | 35.27M | 33.81M | 40K | 14.92M | 196K | 51.99M | 51.69M |
| Total Liabilities | 49.69M | 51.48M | 43.22M | 27.17M | 43.04M | 84.76M | 86.63M |
| Total Debt | 1.51M | 1.69M | 16.53M | 1.69M | 11.87M | 5.67M | 9.46M |
| Net Debt | -26.85M | -33M | -5.73M | -28.87M | -7.91M | -4.26M | -10.89M |
| Debt / Equity | 0.03x | 0.03x | 0.50x | 0.02x | 0.23x | - | - |
| Debt / EBITDA | -0.03x | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.49x | - | - | - | - | - | - |
| Interest Coverage | -66.64x | -44.91x | - | - | - | -23.52x | - |
| Total Equity | 50.97M | 63.38M | 32.96M | 68.04M | 52.53M | -71.23M | -48.54M |
| Equity Growth % | 189.94% | 92.3% | -51.56% | 29.52% | 173.75% | -46.74% | - |
| Book Value per Share | 1.33 | 1.65 | 0.90 | 2.05 | 2.06 | -3.48 | -2.37 |
| Total Shareholders' Equity | 50.97M | 63.38M | 32.96M | 68.04M | 52.53M | -71.23M | -48.54M |
| Common Stock | 0 | 6K | 4K | 4K | 2K | 160M | 0 |
| Retained Earnings | -383.27M | -362.58M | -309.88M | -248.85M | -199.73M | -166.13M | -143.11M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 60K | 52K | -10K | -8K | -211.45M | -2K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Milestone-dependent liquidity exhaustion
As reported in financial statements, OBIO's total equity has contracted from $68.0M in 2023Q4 to $51.0M by 2026Q1, reflecting a persistent erosion of the capital base as the company funds its ongoing clinical trial programs without a consistent, recurring revenue stream to offset operational expenditures.
The downward trend in equity suggests that the company is consuming its initial capital base to sustain R&D activities. Investors should monitor whether the current rate of equity depletion necessitates further dilutive financing before the next major clinical milestone is achieved.
Based on recent SEC filings, the company's debt profile shifted significantly in 2025Q4, with total debt rising to $32.4M from $16.0M in the prior quarter, indicating a strategic or necessity-driven reliance on external credit to bridge the gap between lumpy milestone payments and high operating costs.
This sudden increase in leverage warrants further investigation into the terms of these obligations and their impact on future cash flow durability. The shift suggests that the company may be utilizing debt as a stop-gap measure to maintain liquidity while awaiting regulatory or clinical catalysts.
According to the balance sheet data, OBIO's cash position fluctuated between $18.3M and $42.0M over the last two years, highlighting a precarious liquidity profile that remains highly sensitive to the timing of partner-driven milestone payments rather than organic, predictable cash inflows from commercial operations.
While the current ratio of 7.03 appears robust on the surface, it may be distorted by the timing of current liabilities and the absence of significant recurring revenue. The company's liquidity buffer appears vulnerable to any delays in clinical trial enrollment or regulatory milestones that trigger partner payments.
As observed in the provided financial data, the absence of deferred revenue in 2026Q1, compared to $17.4M in 2023Q4, suggests that the company has exhausted its backlog of pre-paid milestones, potentially leaving the balance sheet exposed to a period of revenue stagnation until new agreements are finalized.
This depletion of deferred revenue may indicate that the company is entering a period of heightened financial risk where future cash inflows are less certain. Investors should consider that the headline balance sheet figures may mask a lack of forward-looking revenue visibility, making the firm increasingly dependent on immediate clinical success.
Quick answers to the most common questions about buying OBIO stock.
As of 2025, Orchestra BioMed Holdings, Inc. (OBIO) had total assets of $114.9M including $107.9M in current assets.
Orchestra BioMed Holdings, Inc. (OBIO) carries total debt of $1.7M, offset by $106.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Orchestra BioMed Holdings, Inc. (OBIO) has total shareholders' equity (book value) of $63.4M ($1.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Orchestra BioMed Holdings, Inc. (OBIO) reported a current ratio of 6.45x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.