Orchestra BioMed secures up to $67M in financing from Ligand & Medtronic; cash ~$33.9M

Orchestra BioMed Holdings, Inc.

Ligand pays $35M for tiered revenue rights on BACKBEAT & Virtue SAB products; also buys $5M stock and gets 2M-share warrant.
Medtronic provides $20M convertible loan at 11% interest, plus up to $12M equity purchase in subsequent offering.
Hercules loan amended: amortization delayed, borrowing capacity increased by $15M; warrant terms modified.
Preliminary June 30 cash $33.9M; Terumo mediation expected to complete in Q3 2025.
BACKBEAT study enrollment now expected mid-2026; FDA-approved amendments to expand patient eligibility.

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