---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-072678"
form_type: "8-K"
ticker: "OBIO"
cik: "0001814114"
company_name: "Orchestra BioMed Holdings, Inc."
filed_at: "2025-07-31T23:59:59+00:00"
generated_at: "2026-05-17T22:26:31.292459+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-25-072678
- form_type: 8-K
- ticker: OBIO
- cik: 0001814114
- company_name: Orchestra BioMed Holdings, Inc.
- filed_at: 2025-07-31T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1814114/000110465925072678/0001104659-25-072678-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1814114/000110465925072678/tm2522158d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-072678
- JSON: https://secwatch.observer/filing/0001104659-25-072678.json
- Plain text: https://secwatch.observer/filing/0001104659-25-072678.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.