---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-102862"
form_type: "8-K"
ticker: "OBIO"
cik: "0001814114"
company_name: "Orchestra BioMed Holdings, Inc."
filed_at: "2025-10-28T23:59:59+00:00"
generated_at: "2026-05-17T01:58:36.340143+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Orchestra BioMed restructures Terumo deal: $30M total, retains Virtue SAB rights, starts pivotal trial

## Summary
- Terumo pays $10M for ROFR on Virtue SAB coronary rights globally; $20M equity investment via Series A convertible preferred at $100/share.
- Prior $30M non-refundable payment and $5M common stock investment unchanged; Terumo total commitment now $65M.
- Orchestra BioMed retains full rights for below-the-knee peripheral artery disease and other non-coronary indications.
- First patients enrolled in Virtue Trial (U.S. pivotal IDE for coronary ISR, 740 patients, enrollment mid-2027).
- Virtue SAB has FDA Breakthrough Device Designation; pilot data showed 12-month TLF 2.8% and zero TLR from 12–36 months.

## SEC filing metadata
- accession: 0001104659-25-102862
- form_type: 8-K
- ticker: OBIO
- cik: 0001814114
- company_name: Orchestra BioMed Holdings, Inc.
- filed_at: 2025-10-28T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 1.02, 3.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1814114/000110465925102862/0001104659-25-102862-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1814114/000110465925102862/tm2529597d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-102862
- JSON: https://secwatch.observer/filing/0001104659-25-102862.json
- Plain text: https://secwatch.observer/filing/0001104659-25-102862.txt

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