Updated Readout Timelines Signal Positive BACKBEAT Study Progress

研报英文原文证据摘录

Updated Readout Timelines Signal Positive BACKBEAT Study Progress

C O M PA N Y N O T E

M a y 1 2 , 2 0 2 6

Orchestra Biomed Holdings, Inc. (OBIO) Overweight

CONCLUSION PRICE: US$3.91

Today, OBIO reported Q1'26 financial results and provided key business updates that TARGET: US$9.00

highlighted continued momentum across two pivotal-stage cardiovascular programs. Most Based on ~6x EV/’30E sales discounted back

importantly, the company reiterated that BACKBEAT trial enrollment remains on-track to by 14% per year for ~4 years (assumes $74M

complete in Q3'26, however presentation of the much-anticipated data is now expected to net cash, ~62M SO).

be sooner (Q2'27 vs. "late-'27") which signals commercialization of this novel technology

Matt O'Briencould begin earlier than anticipated (management previously guided to an early-'28 launch). Sr. Research Analyst, Piper Sandler & Co.

Additionally, the Virtue Trial is continuing to progress, with site activation and patient 312 267-5080, matthew.obrien@psc.com

enrollment acceleration ongoing throughout 2026; there were no updates to the prior- Samantha Munoz, Ph.D.

communicated mid-'27 completion timeline, though we think this could be sooner-than- Research Analyst, Piper Sandler & Co.

expected given the large number of coronary in-stent restenosis patients in the US. Lastly 212 284-9342, samantha.munoz@psc.com

on the financing front, OBIO received $35M in strategic capital from MDT and Ligand, which Anna Runci

is expected to extend the company's cash runway into Q4 2027-- through key upcoming Research Analyst, Piper Sandler & Co.

clinical and regulatory milestones. 212 466-7905, anna.runci@psc.com

Changes Previous Current

• While meaningful clinical milestones remain ahead, we believe the two key programs Rating — Overweight