Orchestra BioMed Holdings (OBIO) investor relations material

Recent capital raise and strategic partnerships

• Raised about $150 million since August through four complex transactions, including strategic investments and an underwritten public equity offering.

• Medtronic invested $12 million in equity and committed $20 million in a novel debt structure, convertible to royalty credits upon AVIM therapy approval.

• Ligand committed $35 million for royalty interests in AVIM and Virtue, with $20 million received and $15 million due alongside Medtronic's payment.

• Terumo provided $30 million, including a $10 million upfront payment and a convertible non-voting equity structure.

• The deals resulted in modest dilution and favorable terms, empowering completion of key clinical trials.

Rationale and impact of Ligand partnership

• Ligand's royalty-based investment model inspired the business approach, applying biotech royalty structures to med tech.

• Ligand valued the partnership with Medtronic and the structured revenue share, seeing strong long-term potential.

• The partnership followed extensive diligence and is seen as a validation of the company's assets and business model.

AVIM therapy clinical trial progress and expectations

• AVIM study completion is expected in about seven months, with data likely available late next year or early the following year.

• Key endpoints are efficacy (superiority in reducing systolic blood pressure) and safety, with a focus on older patients with isolated systolic hypertension.

• The trial uses a three-month ambulatory blood pressure endpoint, considered ideal for clean results and regulatory alignment.

• Long-term efficacy data up to four years has been positive, with AVIM therapy showing consistent, programmable effects.