Orchestra BioMed (OBIO) Piper Sandler 37th Annual Healthcare Conference summary

Recent financing and strategic partnerships

• Raised approximately $150 million since August through four complex transactions, including strategic investments and public equity offerings.

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

• Ligand invested $35 million for royalty interests in AVIM and Virtue, plus $5 million in equity, reflecting confidence in long-term product success.

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

• The financing structure minimized dilution and supports completion of key clinical trials.

Clinical development and upcoming milestones

• AVIM therapy targets hypertensive heart disease in pacemaker patients, with a pivotal study nearing completion.

• Data from the AVIM study may be available late next year or early the following year, marking a major milestone.

• Efficacy endpoints focus on reduction in systolic blood pressure, with prior studies showing significant results.

• Safety endpoints will assess unanticipated device-related events, leveraging decades of pacemaker experience.

• Three-month ambulatory blood pressure is the primary efficacy metric, considered more reliable than office measurements.

Market opportunity and differentiation

• AVIM therapy is positioned for older patients with isolated systolic hypertension, a large and underserved market.

• Medtronic's global leadership in pacemakers enables broad potential adoption, with over 1.1 million devices implanted annually.

• More than 70% of pacemaker patients have high blood pressure, representing a significant addressable population.

• The therapy aims to reduce heart attack, stroke, and progression to heart failure in this group.

• AVIM and renal denervation are seen as complementary, not competitive, within Medtronic's hypertension portfolio.