Strategic Capital Supports Pivotal-Stage Execution

Orchestra BioMed Investor Relations Blog | May 2026

The receipt of $35 million in strategic capital from Medtronic and Ligand reflects continued partner alignment behind Orchestra BioMed’s pivotal-stage cardiovascular pipeline.

Our POV

Orchestra BioMed recently announced the receipt of $35 million in strategic capital under previously disclosed agreements with Medtronic and Ligand Pharmaceuticals. While the payments fulfill existing commitments, they also reflect continued progress across the clinical programs those agreements were designed to support.
Together, these payments provide additional funding to advance both of our late-stage programs -- Atrioventricular Interval Modulation Therapy (“AVIM Therapy”) and Virtue® Sirolimus AngioInfusion™ Balloon (“Virtue SAB”) -- through ongoing pivotal trials.

Why It Matters: Capital with Strategic Context

This capital comes at a catalytic stage for Orchestra BioMed, with two high-impact cardiovascular programs now in pivotal clinical development.

The $20 million investment from Medtronic supports the planned completion of the BACKBEAT Global Pivotal Trial (“BACKBEAT Trial”) for AVIM Therapy and aligns with the strong clinical trial enrollment progress seen in the study. The $15 million investment from Ligand completes a scheduled tranche under our royalty-based financing agreement and follows a period of meaningful execution across both pivotal-stage programs, including continued acceleration of BACKBEAT Trial enrollment, realignment of our Virtue SAB partnership with Terumo, and initiation of patient enrollment in the Virtue Trial.

These investments strengthen Orchestra BioMed’s ability to advance two proprietary cardiovascular therapies through development without changing the core priorities we have consistently communicated: complete the BACKBEAT Trial, continue enrollment in the Virtue Trial, and build the clinical, regulatory, and commercial foundation required to bring these technologies to patients.

 Partnership-Driven Execution

Orchestra BioMed’s partnership-driven business model is designed to pair our entrepreneurial innovation capabilities with our partners’ established clinical and commercial infrastructure to help accelerate therapeutic device development and support successful future commercialization:

• Medtronic’s continued support reinforces the strategic alignment behind AVIM Therapy, which is being developed in collaboration with the global leader in cardiac pacing therapies. 
• Ligand’s royalty-based financing reflects confidence in the long-term revenue potential of Orchestra BioMed’s pipeline and provides capital tied to future program success.

The result is a financing approach that is closely aligned with the work ahead: enrolling patients, generating clinical evidence, advancing regulatory pathways, and positioning each program for long-term value creation.

Looking Ahead

Our focus remains disciplined execution.

With both AVIM Therapy and Virtue SAB in pivotal-stage clinical development, this strategic capital helps support the next phase of progress across our pipeline. Just as importantly, it reinforces the broader strategy behind Orchestra BioMed: building value through thoughtfully structured partnerships and focused advancement toward meaningful clinical milestones.

- Team OBIO

Published May 2026

Forward-Looking Statements

Certain statements included in the content contained in or accessible through this blog post (the “Content”) that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements relating to the ability of the Medtronic and Ligand investments to advance our therapies through development, realizing the clinical and commercial value of the Company’s product candidates, the potential safety and efficacy of the Company’s product candidates, the design, enrollment progress, timing, and anticipated results of the Company’s ongoing pivotal trials; and the benefits of the strategic partnership between Orchestra BioMed Holdings, Inc. (the “Company”) and Medtronic. These statements are based on various assumptions, whether or not identified in the Content, and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on as a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks related to regulatory approval of the Company’s commercial product candidates and ongoing regulation of the Company’s product candidates, if approved; the timing of, and the Company’s ability to achieve expected regulatory and business milestones; the impact of competitive products and product candidates; and the risk factors discussed under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 12, 2026. The Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, the Company cautions against placing undue reliance on these forward-looking statements, which only speak as of the date of the Content. The Company does not plan and undertakes no obligation to update any of the forward-looking statements made in the Content, except as required by law.