Orchestra BioMed Holdings, Inc.
OBIO Healthcare Biotechnology
Orchestra BioMed Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $33.5 million, up 1,169.2% from fiscal 2024. In the quarter to June 2026, revenue fell 89.5%, EPS grew 24.0%, free cash flow fell 25.9% and total debt rose 142.2%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Orchestra BioMed Holdings, Inc. (OBIO) Beneish M-score
Orchestra BioMed Holdings, Inc.'s Beneish M-score for fiscal 2025 is 7.00; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 7.00 | 10.80 |
| FY2024 | −3.80 | (1.11) |
| FY2023 | −2.68 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.08 | — | 0.07 | |
| Gross margin index | 0.93 | — | 0.49 | |
| Asset quality index | 0.62 | — | 0.25 | |
| Sales growth index | 12.69 | — | 11.32 | |
| Depreciation index | 0.82 | — | 0.09 | |
| SG&A index | 0.09 | — | −0.02 | |
| Total accruals to total assets | (0.03) | — | −0.15 | |
| Leverage index | 0.67 | — | −0.22 | |
| Beneish M-score | Flagged by the model | 7.00 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ENTA Enanta Pharmaceuticals, Inc. compare | −4.3× |
| IRD Opus Genetics, Inc. compare | −4.0× |
| CCCC C4 Therapeutics, Inc. compare | −2.6× |
| FENC Adherex Technologies Inc. compare | −1.3× |
| OBIO Orchestra BioMed Holdings, Inc. | 7.0× |
| CYPH Cypherpunk Technologies Inc. compare | 11.1× |
| TTRX Turn Therapeutics Inc. compare | — |
| AVIR Atea Pharmaceuticals, Inc. compare | — |
| RLMD Relmada Therapeutics, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI