Armata Pharmaceuticals, Inc.

Listed Company

ARMPCIK 0000921114NYSENon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)WashingtonFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-173.80M

Total Assets

$76.88M

Equity

$-218.60M

Shares Out

36.63M

Op. Cash Flow

$-25.76M

Business

Armata Pharmaceuticals, Inc. is a clinical-stage biotechnology company developing high-purity, pathogen-specific bacteriophage therapeutics to treat antibiotic-resistant and difficult-to-treat bacterial infections. It develops and advances natural and engineered phage product candidates and formulations, including inhaled AP-PA02 for Pseudomonas aeruginosa pulmonary infections and intravenous AP-SA02 for Staphylococcus aureus bacteremia, supported by in-house phage discovery, synthetic biology and cGMP manufacturing. Key business activities include phage discovery and phenotyping, synthetic engineering, validated lot-release assays, and clinical development through randomized controlled trials. The company conducts clinical studies in the United States and internationally and plans commercialization through hospital, clinic and partner distribution channels.

Summary from filing dated 2025-03-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Grant and award revenue	5	5	5	6	4
Research and development	24	34	34	35	20
General and administrative	12	13	12	7	8
Impairment expense	5	—	—	—	—
Total operating expenses	42	48	45	42	28
Operating loss	−37	−42	−41	−37	−24
Interest income	388,000	697,000	179,000	—	—
Interest expense	−17	−11	−3	—	—
Change in fair value of the Convertible Loan	−121	31	−22	—	—
Gain on debt and the Convertible Loan extinguishments	—	2	−4	—	—
Total other income (expense), net	−137	24	−28	29,000	667,000
Net loss	−174	−19	−69	−37	−23
Net loss per share, basic	−4.8	−0.52	−1.91	−1.08	−0.96
Weighted average shares outstanding, basic	36	36	36	34	24
Net loss per share, diluted	−4.8	−0.89	−1.91	−1.08	−0.96
Weighted average shares outstanding, diluted	36	59	36	34	24

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-11-30
Cash and cash equivalents	9	9	14	15	—
Prepaid expenses and other current assets	2	1	2	4	—
Other receivables	472,000	744,000	3	9	—
Total current assets	11	11	19	27	—
Restricted cash	5	5	6	6	—
Property and equipment, net	12	13	13	4	—
Operating lease right-of-use asset	34	42	45	43	34
In-process research and development	10	10	10	10	—
Goodwill	3	3	3	3	—
Other assets	973,000	975,000	2	2	—
Total assets	77	86	98	96	—
Accounts payable and accrued liabilities	2	2	6	6	—
Accrued compensation	2	2	768,000	2	—
Term debt, current	—	39	—	—	—
Current portion of operating lease liabilities	5	4	9	17	—
Other current liabilities	487,000	529,000	523,000	—	—
Total current liabilities	9	48	16	25	—
Convertible Loan, non-current	154	33	59	—	—
Term debt, non-current	103	23	24	—	—
Operating lease liabilities, net of current portion	27	28	29	32	—
Deferred tax liability	3	3	3	3	—
Total liabilities	295	134	130	60	—
Commitments and contingencies (Note 12)	—	—	—	—	—
Common Stock, $0.01 par value; 217,000,000 shares authorized; 36,431,444 and 36,183,067 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	364,000	362,000	361,000	361,000	—
Additional paid-in capital	283	279	276	275	—
Accumulated deficit	−502	−328	−309	−240	—
Total stockholders' deficit	−219	−48	−32	36	—
Total liabilities and stockholders' deficit	77	86	98	96	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−174	−19	−69	−37	−23
Depreciation expense	2	1	—	900,000	1
Stock-based compensation expense	3	3	938,000	3	3
Change in fair value of the Convertible Loan	121	−31	22	—	—
Non-cash interest expense	17	11	3	—	60,000
Change in right-of-use asset	2	2	1	—	—
Prepaid expenses and other assets	39,000	5	5	−8	−2
Accounts payable and accrued liabilities	−334,000	−4	39,000	4	184,000
Accrued compensation	−89,000	2	−1	793,000	472,000
Operating lease liability	−1	−5	−13	4	499,000
Net cash used in operating activities	−26	−38	−47	−32	−24
Purchases of property and equipment	−542,000	−2	−8	−2	−1
Net cash used in investing activities	−542,000	−2	−8	−2	−1
Proceeds from issuance of term debt, net of issuance costs	25	35	25	—	—
Payments for taxes related to net share settlement of equity awards	−46,000	−61,000	−43,000	—	—
Proceeds from exercise of stock options	658,000	130,000	5,000	125,000	613,000
Net cash provided by financing activities	26	35	54	44	26
Net change in cash, cash equivalents and restricted cash	−693,000	−4	−2	9	639,000
Right-of-use asset obtained by assuming operating lease liabilities	—	977,000	3	9	26

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