Armata Pharmaceuticals, Inc. Segments Disclosure
15. Segment Reporting
The Company operates and manages its business as one reportable operating segment, which is the business of developing a pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat acute and chronic bacterial infections using its proprietary bacteriophage-based technology. The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Company’s chief operating decision maker (“CODM”). The Company’s CODM is its Chief Executive Officer, who reviews financial information on an aggregate basis for purposes of assessing performance, making operating decisions, allocating resources and evaluating financial performance. The Company maintains 99.5% of its $12.2 million property and equipment, net, within the United States.
The following table includes certain segment information for the years ended December 31, 2025 and 2024.
Year Ended December 31, | ||||||
2025 | 2024 | |||||
Grant and award revenue | $ | 4,904 | $ | 5,174 | ||
Operating expenses | ||||||
Research and development expenses: | ||||||
AP-PA02: Non-Cystic Fibrosis Bronchiectasis | 114 | 6,840 | ||||
AP-PA02: Cystic Fibrosis | 33 | 236 | ||||
AP-SA02: Bacteremia | 2,157 | 4,177 | ||||
AP-SA02: Prosthetic Joint Infection | 2 | 35 | ||||
Expenses not allocated by projects | 2,696 | 2,408 | ||||
Total external research and development expenses | 5,002 | 13,696 | ||||
Research and development personnel expenses | 9,199 | 10,764 | ||||
Other research and development expenses | 9,516 | 9,966 | ||||
Total research and development expenses | 23,717 | 34,426 | ||||
General and administrative expenses: | ||||||
General and administrative personnel expenses | 4,897 | 4,935 | ||||
Other general and administrative expenses | 7,512 | 8,249 | ||||
Total general and administrative expenses | 12,409 | 13,184 | ||||
Impairment expense | 5,412 | - | ||||
Total operating expenses | 41,538 | 47,610 | ||||
Operating loss | (36,634) | (42,436) | ||||
Other income (expense), net | (137,165) | 23,520 | ||||
Net loss | $ | (173,799) | $ | (18,916) | ||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 25, 2026 | Showing above |
| 2024 | Mar 21, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.