Armata Pharmaceuticals, Inc.

Armata Pharmaceuticals, Inc. (ARMP) reported a net loss of $173.8 million for FY 2025, ending December 31, 2025, compared to $18.9 million in FY 2024, primarily driven by a $121.0 million loss from the change in fair value of the Convertible Loan. Grant and award revenue declined 5.2% to $4.9 million from $5.2 million, reflecting reduced MTEC funding recognition. Operating expenses decreased 12.8% to $41.5 million, with R&D down 31.1% to $23.7 million due to completion of AP-PA02 and AP-SA02 Phase 2 trials, G&A down 5.9% to $12.4 million, offset by a $5.4 million impairment on lease ROU assets. Operating loss improved 13.7% to $36.6 million. Balance sheet shows $76.9 million total assets, $8.7 million cash, but $295.5 million liabilities including $153.9 million Convertible Loan, yielding $218.6 million stockholders' deficit. Cash used in operations was $25.8 million, offset by $25.6 million financing from term debt. Going concern doubt persists with cash runway insufficient for 12 months; Phase 3 for AP-SA02 planned H2 2026 contingent on funding.

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