Armata Pharmaceuticals Announces Fourth Quarter and Full-Year 2025 Financial Results
Fourth Quarter 2025 Financial Results
Grant Revenue. The Company recognized grant revenue of $1.1 million for the three months ended December 31, 2025 as compared to $1.2 million in the comparable period in 2024, which represents MTEC's share of the costs incurred for the Company's AP-SA02 program for the treatment of Staphylococcus aureus bacteremia.
Research and Development. Research and development expenses for the three months ended December 31, 2025 were approximately $6.1 million as compared to approximately $8.5 million for the comparable period in 2024. The decrease was primarily driven by lower clinical trial activity, including reduced spend on AP-PA02 and AP-SA02 programs, as well as lower personnel-related costs compared to the prior year period.
General and Administrative. General and administrative expenses for the three months ended December 31, 2025 were approximately $3.4 million as compared to approximately $3.3 million for the comparable period in 2024. The increase was mainly related to an increase of $0.2 million in legal expenses during the fourth quarter of 2025, offset in part by a decrease of $0.1 million in lease expense.
Impairment Expenses. During the year ended
Loss from Operations. Loss from operations for the three months ended December 31, 2025 was approximately $13.8 million as compared to a loss from operations of approximately $10.5 million for the comparable period in 2024. The increase in operating loss was primarily driven by the
Net Income (Loss). The net loss for the fourth quarter of 2025 was $124.3 million, or $(3.42) per share on a basic and diluted basis, as compared to a net income of $2.6 million, or $0.07 per share on a basic and $(0.23) per share on a diluted basis, for the comparable period in 2024. The net loss for the quarter ended December 31, 2025 included non-cash loss from the changes in fair value of convertible loan of $105.8 million, as compared to a non-cash gain from the changes in fair value of convertible loan of $14.2 million for the comparable period in 2024, non-cash impairment expense of
Cash and Equivalents. As of December 31, 2025, Armata held approximately $14.1 million of cash and cash equivalents and restricted cash, as compared to $14.8 million as of December 31, 2024.
On
The Company's audited financial statements for the year ended
As of
About
Armata is a late clinical-stage biotechnology company focused on the development of high-purity pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat bacterial infections using its proprietary bacteriophage-based technology. Armata is developing and advancing a broad pipeline of natural and synthetic phage candidates, including clinical candidates for Pseudomonas aeruginosa, Staphylococcus aureus, and other pathogens. Armata is committed to advancing phage therapy with drug development expertise that spans bench to clinic including in-house phage-specific current
Forward Looking Statements
This communication contains "forward-looking" statements as defined by the Private Securities Litigation Reform Act of 1995. These statements relate to future events, results or to Armata's future financial performance and involve known and unknown risks, uncertainties and other factors which may cause Armata's actual results, performance or events to be materially different from any future results, performance or events expressed or implied by the forward-looking statements. In some cases, you can identify these statements by terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative of those terms, and similar expressions. These forward-looking statements reflect management's beliefs and views with respect to future events and are based on estimates and assumptions as of the date of this communication and are subject to risks and uncertainties including risks related to Armata's development of bacteriophage-based therapies; Armata's planned clinical trials; ability to staff and maintain its production facilities under fully compliant cGMP; ability to meet anticipated milestones in the development and testing of the relevant product; ability to be a leader in the development of phage-based therapeutics; ability to achieve its vision, including improvements through engineering and success of clinical trials; ability to successfully complete preclinical and clinical development of, and obtain regulatory approval of its product candidates and commercialize any approved products on its expected timeframes or at all; and Armata's estimates regarding anticipated operating losses, capital requirements and needs for additional funds. Additional risks and uncertainties relating to Armata and its business can be found under the caption "Risk Factors" and elsewhere in Armata's filings and reports with the U.S. Securities and Exchange Commission (the "
Armata expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Armata's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
Media Contacts:
At Armata:
ir@armatapharma.com
310-665-2928
Investor Relations:
jallaire@lifesciadvisors.com
212-915-2569
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Condensed Consolidated Balance Sheets (in thousands) |
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December 31, 2025 |
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December 31, 2024 |
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Assets |
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Current assets |
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|
|
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Cash and cash equivalents |
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$ |
8,688 |
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$ |
9,291 |
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Prepaid expenses and other current assets |
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1,508 |
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|
1,273 |
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Other receivables |
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|
472 |
|
|
744 |
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Total current assets |
|
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10,668 |
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|
11,308 |
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Property and equipment, net |
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12,194 |
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|
13,241 |
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Operating lease right-of-use asset |
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33,911 |
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|
41,687 |
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Intangible assets, net |
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13,746 |
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13,746 |
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Other long term assets |
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6,363 |
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6,455 |
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Total assets |
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$ |
76,882 |
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$ |
86,437 |
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Liabilities and stockholders' deficit |
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Accounts payable, accrued and other current liabilities |
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$ |
8,947 |
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$ |
9,295 |
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Term debt, current |
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— |
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38,954 |
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Total current liabilities |
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8,947 |
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48,249 |
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Convertible loan, non-current |
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153,860 |
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32,897 |
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Term debt, non-current |
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103,061 |
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|
22,539 |
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Operating lease liabilities, net of current portion |
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26,533 |
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27,694 |
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Deferred tax liability |
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|
3,077 |
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|
3,077 |
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Total liabilities |
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295,478 |
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134,456 |
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Total stockholders' deficit |
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(218,596) |
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(48,019) |
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Total liabilities and stockholders' deficit |
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$ |
76,882 |
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$ |
86,437 |
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Condensed Consolidated Statements of Operations (in thousands, except share and per share data) |
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Year Ended December 31, |
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2025 |
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2024 |
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Grant and award revenue |
$ |
4,904 |
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$ |
5,174 |
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Operating expenses |
|
|
|
|
|
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Research and development |
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23,717 |
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|
34,426 |
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General and administrative |
|
12,409 |
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|
13,184 |
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Impairment expense |
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5,412 |
|
|
— |
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Total operating expenses |
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41,538 |
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|
47,610 |
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Operating loss |
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(36,634) |
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(42,436) |
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Other income (expense) |
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|
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Interest income |
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388 |
|
|
697 |
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Interest expense |
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(16,590) |
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(10,742) |
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Change in fair value of the Convertible Loan |
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(120,963) |
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|
31,399 |
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Gain on debt and the Convertible Loan extinguishments |
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— |
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2,166 |
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Total other income (expense), net |
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(137,165) |
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23,520 |
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Net loss |
$ |
(173,799) |
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$ |
(18,916) |
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Per share information: |
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Net loss per share, basic |
$ |
(4.80) |
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$ |
(0.52) |
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Weighted average shares outstanding, basic |
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36,239,253 |
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36,160,848 |
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Net loss per share, diluted |
$ |
(4.80) |
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$ |
(0.89) |
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Weighted average shares outstanding, diluted |
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36,239,253 |
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59,059,971 |
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Condensed Consolidated Statements of Cash Flows (in thousands) |
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Year Ended December 31, |
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2025 |
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2024 |
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Operating activities: |
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Net loss |
$ (173,799) |
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$ (18,916) |
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Adjustments required to reconcile net loss to net cash used in operating activities: |
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Depreciation expense |
1,531 |
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1,325 |
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Stock-based compensation expense |
2,610 |
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2,893 |
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Change in fair value of the Convertible Loan |
120,963 |
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(31,399) |
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Non-cash interest expense |
16,568 |
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10,758 |
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Impairment expense |
5,412 |
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- |
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Gain on debt and Convertible Loan extinguishments |
- |
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(2,166) |
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Change in right-of-use asset |
2,364 |
|
2,053 |
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Changes in operating assets and liabilities |
(1,412) |
|
(2,099) |
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Net cash used in operating activities |
(25,763) |
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(37,551) |
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Investing activities: |
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Purchases of property and equipment |
(542) |
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(1,879) |
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Net cash used in investing activities |
(542) |
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(1,879) |
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Financing activities: |
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|
|
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Proceeds from issuance of term debt, net of issuance costs |
25,000 |
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34,889 |
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Payments for taxes related to net share settlement of equity awards |
(46) |
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(61) |
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Proceeds from exercise of stock options |
658 |
|
130 |
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Net cash provided by financing activities |
25,612 |
|
34,958 |
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Net decrease in cash, cash equivalents and restricted cash |
(693) |
|
(4,472) |
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Cash, cash equivalents and restricted cash, beginning of period |
14,771 |
|
19,243 |
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Cash, cash equivalents and restricted cash, end of period |
$ 14,078 |
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$ 14,771 |
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|
|
|
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Cash and cash equivalents |
$ 8,688 |
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$ 9,291 |
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Restricted cash |
5,390 |
|
5,480 |
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Cash, cash equivalents and restricted cash |
$ 14,078 |
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$ 14,771 |
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