Armata Pharmaceuticals Announces First Quarter 2026 Results and Provides Corporate Update
Rhea-AI Summary
Armata Pharmaceuticals (NYSE American: ARMP) reported first quarter 2026 results and a corporate update. Grant revenue rose to $0.8 million, R&D expenses to $6.1 million, G&A to $3.5 million, and loss from operations to $8.8 million. Net loss was $115.3 million versus $6.5 million a year earlier.
The company is preparing a Phase 3 AP-SA02 study in complicated S. aureus bacteremia, targeting initiation in the second half of 2026. AP-SA02 received FDA Fast Track and QIDP designations. Armata entered a new $25 million secured credit agreement with Innoviva maturing in 2029 and extended prior Innoviva credit maturities to 2027. Cash and equivalents were $4.8 million at March 31, 2026.
Positive
- FDA Fast Track designation granted for AP-SA02 in complicated SAB
- AP-SA02 received QIDP status with potential five-year exclusivity extension
- Phase 3 AP-SA02 study expected to start in second half 2026
- New $25 million secured loan from Innoviva maturing January 2029
- Existing Innoviva credit facilities extended to June 1, 2027
- Grant and award revenue increased to $0.8 million from $0.5 million
Negative
- Net loss increased to $115.3 million from $6.5 million year-on-year
- Loss from operations rose to $8.8 million from $8.2 million
- Cash and cash equivalents declined to $4.8 million from $8.7 million
- Research and development expenses grew to $6.1 million from $5.4 million
- General and administrative expenses increased to $3.5 million from $3.3 million
News Market Reaction – ARMP
In the May 14 session, ARMP declined 7.03%, reflecting a notable negative market reaction. Argus tracked a trough of -5.6% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 25 | Q4/FY 2025 results | Negative | +8.6% | Large net loss with non-cash fair-value hit and going-concern language. |
| Nov 12 | Q3 2025 results | Positive | -4.6% | Strong AP-SA02 data and facility progress alongside secured loan and cash update. |
| Aug 12 | Q2 2025 results | Positive | +1.6% | Positive diSArm topline, secured credit, and DoD funding for AP-SA02. |
| May 14 | Q1 2025 results | Neutral | +1.4% | Early-stage AP-SA02 plans with modest revenue and net loss profile. |
| Mar 20 | Q4/FY 2024 results | Positive | -10.9% | Positive AP-PA02 data and net income despite rising R&D and new credit line. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have often produced mixed reactions, with several fundamentally positive updates followed by negative price moves and one weak quarter prompting a strong gain.
Over the past five earnings-related announcements, Armata has consistently highlighted clinical progress for AP-SA02 and AP-PA02 alongside reliance on Innoviva credit facilities and non-dilutive funding. Prior results included a $124.3M Q4 2025 net loss driven by a large non-cash convertible loan impact, and earlier periods mixed net losses with positive trial data and new loans. Today’s Q1 2026 update continues this pattern: deeper losses and low cash are paired with a new $25.0M loan and regulatory momentum for AP-SA02, extending the story of financing clinical advancement against a strained balance sheet.
Key Terms
biologics license application regulatory
fast track designation regulatory
qualified infectious disease product regulatory
qidp regulatory
hatch-waxman market exclusivity regulatory
gain act regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Entered into secured credit agreement with Innoviva for
"Our top priority in 2026 is advancing Armata's lead Staphylococcus aureus ("S. aureus") therapeutic phage candidate, AP-SA02, into a Phase 3 superiority study in complicated S. aureus bacteremia ("SAB")," said Dr. Deborah Birx, Chief Executive Officer of Armata. "We are focused on initiating a rigorously designed and operationally efficient study designed to support a future Biologics License Application ("BLA") submission and potential registration. If successful, AP-SA02 has the potential to offer an important new treatment option for patients facing this serious and often life-threatening infection. We believe this program will establish a foundation for expanding our phage platform into additional indications. Ultimately, we believe there is a significant opportunity for this innovative antibacterial technology to have a broad impact on antimicrobial resistance, which represents one of the significant public health challenges of modern medicine."
"I also want to highlight other important recent developments including the granting by the
First Quarter 2026 and Recent Developments:
Clinical and Regulatory
- Preparations are ongoing to advance AP-SA02, a novel intravenously administered multi-phage therapeutic, into a Phase 3 superiority study in complicated SAB caused by methicillin-sensitive S. aureus ("MSSA") or methicillin resistant S. aureus ("MRSA").
- The study is expected to initiate in the second half of 2026.
- Announced that the FDA granted Fast Track Designation to AP-SA02 for adjunct treatment of complicated bacteremia caused by MSSA or MRSA, advancing AP-SA02 on a faster path to potential approval and patient access.
- Facilitates the development and expedites the review of investigational therapies that treat serious conditions and fill an unmet medical need.
- Provides for more frequent interactions with the FDA regarding all aspects of a designated drug's clinical development program, supporting a more efficient path to registration.
- Allows for rolling review of a BLA, meaning completed sections may be submitted and reviewed on an ongoing basis rather than waiting for the full application.
- Fast Track-designated programs may also be eligible for Accelerated Approval and Priority Review if supported by clinical data at the time of BLA submission, further supporting a faster path to potential approval and patient access.
- Announced that the FDA granted AP-SA02 for intravenous use as a QIDP for adjunct treatment of complicated SAB caused by MSSA or MRSA.
- To achieve QIDP designation, a drug candidate must be intended to treat serious or life-threatening infections, particularly those caused by bacteria and fungi that are resistant to treatment, or that treat qualifying resistant pathogens identified by the FDA.
- The QIDP designation makes AP-SA02 eligible to benefit from certain incentives for the development of new antibacterials provided under the Generating Antibiotic Incentives Now (GAIN) Act, including an additional five-year extension of Hatch-Waxman market exclusivity.
Financial
- On May 12, 2026, entered into a secured credit agreement with Innoviva Strategic Opportunities LLC, a wholly owned subsidiary of Innoviva, Inc., Armata's largest shareholder, for a loan of
$25.0 million - Proceeds from the transaction will be used to continue to advance development of AP-SA02.
- On January 23, 2026, Armata entered into amendments to the March 2025 Credit Agreement, the 2024 Credit Agreement, the 2023 Credit Agreement, and the Convertible Credit Agreement with Innoviva Strategic Opportunities LLC, extending the maturity dates to June 1, 2027. In exchange for such amendments, the Company also amended certain outstanding Innoviva warrants to extend their expiration dates to January 26, 2031, and amended the related voting agreement to align with the revised warrant expiration date or FDA approval, as applicable.
Corporate Governance
- Appointed biopharmaceutical commercial executive Daniel B. Gilmer, Ph.D. to Board of Directors.
- Dr. Gilmer brings 20 years of experience in healthcare commercialization (Pfizer, Inc.), management consulting (McKinsey & Co.), and academic research (Rockefeller University, National Institutes of Health).
- At Pfizer:
- Most recently led an organization responsible for quality and promotional review across 50+
U.S. brands. - Launched PAXLOVID™ following approval by the FDA.
- In Inflammation & Immunology Commercial Development, helped shape strategy for a portfolio of rheumatology and immunology assets.
- Contributed to COVID-19 vaccine-enabling operating model and R&D portfolio strategy.
- Most recently led an organization responsible for quality and promotional review across 50+
- Authored multiple peer-reviewed publications on phage lysins and antimicrobial resistance.
Presentations and Publications
- Further advanced bacteriophage science through presentations and publications.
- Published a paper, titled, "Structural atlas of Pakpunavirus P7-1 reveals determinants of virion stability and genome ejection" in Communications Biology, a peer-reviewed journal from Nature Portfolio. The paper describes the structure of phage P7-1, included in Armata's Pseudomonas aeruginosa phage cocktail, AP-PA02.
- Presented at the 8th Annual Bacteriophage Therapy Summit held on March 24-26 in
London, UK .
First Quarter 2026 Financial Results
Grant and Award Revenue. The Company recognized grant and award revenue of
Research and Development. Research and development expenses for the three months ended March 31, 2026 were approximately
General and Administrative. General and administrative expenses for the three months ended March 31, 2026 were approximately
Loss from Operations. Loss from operations for the three months ended March 31, 2026 was approximately
Net Loss. The net loss for the first quarter of 2026 was
Cash and Cash Equivalents. As of March 31, 2026, Armata held approximately
As of May 8, 2026, approximately 36.7 million common shares were outstanding.
About Armata Pharmaceuticals, Inc.
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, S. aureus, and other important pathogens. Armata is committed to advancing phage therapy with drug development expertise that spans bench to clinic including in-house phage-specific current Good Manufacturing Practices ("cGMP") manufacturing to support full commercialization.
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
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:
Pierre Kyme
ir@armatapharma.com
310-665-2928
Investor Relations:
Joyce Allaire
LifeSci Advisors, LLC
jallaire@lifesciadvisors.com
212-915-2569
Armata Pharmaceuticals, Inc. | |||||||
March 31, 2026 | December 31, 2025 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 4,754 | $ | 8,688 | |||
Prepaid expenses and other current assets | 1,145 | 1,508 | |||||
Other receivables | 47 | 472 | |||||
Total current assets | 5,946 | 10,668 | |||||
Property and equipment, net | 11,780 | 12,194 | |||||
Operating lease right-of-use asset | 33,395 | 33,911 | |||||
Intangible assets, net | 13,746 | 13,746 | |||||
Other long term assets | 4,933 | 6,363 | |||||
Total assets | $ | 69,800 | $ | 76,882 | |||
Liabilities and stockholders' deficit | |||||||
Accounts payable, accrued and other current liabilities | $ | 9,228 | $ | 8,947 | |||
Total current liabilities | 9,228 | 8,947 | |||||
Convertible loan, non-current | 254,922 | 153,860 | |||||
Term debt, non-current | 87,976 | 103,061 | |||||
Operating lease liabilities, net of current portion | 26,183 | 26,533 | |||||
Deferred tax liability | 3,077 | 3,077 | |||||
Total liabilities | 381,386 | 295,478 | |||||
Total stockholders' deficit | (311,586) | (218,596) | |||||
Total liabilities and stockholders' deficit | $ | 69,800 | $ | 76,882 | |||
Armata Pharmaceuticals, Inc. | |||||
Three Months Ended March 31, | |||||
2026 | 2025 | ||||
Grant and award revenue | $ | 789 | $ | 491 | |
Operating expenses | |||||
Research and development | 6,111 | 5,429 | |||
General and administrative | 3,463 | 3,253 | |||
Total operating expenses | 9,574 | 8,682 | |||
Operating loss | (8,785) | (8,191) | |||
Other income (expense) | |||||
Interest income | 60 | 59 | |||
Interest expense | (5,559) | (3,602) | |||
Change in fair value of the Convertible Loan | (101,062) | 5,203 | |||
Total other income (expense), net | (106,561) | 1,660 | |||
Net loss | $ | (115,346) | $ | (6,531) | |
Per share information: | |||||
Net loss per share, basic | $ | (3.16) | $ | (0.18) | |
Weighted average shares outstanding, basic | 36,530,284 | 36,184,802 | |||
Net loss per share, diluted | $ | (3.16) | $ | (0.20) | |
Weighted average shares outstanding, diluted | 36,530,284 | 59,478,662 | |||
Armata Pharmaceuticals, Inc. | |||
Three Months Ended March 31, | |||
2026 | 2025 | ||
Operating activities: | |||
Net loss | $ (115,346) | $ (6,531) | |
Adjustments required to reconcile net loss to net cash used in operating activities: | |||
Depreciation expense | 457 | 377 | |
Stock-based compensation expense | 1,075 | 781 | |
Change in fair value of the Convertible Loan | 101,062 | (5,203) | |
Non-cash interest expense | 5,555 | 3,596 | |
Change in right-of-use asset | 516 | 597 | |
Changes in operating assets and liabilities | 899 | (1,197) | |
Net cash used in operating activities | (5,782) | (7,580) | |
Investing activities: | |||
Purchases of property and equipment | (63) | (99) | |
Net cash used in investing activities | (63) | (99) | |
Financing activities: | |||
Proceeds from issuance of term debt, net of issuance costs | — | 10,000 | |
Payments for taxes related to net share settlement of equity awards | (63) | (14) | |
Proceeds from exercise of stock options | 704 | — | |
Net cash provided by financing activities | 641 | 9,986 | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (5,204) | 2,307 | |
Cash, cash equivalents and restricted cash, beginning of period | 14,078 | 14,771 | |
Cash, cash equivalents and restricted cash, end of period | $ 8,874 | $ 17,078 | |
Cash and cash equivalents | $ 4,754 | $ 11,688 | |
Restricted cash | 4,120 | 5,390 | |
Cash, cash equivalents and restricted cash | $ 8,874 | $ 17,078 | |
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SOURCE Armata Pharmaceuticals, Inc.