Armata Pharmaceuticals Announces Second Quarter 2025 Results and Provides Corporate Update
Armata Pharmaceuticals (NYSE American: ARMP) announced significant Q2 2025 developments, including a $15 million secured credit agreement with Innoviva and positive topline results from their Phase 1b/2a diSArm trial for AP-SA02, their lead S. aureus therapeutic candidate.
The company reported Q2 2025 financial results with grant revenue of $2.2 million, R&D expenses of $6.4 million, and cash position of $4.3 million. Additionally, Armata received $4.65 million in non-dilutive funding from the U.S. Department of Defense.
The diSArm trial met all primary endpoints, demonstrating improved clinical outcomes compared to standard antibiotic therapy with no treatment-related serious adverse events. Armata plans to initiate a Phase 3 pivotal trial in 2026 following an FDA end-of-Phase 2 meeting later this year.
Armata Pharmaceuticals (NYSE American: ARMP) ha annunciato importanti sviluppi nel secondo trimestre 2025, tra cui un accordo di credito garantito da 15 milioni di dollari con Innoviva e risultati topline favorevoli dal trial di fase 1b/2a diSArm per AP-SA02, il suo principale candidato terapeutico contro S. aureus.
L'azienda ha riportato i risultati finanziari del Q2 2025 con ricavi da sovvenzioni per 2,2 milioni di dollari, spese di R&S per 6,4 milioni e una posizione di cassa di 4,3 milioni. Inoltre, Armata ha ricevuto 4,65 milioni di dollari in finanziamenti non diluitivi dal Dipartimento della Difesa degli Stati Uniti.
Il trial diSArm ha raggiunto tutti gli endpoint primari, mostrando esiti clinici migliorati rispetto alla terapia antibiotica standard, senza eventi avversi gravi correlati al trattamento. Armata prevede di avviare una prova pivotale di Fase 3 nel 2026 dopo un incontro di fine Fase 2 con la FDA previsto per quest'anno.
Armata Pharmaceuticals (NYSE American: ARMP) anunció avances importantes en el segundo trimestre de 2025, incluyendo un acuerdo de crédito garantizado por $15 millones con Innoviva y resultados topline positivos del ensayo de fase 1b/2a diSArm para AP-SA02, su principal candidato terapéutico contra S. aureus.
La compañía informó los resultados financieros del Q2 2025 con ingresos por subvenciones de $2.2 millones, gastos de I+D de $6.4 millones y una posición de caja de $4.3 millones. Además, Armata recibió $4.65 millones en financiación no dilutiva del Departamento de Defensa de los EE. UU.
El ensayo diSArm cumplió todos los endpoints primarios, mostrando mejores resultados clínicos en comparación con la terapia antibiótica estándar y sin eventos adversos graves relacionados con el tratamiento. Armata planea iniciar un ensayo pivotal de Fase 3 en 2026 tras una reunión de fin de Fase 2 con la FDA prevista para este año.
Armata Pharmaceuticals (NYSE American: ARMP)는 2025년 2분기에 Innoviva와의 1,500만 달러 담보 대출 계약과 자사의 황색포도상구균 치료 후보 AP-SA02에 대한 Phase 1b/2a diSArm 시험의 톱라인 긍정적 결과 등을 발표했습니다.
회사는 2025년 2분기 재무 실적으로 보조금 수익 220만 달러, 연구개발비 640만 달러, 현금 보유액 430만 달러를 보고했습니다. 또한 Armata는 미 국방부로부터 465만 달러의 비희석성 자금을 추가로 받았습니다.
diSArm 시험은 모든 1차 평가변수를 충족했으며, 표준 항생제 치료에 비해 임상 결과가 개선되었고 치료 관련 중대한 이상반응은 보고되지 않았습니다. Armata는 올해 예정된 FDA의 End-of-Phase 2 미팅 이후 2026년 Phase 3 중추적 시험을 시작할 계획입니다.
Armata Pharmaceuticals (NYSE American: ARMP) a annoncé des avancées significatives au deuxième trimestre 2025, notamment un accord de crédit garanti de 15 millions de dollars avec Innoviva et des résultats topline positifs de l'essai de phase 1b/2a diSArm pour AP-SA02, son principal candidat thérapeutique contre S. aureus.
La société a publié ses résultats financiers du T2 2025 avec des revenus de subventions de 2,2 millions de dollars, des dépenses R&D de 6,4 millions et une trésorerie de 4,3 millions. De plus, Armata a reçu 4,65 millions de dollars de financement non dilutif du ministère de la Défense des États-Unis.
L'essai diSArm a atteint tous les critères d'évaluation primaires, montrant des résultats cliniques améliorés par rapport au traitement antibiotique standard, sans événements indésirables graves liés au traitement. Armata prévoit de lancer un essai pivot de phase 3 en 2026 après une réunion de fin de phase 2 avec la FDA prévue cette année.
Armata Pharmaceuticals (NYSE American: ARMP) meldete wesentliche Entwicklungen im 2. Quartal 2025, darunter eine gesicherte Kreditvereinbarung über 15 Millionen US-Dollar mit Innoviva und positive Topline-Ergebnisse aus der Phase-1b/2a-diSArm-Studie für AP-SA02, den führenden S.-aureus-Therapiekandidaten des Unternehmens.
Das Unternehmen veröffentlichte die Finanzergebnisse für Q2 2025 mit Zuschussumsätzen von 2,2 Millionen US-Dollar, F&E-Aufwendungen von 6,4 Millionen und einer Barmittelposition von 4,3 Millionen. Zudem erhielt Armata 4,65 Millionen US-Dollar nicht verwässernde Finanzierung vom US-Verteidigungsministerium.
Die diSArm-Studie erreichte alle primären Endpunkte und zeigte verbesserte klinische Ergebnisse im Vergleich zur Standard-Antibiotikatherapie, ohne behandlungsbedingte schwerwiegende Nebenwirkungen. Armata plant, nach einem End-of-Phase-2-Meeting mit der FDA noch in diesem Jahr eine Phase-3-Pivotalstudie im Jahr 2026 zu starten.
- Positive topline results from Phase 1b/2a diSArm trial, meeting all primary endpoints
- Secured $15 million credit agreement with Innoviva maturing in 2029
- Received $4.65 million non-dilutive funding from U.S. Department of Defense
- Reduced loss from operations to $6.8M from $11.9M year-over-year
- Decreased R&D expenses to $6.4M from $8.5M year-over-year
- Cash position declined to $4.3M from $9.3M since December 2024
- Took on additional debt through $15M credit agreement
- No revenue from product sales, only grant revenue
Insights
Armata's AP-SA02 shows promising efficacy against S. aureus bacteremia with positive Phase 1b/2a data, while securing crucial funding for Phase 3 advancement.
The positive topline results from Armata's Phase 1b/2a diSArm trial represent a significant milestone in phage therapy development. The study demonstrated that AP-SA02 met all primary endpoints for safety, tolerability, and clinical response in patients with complicated S. aureus bacteremia. Most importantly, the AP-SA02 arm significantly improved clinical outcomes and prevented relapse compared to best available antibiotic therapy - a crucial differentiation point in this difficult-to-treat infection space.
What makes these results particularly groundbreaking is that they provide the first clear evidence from a randomized controlled trial demonstrating phage therapy's effectiveness against a serious systemic bacterial infection, regardless of antibiotic resistance patterns or infection site. This addresses a critical unmet need, as complicated S. aureus bacteremia carries high mortality rates and limited treatment options.
The absence of treatment-related serious adverse events with AP-SA02 administered intravenously every six hours for five days further validates the safety profile of properly purified phage therapeutics. This favorable safety/efficacy balance positions Armata to potentially pursue a superiority trial design for their planned Phase 3 study - a high-risk but high-reward strategy that could establish phage therapy as a new standard of care.
The upcoming end-of-Phase 2 meeting with the FDA in H2 2025 will be pivotal in determining the regulatory pathway. If the agency agrees to a superiority trial design, it would represent a strong vote of confidence in AP-SA02's potential, potentially accelerating its path to market for this life-threatening indication. The planned 2026 Phase 3 trial initiation suggests Armata has confidence in their regulatory strategy and manufacturing capabilities.
Armata secures critical $15M financing from major shareholder while advancing promising phage therapy through clinical milestones despite cash burn.
The secured credit agreement with Innoviva for
The quarterly operating loss of
Armata's ability to secure
The financial trajectory suggests Armata is transitioning from early clinical development to a focused late-stage development company with clearer commercialization pathways. With approximately 36.2 million shares outstanding and positive clinical data, the company has strengthened its position for potential future financing rounds needed to support the planned 2026 Phase 3 trial.
While the current cash position plus the new
Entered into secured credit agreement with Innoviva for
Announced positive topline results from the Phase 1b/2a diSArm trial for AP-SA02
Second Quarter 2025 and Recent Developments:
- On August 11, 2025, 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
$15.0 million - Proceeds from the new financing transaction will be used to continue to advance development of Armata's lead Staphylococcus aureus ("S. aureus") therapeutic phage candidate, AP-SA02, a novel intravenously administered multi-phage therapeutic for the treatment of complicated S. aureus bacteremia
- On May 19, 2025, announced positive topline results from the Phase 1b/2a diSArm trial which evaluated AP-SA02
- Study met all primary endpoints for safety, tolerability, and clinical response in the intent-to-treat population
- The AP-SA02 arm significantly improved clinical outcomes and prevented relapse compared to best available antibiotic therapy
- No treatment-related serious adverse events were observed with AP-SA02 administered intravenously every six hours for five days
- Armata plans to hold an end-of-Phase 2 Meeting with the
U.S. Food and Drug Administration ("FDA") in the second half of this year to align on a superiority trial design that the Company intends to begin enrolling patients in a Phase 3 pivotal trial in 2026
- Received an additional
$4.65 million U.S. Department of Defense award through the Medical Technology Enterprise Consortium ("MTEC") and managed by the Naval Medical Research Command – Naval Advanced Medical Development with funding from the Defense Health Agency and Joint Warfighter Medical Research Program- Supports diSArm study close-out activities, as well as the preparation and execution of an end-of-Phase 2 meeting with FDA
- Further advanced bacteriophage science through presentations at:
- 2025 Military Health System Research Symposium (MHSRS), held on August 6 in
Kissimmee, FL - 26th Biennial Evergreen Phage Meeting, held on August 7 in
Knoxville, TN
- 2025 Military Health System Research Symposium (MHSRS), held on August 6 in
"We achieved another significant milestone during the second quarter with positive topline data from our Phase 1b/2a diSArm study of AP-SA02, our high-purity, multi-phage therapeutic candidate that we are developing as a treatment for complicated S. aureus bacteremia," stated Dr. Deborah Birx, Chief Executive Officer of Armata. "Notably, these data are the first clear evidence in a randomized controlled trial of the effectiveness of phage in treating a serious systemic bacterial infection, with demonstrated efficacy regardless of antibiotic resistance patterns or site of infection. Findings from the diSArm study, including the favorable safety and tolerability profile of AP-SA02, will inform the design of a larger definitive efficacy study to demonstrate superiority of AP-SA02 in treating complicated S. aureus bacteremia, and will form the basis for an End of Phase 2 meeting with the FDA which the Company intends to hold later this year. Importantly, Armata's planned superiority pivotal trial design will have the potential to change standard of care for a serious systemic pathogen that is responsible for significant morbidity and mortality in
"Together with previously announced promising trial results for our second clinical candidate, AP-PA02, a novel, inhaled multi-phage therapeutic for the treatment of chronic pulmonary Pseudomonas aeruginosa infections in people with cystic fibrosis and non-cystic fibrosis bronchiectasis, I continue to be very pleased with our progress. With two promising therapeutic candidates and a state-of-the-art manufacturing platform that can achieve the high purity necessary for clinical success, we are very well positioned to address areas of high unmet need while creating significant long-term value for our company," Dr. Birx concluded.
Second Quarter 2025 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 June 30, 2025 were approximately
General and Administrative. General and administrative expenses for the three months ended June 30, 2025 were approximately
Loss from Operations. Loss from operations for the three months ended June 30, 2025 was approximately
Cash and Cash Equivalents. As of June 30, 2025, Armata held approximately
As of August 12, 2025, approximately 36.2 million common shares were outstanding.
About Armata Pharmaceuticals, Inc.
Armata is a 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 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; 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. Condensed Consolidated Balance Sheets (in thousands) (unaudited) | |||||||
June 30, 2025 | December 31, 2024 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 4,328 | $ | 9,291 | |||
Prepaid expenses and other current assets | 1,024 | 1,273 | |||||
Other receivables | 2,168 | 744 | |||||
Total current assets | 7,520 | 11,308 | |||||
Property and equipment, net | 12,657 | 13,241 | |||||
Operating lease right-of-use asset | 40,504 | 41,687 | |||||
Intangible assets, net | 13,746 | 13,746 | |||||
Other long term assets | 6,363 | 6,455 | |||||
Total assets | $ | 80,790 | $ | 86,437 | |||
Liabilities and stockholders' deficit | |||||||
Accounts payable, accrued and other current liabilities | 7,749 | 9,295 | |||||
Convertible Loan, current | 33,445 | — | |||||
Term debt, current | 78,891 | 38,954 | |||||
Total current liabilities | $ | 120,085 | $ | 48,249 | |||
Convertible Loan, non-current | — | 32,897 | |||||
Term debt, non-current | — | 22,539 | |||||
Operating lease liabilities, net of current portion | 27,131 | 27,694 | |||||
Deferred tax liability | 3,077 | 3,077 | |||||
Total liabilities | 150,293 | 134,456 | |||||
Stockholders' deficit | (69,503) | (48,019) | |||||
Total liabilities and stockholders' deficit | $ | 80,790 | $ | 86,437 | |||
Armata Pharmaceuticals, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (unaudited) | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Grant and award revenue | $ | 2,169 | $ | — | $ | 2,660 | $ | 966 | ||||
Operating expenses | ||||||||||||
Research and development | 6,394 | 8,475 | 11,823 | 16,491 | ||||||||
General and administrative | 2,619 | 3,439 | 5,872 | 6,617 | ||||||||
Total operating expenses | 9,013 | 11,914 | 17,695 | 23,108 | ||||||||
Operating loss | (6,844) | (11,914) | (15,035) | (22,142) | ||||||||
Other income (expense) | ||||||||||||
Interest income | 108 | 221 | 167 | 273 | ||||||||
Interest expense | (3,808) | (2,718) | (7,410) | (4,538) | ||||||||
Change in fair value of the Convertible Loan | (5,751) | 23,397 | (548) | 10,372 | ||||||||
Total other income (expense), net | (9,451) | 20,900 | (7,791) | 6,107 | ||||||||
Net income (loss) | $ | (16,295) | $ | 8,986 | $ | (22,826) | $ | (16,035) | ||||
Per share information: | ||||||||||||
Net income (loss) per share, basic | $ | (0.45) | $ | 0.25 | $ | (0.63) | $ | (0.44) | ||||
Weighted average shares outstanding, basic | 36,193,479 | 36,154,521 | 36,189,165 | 36,139,873 | ||||||||
Net loss per share, diluted | $ | (0.45) | $ | (0.25) | $ | (0.63) | $ | (0.45) | ||||
Weighted average shares outstanding, diluted | 36,193,479 | 58,246,626 | 36,189,165 | 58,231,978 | ||||||||
Armata Pharmaceuticals, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) | |||||||
Six Months Ended June 30, | |||||||
2025 | 2024 | ||||||
Operating activities: | |||||||
Net loss | $ | (22,826) | $ | (16,035) | |||
Adjustments required to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation and amortization expense | 743 | 632 | |||||
Stock-based compensation expense | 1,356 | 1,869 | |||||
Change in fair value of the Convertible Loan | 548 | (10,372) | |||||
Non-cash interest expense | 7,398 | 4,538 | |||||
Change in right-of-use asset | 1,183 | 960 | |||||
Changes in operating assets and liabilities | (3,193) | (2,353) | |||||
Net cash used in operating activities | (14,791) | (20,761) | |||||
Investing activities: | |||||||
Purchases of property and equipment | (248) | (1,616) | |||||
Net cash used in investing activities | (248) | (1,616) | |||||
Financing activities: | |||||||
Proceeds from issuance of term debt, net of issuance costs | 10,000 | 34,889 | |||||
Payments for taxes related to net share settlement of equity awards | (14) | — | |||||
Proceeds from exercise of stock options | — | 130 | |||||
Net cash provided by financing activities | 9,986 | 35,019 | |||||
Net increase in cash, cash equivalents and restricted cash | (5,053) | 12,642 | |||||
Cash, cash equivalents and restricted cash, beginning of period | 14,771 | 19,243 | |||||
Cash, cash equivalents and restricted cash, end of period | $ | 9,718 | $ | 31,885 | |||
Six Months Ended June 30, | |||||||
2025 | 2024 | ||||||
Cash and cash equivalents | $ | 4,328 | $ | 26,405 | |||
Restricted cash | 5,390 | 5,480 | |||||
Cash, cash equivalents and restricted cash | $ | 9,718 | $ | 31,885 | |||
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SOURCE Armata Pharmaceuticals, Inc.
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