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Armata Pharmaceuticals reported a sharp deterioration in results for the quarter and year ended December 31, 2025. Fourth-quarter grant revenue was $1.1 million, while research and development expenses fell to $6.1 million and general and administrative expenses were $3.4 million. The company recorded a $5.4 million impairment on vacated office and R&D space, contributing to a fourth-quarter operating loss of $13.8 million.
For full-year 2025, Armata posted a net loss of $173.8 million, compared with a $18.9 million net loss in 2024, driven largely by a $121.0 million non-cash loss from changes in fair value of a convertible loan and higher interest expense. Total liabilities rose to $295.5 million, resulting in a stockholders’ deficit of $218.6 million. Cash, cash equivalents and restricted cash were $14.1 million at year-end. In January 2026, Armata extended the maturity of multiple credit agreements to June 1, 2027 and lengthened warrant expirations. Its audited 2025 financial statements include an explanatory going concern paragraph. As of March 18, 2026, Armata had 36.6 million common shares outstanding.
Armata Pharmaceuticals reported that it will delay announcing its fourth quarter and full-year 2025 financial results, while still expecting to file its Form 10-K on or before March 31, 2026. At the same time, the company highlighted an End-of-Phase 2 meeting with the FDA that aligned on a development plan for AP-SA02 in complicated Staphylococcus aureus bacteremia.
Armata plans to initiate a rigorously designed Phase 3 superiority study of AP-SA02 later in 2026 and has received Qualified Infectious Disease Product (QIDP) designation from the FDA for this program. The company also acknowledged ongoing support from Innoviva and the U.S. Department of Defense for its bacteriophage therapy pipeline.
Armata Pharmaceuticals, Inc. Chief Business Officer Pierre Kyme reported a small tax-related share disposition on common stock. On March 14, 2026, 1,030 shares were withheld at $10.54 per share to satisfy income tax and withholding obligations tied to restricted stock unit settlement. Following this transaction, Kyme directly holds 9,461 common shares.
Armata Pharmaceuticals’ CEO Deborah Birx reported a routine tax-withholding transaction involving company stock. On this Form 4, 4,919 shares of common stock were withheld by the company at $10.54 per share to cover income-tax obligations tied to the net settlement of restricted stock units. This was a tax-withholding disposition, not an open-market sale, and left Birx with direct ownership of 212,458 common shares.
Armata Pharmaceuticals director Robin Kramer received a grant of stock options, giving the right to buy 25,640 shares of common stock at an exercise price of $11.61 per share. These options vest in full on March 9, 2027, subject to continuous service, and expire on March 9, 2036. Following this grant, Kramer holds 25,640 stock options directly.
Armata Pharmaceuticals’ Chief Business Officer receives new stock option grant. On March 9, 2026, Pierre Kyme was granted stock options covering 183,142 shares of Armata Pharmaceuticals common stock at an exercise price of $11.6100 per share, expiring on March 9, 2036.
These options were awarded as a compensation grant and are held directly. According to the terms, 25% of the options vest on March 9 of each of 2027, 2028, 2029, and 2030, assuming continuous service through each vesting date. No open‑market purchases or sales were reported in this filing.
Armata Pharmaceuticals, Inc. reported that SVP, Finance, and Principal Financial Officer David Duane House received a grant of stock options to acquire 109,885 shares of Common Stock at an exercise price of $11.61 per share. These options were granted at no upfront cost and expire on March 9, 2036. According to the vesting terms, 25% of the options will vest on March 9 of each of 2027, 2028, 2029, and 2030, subject to his continuous service through each vesting date. Following this grant, he holds 109,885 stock options directly.
Armata Pharmaceuticals director Patti Joseph M received a grant of stock options representing rights to acquire 25,640 shares of common stock. The options have an exercise price of $11.61 per share and expire on March 9, 2036. According to the terms, the options will vest in full on March 9, 2027, provided she remains in continuous service through that date. Following this grant, she holds 25,640 stock options directly.
Armata Pharmaceuticals director Todd C. Peterson received a new stock option grant. On March 9, 2026, he was awarded options to purchase 25,640 shares of common stock at an exercise price of $11.6100 per share, expiring on March 9, 2036.
The options were granted as a compensation award and increased his directly held option position to 25,640 derivative securities. According to the terms, the award will vest in full on March 9, 2027, provided he remains in continuous service through that vesting date.
Armata Pharmaceuticals director Odysseas D. Kostas received a new stock option grant as equity compensation. On March 9, 2026, he was granted options covering 25,640 shares of Common Stock at an exercise price of $11.61 per share. The options have no cash cost at grant and expire on March 9, 2036. According to the disclosure, the entire grant will vest on March 9, 2027, provided he remains in continuous service through that date, and he now holds 25,640 options following this award.