Armata Pharmaceuticals (ARMP) now 82.7% owned by Innoviva after new loan

Rhea-AI Filing Summary

Armata Pharmaceuticals’ major stockholder Innoviva reports beneficial ownership of 55,467,459 shares of common stock, or about 82.7% of the company. This total includes existing shares, warrants and shares issuable from a convertible loan.

As of this amendment, the Innoviva group directly owns 25,076,769 Armata shares, holds warrants for 10,653,847 additional shares, and can acquire 19,736,843 shares upon conversion of a prior convertible loan. The ownership percentage is calculated against 36,695,155 shares outstanding as of April 17, 2026.

The filing also discloses a new secured term loan: on May 12, 2026, Armata borrowed $25,000,000 from Innoviva Strategic Opportunities LLC under a credit agreement bearing 14.00% annual interest and maturing on January 11, 2029. This new debt is secured and is not convertible into Armata securities.

Insights

Equity ownership and credit analyst

Innoviva now effectively controls Armata while extending high‑cost, non-convertible debt.

Innoviva and its subsidiary report beneficial ownership of 55,467,459 Armata shares, or about 82.7% of the common stock when including warrants and a prior convertible loan. This confirms Armata as a controlled company with a single dominant shareholder.

The filing also adds a secured term loan facility: Armata borrows $25,000,000 at a relatively high 14.00% interest rate, maturing on January 11, 2029. The loan is secured and explicitly not convertible into equity, so it increases leverage without immediate dilution.

Together, the large beneficial stake and related-party lending underscore Armata’s dependence on Innoviva for both equity support and financing. Actual impact will hinge on Armata’s ability to service this high-cost debt from future operating performance or other capital sources disclosed in subsequent filings.

Key Figures

Beneficially owned shares: 55,467,459 shares Ownership percentage: 82.7% Common shares owned: 25,076,769 shares +5 more

8 metrics

Beneficially owned shares 55,467,459 shares Innoviva group beneficial ownership as of Amendment No. 15

Ownership percentage 82.7% Percent of Armata common stock on a fully diluted basis

Common shares owned 25,076,769 shares Armata common stock held by Innoviva group on filing date

Warrants 10,653,847 shares Armata shares issuable upon exercise of Innoviva-held warrants

Convertible loan shares 19,736,843 shares Armata shares issuable upon conversion of a convertible loan

Shares outstanding 36,695,155 shares Armata common stock outstanding as of April 17, 2026

Secured term loan size $25,000,000 Principal under May 2026 Credit Agreement with Innoviva subsidiary

Loan interest rate and maturity 14.00% to January 11, 2029 Key terms of secured term loan to Armata

Key Terms

beneficial ownership, Schedule 13D, secured term loan facility, convertible loan, +1 more

5 terms

beneficial ownership financial

"may be deemed to have beneficial ownership of 55,467,459 shares of Common Stock"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Schedule 13D regulatory

"initial Statement of Beneficial Ownership on , as filed with the U.S. Securities and Exchange Commission"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

secured term loan facility financial

"provides for a secured term loan facility in an aggregate amount of $25,000,000"

A secured term loan facility is a lump-sum loan a company borrows for a set period and repays on a fixed schedule, backed by specific assets (collateral) that lenders can claim if the borrower defaults. Investors care because it increases a company’s debt obligations and gives those lenders priority over shareholders and other creditors for repayment, affecting the company’s financial risk, cash flow flexibility, and potential returns.

convertible loan financial

"shares of Common Stock issuable upon the conversion of a certain convertible loan held by the Reporting Persons"

A convertible loan is money lent to a company that can later be changed into shares instead of being repaid in cash. For investors it combines the safety of a loan—priority for repayment if things go wrong—with the potential upside of owning part of the company if its value rises; think of it as lending money that can be swapped for a slice of the company pie under pre-agreed terms. It matters because it affects returns and how much ownership existing shareholders will have.

warrants financial

"shares of Common Stock issuable upon exercise of the warrants to purchase Common Stock beneficially owned by the Reporting Persons"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 15)

Armata Pharmaceuticals, Inc.

(Name of Issuer)

Common Stock, $0.01 par value

(Title of Class of Securities)

04216R102

(CUSIP Number)

Innoviva, Inc.
1350 Old Bayshore Highway Suite 400,
Burlingame, CA, 94010
877-202-1097

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

05/12/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 04216R102

1

Name of reporting person

Innoviva, Inc.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 8,710,800.00
8	Shared Voting Power 46,756,659.00
9	Sole Dispositive Power 8,710,800.00
10	Shared Dispositive Power 46,756,659.00

11

Aggregate amount beneficially owned by each reporting person

55,467,459.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

82.7 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

Note to row 7: Includes 8,710,800 shares of Common Stock owned by the Reporting Persons. Note to row 8: Includes 16,365,969 shares of Common Stock owned by the Reporting Persons, 10,653,847 shares of Common Stock issuable upon exercise of the warrants to purchase Common Stock beneficially owned by the Reporting Persons, and 19,736,843 shares of Common Stock issuable upon the conversion of a certain convertible loan held by the Reporting Persons (excluding any accrued interest) beneficially owned by the Reporting Persons. Note to row 11: See Item 5. Note to row 13: Based on 36,695,155 shares of Common Stock outstanding as of April 17, 2026, as set forth on the Issuer's Proxy Statement pursuant to Schedule 14A filed with the SEC on April 27, 2026, plus 19,736,843 shares of Common Stock issuable upon the conversion of a certain convertible loan held by the Reporting Persons, excluding any accrued interest, and 10,653,847 shares of Common Stock issuable upon exercise of the warrants to purchase Common Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP Number(s): 04216R102

1

Name of reporting person

Innoviva Strategic Opportunities LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 16,365,969.00
8	Shared Voting Power 46,756,659.00
9	Sole Dispositive Power 16,365,969.00
10	Shared Dispositive Power 46,756,659.00

11

Aggregate amount beneficially owned by each reporting person

46,756,659.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

69.7 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

Note to row 8: Includes 16,365,969 shares of Common Stock owned by the Reporting Persons, 10,653,847 shares of Common Stock issuable upon exercise of the warrants to purchase Common Stock beneficially owned by the Reporting Persons, and 19,736,843 shares of Common Stock issuable upon the conversion of a certain convertible loan held by the Reporting Persons (excluding any accrued interest) beneficially owned by the Reporting Persons. Note to row 11: See Item 5. Note to row 13: Based on 36,695,155 shares of Common Stock outstanding as of April 17, 2026, as set forth on the Issuer's Proxy Statement pursuant to Schedule 14A filed with the SEC on April 27, 2026, plus 19,736,843 shares of Common Stock issuable upon the conversion of a certain convertible loan held by the Reporting Persons, excluding any accrued interest, and 10,653,847 shares of Common Stock issuable upon exercise of the warrants to purchase Common Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.01 par value
(b)	Name of Issuer: Armata Pharmaceuticals, Inc.
(c)	Address of Issuer's Principal Executive Offices: 5005 MCCONNELL AVE, LOS ANGELES, CALIFORNIA , 90066.
Item 1 Comment: This Amendment No. 15 to Schedule 13D ("Amendment No. 15") amends and supplements the initial Statement of Beneficial Ownership on Schedule 13D, as filed with the U.S. Securities and Exchange Commission (the "SEC") by Innoviva, Inc. ("Innoviva") on February 14, 2020, as amended and supplemented by Amendment No. 1 filed with the SEC on March 31, 2020 by Innoviva, as further amended and supplemented by Amendment No. 2 filed with the SEC on January 26, 2021 by Innoviva and Innoviva Strategic Opportunities LLC, a wholly-owned subsidiary of Innoviva ("Innoviva Sub"), as further amended and supplemented by Amendment No. 3 filed with the SEC on March 17, 2021 by Innoviva and Innoviva Sub, as further amended and supplemented by Amendment No. 4 filed with the SEC on April 1, 2021 by Innoviva and Innoviva Sub, as further amended and supplemented by Amendment No. 5 filed with the SEC on November 1, 2021 by Innoviva and Innoviva Sub, as further amended and supplemented by Amendment No. 6 filed with the SEC on February 11, 2022 by Innoviva and Innoviva Sub, as further amended and supplemented by Amendment No. 7 filed with the SEC on April 1, 2022, as further amended and supplemented by Amendment No. 8 filed with the SEC on January 10, 2023, as further amended and supplemented by Amendment No. 9 filed with the SEC on July 11, 2023, as further amended and supplemented by Amendment No. 10 filed with the SEC on March 4, 2024, as further amended and supplemented by Amendment No. 11 filed with the SEC on November 14, 2024, as further amended and supplemented by Amendment No. 12 filed with the SEC on March 12, 2025, as further amended and supplemented by Amendment No. 13 filed with the SEC on August 12, 2025, as further amended and supplemented by Amendment No. 14 filed with the SEC on January 23, 2026 (the "Schedule 13D"), with respect to shares of common stock, $0.01 par value per share ("Common Stock") of Armata Pharmaceuticals, Inc., a Washington corporation (the "Issuer"), warrants to acquire additional shares of Common Stock of the Issuer ("Warrants"), and secured convertible debt convertible into Common Stock of the Issuer. Innoviva and Innoviva Sub (collectively, the "Reporting Persons") are filing this amendment to reflect the acquisition by Innoviva Sub of secured debt of the Issuer pursuant to the May 2026 Credit Agreement (as defined below). Except as specifically amended and supplemented by this Amendment No. 15, the Schedule 13D (as amended) remains in full force and effect.
Item 4.	Purpose of Transaction
	Item 4 in Schedule 13D is hereby supplemented as follows: On May 12, 2026, the Issuer entered into, as borrower, a credit and security agreement (the "May 2026 Credit Agreement") with Innoviva Sub, as lender, pursuant to which the Issuer borrowed from Innoviva Sub $25,000,000. On the date of this Amendment No. 15, the Reporting Persons collectively own 25,076,769 shares of Common Stock of the Issuer, warrants to acquire an additional 10,653,847 shares of Common Stock of the Issuer, and the right to acquire an additional 19,736,843 shares of Common Stock of the Issuer upon conversion of the convertible loan (excluding any accrued interest).
Item 5.	Interest in Securities of the Issuer
(a)	Item 5 in Schedule 13D is hereby supplemented as follows: As of the date of filing of this Amendment No. 15, the Reporting Persons collectively may be deemed to have beneficial ownership of 55,467,459 shares of Common Stock, representing approximately 82.7% of the outstanding shares of Common Stock of the Issuer as of the date of this Amendment No. 15 to Schedule 13D, based on 36,695,155 shares of Common Stock outstanding as of April 27, 2026, as set forth on the Issuer's Proxy Statement pursuant to Schedule 14A filed with the SEC on April 27, 2026, plus 19,736,843 shares of Common Stock issuable upon the conversion of a certain convertible loan held by the Reporting Persons (excluding any accrued interest) and 10,653,847 shares of Common Stock issuable upon exercise of the warrants to purchase Common Stock beneficially owned by the Reporting Persons. Except as set forth in this Schedule 13D (as amended), the Reporting Persons did not acquire or sell any shares of Common Stock or other securities of the Issuer during the last 60 days.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	Item 6 in Schedule 13D is hereby supplemented as follows: On May 12, 2026, the Issuer and Innoviva Sub entered into the May 2026 Credit Agreement, which provides for a secured term loan facility in an aggregate amount of $25,000,000 at an interest rate of 14.00% per annum, and a maturity date of January 11, 2029, and which is not convertible into securities of the Issuer or into any other securities. The foregoing description of the terms of the May 2026 Credit Agreement does not purport to be complete and is qualified in its entirety by the full text of the agreement, a copy of which is filed as Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed with the SEC on May 12, 2026.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Innoviva, Inc.

Signature:	/s/ Pavel Raifeld
Name/Title:	Pavel Raifeld, Chief Executive Officer
Date:	05/13/2026

Innoviva Strategic Opportunities LLC

Signature:	/s/ Pavel Raifeld
Name/Title:	Pavel Raifeld, Chief Executive Officer
Date:	05/13/2026