[SCHEDULE 13D/A] Armata Pharmaceuticals, Inc. SEC Filing

Rhea-AI Filing Summary

Innoviva and its wholly owned affiliate report that, following transactions described in this Amendment No. 13 to Schedule 13D, the Reporting Persons collectively hold beneficial ownership of 55,467,459 shares of Armata Pharmaceuticals, Inc., representing approximately 83.3% of the issuer's common stock on a fully counted basis. The filing discloses that Innoviva Strategic Opportunities LLC acquired secured debt of the company under an August 11, 2025 credit agreement that provided Armata with a $15,000,000 term loan.

The August 2025 Credit Agreement carries a 14.00% per annum interest rate and matures on January 11, 2029, and is expressly non-convertible. The Reporting Persons continue to hold existing common shares, warrants to acquire 10,653,847 additional shares, and rights to acquire 19,736,843 shares upon conversion of a convertible loan (excluding accrued interest). Except as amended here, prior Schedule 13D disclosures remain in effect.

Positive

• Reporting Persons beneficially own 55,467,459 shares, representing approximately 83.3% of outstanding common stock, establishing a clear majority economic stake.
• Innoviva Sub provided a secured $15,000,000 term loan to Armata under the August 2025 Credit Agreement, supplying liquidity to the issuer.

Negative

• The credit facility carries a 14.00% per annum interest rate, representing a relatively high cost of borrowing for the issuer.
• Reporting Persons' 83.3% beneficial ownership results in concentrated ownership, materially reducing the public float and limiting minority voting power.

Insights

Financial Analyst

TL;DR: Innoviva now holds a dominant economic and creditor position in Armata, supplying $15M liquidity under a secured loan.

The combined beneficial ownership of 55,467,459 shares (≈83.3%), together with warrants and a convertible-loan position, represents a controlling economic stake. The $15,000,000 secured term loan at 14.00% interest provides near-term liquidity to the issuer while establishing Innoviva Sub as a secured creditor until the January 11, 2029 maturity. For capital structure analysis, these items materially change Armata's equity float, creditor mix and potential governance dynamics; they are clearly material to valuation and liquidity assessments.

Corporate Governance Expert

TL;DR: Concentrated ownership and related-party lending are material governance events that raise oversight and minority-interest considerations.

Reporting Persons' beneficial ownership of 83.3% is a significant governance development because it effectively consolidates voting control. The August 2025 Credit Agreement is a related-party secured loan at a 14.00% rate that is non-convertible, which changes creditor relationships without immediate dilution. Both facts are material to board dynamics and minority shareholder influence as presented in this filing.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 13)

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)

08/11/2025

(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).

SCHEDULE 13D

CUSIP No. 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)

83.3 %

14

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person:

(1) Includes 8,710,800 shares of Common Stock owned by the Reporting Persons. (2) 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. (3) See Item 5. (4) Based on 36,229,842 shares of Common Stock outstanding as of August 6, 2025, as set forth on the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2025, 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 shares of Common Stock issuable upon exercise of the warrants to purchase Common Stock beneficially owned by the Reporting Persons.

SCHEDULE 13D

CUSIP No. 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 0.00
8	Shared Voting Power 46,756,659.00
9	Sole Dispositive Power 0.00
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)

70 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) 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. (2) See Item 5. (3) Based on 36,229,842 shares of Common Stock outstanding as of August 6, 2025, as set forth on the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2025, 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 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. 13 to Schedule 13D ("Amendment No. 13") 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 (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 August 2025 Credit Agreement (as defined below). Except as specifically amended and supplemented by this Amendment No. 13, 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 August 11, 2025, the Issuer entered into, as borrower, a credit and security agreement (the "August 2025 Credit Agreement") with Innoviva Sub, as lender, pursuant to which the Issuer borrowed from Innoviva Sub $15,000,000 on terms and conditions similar to those set forth in the credit and security agreement between the parties dated as of March 12, 2025 (as amended, the "March 2025 Credit Agreement"). On the date of this Amendment No. 13, 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 this filing of Amendment No. 13, the Reporting Persons collectively may be deemed to have beneficial ownership of 55,467,459 shares of Common Stock, representing approximately 83.3% of the outstanding shares of Common Stock of the Issuer as of the date of this Amendment No. 13 to Schedule 13D, based on 36,229,842 shares of Common Stock outstanding as of August 6, 2025, as set forth on the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2025, 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 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 August 11, 2025, the Issuer and Innoviva Sub entered into the August 2025 Credit Agreement, which provides for a secured term loan facility in an aggregate amount of $15,000,000 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 descriptions of the terms of the March 2025 Credit Agreement and the August 2025 Credit Agreement do not purport to be complete and are qualified in their entirety by the full texts of such agreements, copies of which are filed as Exhibit 10.1 to the Issuer's Current Report on Form 8-K filed with the SEC on March 12, 2025 and Exhibit 10.5 to the Issuer's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2025, respectively.

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:	08/12/2025

Innoviva Strategic Opportunities LLC

Signature:	/s/ Pavel Raifeld
Name/Title:	Pavel Raifeld, Chief Executive Officer
Date:	08/12/2025

FAQ

How much of ARMP does Innoviva beneficially own?

The Reporting Persons beneficially own 55,467,459 shares, representing approximately 83.3% of Armata's common stock as reported.

What financing did Innoviva provide to Armata (ARMP)?

Innoviva Strategic Opportunities LLC provided a secured term loan of $15,000,000 under the August 2025 Credit Agreement.

What are the key economic terms of the August 2025 Credit Agreement?

The loan bears interest at 14.00% per annum, is secured, has a maturity date of January 11, 2029, and is not convertible into equity.

Do Innoviva's holdings include warrants or convertible rights in ARMP?

Yes. The Reporting Persons hold warrants to acquire 10,653,847 shares and rights to acquire 19,736,843 shares upon conversion of a convertible loan (excluding accrued interest).

Does the filing state any share purchases or sales in the last 60 days?

The filing states that, except as set forth in the Schedule 13D (as amended), the Reporting Persons did not acquire or sell any shares or other securities of the Issuer during the last 60 days.