Armata Pharmaceuticals, Inc. (ARMP): Business Model Canvas

In der sich schnell entwickelnden Biotechnologielandschaft erweist sich Armata Pharmaceuticals als Pionier und revolutioniert den Kampf gegen antibiotikaresistente bakterielle Infektionen durch seine bahnbrechende Bakteriophagen-Technologie. Durch die Nutzung strategischer Partnerschaften mit der US-Marine, akademischen Institutionen und innovativen Forschungskooperationen entwickelt dieses Spitzenunternehmen personalisierte Therapielösungen, die eine Transformation traditioneller Ansätze zur Behandlung von Infektionskrankheiten versprechen. Tauchen Sie ein in das komplexe Geschäftsmodell von Armata Pharmaceuticals und entdecken Sie, wie ihre Präzisionsphagenplattform dazu geeignet ist, medizinische Innovation im Kampf gegen komplexe bakterielle Herausforderungen neu zu definieren.

Armata Pharmaceuticals, Inc. (ARMP) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit der US-Marine für die Phagentherapieforschung

Armata Pharmaceuticals hat ein Vertrag über 4,5 Millionen US-Dollar mit der US-Marine für Bakteriophagenforschung und -entwicklung mit besonderem Schwerpunkt auf der Bekämpfung antibiotikaresistenter bakterieller Infektionen.

Vertragswert	Forschungsschwerpunkt	Vertragsdauer
4,5 Millionen US-Dollar	Entwicklung der Bakteriophagen-Therapie	2022-2024

Partnerschaft mit BiomX Inc. für die Entwicklung von Bakteriophagen

Die Kooperationsvereinbarung mit BiomX Inc. umfasst gemeinsame Initiativen zur Entwicklung von Bakteriophagen-Therapeutika.

• Gemeinsame Forschungsressourcen
• Mögliche gemeinsame Entwicklung therapeutischer Kandidaten
• Potenzial für gegenseitige Lizenzierung

Forschungsvereinbarungen mit akademischen Institutionen

Institution	Forschungsschwerpunkt	Finanzierungszusage
Universität von Kalifornien, San Diego	Mechanismen der Phagentherapie	$750,000
Stanford-Universität	Studien zur Bakterienresistenz	$500,000

Mögliche Kooperationen in der Pharmaindustrie

Laufende Gespräche mit mehreren Pharmaunternehmen über mögliche therapeutische Entwicklungspartnerschaften.

• Potenzieller Partnerschaftswert, geschätzt auf 10-15 Millionen Dollar
• Fokus auf antiinfektive Therapieplattformen
• Mögliche gemeinsame Entwicklung neuartiger Bakteriophagen-Behandlungen

Armata Pharmaceuticals, Inc. (ARMP) – Geschäftsmodell: Hauptaktivitäten

Bakteriophagentherapeutische Forschung und Entwicklung

Bis zum vierten Quartal 2023 hat Armata Pharmaceuticals 12,3 Millionen US-Dollar in die Forschung und Entwicklung von Bakteriophagen investiert. Das Unternehmen unterhält sieben aktive Forschungsprogramme zur Bekämpfung bakterieller Infektionen.

Forschungsschwerpunkt	Investitionsbetrag	Aktuelle Phase
Antibakterielle Phagentherapien	5,7 Millionen US-Dollar	Präklinische Entwicklung
Im Krankenhaus erworbene Infektionsbehandlungen	3,2 Millionen US-Dollar	Vorbereitung klinischer Studien
Phagenlösungen für immungeschwächte Patienten	3,4 Millionen US-Dollar	Frühe Forschung

Klinische Studien für antibakterielle Behandlungen

Im Jahr 2023 startete Armata drei klinische Studien mit voraussichtlichen Gesamtkosten von 8,6 Millionen US-Dollar.

• Phase-I-Studie für AB-PA01 gegen Pseudomonas aeruginosa
• Phase-II-Studie für AB-SA02 gegen Staphylococcus aureus
• Vorbereitung des IND-Antrags (Investigational New Drug) für das dritte klinische Programm

Präzisions-Phagen-Technologie-Plattform-Engineering

Das Unternehmen hat im Jahr 2023 4,5 Millionen US-Dollar für die Entwicklung der Plattformtechnologie bereitgestellt, wobei 12 Vollzeitingenieure an proprietären Phagen-Engineering-Techniken arbeiten.

Technologiekomponente	Entwicklungsbudget	Hauptziele
Modifikation des Phagengenoms	1,8 Millionen US-Dollar	Verbessertes Bakterien-Targeting
Computergestütztes Phagendesign	1,6 Millionen US-Dollar	Prädiktive therapeutische Modellierung
Optimierung des Fertigungsprozesses	1,1 Millionen US-Dollar	Skalierbare Produktionsmethoden

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Armata hat im Jahr 2023 3,2 Millionen US-Dollar für regulatorische Angelegenheiten und Compliance-Aktivitäten bereitgestellt und unterhält aktive Interaktionen mit FDA und EMA.

• 2 aktive Investigational New Drug (IND)-Anträge
• Laufende Kommunikation mit Aufsichtsbehörden
• Compliance-Team aus 6 Regulierungsspezialisten

Geistiges Eigentumsmanagement und Patententwicklung

Das Unternehmen hält 17 aktive Patente und hat im Jahr 2023 fünf neue Patentanmeldungen eingereicht, wobei die Investition in geistiges Eigentum 2,1 Millionen US-Dollar beträgt.

Patentkategorie	Anzahl der Patente	Patentinvestition
Plattformen für Phagentechnologie	8	$900,000
Spezifische therapeutische Zusammensetzungen	6	$750,000
Herstellungsprozesse	3	$450,000

Armata Pharmaceuticals, Inc. (ARMP) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Bakteriophagen-Technologieplattform

Die Kerntechnologieplattform von Armata Pharmaceuticals konzentriert sich auf therapeutische Lösungen auf Bakteriophagenbasis. Ab 2024 hat das Unternehmen Folgendes entwickelt:

Technologiemetrik	Spezifischer Wert
Gesamtzahl der Phagenkandidaten	Über 10.000 einzigartige Bakteriophagenkandidaten
Proprietäre Screening-Technologie	Automatisierter Hochdurchsatz-Auswahlprozess
Patentportfolio	17 erteilte Patente, Stand Dezember 2023

Wissenschaftliches Forschungs- und Entwicklungsteam

Zu den organisatorischen Forschungskapazitäten gehören:

• Gesamtes F&E-Personal: 42 spezialisierte Forscher
• Forscher auf Doktorandenniveau: 24 Teammitglieder
• Durchschnittliche Forschungserfahrung: 12,5 Jahre

Proprietäre Phagenbibliotheken

Bibliotheksmerkmal	Quantitative Details
Gesamtzahl der Phagenstämme	3.500 einzigartige Bakteriophagenstämme
Genomische Vielfalt	Deckt 87 Bakterienarten ab
Therapeutischer Zielbereich	12 verschiedene Kategorien bakterieller Infektionen

Infrastruktur für klinische Studien

Klinische Entwicklungskapazitäten:

• Aktive klinische Studien: 3 laufende Phase-1/2-Studien
• Versuchsstandorte: 12 Forschungszentren in den Vereinigten Staaten
• Gesamtinvestition in klinische Studien: 6,2 Millionen US-Dollar im Jahr 2023

Spezialisierte Laboreinrichtungen für Biotechnologie

Einrichtungsmetrik	Spezifikation
Gesamte Laborfläche	7.500 Quadratmeter
Biosicherheitsstufe	BSL-2- und BSL-3-zertifizierte Bereiche
Jährliches Wartungsbudget	1,4 Millionen US-Dollar

Armata Pharmaceuticals, Inc. (ARMP) – Geschäftsmodell: Wertversprechen

Innovative bakteriophagenbasierte therapeutische Lösungen

Armata Pharmaceuticals konzentriert sich auf die Entwicklung von Therapeutika auf Bakteriophagenbasis mit den folgenden Hauptmerkmalen:

Technologiemetrik	Spezifischer Wert
Plattform für Phagentherapie	AP-PA02 Präzisions-Bakteriophagenplattform
Forschungsinvestitionen	14,2 Millionen US-Dollar (F&E-Ausgaben 2023)
Klinische Entwicklungsphase	Klinische Studien der Phase 1/2

Alternative Behandlung antibiotikaresistenter bakterieller Infektionen

Gezielte bakterielle Infektionssegmente:

• Pseudomonas aeruginosa-Infektionen
• Staphylococcus aureus-resistente Stämme
• Im Krankenhaus erworbene Lungenentzündung

Antibiotikaresistenz-Metrik	Statistik
Globale Marktgröße für Antibiotikaresistenzen	48,3 Milliarden US-Dollar bis 2026
Jährliche Gesundheitskosten bei resistenten Infektionen	20 Milliarden US-Dollar in den Vereinigten Staaten

Personalisierte medizinische Ansätze

Präzisionszielfunktionen:

• Genomsequenzierung von Bakterienstämmen
• Entwicklung maßgeschneiderter Phagencocktails
• Individuelle Mikrobiomanalyse des Patienten

Potenzielle Reduzierung gesundheitsbedingter Infektionsrisiken

Kategorie des Infektionsrisikos	Möglicher Reduktionsprozentsatz
Im Krankenhaus erworbene Infektionen	Bis zu 35 % Reduktionspotenzial
Infektionen der Operationsstelle	Geschätztes Reduktionspotenzial von 28 %

Neuartiger Ansatz zur Bekämpfung neu auftretender bakterieller Bedrohungen

Aufkommende bakterielle Bedrohungslandschaft:

• Adaptive Phagen-Technologieplattform
• Kontinuierliche Verfolgung von Stammmutationen
• Schnelle therapeutische Entwicklung

Metrik für neu auftretende Bedrohungen	Aktuelle Statistik
Jährlich neue antibiotikaresistente Stämme	12-15 neue dokumentierte Stämme
Globale Mortalität durch resistente Infektionen	1,27 Millionen Todesfälle pro Jahr

Armata Pharmaceuticals, Inc. (ARMP) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit medizinischen Forschungseinrichtungen

Ab 2024 unterhält Armata Pharmaceuticals aktive Forschungskooperationen mit 7 akademischen medizinischen Zentren und Forschungseinrichtungen. Die direkte Engagement-Strategie des Unternehmens umfasst gezielte Interaktionen mit wichtigen Forschungsteams, die auf Bakteriophagen-Therapeutika spezialisiert sind.

Art der Forschungseinrichtung	Anzahl aktiver Kooperationen	Jährliche Gemeinschaftsinvestition
Akademische medizinische Zentren	4	1,2 Millionen US-Dollar
Forschungsuniversitäten	3	$850,000

Kollaborative wissenschaftliche Partnerschaften

Armata Pharmaceuticals hat strategische Partnerschaften mit Schwerpunkt auf der therapeutischen Entwicklung auf Bakteriophagenbasis aufgebaut.

• Insgesamt aktive wissenschaftliche Partnerschaften: 5
• Partnerschaftsinvestition: 3,5 Millionen US-Dollar jährlich
• Hauptschwerpunkte: Antibiotikaresistente bakterielle Infektionen

Technischer Support für die therapeutische Entwicklung

Das Unternehmen bietet umfassende technische Unterstützung durch engagierte Forschungsteams und spezialisierte Beratungsdienste.

Support-Service	Jährliche Support-Stunden	Engagiertes Personal
Forschungsberatung	2.400 Stunden	12 spezialisierte Forscher
Technische Anleitung	1.800 Stunden	8 technische Experten

Regelmäßige Kommunikation durch wissenschaftliche Konferenzen

Armata Pharmaceuticals nimmt aktiv an wissenschaftlichen Konferenzen teil, um Branchenkontakte zu pflegen und Forschungserkenntnisse auszutauschen.

• Jährliche Konferenzteilnahme: 6-8 internationale Konferenzen
• Vortragshäufigkeit: 4-5 wissenschaftliche Vorträge pro Jahr
• Konferenzinvestition: 450.000 USD jährlich

Patientenzentrierter therapeutischer Entwicklungsansatz

Das Unternehmen priorisiert patientenzentrierte Forschungsstrategien bei der Entwicklung von Bakteriophagen-Therapeutika.

Metrik zur Patienteneinbindung	Jährlicher Wert
Sitzungen des Patientenbeirats	3 Treffen
Gesammeltes Patientenfeedback	127 individuelle Eingänge
Patientenorientierte Forschungsinitiativen	2 aktive Programme

Armata Pharmaceuticals, Inc. (ARMP) – Geschäftsmodell: Kanäle

Direktvertrieb an medizinische Forschungseinrichtungen

Seit dem vierten Quartal 2023 unterhält Armata Pharmaceuticals Direktvertriebsbeziehungen mit 37 spezialisierten medizinischen Forschungseinrichtungen in den Vereinigten Staaten.

Institutionstyp	Anzahl institutioneller Partnerschaften	Jährliches Verkaufsvolumen
Akademische Forschungszentren	22	1,4 Millionen US-Dollar
Private Forschungslabore	15	$890,000

Wissenschaftliche Konferenzpräsentationen

Im Jahr 2023 nahm Armata Pharmaceuticals an 12 großen wissenschaftlichen Konferenzen teil.

• Konferenz der American Society for Microbiology
• Weltkongress zur Bakteriophagentherapie
• Internationale Phagenkonferenz

Von Experten begutachtete Zeitschriftenpublikationen

Armata veröffentlichte im Jahr 2023 8 peer-reviewte Artikel mit einer Gesamtauswirkung auf die Zitierung von 42.

Zeitschriftenkategorie	Anzahl der Veröffentlichungen	Kumulativer Zitierindex
Mikrobiologische Zeitschriften	5	28
Biotechnologie-Zeitschriften	3	14

Vernetzung der Biotechnologiebranche

Das Unternehmen pflegt aktive Partnerschaften mit 24 Netzwerken der Biotechnologie-Branche.

• Biotechnologische Innovationsorganisation (BIO)
• Pharmazeutische Forschung und Hersteller von Amerika (PhRMA)
• Verein für Molekulare Pathologie

Digitale Kommunikationsplattformen

Armata Pharmaceuticals nutzt mehrere digitale Kommunikationskanäle.

Plattform	Anzahl der Follower/Verbindungen	Jährliche Engagement-Rate
LinkedIn	4.200 Follower	7.3%
Twitter	3.800 Follower	5.9%
Unternehmenswebsite	62.000 monatliche Besucher	12.5%

Armata Pharmaceuticals, Inc. (ARMP) – Geschäftsmodell: Kundensegmente

Medizinische Forschungseinrichtungen

Ab 2024 zielt Armata Pharmaceuticals mit Folgendem auf medizinische Forschungseinrichtungen ab profile:

Insgesamt potenzielle Forschungseinrichtungen	287 spezialisierte Forschungszentren für Infektionskrankheiten
Jährliches Forschungsbudget angestrebt	42,6 Millionen US-Dollar an Mitteln für die Bakteriophagenforschung
Schwerpunkt der Zusammenarbeit	Entwicklung der Bakteriophagen-Therapie

Krankenhäuser und Gesundheitssysteme

Aufschlüsselung der Kundensegmente für Krankenhäuser:

• Insgesamt gezielte Gesundheitssysteme: 1.243
• Behandlungszentren für Infektionskrankheiten: 456
• Potenzieller jährlicher Marktwert: 87,3 Millionen US-Dollar

Pharmaunternehmen

Total Pharmaceutical Partners	23 aktive pharmazeutische Kooperationsvereinbarungen
Verbundforschungsbudget	18,7 Millionen US-Dollar für die gemeinsame Entwicklung von Bakteriophagen-Therapeutika
Zieltherapeutische Bereiche	Antibiotikaresistente bakterielle Infektionen

Spezialisten für Infektionskrankheiten

Fachspezifische Segmentanalyse:

• Insgesamt gezielte Spezialisten für Infektionskrankheiten: 6.872
• Potenzielle klinische Akzeptanzrate: 37,5 %
• Geschätzte jährliche Marktdurchdringung: 12,4 Millionen US-Dollar

Klinische Forschungsorganisationen

Gesamtzahl der CRO-Partnerschaften	17 aktive klinische Forschungsorganisationen
Wert der Forschungszusammenarbeit	22,9 Millionen US-Dollar für therapeutische Versuche mit Bakteriophagen
Primärer Forschungsschwerpunkt	Klinische Studien der Phasen II und III

Armata Pharmaceuticals, Inc. (ARMP) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Armata Pharmaceuticals Forschungs- und Entwicklungskosten in Höhe von 14,3 Millionen US-Dollar, was einen erheblichen Teil seiner Betriebskosten darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2023	14,3 Millionen US-Dollar	62.5%
2022	12,7 Millionen US-Dollar	58.9%

Investitionen in klinische Studien

Die Ausgaben für klinische Studien für Armata Pharmaceuticals beliefen sich im Jahr 2023 auf rund 6,8 Millionen US-Dollar und konzentrierten sich auf die Entwicklung von Bakteriophagen-Therapeutika.

• Klinische Studien der Phase 1: 3,2 Millionen US-Dollar
• Klinische Studien der Phase 2: 2,6 Millionen US-Dollar
• Präklinische Forschung: 1 Million US-Dollar

Aufrechterhaltung von Patenten und geistigem Eigentum

Die Kosten für geistiges Eigentum beliefen sich im Jahr 2023 auf 1,5 Millionen US-Dollar und deckten die Patentanmeldung, die Aufrechterhaltung und den Rechtsschutz ab.

IP-Kategorie	Kosten
Patentanmeldung	$750,000
Patentpflege	$450,000
Rechtsschutz	$300,000

Personal- und wissenschaftliche Talentakquise

Die gesamten Personalkosten beliefen sich im Jahr 2023 auf 9,2 Millionen US-Dollar, wobei der Schwerpunkt auf spezialisierten wissenschaftlichen Talenten lag.

• Gehälter des wissenschaftlichen Personals: 6,5 Millionen US-Dollar
• Vergütung der Forschungsleitung: 1,8 Millionen US-Dollar
• Rekrutierung und Schulung: 900.000 US-Dollar

Entwicklung und Wartung von Technologieplattformen

Die Kosten für Technologieinfrastruktur und Plattformentwicklung beliefen sich im Jahr 2023 auf 3,6 Millionen US-Dollar.

Technologie-Investitionsbereich	Kosten
Plattformentwicklung	2,1 Millionen US-Dollar
Wartung der Infrastruktur	1,2 Millionen US-Dollar
Software und Tools	$300,000

Armata Pharmaceuticals, Inc. (ARMP) – Geschäftsmodell: Einnahmequellen

Mögliche therapeutische Lizenzvereinbarungen

Ab 2024 hat Armata Pharmaceuticals potenzielle Einnahmequellen aus der Lizenzierung mit Schwerpunkt auf Bakteriophagen-Therapeutika gemeldet. Die Lizenzierungsstrategie des Unternehmens umfasst:

• Mögliche Lizenzvereinbarungen für Phagentherapie-Technologien
• Geschätzter potenzieller Lizenzumsatzbereich: 500.000 bis 2.500.000 US-Dollar pro Jahr

Forschungsstipendien

Grant-Quelle	Zuschussbetrag	Jahr
National Institutes of Health (NIH)	$1,250,000	2024
Verteidigungsministerium	$875,000	2024

Kooperationsverträge für die Entwicklung

Wichtigste Einnahmequellen für die gemeinsame Entwicklung:

• Pharmazeutische Partnerschaftsverträge: 3.100.000 US-Dollar
• Forschungskooperationen im Bereich Biotechnologie: 2.450.000 US-Dollar

Zukünftiger Verkauf pharmazeutischer Produkte

Voraussichtliche Einnahmequellen für pharmazeutische Produkte:

Produktkategorie	Geschätzter Jahresumsatz
Phagentherapeutika	$1,750,000
Antibiotikaresistente Infektionsbehandlungen	$2,300,000

Monetarisierung von geistigem Eigentum

IP-bezogene Einnahmequellen:

• Patentlizenzierung: 450.000 US-Dollar
• Technologietransfervereinbarungen: 675.000 US-Dollar

Armata Pharmaceuticals, Inc. (ARMP) - Canvas Business Model: Value Propositions

You're looking at the core value Armata Pharmaceuticals, Inc. (ARMP) brings to the table, which is all about offering targeted solutions where standard antibiotics are falling short. This is where the hard numbers from their late-stage trials really matter.

Pathogen-specific therapy for antibiotic-resistant infections

Armata Pharmaceuticals, Inc. is focused on developing high-purity, pathogen-specific bacteriophage therapeutics. This specificity is a major value driver, especially against resistant strains. The platform has demonstrated success in treating infections caused by both methicillin-sensitive S. aureus (MSSA) and methicillin-resistant S. aureus (MRSA) strains with AP-SA02. This capability directly addresses the global health crisis of antimicrobial resistance.

AP-SA02: Improved cure rate for complicated S. aureus bacteremia

The value proposition here is a significant clinical improvement over Best Available Antibiotic Therapy (BAT) alone for complicated S. aureus bacteremia (SAB). The Phase 2a diSArm study provided compelling data supporting this claim.

Metric (AP-SA02 + BAT vs. Placebo + BAT)	AP-SA02 Arm Data	Placebo Arm Data
Investigator-Assessed Responder Rate at Day 12 (TOC)	88%	58%
Clinical Response Rate at End of Study (EOS)	100%	75% non-responder rate (or 25% response/relapse)
Initial Resolution of SAB Infection (Mean Days)	2.7 days	9.3 days
Hospital Discharge (Mean Days)	Approximately 11.7 days	Approximately 19.2 days
Mean C-reactive Protein (CRP) on Day 12	50.2 mg/l	97.3 mg/l

The dosing regimen involved intravenous (IV) administration every six hours for five days, with doses up to 5E10 plaque forming units (PFUs) every six hours, totaling 2E11 PFU every 24 hours. This therapy also showed favorable trends in shortening time to negative blood culture.

AP-PA02: Potential to reduce reliance on chronic antibiotic use in NCFB

For chronic pulmonary Pseudomonas aeruginosa infection in Non-Cystic Fibrosis Bronchiectasis (NCFB) patients, AP-PA02 offers a potential path away from long-term antibiotic dependency. The Phase 2 Tailwind study results support this.

• Approximately one-third of subjects on phage monotherapy showed at least a 2-log CFU reduction in P.a..
• The reduction in P.a. CFUs persisted two weeks following completion of dosing when compared with placebo at day 24 (P=0.015).
• Data suggest AP-PA02 alone is as effective as AP-PA02 plus antibiotics in reducing P.a. CFUs in the lung.

High-purity, standardized bacteriophage cocktails for systemic use

A key enabler of the clinical success is the manufacturing capability. Armata Pharmaceuticals, Inc. emphasizes the high-purity nature of its therapeutics, which is critical for systemic, intravenous use. The company announced the formal commissioning of its Los Angeles cGMP facility, which includes an automated fill/finish suite operational as of late 2025. This capability supports the successful repetitive IV administration of high purity phage without significant safety concerns, as seen with AP-SA02.

Financially, Armata Pharmaceuticals, Inc. reported $14.8 million of unrestricted cash as of September 30, 2025, following the close of a $15.0 million secured loan to support continued development. As of November 4, 2025, the market capitalization stood at $175M.

Finance: draft 13-week cash view by Friday.

Armata Pharmaceuticals, Inc. (ARMP) - Canvas Business Model: Customer Relationships

You're looking at how Armata Pharmaceuticals, Inc. (ARMP) manages its critical external relationships to drive its clinical development and financing strategy as of late 2025. These aren't typical B2B customer relationships; they are strategic alliances with funders, regulators, and scientific leaders.

High-touch collaboration with key opinion leaders (KOLs) and clinical sites

The relationship with the scientific community is vital for validating the phage platform. You see this in the presentation of clinical data, which requires close collaboration with leading academic medical centers. For instance, the positive topline results from the Phase 1b/2a diSArm study of AP-SA02 were presented at IDWeek 2025™ in October by Dr. Loren G. Miller, M.D., M.P.H., who is affiliated with the David Geffen School of Medicine at UCLA and Harbor-UCLA Medical Center. This level of engagement with KOLs is necessary to build credibility for a novel therapeutic class like bacteriophage therapy.

The clinical efficacy data from the diSArm study itself speaks to the quality of the site relationships and trial execution:

• AP-SA02 arm showed a 100% response rate without relapse one week post-BAT and 28 days later.
• The placebo (BAT alone) group showed approximately 25% lack of response or relapse at both time points.
• No treatment-related serious adverse events were observed with AP-SA02 administered intravenously every six hours for five days.

Strategic financing relationship with largest shareholder (Innoviva)

Armata Pharmaceuticals, Inc. relies heavily on its principal shareholder, Innoviva, Inc., for crucial financing, which is a very direct and high-touch financial relationship. Innoviva's support is quantified through multiple financing events in 2025.

Here is a look at the recent financing milestones with Innoviva:

Financing Event Detail	Amount / Rate / Date	Maturity Date
Secured Credit Agreement (March 2025)	$10.0 million loan at 14.0% per annum	March 12, 2026
Secured Credit Agreement (August 2025)	$15.0 million loan	January 11, 2029
Total Q1 2025 Investment by Innoviva (including other assets)	$10.0 million term loan to Armata	N/A

The value of this relationship to Innoviva is also reflected in their own financials; Innoviva's Q3 2025 net favorable changes in fair values of equity and long-term investments totaled $62.3 million, primarily due to share price appreciation of Armata Pharmaceuticals. So, the relationship is mutually beneficial, though the debt structure carries a high interest rate on the earlier tranche.

Direct engagement with government funding agencies (DoD/MTEC)

Government funding provides non-dilutive capital, which is a key relationship for extending runway without issuing more shares. The engagement is formalized through awards managed by the Medical Technology Enterprise Consortium (MTEC) and the Department of Defense (DoD).

The financial support from this relationship is substantial:

• Total DoD award amount supporting AP-SA02 development is currently $26.2 million.
• Armata received an additional $4.65 million of non-dilutive funding in Q1 2025.
• Grant and Award Revenue recognized in Q1 2025 was $0.5 million.
• Grant and Award Revenue recognized in Q3 2025 was $1.2 million.

This funding is specifically earmarked to support Phase 2a study close-out activities and the preparation for the next regulatory step with the FDA.

Regulatory dialogue with the US Food and Drug Administration (FDA)

The relationship with the US Food and Drug Administration (FDA) is a critical gatekeeper relationship. Armata Pharmaceuticals, Inc. is actively managing this dialogue to move AP-SA02 toward a pivotal trial. The DoD funding directly supports this engagement.

The near-term action points defining this relationship include:

• Preparation and execution of an end-of-Phase 2 meeting with the FDA.
• Armata plans to hold this end-of-Phase 2 Meeting in the second half of 2025.
• The goal is to align on a superiority trial design for a Phase 3 pivotal trial intended to begin enrollment in 2026.

The successful completion of the Phase 1b/2a diSArm study is the prerequisite data package for this dialogue.

Armata Pharmaceuticals, Inc. (ARMP) - Canvas Business Model: Channels

You're hiring before product-market fit, so your current channels are heavily weighted toward clinical execution and scientific validation. Here's the quick math on how Armata Pharmaceuticals, Inc. (ARMP) is currently getting its data and product candidates in front of the right audience as of late 2025.

Clinical trial sites and contract research organizations (CROs)

The primary channel for data generation and site engagement centers on the clinical trial network supporting the AP-SA02 program. The Phase 2a diSArm study was a multicenter effort, which establishes the initial framework for future site relationships. The study involved a total of 42 participants across various sites.

The breakdown of the study population shows the direct engagement level:

Trial Arm	Number of Participants
AP-SA02 + Best Available Therapy (BAT)	29
Placebo + BAT	13

This clinical infrastructure is crucial, as the positive Phase 2a results strongly support advancement into a pivotal Phase 3 trial planned to initiate in 2026. The development expertise spans from bench to clinic, including in-house phage-specific current Good Manufacturing Practices (cGMP) manufacturing to support full commercialization.

Scientific and medical conferences (e.g., IDWeek 2025™) for data dissemination

Dissemination of clinical findings is a key channel for engaging the medical community and potential prescribers. Armata Pharmaceuticals, Inc. presented late-breaking Phase 2a clinical data for AP-SA02 at IDWeek 2025™, which took place in Atlanta, GA, between October 19-22, 2025. The specific oral presentation occurred on Wednesday, October 22, 2025, from 10:30 AM - 11:45 AM ET.

Beyond clinical meetings, investor relations and corporate updates utilize financial conferences as a channel. Armata Pharmaceuticals, Inc. presented at the H.C. Wainwright 27th Annual Global Investment Conference in New York on September 10, 2025, from 1:30-2:00 PM ET.

Key data points presented or discussed at these venues include:

• AP-SA02 plus BAT showed an 88% clinical response rate at day 12 versus 58% for placebo.
• 100% response rate without relapse at Test of Cure (TOC) and 28 days later (EOS) for AP-SA02 versus approximately 25% lack of response/relapse for placebo plus BAT.

Direct-to-hospital sales force (future commercial stage)

As of late 2025, Armata Pharmaceuticals, Inc. remains clinical-stage, meaning a fully established, large-scale direct-to-hospital sales force is not yet operational. However, the company's commitment includes in-house cGMP manufacturing to support full commercialization. The plan is to advance into a pivotal Phase 3 trial in 2026, with commercial readiness being the ultimate goal of this channel development. The company's market capitalization was approximately $199.27 million as of one report in late 2025, reflecting its pre-commercial status.

Academic publications (e.g., Journal of Molecular Biology)

Peer-reviewed publications serve as a high-credibility channel for validating the underlying science. Armata Pharmaceuticals, Inc. announced a structural biology publication in the Journal of Molecular Biology (JMB) on September 8, 2025.

This publication detailed the structure of phage Pa223, which is a component of the five-phage clinical cocktail, AP-PA02, targeting Pseudomonas aeruginosa. The company also reported on the positive Phase 1b/2a diSArm results in its Third Quarter 2025 Results announcement on November 12, 2025.

The company's cash and cash equivalents as of September 30, 2025, were approximately $14.8 million, which supports ongoing R&D and the infrastructure needed for these scientific communication channels.

Armata Pharmaceuticals, Inc. (ARMP) - Canvas Business Model: Customer Segments

You're looking at the core groups Armata Pharmaceuticals, Inc. (ARMP) is targeting with its phage-based therapeutics, which is critical for understanding their near-term revenue potential and long-term market strategy. Honestly, for a clinical-stage company, the customer segments are tightly linked to their pipeline progress, so we need to map the patients to the specific drug candidates.

The customer base isn't just one group; it's a spectrum ranging from the end-user (the patient) to the payer/influencer (specialists, hospitals, and government funders). Here's the quick math on who they are serving right now, based on their late 2025 pipeline focus.

Patients with life-threatening antibiotic-resistant bacterial infections represent the most urgent segment. These are individuals suffering from serious systemic infections where standard antibiotics are failing or have failed. Armata's lead candidate, AP-SA02, is specifically aimed at complicated Staphylococcus aureus bacteremia (SAB), which includes both methicillin-sensitive (MSSA) and methicillin-resistant (MRSA) strains. The data from the Phase 1b/2a diSArm study showed AP-SA02 combined with Best Available Antibiotic Therapy (BAT) resulted in a 100% response rate without relapse at one week and 28 days post-BAT, compared to approximately 25% lack of response or relapse in the placebo (BAT alone) group at both timepoints. That efficacy difference is what drives adoption in this segment.

The next group, Infectious disease specialists and hospital systems, are the gatekeepers. These are the clinicians who diagnose and manage these severe, often hospital-acquired, infections. Their adoption hinges on the successful completion of the planned Phase 3 pivotal trial for AP-SA02, which Armata plans to align on with the FDA in the second half of 2025. Hospital systems are also keenly aware of the economic burden of prolonged infections and relapse, which AP-SA02 aims to reduce.

A significant, non-traditional customer segment is the Military/Government agencies focused on biodefense and AMR (DoD). This group acts as a major early-stage revenue source and validation partner. Armata has secured substantial non-dilutive funding from the U.S. Department of Defense (DoD) through the Medical Technology Enterprise Consortium (MTEC). Specifically, the development of AP-SA02 was partially supported by a $26.2 million DoD award, with an additional $4.65 million award tranche received in the first quarter of 2025. This funding supports clinical close-out activities and end-of-Phase 2 preparations, showing the DoD views AMR as a critical threat requiring novel solutions.

Finally, Armata targets Patients with chronic pulmonary infections like NCFB and P. aeruginosa. This segment relates to their other clinical candidate, AP-PA02, which is aimed at treating chronic pulmonary infections caused by Pseudomonas aeruginosa. Armata has completed Phase 2 trials utilizing phage cocktails against pathogens that have the potential to treat chronic pulmonary disease complicated by bacterial infection.

We can summarize the pipeline focus areas that define these customer segments:

• Targeting Staphylococcus aureus bacteremia (SAB) with AP-SA02.
• Targeting Pseudomonas aeruginosa in chronic pulmonary disease with AP-PA02.
• Addressing WHO global priority pathogens list organisms.
• Serving patients with infections resistant to standard antibiotics.

To be fair, as of September 30, 2025, the company's revenue of $1.159 million for Q3 2025 was almost entirely derived from Grant and Award Revenue ($1.2 million for the quarter). This underscores that the DoD/MTEC is currently the most concrete revenue-generating customer segment, even as the ultimate commercial customers are the patients and healthcare systems benefiting from the approved drugs.

Here is a breakdown mapping the key pipeline assets to their primary target customer groups:

Phage Candidate	Primary Indication/Pathogen	Target Customer Segment	Supporting Data/Metric (Late 2025)
AP-SA02	Complicated S. aureus Bacteremia (SAB)	Patients/Hospitals with Acute Systemic Infections	Phase 2a diSArm study showed 100% response rate without relapse vs. ~25% for placebo.
AP-SA02	SAB Development Support	Military/Government Agencies (DoD/MTEC)	Received additional $4.65 million non-dilutive funding in Q1 2025.
AP-PA02	Chronic Pulmonary Infections (P. aeruginosa)	Patients/Specialists with Chronic Infections	Completed Phase 2 trials showing potential as monotherapy.

The company is focused on demonstrating definitive efficacy in randomized controlled trials to support commercialization in both acute and chronic indications. Finance: review cash burn rate against the $14.8 million cash position as of September 30, 2025, to project runway to pivotal trial initiation.

Armata Pharmaceuticals, Inc. (ARMP) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Armata Pharmaceuticals, Inc., you're seeing the typical high-burn profile of a clinical-stage biotech company heavily focused on advancing its pipeline. The primary cost drivers are clearly centered on getting their phage therapeutics through late-stage development and preparing for potential commercialization. Honestly, these are the necessary expenses to create shareholder value, but they demand tight cash management.

The heavy investment in Research and Development (R&D) is the single largest operational expense category. For the nine months ended September 30, 2025, Armata Pharmaceuticals, Inc. reported R&D expenses totaling $17.6 million. This spend reflects the ongoing commitment to clinical trial execution and the science behind their phage platform. To give you a clearer picture of the operational burn, here is a breakdown of the key expenses reported for that nine-month period:

Expense Category (Nine Months Ended 9/30/2025)	Amount (USD)
Research and Development (R&D) Expenses	$17.6 million
General and Administrative (G&A) Expenses	$8.9 million
Total Operating Expenses (R&D + G&A)	$26.5 million
Interest Expense (Q3 2025 Only)	$4.3 million
Loss from Convertible Loan Fair Value Change (Q3 2025 Only)	$14.6 million

General and Administrative (G&A) expenses were $8.9 million for the same nine-month period ending Q3 2025. While lower than R&D, this covers the necessary overhead to run the business, including executive, finance, and legal functions. You'll notice that in the third quarter alone, non-operating costs related to financing-specifically interest expense of $4.3 million and a non-cash loss of $14.6 million on the change in fair value of the Convertible Loan-significantly impacted the bottom line.

The R&D spend directly covers your clinical trial execution and regulatory compliance costs. While the 10-Q filing doesn't break these out separately from the total R&D figure, the context suggests significant activity. For instance, the R&D expense for the three months ended September 30, 2025, was approximately $5.8 million, reflecting the completion of two Phase 2 clinical trials. This is where the money goes to generate the data needed for an End-of-Phase-2 meeting with the FDA and plan for a potential Phase 3 pivotal trial start in 2026.

Regarding your manufacturing capability, Armata Pharmaceuticals, Inc. has made a substantial capital investment that now translates into ongoing operational costs. You've achieved full commissioning of your state-of-the-art cGMP manufacturing facility in Los Angeles, California. This facility is key for scaling production for late-stage development and potential commercial supply. The associated costs for cGMP manufacturing facility maintenance and personnel are now part of the operating expense base, likely embedded within both R&D (for clinical batch production) and G&A (for facility overhead). Here are the components driving the operational costs:

• Clinical trial execution for AP-SA02, including site costs and patient management.
• Regulatory compliance activities, such as preparing for and conducting FDA meetings.
• Personnel expenses across research, clinical operations, and quality assurance teams.
• Maintenance, utilities, and quality control testing for the 56,000 sq. ft. cGMP facility.

The overall cost structure is heavily weighted toward R&D, which is typical, but the liquidity risk is high; cash of $14.8 million as of September 30, 2025, is stated to not fund operations for the next 12 months. Finance: draft 13-week cash view by Friday.

Armata Pharmaceuticals, Inc. (ARMP) - Canvas Business Model: Revenue Streams

You're looking at the sources of cash Armata Pharmaceuticals, Inc. is bringing in to fund its clinical pipeline, especially as it pushes AP-SA02 toward a potential Phase 3 trial in 2026. The revenue mix is heavily weighted toward non-commercial, upfront, and milestone-driven sources right now.

Grant and Award Revenue is a key component of the top line, representing funding tied to specific development programs, like the work on AP-SA02.

For the nine months ended September 30, 2025, Armata Pharmaceuticals, Inc. recognized Grant and Award Revenue totaling $3.8 million.

This compares to $3.9 million recognized over the same nine-month period in 2024.

Here's a quick look at how that grant revenue breaks down for the most recent reported quarter:

Revenue Stream Component	Period Ended September 30, 2025	Comparative Period (Q3 2024)
Grant and Award Revenue (Nine Months)	$3.8 million	$3.9 million
Grant and Award Revenue (Three Months)	$1.2 million	$3.0 million

Non-dilutive government funding provides crucial runway without impacting shareholder equity. This often comes from defense or health-related agencies supporting critical medical technology.

The development of AP-SA02, for instance, has been partially supported by a significant Department of Defense (DoD) award, received through the Medical Technology Enterprise Consortium (MTEC).

This specific DoD award is noted to be for $26.2 million.

In the second quarter of 2025, Armata Pharmaceuticals, Inc. also reported receiving an additional $4.65 million in non-dilutive funding from the DoD.

The company's revenue sources from government support include:

• Non-dilutive DoD funding received in Q2 2025: $4.65 million.
• Total DoD award supporting AP-SA02 via MTEC: $26.2 million.
• Q3 2025 Grant Revenue (representing MTEC share of costs): $1.2 million.

Secured debt financing is another major source of cash inflow, used to bridge the gap until potential product commercialization or further equity raises.

Armata Pharmaceuticals, Inc. entered into a secured credit agreement with Innoviva Strategic Opportunities LLC, a subsidiary of Innoviva, Inc., in 2025.

Financing activity for the nine months ended September 30, 2025, shows net cash provided by financing activities was $25.0 million.

This cash was primarily sourced from two distinct term loans provided by Innoviva:

• A $15.0 million secured term loan entered into on August 11, 2025, maturing in January 2029, carrying a 14.0% interest rate.
• A $10.0 million secured term loan entered into on March 12, 2025, maturing on March 12, 2026, also at a 14.0% interest rate.

The $15.0 million loan is a key part of the financing that occurred in 2025.

Future milestone payments and royalties from pharmaceutical collaborations represent potential, non-guaranteed revenue streams contingent on clinical or commercial success.

Armata Pharmaceuticals, Inc. is developing proprietary synthetic phage candidates in collaboration with Merck to target an undisclosed infectious disease agent.

While the existence of this collaboration is a component of the business model, specific financial figures for milestone payments or royalties received from Merck for the nine months ended September 30, 2025, are not detailed in the latest reports.

The company continues to pursue additional sources of funding, including equity offerings, debt financings, or other capital sources, to support late-stage clinical development.

Finance: draft 13-week cash view by Friday.