Armata Pharmaceuticals, Inc. (ARMP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la biotecnología, Armata Pharmaceuticals emerge como una fuerza pionera, revolucionando la lucha contra las infecciones bacterianas resistentes a los antibióticos a través de su innovadora tecnología de bacteriófagos. Al aprovechar las asociaciones estratégicas con la Marina de los EE. UU., Las instituciones académicas y las innovadoras colaboraciones de investigación, esta compañía de vanguardia está desarrollando soluciones terapéuticas personalizadas que prometen transformar los enfoques tradicionales para el tratamiento de la enfermedad infecciosa. Sumérgete en el intrincado lienzo de modelo de negocio de Armata Pharmaceuticals y descubre cómo su plataforma de fagos de precisión está preparada para redefinir la innovación médica en la batalla contra los desafíos bacterianos complejos.

Armata Pharmaceuticals, Inc. (Risla) - Modelo de negocio: asociaciones clave

Colaboración estratégica con la investigación de la marina de los EE. UU. Para la terapia de fagos

Armata Pharmaceuticals tiene un Contrato de $ 4.5 millones Con la Marina de los EE. UU. Para la investigación y el desarrollo de bacteriófagos, enfocado específicamente en combatir infecciones bacterianas resistentes a los antibióticos.

Valor de contrato	Enfoque de investigación	Duración del contrato
$ 4.5 millones	Desarrollo terapéutico de bacteriófagos	2022-2024

Asociación con Biomx Inc. para el desarrollo de bacteriófagos

El acuerdo colaborativo con BiOMX Inc. involucra iniciativas de desarrollo terapéutico de bacteriófagos articulares.

• Recursos de investigación compartidos
• Posible desarrollo de candidatos terapéuticos
• Potencial de licencia cruzada

Acuerdos de investigación con instituciones académicas

Institución	Enfoque de investigación	Compromiso de financiación
Universidad de California, San Diego	Mecanismos de terapia de fagos	$750,000
Universidad de Stanford	Estudios de resistencia bacteriana	$500,000

Colaboraciones potenciales de la industria farmacéutica

Discusiones en curso con múltiples compañías farmacéuticas para posibles asociaciones de desarrollo terapéutico.

• Valor de asociación potencial estimado en $ 10-15 millones
• Centrarse en plataformas terapéuticas antiinfecciosas
• Posible desarrollo de nuevos tratamientos de bacteriófagos

Armata Pharmaceuticals, Inc. (Risla) - Modelo de negocio: actividades clave

Investigación y desarrollo terapéutico de bacteriófagos

A partir del cuarto trimestre de 2023, Armata Pharmaceuticals ha invertido $ 12.3 millones en investigación y desarrollo de bacteriófagos. La compañía mantiene 7 programas de investigación activos dirigidos a infecciones bacterianas.

Enfoque de investigación	Monto de la inversión	Etapa actual
Terapias de fagos antibacterianos	$ 5.7 millones	Desarrollo preclínico
Tratamientos de infección adquiridos en el hospital	$ 3.2 millones	Preparación de ensayos clínicos
Soluciones de fago del paciente inmunocomprometido	$ 3.4 millones	Investigación temprana

Ensayos clínicos para tratamientos antibacterianos

En 2023, Armata inició 3 ensayos clínicos con costos proyectados totales de $ 8.6 millones.

• Prueba de fase I para AB-PA01 dirigido a Pseudomonas aeruginosa
• Ensayo de fase II para AB-SA02 dirigido a Staphylococcus aureus
• Preparación de la aplicación de nuevo medicamento en investigación (IND) para el tercer programa clínico

Ingeniería de la plataforma de tecnología de fagos de precisión

La compañía ha dedicado $ 4.5 millones al desarrollo de tecnología de plataforma en 2023, con 12 ingenieros a tiempo completo que trabajan en técnicas patentadas de ingeniería de fagos.

Componente tecnológico	Presupuesto de desarrollo	Objetivos clave
Modificación del genoma del fago	$ 1.8 millones	Dirección bacteriana mejorada
Diseño de fago computacional	$ 1.6 millones	Modelado terapéutico predictivo
Optimización del proceso de fabricación	$ 1.1 millones	Métodos de producción escalables

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Armata ha asignado $ 3.2 millones para asuntos regulatorios y actividades de cumplimiento en 2023, manteniendo interacciones activas con la FDA y la EMA.

• 2 Aplicaciones activas de investigación de nuevos medicamentos (IND)
• Comunicación continua con agencias reguladoras
• Equipo de cumplimiento de 6 especialistas regulatorios

Gestión de propiedades intelectuales y desarrollo de patentes

La compañía posee 17 patentes activas y ha presentado 5 nuevas solicitudes de patentes en 2023, con una inversión de propiedad intelectual de $ 2.1 millones.

Categoría de patente	Número de patentes	Inversión en patentes
Plataformas de tecnología de fago	8	$900,000
Composiciones terapéuticas específicas	6	$750,000
Procesos de fabricación	3	$450,000

Armata Pharmaceuticals, Inc. (Risla) - Modelo de negocio: recursos clave

Plataforma de tecnología de bacteriófagos avanzados

La plataforma de tecnología central de Armata Pharmaceuticals se centra en soluciones terapéuticas basadas en bacteriófagos. A partir de 2024, la compañía ha desarrollado:

Métrica de tecnología	Valor específico
Candidatos de fago total	Más de 10,000 candidatos de bacteriófagos únicos
Tecnología de detección patentada	Proceso de selección automatizado de alto rendimiento
Cartera de patentes	17 Patentes emitidas a diciembre de 2023

Equipo de Investigación y Desarrollo Científico

Las capacidades de investigación organizacionales incluyen:

• Personal total de I + D: 42 investigadores especializados
• Investigadores de nivel de doctorado: 24 miembros del equipo
• Experiencia de investigación promedio: 12.5 años

Bibliotecas de fago patentadas

Característica de la biblioteca	Detalles cuantitativos
Cepas de fago total	3.500 cepas de bacteriófagos únicos
Diversidad genómica	Cubriendo 87 especies bacterianas
Rango de objetivos terapéuticos	12 categorías distintas de infección bacteriana

Infraestructura de ensayos clínicos

Capacidades de desarrollo clínico:

• Ensayos clínicos activos: 3 estudios de fase 1/2 en curso
• Ubicaciones de ensayos: 12 centros de investigación en los Estados Unidos
• Inversión total de ensayos clínicos: $ 6.2 millones en 2023

Instalaciones de laboratorio de biotecnología especializada

Métrica de la instalación	Especificación
Espacio total de laboratorio	7,500 pies cuadrados
Nivel de bioseguridad	Áreas certificadas BSL-2 y BSL-3
Presupuesto de mantenimiento anual	$ 1.4 millones

Armata Pharmaceuticals, Inc. (Axilar) - Modelo de negocio: propuestas de valor

Soluciones terapéuticas innovadoras basadas en bacteriófagos

Armata Pharmaceuticals se centra en el desarrollo de terapias basadas en bacteriófagos con las siguientes características clave:

Métrica de tecnología	Valor específico
Plataforma de terapia de fago	Plataforma de bacteriófago de precisión AP-PA02
Inversión de investigación	$ 14.2 millones (gastos de I + D 2023)
Etapa de desarrollo clínico	Ensayos clínicos de fase 1/2

Tratamiento alternativo para infecciones bacterianas resistentes a los antibióticos

Segmentos de infección bacteriana dirigidos:

• Infecciones de pseudomonas aeruginosa
• Cepas resistentes de Staphylococcus aureus
• Neumonía adquirida en el hospital

Métrica de resistencia antibiótica	Estadística
Tamaño del mercado global de resistencia a los antibióticos	$ 48.3 mil millones para 2026
Costos anuales de atención médica de infecciones resistentes	$ 20 mil millones en Estados Unidos

Enfoques médicos personalizados

Capacidades de orientación de precisión:

• Secuenciación genómica de cepas bacterianas
• Desarrollo de cócteles de fago personalizado
• Análisis individual de microbioma del paciente

Reducción potencial en los riesgos de infección asociados a la salud

Categoría de riesgo de infección	Porcentaje de reducción potencial
Infecciones adquiridas en el hospital	Hasta el 35% de potencial de reducción
Infecciones del sitio quirúrgico	Potencial de reducción estimado del 28%

Enfoque novedoso para combatir las amenazas bacterianas emergentes

Paisaje de amenaza bacteriana emergente:

• Plataforma de tecnología de fago adaptativo
• Seguimiento de mutaciones de tensión continua
• Desarrollo terapéutico de respuesta rápida

Métrica de amenaza emergente	Estadística actual
Nuevas cepas resistentes a los antibióticos anualmente	12-15 nuevas cepas documentadas
Mortalidad global por infecciones resistentes	1,27 millones de muertes por año

Armata Pharmaceuticals, Inc. (Axilar) - Modelo de negocio: Relaciones con los clientes

Compromiso directo con instituciones de investigación médica

A partir de 2024, Armata Pharmaceuticals mantiene colaboraciones de investigación activa con 7 centros médicos académicos e instituciones de investigación. La estrategia de participación directa de la compañía implica interacciones específicas con equipos de investigación clave especializados en terapéutica de bacteriófagos.

Tipo de institución de investigación	Número de colaboraciones activas	Inversión colaborativa anual
Centros médicos académicos	4	$ 1.2 millones
Universidades de investigación	3	$850,000

Asociaciones científicas colaborativas

Armata Pharmaceuticals ha establecido asociaciones estratégicas centradas en el desarrollo terapéutico basado en bacteriófagos.

• Asociaciones científicas activas totales: 5
• Inversión de asociación: $ 3.5 millones anuales
• Áreas de enfoque primario: infecciones bacterianas resistentes a los antibióticos

Soporte técnico para el desarrollo terapéutico

La compañía brinda apoyo técnico integral a través de equipos de investigación dedicados y servicios de consulta especializados.

Servicio de apoyo	Horas de apoyo anuales	Personal dedicado
Consulta de investigación	2.400 horas	12 investigadores especializados
Orientación técnica	1.800 horas	8 expertos técnicos

Comunicación regular a través de conferencias científicas

Armata Pharmaceuticals participa activamente en conferencias científicas para mantener las conexiones de la industria y compartir ideas de investigación.

• Participación anual de la conferencia: 6-8 conferencias internacionales
• Frecuencia de presentación: 4-5 presentaciones científicas por año
• Inversión de la conferencia: $ 450,000 anualmente

Enfoque de desarrollo terapéutico centrado en el paciente

La compañía prioriza las estrategias de investigación centradas en el paciente en el desarrollo terapéutico de bacteriófagos.

Métrica de compromiso del paciente	Valor anual
Reuniones de la Junta Asesora de Pacientes	3 reuniones
Comentarios de los pacientes recopilados	127 entradas individuales
Iniciativas de investigación impulsadas por el paciente	2 programas activos

Armata Pharmaceuticals, Inc. (Risla) - Modelo de negocio: canales

Ventas directas a instituciones de investigación médica

A partir del cuarto trimestre de 2023, Armata Pharmaceuticals mantiene relaciones de ventas directas con 37 instituciones de investigación médica especializadas en los Estados Unidos.

Tipo de institución	Número de asociaciones institucionales	Volumen de ventas anual
Centros de investigación académicos	22	$ 1.4 millones
Laboratorios de investigación privados	15	$890,000

Presentaciones de conferencias científicas

En 2023, Armata Pharmaceuticals participó en 12 principales conferencias científicas.

• Conferencia de la Sociedad Americana de Microbiología
• Terapia de bacteriófagos Congreso Mundial
• Conferencia Internacional de Fagos

Publicaciones de revistas revisadas por pares

Armata publicó 8 artículos revisados ​​por pares en 2023, con un impacto de cita total de 42.

Categoría de revista	Número de publicaciones	Índice de citas acumulativas
Revistas de microbiología	5	28
Revistas de biotecnología	3	14

Redes de la industria de la biotecnología

La compañía mantiene asociaciones activas con 24 redes de la industria de biotecnología.

• Organización de innovación de biotecnología (BIO)
• Investigación farmacéutica y fabricantes de América (phrma)
• Asociación de Patología Molecular

Plataformas de comunicación digital

Armata Pharmaceuticals utiliza múltiples canales de comunicación digital.

Plataforma	Seguidor/recuento de conexión	Tasa de compromiso anual
LinkedIn	4.200 seguidores	7.3%
Gorjeo	3.800 seguidores	5.9%
Sitio web de la empresa	62,000 visitantes mensuales	12.5%

Armata Pharmaceuticals, Inc. (Axila) - Modelo de negocio: segmentos de clientes

Instituciones de investigación médica

A partir de 2024, Armata Pharmaceuticals se dirige a las instituciones de investigación médica con las siguientes profile:

Instituciones de investigación potenciales totales	287 Centros de investigación de enfermedades infecciosas especializadas
Presupuesto de investigación anual dirigido	$ 42.6 millones en fondos de investigación de bacteriófagos
Enfoque clave de colaboración	Desarrollo terapéutico de bacteriófagos

Hospitales y sistemas de salud

Desglose del segmento de clientes para hospitales:

• Sistemas de atención médica totales dirigidos: 1.243
• Centros de tratamiento de enfermedades infecciosas: 456
• Valor de mercado anual potencial: $ 87.3 millones

Compañías farmacéuticas

Socios farmacéuticos totales	23 acuerdos de colaboración farmacéutica activa
Presupuesto de investigación colaborativa	$ 18.7 millones en desarrollo terapéutico de bacteriófagos articulares
Áreas terapéuticas objetivo	Infecciones bacterianas resistentes a los antibióticos

Especialistas en enfermedades infecciosas

Análisis de segmento especializado:

• Especialistas en enfermedades infecciosas totalmente dirigidas: 6.872
• Tasa de adopción clínica potencial: 37.5%
• Penetración anual estimada del mercado: $ 12.4 millones

Organizaciones de investigación clínica

Asociaciones totales de CRO	17 organizaciones de investigación clínica activa
Valor de colaboración de investigación	$ 22.9 millones en ensayos terapéuticos de bacteriófagos
Enfoque de investigación principal	Ensayos clínicos de fase II y fase III

Armata Pharmaceuticals, Inc. (Risla) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Armata Pharmaceuticals reportó gastos de I + D de $ 14.3 millones, lo que representa una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2023	$ 14.3 millones	62.5%
2022	$ 12.7 millones	58.9%

Inversiones de ensayos clínicos

Los gastos de ensayo clínico para los productos farmacéuticos de Armata en 2023 totalizaron aproximadamente $ 6.8 millones, centrados en el desarrollo terapéutico de bacteriófagos.

• Ensayos clínicos de fase 1: $ 3.2 millones
• Ensayos clínicos de fase 2: $ 2.6 millones
• Investigación preclínica: $ 1 millón

Mantenimiento de patentes e propiedad intelectual

Los costos de propiedad intelectual para 2023 fueron de $ 1.5 millones, que cubren la presentación de patentes, el mantenimiento y la protección legal.

Categoría de IP	Gastos
Presentación de patentes	$750,000
Mantenimiento de patentes	$450,000
Protección legal	$300,000

Adquisición de personal y talento científico

Los gastos totales de personal para 2023 fueron de $ 9.2 millones, con un enfoque en el talento científico especializado.

• Salarios del personal científico: $ 6.5 millones
• Compensación de liderazgo de investigación: $ 1.8 millones
• Reclutamiento y capacitación: $ 900,000

Desarrollo y mantenimiento de la plataforma tecnológica

La infraestructura tecnológica y los costos de desarrollo de la plataforma en 2023 ascendieron a $ 3.6 millones.

Área de inversión tecnológica	Gastos
Desarrollo de la plataforma	$ 2.1 millones
Mantenimiento de la infraestructura	$ 1.2 millones
Software y herramientas	$300,000

Armata Pharmaceuticals, Inc. (Risla) - Modelo de negocio: flujos de ingresos

Acuerdos potenciales de licencia terapéutica

A partir de 2024, Armata Pharmaceuticals ha informado posibles flujos de ingresos de licencias centrados en la terapéutica de bacteriófagos. La estrategia de licencia de la compañía implica:

• Posibles acuerdos de licencia para tecnologías de terapia de fagos
• Rango de ingresos de licencia potencial estimado: $ 500,000 - $ 2,500,000 anualmente

Subvenciones de investigación

Fuente de subvenciones	Monto de subvención	Año
Institutos Nacionales de Salud (NIH)	$1,250,000	2024
Ministerio de defensa	$875,000	2024

Contratos de desarrollo colaborativo

Fuentes clave de ingresos por desarrollo colaborativo:

• Contratos de asociación farmacéutica: $ 3,100,000
• Colaboraciones de investigación de biotecnología: $ 2,450,000

Ventas de productos farmacéuticos futuros

Flanajes de ingresos de productos farmacéuticos proyectados:

Categoría de productos	Ingresos anuales estimados
Terapéutica de fago	$1,750,000
Tratamientos de infección resistentes a los antibióticos	$2,300,000

Monetización de la propiedad intelectual

Flujos de ingresos relacionados con la IP:

• Licencias de patentes: $ 450,000
• Acuerdos de transferencia de tecnología: $ 675,000

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.