Armata Pharmaceuticals, Inc. (ARMP): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage en évolution rapide de la biotechnologie, Armata Pharmaceuticals apparaît comme une force pionnière, révolutionnant la lutte contre les infections bactériennes résistantes aux antibiotiques grâce à sa technologie de bactériophage révolutionnaire. En tirant parti des partenariats stratégiques avec la marine américaine, des établissements universitaires et des collaborations de recherche innovantes, cette entreprise de pointe développe des solutions thérapeutiques personnalisées qui promettent de transformer les approches traditionnelles du traitement des maladies infectieuses. Plongez dans la toile du modèle commercial complexe d'Armata Pharmaceuticals et découvrez comment leur plate-forme de phage de précision est prête à redéfinir l'innovation médicale dans la bataille contre les défis bactériens complexes.

Armata Pharmaceuticals, Inc. (ARMP) - Modèle commercial: partenariats clés

Collaboration stratégique avec la marine américaine pour la recherche sur la thérapie phage

Armata Pharmaceuticals a un Contrat de 4,5 millions de dollars Avec la marine américaine pour la recherche et le développement des bactériophages, a spécifiquement concentré sur la lutte contre les infections bactériennes résistantes aux antibiotiques.

Valeur du contrat	Focus de recherche	Durée du contrat
4,5 millions de dollars	Développement thérapeutique des bactériophages	2022-2024

Partenariat avec BioMx Inc. pour le développement des bactériophages

L'accord de collaboration avec BioMx Inc. implique des initiatives conjointes de développement thérapeutique des bactériophages.

• Ressources de recherche partagées
• Co-développement potentiel des candidats thérapeutiques
• Potentiel de licence croisée

Accords de recherche avec des établissements universitaires

Institution	Focus de recherche	Engagement de financement
Université de Californie, San Diego	Mécanismes de thérapie phage	$750,000
Université de Stanford	Études de résistance bactérienne	$500,000

Collaborations potentielles de l'industrie pharmaceutique

Discussions en cours avec plusieurs sociétés pharmaceutiques pour des partenariats potentiels de développement thérapeutique.

• Valeur de partenariat potentiel estimé à 10-15 millions de dollars
• Concentrez-vous sur les plateformes thérapeutiques anti-infectieuses
• Co-développement potentiel de nouveaux traitements de bactériophage

Armata Pharmaceuticals, Inc. (ARMP) - Modèle d'entreprise: activités clés

Bactériophage Recherche et développement thérapeutiques

Au quatrième trimestre 2023, Armata Pharmaceuticals a investi 12,3 millions de dollars dans la recherche et le développement de bactériophages. La société entretient 7 programmes de recherche actifs ciblant les infections bactériennes.

Focus de recherche	Montant d'investissement	Étape actuelle
Thérapies antibactériennes	5,7 millions de dollars	Développement préclinique
Traitements d'infection acquises à l'hôpital	3,2 millions de dollars	Préparation des essais cliniques
Solutions de phage des patients immunodéprimés	3,4 millions de dollars	RECHERCHE PROBLÈME

Essais cliniques pour les traitements antibactériens

En 2023, Armata a lancé 3 essais cliniques avec un coût total prévu de 8,6 millions de dollars.

• Essai de phase I pour AB-PA01 ciblant Pseudomonas aeruginosa
• Essai de phase II pour AB-SA02 ciblant Staphylococcus aureus
• Préparation des applications de nouveau médicament (IND) Investigational pour le troisième programme clinique

Ingénierie de plate-forme de technologie de phage de précision

La société a consacré 4,5 millions de dollars au développement de la technologie des plateformes en 2023, avec 12 ingénieurs à temps plein travaillant sur des techniques de génie phage propriétaires.

Composant technologique	Budget de développement	Objectifs clés
Modification du génome des phages	1,8 million de dollars	Ciblage bactérien amélioré
Conception de phages informatiques	1,6 million de dollars	Modélisation thérapeutique prédictive
Optimisation du processus de fabrication	1,1 million de dollars	Méthodes de production évolutives

Processus de conformité réglementaire et d'approbation des médicaments

Armata a alloué 3,2 millions de dollars pour les affaires réglementaires et les activités de conformité en 2023, maintenant des interactions actives avec la FDA et l'EMA.

• 2 Applications actifs de nouveau médicament (IND)
• Communication continue avec les organismes de réglementation
• Équipe de conformité de 6 spécialistes réglementaires

Gestion de la propriété intellectuelle et développement des brevets

La société détient 17 brevets actifs et a déposé 5 nouvelles demandes de brevet en 2023, avec un investissement foncier intellectuel de 2,1 millions de dollars.

Catégorie de brevet	Nombre de brevets	Investissement en brevet
Plateaux de technologie de phage	8	$900,000
Compositions thérapeutiques spécifiques	6	$750,000
Processus de fabrication	3	$450,000

Armata Pharmaceuticals, Inc. (ARMP) - Modèle commercial: Ressources clés

Plate-forme de technologie de bactériophage avancée

La plate-forme technologique de base d'Armata Pharmaceuticals se concentre sur les solutions thérapeutiques à base de bactériophages. En 2024, la société a développé:

Métrique technologique	Valeur spécifique
Total des candidats aux phages	Plus de 10 000 candidats à bactériophage unique
Technologie de dépistage propriétaire	Processus de sélection automatisé à haut débit
Portefeuille de brevets	17 brevets délivrés en décembre 2023

Équipe de recherche et développement scientifique

Les capacités de recherche organisationnelle comprennent:

• Personnel total de R&D: 42 chercheurs spécialisés
• Rechercheurs de doctorat: 24 membres de l'équipe
• Expérience de recherche moyenne: 12,5 ans

Bibliothèques de phages propriétaires

Caractéristique de la bibliothèque	Détails quantitatifs
Total des souches de phage	3 500 souches de bactériophage uniques
Diversité génomique	Couvrant 87 espèces bactériennes
Gamme cible thérapeutique	12 catégories d'infection bactériennes distinctes

Infrastructure d'essais cliniques

Capacités de développement clinique:

• Essais cliniques actifs: 3 études en cours de phase 1/2
• Emplacements des essais: 12 centres de recherche à travers les États-Unis
• Investissement total des essais cliniques: 6,2 millions de dollars en 2023

Installations spécialisées de laboratoire de biotechnologie

Métrique de l'installation	Spécification
Espace de laboratoire total	7 500 pieds carrés
Niveau de biosécurité	Zones certifiées BSL-2 et BSL-3
Budget de maintenance annuel	1,4 million de dollars

Armata Pharmaceuticals, Inc. (ARMP) - Modèle d'entreprise: propositions de valeur

Solutions thérapeutiques innovantes à base de bactériophages

Armata Pharmaceuticals se concentre sur le développement de la thérapie basée sur les bactériophages avec les caractéristiques clés suivantes:

Métrique technologique	Valeur spécifique
Plate-forme de thérapie phage	Plate-forme de bactériophage de précision AP-PA02
Investissement en recherche	14,2 millions de dollars (2023 dépenses de R&D)
Étape de développement clinique	Essais cliniques de phase 1/2

Traitement alternatif pour les infections bactériennes résistantes aux antibiotiques

Segments d'infection bactérienne ciblés:

• Pseudomonas aeruginosa
• STAPHYLOCOCCUS AUREUS RESTRAINS
• Pneumonie acquise à l'hôpital

Métrique de résistance aux antibiotiques	Statistique
Taille du marché mondial de la résistance aux antibiotiques	48,3 milliards de dollars d'ici 2026
Coût annuel des soins de santé des infections résistantes	20 milliards de dollars aux États-Unis

Approches médicales personnalisées

Capacités de ciblage de précision:

• Séquençage génomique des souches bactériennes
• Développement de cocktails de phage personnalisés
• Analyse individuelle du microbiome des patients

Réduction potentielle des risques d'infection associés aux soins de santé

Catégorie de risque d'infection	Pourcentage de réduction potentiel
Infections acquises à l'hôpital	Un potentiel de réduction jusqu'à 35%
Infections du site chirurgical	Potentiel de réduction estimé à 28%

Nouvelle approche pour lutter contre les menaces bactériennes émergentes

Paysage des menaces bactériennes émergentes:

• Plate-forme de technologie de phage adaptative
• Suivi continu de mutation de déformation
• Réponse rapide Développement thérapeutique

Métrique des menaces émergentes	Statistique actuelle
Nouvelles souches résistantes aux antibiotiques chaque année	12-15 nouvelles souches documentées
Mortalité mondiale des infections résistantes	1,27 million de décès par an

Armata Pharmaceuticals, Inc. (ARMP) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les institutions de recherche médicale

Depuis 2024, Armata Pharmaceuticals maintient des collaborations de recherche actives avec 7 centres médicaux universitaires et institutions de recherche. La stratégie d'engagement directe de l'entreprise implique des interactions ciblées avec des équipes de recherche clés spécialisées dans la thérapeutique des bactériophages.

Type d'institution de recherche	Nombre de collaborations actives	Investissement collaboratif annuel
Centres médicaux académiques	4	1,2 million de dollars
Universités de recherche	3	$850,000

Partenariats scientifiques collaboratifs

Armata Pharmaceuticals a établi des partenariats stratégiques axés sur le développement thérapeutique basé sur les bactériophages.

• Partenariats scientifiques actifs totaux: 5
• Investissement de partenariat: 3,5 millions de dollars par an
• Zones primaires: infections bactériennes résistantes aux antibiotiques

Support technique au développement thérapeutique

La société offre un soutien technique complet par le biais d'équipes de recherche dédiées et de services de consultation spécialisés.

Service d'assistance	Heures de soutien annuelles	Personnel dédié
Consultation de recherche	2 400 heures	12 chercheurs spécialisés
Orientation technique	1 800 heures	8 experts techniques

Communication régulière par le biais de conférences scientifiques

Armata Pharmaceuticals participe activement à des conférences scientifiques pour maintenir les liens de l'industrie et partager des informations de recherche.

• Participation annuelle de la conférence: 6-8 conférences internationales
• Fréquence de présentation: 4-5 présentations scientifiques par an
• Investissement de conférence: 450 000 $ par an

Approche de développement thérapeutique axé sur les patients

L'entreprise priorise les stratégies de recherche centrées sur le patient dans le développement thérapeutique des bactériophages.

Métrique de l'engagement des patients	Valeur annuelle
Réunions du conseil consultatif des patients	3 réunions
Rétroaction des patients collectés	127 entrées individuelles
Initiatives de recherche axées sur les patients	2 programmes actifs

Armata Pharmaceuticals, Inc. (ARMP) - Modèle d'entreprise: canaux

Ventes directes vers les institutions de recherche médicale

Depuis le quatrième trimestre 2023, Armata Pharmaceuticals entretient des relations de vente directes avec 37 institutions de recherche médicale spécialisées aux États-Unis.

Type d'institution	Nombre de partenariats institutionnels	Volume des ventes annuelles
Centres de recherche universitaires	22	1,4 million de dollars
Laboratoires de recherche privés	15	$890,000

Présentations de la conférence scientifique

En 2023, Armata Pharmaceuticals a participé à 12 conférences scientifiques majeures.

• Conférence de l'American Society for Microbiology
• Congrès mondial de la thérapie aux bactériophages
• Conférence internationale des phages

Publications de journal évaluées par des pairs

Armata a publié 8 articles évalués par des pairs en 2023, avec un impact sur la citation totale de 42.

Catégorie de journal	Nombre de publications	Indice de citation cumulative
Revues microbiologiques	5	28
Revues de biotechnologie	3	14

Réseautage de l'industrie de la biotechnologie

La société maintient des partenariats actifs avec 24 réseaux de l'industrie de la biotechnologie.

• Biotechnology Innovation Organisation (BIO)
• Recherche pharmaceutique et fabricants d'Amérique (PhRMA)
• Association de la pathologie moléculaire

Plateformes de communication numérique

Armata Pharmaceuticals utilise plusieurs canaux de communication numériques.

Plate-forme	Nombre de suiveurs / de connexions	Taux d'engagement annuel
Liendin	4 200 abonnés	7.3%
Gazouillement	3 800 abonnés	5.9%
Site Web de l'entreprise	62 000 visiteurs mensuels	12.5%

Armata Pharmaceuticals, Inc. (ARMP) - Modèle d'entreprise: segments de clientèle

Institutions de recherche médicale

En 2024, Armata Pharmaceuticals cible les institutions de recherche médicale avec les éléments suivants profile:

Institutions de recherche potentielles totales	287 centres de recherche spécialisés sur les maladies infectieuses
Budget de recherche annuel ciblé	42,6 millions de dollars de financement de recherche de bactériophage
Focus de collaboration clé	Développement thérapeutique des bactériophages

Hôpitaux et systèmes de soins de santé

Répartition du segment des clients pour les hôpitaux:

• Total des systèmes de soins de santé ciblés: 1 243
• Centres de traitement des maladies infectieuses: 456
• Valeur marchande annuelle potentielle: 87,3 millions de dollars

Sociétés pharmaceutiques

Partenaires pharmaceutiques totaux	23 accords de collaboration pharmaceutique actifs
Budget de recherche collaborative	18,7 millions de dollars en développement thérapeutique de bactériophage conjoint
Cible des zones thérapeutiques	Infections bactériennes résistantes aux antibiotiques

Spécialistes des maladies infectieuses

Analyse du segment spécialisé:

• Total des spécialistes des maladies infectieuses ciblées: 6 872
• Taux d'adoption clinique potentiel: 37,5%
• Pénétration annuelle du marché estimé: 12,4 millions de dollars

Organisations de recherche clinique

Partenariats totaux de CRO	17 organisations de recherche clinique actives
Valeur de collaboration de recherche	22,9 millions de dollars en essais thérapeutiques bactériophages
Focus de recherche primaire	Essais cliniques de phase II et de phase III

Armata Pharmaceuticals, Inc. (ARMP) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Armata Pharmaceuticals a déclaré des dépenses de R&D de 14,3 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2023	14,3 millions de dollars	62.5%
2022	12,7 millions de dollars	58.9%

Investissements d'essais cliniques

Les dépenses d'essais cliniques pour les produits pharmaceutiques d'Armata en 2023 ont totalisé environ 6,8 millions de dollars, axé sur le développement thérapeutique des bactériophages.

• Essais cliniques de phase 1: 3,2 millions de dollars
• Essais cliniques de phase 2: 2,6 millions de dollars
• Recherche préclinique: 1 million de dollars

Entretien de la propriété brevet et intellectuelle

Les coûts de propriété intellectuelle pour 2023 étaient de 1,5 million de dollars, couvrant le dépôt de brevets, l'entretien et la protection juridique.

Catégorie IP	Frais
Dépôt de brevet	$750,000
Entretien de brevets	$450,000
Protection juridique	$300,000

Acquisition du personnel et des talents scientifiques

Les dépenses totales du personnel pour 2023 étaient de 9,2 millions de dollars, en mettant l'accent sur les talents scientifiques spécialisés.

• Salaires du personnel scientifique: 6,5 millions de dollars
• Rémunération en leadership de la recherche: 1,8 million de dollars
• Recrutement et formation: 900 000 $

Développement et maintenance de la plate-forme technologique

Les coûts d'infrastructure technologique et de développement de plateformes en 2023 s'élevaient à 3,6 millions de dollars.

Zone d'investissement technologique	Frais
Développement de plate-forme	2,1 millions de dollars
Maintenance des infrastructures	1,2 million de dollars
Logiciels et outils	$300,000

Armata Pharmaceuticals, Inc. (ARMP) - Modèle d'entreprise: Strots de revenus

Accords de licence thérapeutique potentiels

En 2024, Armata Pharmaceuticals a signalé des sources de revenus de licence potentielles axées sur la thérapeutique des bactériophages. La stratégie de licence de l'entreprise implique:

• Accords de licence potentiels pour les technologies de thérapie phage
• Réduction des revenus de licence potentielle estimée: 500 000 $ - 2 500 000 $ par an

Subventions de recherche

Source d'octroi	Montant d'octroi	Année
National Institutes of Health (NIH)	$1,250,000	2024
Ministère de la Défense	$875,000	2024

Contrats de développement collaboratif

Sources de revenus clés de développement collaboratif:

• Contrats de partenariat pharmaceutique: 3 100 000 $
• Biotechnology Research Collaborations: 2 450 000 $

Ventes de produits pharmaceutiques futures

Structures de revenus de produits pharmaceutiques projetés:

Catégorie de produits	Revenus annuels estimés
Phage thérapeutique	$1,750,000
Traitements d'infection résistants aux antibiotiques	$2,300,000

Monétisation de la propriété intellectuelle

Strots de revenus liés à l'IP:

• Licence de brevet: 450 000 $
• Accords de transfert de technologie: 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.