Armata Pharmaceuticals, Inc. (ARMP): Business Model Canvas [Dec-2025 Updated]

You're looking at a clinical-stage biotech right now, and honestly, the story for Armata Pharmaceuticals, Inc. in late 2025 is all about bridging the gap to a pivotal Phase 3 trial. As an analyst who's seen this movie before, the key tension is clear: they burned through $17.6 million in Research and Development for the first nine months of the year, yet they've managed to secure a $15.0 million loan and have only $14.8 million in cash on the books as of September 30th. That's a tightrope walk, for sure. This Business Model Canvas breaks down exactly how they are managing that risk-from their proprietary phage platform to their non-dilutive government funding-so you can see the near-term strategy clearly. Dive in below to see the full structure.

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

You're looking at the core relationships that fuel Armata Pharmaceuticals, Inc.'s development engine as of late 2025. These aren't just names on a slide; they represent concrete financial and operational support.

The financial backing from its principal shareholder is a critical component for advancing clinical programs, especially following positive Phase 2a data.

The MTEC funding, channeled through the U.S. Department of Defense, has been substantial, supporting the AP-SA02 program specifically.

• Grant and Award Revenue recognized in Q1 2025: $0.5 million
• Grant and Award Revenue recognized in Q2 2025: $2.2 million
• Grant and Award Revenue recognized in Q3 2025: $1.2 million

The collaboration with Merck is focused on future pipeline expansion, though specific financial details aren't public right now. Still, it shows Armata Pharmaceuticals, Inc. is looking beyond its lead candidates.

• Merck collaboration involves developing proprietary synthetic phage candidates
• The target for this collaboration is an undisclosed infectious disease agent

The Phase 2a trial execution involved key academic centers, lending credibility to the data presented in late 2025.

Dr. Loren G. Miller, Professor of Medicine at David Geffen School of Medicine at UCLA and Chief at Harbor-UCLA Medical Center, presented the late-breaking results at IDWeek 2025. The trial design included a comparison between AP-SA02 plus Best Available Antibiotic Therapy (BAT) versus placebo plus BAT.

Finance: review the covenants on the $15.0 million Innoviva credit facility maturing in 2029 for Q4 2025 planning by next Tuesday.

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

Advancing AP-SA02 to planned Phase 3 pivotal trial in 2026.

The commitment to move AP-SA02 into a superiority pivotal trial in 2026 is contingent upon feedback from the U.S. Food and Drug Administration (FDA). This next step is strongly supported by the Phase 2a diSArm study results. The trial was a randomized, double-blind study that enrolled 42 patients overall, split into 29 AP-SA02 + BAT and 13 placebo + BAT groups.

The efficacy data from the study showed clear differentiation:

• Day 12 clinical response rate was 88% in the AP-SA02 group versus 58% in the placebo group.
• No patients receiving AP-SA02 showed non-response or relapse at one week post-BAT or at End of Study (EOS), compared to approximately 25% in the placebo group.
• The AP-SA02 arm achieved a 100% response rate without relapse at 28 days post-treatment, against the placebo group's approximate 25% relapse rate.

Here's the quick math on the primary endpoint assessment at Day 12:

Research and development of bacteriophage therapeutics pipeline.

Armata Pharmaceuticals, Inc. is actively advancing a broad pipeline of natural and synthetic phage candidates. This includes clinical candidates targeting Pseudomonas aeruginosa and Staphylococcus aureus, both listed on the World Health Organization's global priority pathogens list. The R&D focus spans from discovery to process development. Research and development expenses for the three months ended September 30, 2025, were approximately $5.8 million, a decrease from approximately $9.5 million in the same period in 2024. This reduction reflects the completion of two Phase 2 clinical trials. For the first quarter of 2025, R&D expenses were approximately $5.4 million.

Manufacturing high-purity phage candidates under cGMP standards.

A key operational activity was the formal commissioning of the state-of-the-art current Good Manufacturing Practice (cGMP) facility in Los Angeles, California, on November 10, 2025. This facility is designed to ensure the quality, quantity, and consistency of high-purity phage required for late-stage development. The facility spans 56,000 square feet in total and contains 10,000 square feet of cGMP clean rooms. As part of this commissioning, the FDA has been notified that production has commenced. This onshore manufacturing capability supports future commercial production and potential partnering opportunities.

Regulatory engagement with the FDA for End-of-Phase 2 meeting.

Engagement with the FDA is critical for defining the path to market for AP-SA02. Armata Pharmaceuticals, Inc. planned to hold an End-of-Phase 2 Meeting with the FDA in the second half of 2025. The goal of this engagement is to align on the design for the pivotal Phase 3 superiority trial intended to start in 2026. The company's ability to initiate the Phase 3 trial is explicitly subject to the FDA's review and feedback.

Financially, the operational readiness for late-stage development is set against a backdrop of tight liquidity; as of September 30, 2025, unrestricted cash and cash equivalents stood at approximately $14.8 million. The company also closed a $15.0 million secured credit agreement maturing in 2029.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Armata Pharmaceuticals, Inc. (ARMP) is relying on right now to push their phage therapeutics forward. These aren't just ideas; these are concrete, operational, and financial facts as of late 2025.

Proprietary Bacteriophage-Based Technology Platform

Armata Pharmaceuticals, Inc. anchors its value in its proprietary bacteriophage-based technology platform, which focuses on developing high-purity, pathogen-specific bacteriophage therapeutics. This approach is specifically designed to combat the growing global crisis of antimicrobial resistance (AMR). The company is actively advancing a pipeline that includes clinical candidates targeting significant pathogens.

• Developing candidates for Pseudomonas aeruginosa.
• Developing candidates for Staphylococcus aureus.
• Focus on high-purity, pathogen-specific phage cocktails.

In-house cGMP Phage Manufacturing Facility in Los Angeles

A massive operational resource for Armata Pharmaceuticals, Inc. is their state-of-the-art current Good Manufacturing Practice (cGMP) manufacturing facility in Los Angeles, California, which was formally commissioned in November 2025. This facility ensures control over the complex manufacturing of their products. The U.S. Food and Drug Administration (FDA) has been notified that production has commenced, and full production runs were completed without issues.

This facility is designed to produce the high-purity, multi-phage cocktails needed for late-stage trials and future commercialization. It's definitely a game-changer for supply chain security and quality control.

Positive Phase 2a Clinical Data for AP-SA02 in Complicated Bacteremia

The clinical validation for their lead candidate, AP-SA02, in complicated Staphylococcus aureus bacteremia (SAB) is a critical resource. The Phase 2a diSArm study results were presented as late-breaking data at IDWeek 2025. The development of AP-SA02 was partially supported by a substantial Department of Defense (DoD) award of $26.2 million received through the Medical Technology Enterprise Consortium (MTEC).

Here's the quick math on the efficacy seen at the Day 12 Test of Cure assessment, as judged by blinded site investigators:

What this estimate hides is the durability: no patients who received AP-SA02 showed non-response or relapse at one week post-BAT or at the End of Study, compared to approximately 25% in the placebo group.

Unrestricted Cash and Cash Equivalents of $14.8 Million as of September 30, 2025

Financially, Armata Pharmaceuticals, Inc. has a specific liquidity position to fund operations moving into late 2025. As of September 30, 2025, the company held approximately $14.8 million of unrestricted cash and cash equivalents. This is an improvement from the $9.3 million they held at the end of 2024.

For context on the burn rate, the net cash used in operating activities for the nine months ended September 30, 2025, was $19.1 million.

• Cash on hand as of September 30, 2025: $14.8 million.
• Cash on hand as of December 31, 2024: $9.3 million.
• Net cash used in operating activities (9 months ended 9/30/2025): $19.1 million.

Finance: draft 13-week cash view by Friday.

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.

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:

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:

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:

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:

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:

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.