Armata Pharmaceuticals, Inc. (ARMP) Form 10-Q — Aug 12, 2026

$ARMPForm 10-QFiled Aug 12, 2026, 4:23 PM ET0001104659-26-094907Original filing

Armata Pharmaceuticals reported Q2 2026 net income of $74.1 million, but the profit is an accounting artifact of a $91.0 million non-cash fair value gain on its Innoviva Convertible Loan — underlying operating loss widened 51% year-over-year to $10.3 million and diluted EPS was negative at $(0.27). The company raised substantial doubt about its ability to continue as a going concern, stating its $24.0 million cash position will not fund operations for the next 12 months. Management plans to close the gap through equity, debt, partnerships, and its $100 million JonesTrading ATM, though 1H 2026 use of that ATM produced only $2.4 million in net proceeds.

Key figures

Eps: Q2 2026 basic $2.02 / diluted $(0.27); 1H 2026 basic $(1.12)
Revenue: Q2 2026 grant and award revenue $2.5M (vs $2.2M Q2 2025); 1H 2026 $3.3M (vs $2.7M)
Net Income: Q2 2026 net income $74.1M, driven entirely by a $91.0M non-cash fair value gain on the Convertible Loan; 1H 2026 net loss $41.2M vs $22.8M 1H 2025
Total Debt: ~$283.5M carrying value ($163.9M Convertible Loan current + $77.6M term debt current + $42.0M term debt non-current)
Total Assets: $90.0M
Cash Position: $24.0M cash and equivalents as of June 30, 2026 (plus $4.1M restricted cash), up from $8.7M at Dec 31, 2025
Interest Rate: 14.0% on all term loans; 8.0% on Convertible Loan; revised effective interest rate of 36.19% on term loans after the 2026 Debt Amendments (TDR)
Maturity Date: June 1, 2027 for the 2023, 2024, March 2025 loans and Convertible Loan; January 11, 2029 for the August 2025 and May 2026 loans
Shares Outstanding: 37181979
May 2026 loan: $25.0M at 14.0% from Innoviva Sub
Q2 ga expense: $5.2M (vs $2.6M Q2 2025, +99.9%)
August 2025 loan: $15.0M at 14.0% from Innoviva Sub
Mtec total award: $28.7M (increased by $2.5M on June 22, 2026)
Q2 operating loss: $10.3M (vs $6.8M Q2 2025, +50.7%)
Accumulated deficit: $542.7M
Atm program capacity: $100.0M with JonesTrading; 338,000 shares sold in 1H 2026 for ~$2.4M net
Stockholders deficit: -$231.2M
Warrants outstanding: 10655047
Phase3 planned enrollment: ~450 patients, 2:1 randomization, anticipated to initiate 2H 2026
Convertible loan principal: $30.0M plus $8.4M accrued interest
Operating cash burn 1h 2026: $14.4M
Convertible conversion price: $1.52 per share
Convertible conversion shares: 25293860
Tdr debt discount from warrants: $20.6M
Total shares reserved for issuance: 46337481

Price after filing

1 day: +11.8%7 days: +17.6%30 days: +24.8%

Close on the filing date to close N calendar days later (from $4.31). Historical, not a forecast.

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