Armata Pharmaceuticals, Inc. 8-K
NegativeEarningsBankruptcy / going concernImpairment / charge
Convertible-loan fair-value loss drove Q4’s net loss; Innoviva credit maturities extended to June 2027 amid an auditor’s going-concern warning.
Filed 2026-03-25 16:11 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results. Q4’s net loss was largely driven by a noncash loss from changes in the fair value of the convertible loan. The company also extended the maturity of its Innoviva credit agreements to 6/1/2027; its auditor’s opinion on the FY2025 financial statements included a going-concern explanatory paragraph.
Key Figures
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Grant revenue | $1.1M | $1.2M | (8.3%) |
| Operating loss | $(13.8)M | $(10.5)M | n/m |
| Net loss | $(124.3)M | $2.6M | n/m |
| Diluted EPS | $(3.42) | $(0.23) | n/m |
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Grant and award revenue | $4.90M | $5.17M | (5.2%) |
| Operating loss | $(36.6)M | $(42.4)M | n/m |
| Net loss | $(173.8)M | $(18.9)M | n/m |
| Diluted EPS | $(4.80) | $(0.89) | n/m |
| Operating cash flow | $(25.8)M | $(37.6)M | n/m |
| Free cash flow | $(26.3)M | $(39.4)M | n/m |
- Q4 net loss included a $105.8M noncash loss from changes in the convertible loan’s fair value, versus a $14.2M noncash gain in Q4 2024. For FY2025, the fair-value change was a $121.0M loss, versus a $31.4M gain in FY2024.
- FY2025 R&D expense fell to $23.7M from $34.4M. A $5.4M noncash impairment of leased office and R&D space, following a change in the anticipated sublease timeline, partly offset the lower spending.
- At 12/31/2025, cash, cash equivalents and restricted cash totaled $14.1M. Term debt and convertible loan carrying values were $103.1M and $153.9M, respectively. On 1/23/2026, amendments extended the maturities of the Innoviva credit agreements to 6/1/2027; related warrants were extended to 1/26/2031.
Guidance
No guidance in this filing.
Investor Takeaways
- Liquidity and access to funding remain key watchpoints given the auditor’s going-concern explanatory paragraph; monitor cash use and financing through the extended debt maturities.
The summary is written by an AI model reading the filing.
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