Armata Pharmaceuticals, Inc. 8-K

Summary

Q1 2026 results and $25M secured financing. Armata borrowed from Innoviva Strategic Opportunities, an Innoviva subsidiary and principal shareholder, to fund AP-SA02 development. Net loss was driven largely by a noncash fair-value loss on the convertible loan. The company expects its Phase 3 superiority study in complicated S. aureus bacteremia to start in H2 2026.

Key Figures

• The convertible loan’s noncash fair-value change was a $101M loss in Q1 2026 vs a $5.20M gain in Q1 2025; interest expense was $5.56M vs $3.60M. Research and development expense increased to $6.11M from $5.43M, primarily because of a large prior-year credit for AP-PA02 trial costs.
• Unrestricted cash was $4.75M at 3/31/2026 vs $8.69M at 12/31/2025.
• The Innoviva loan is a $25M secured term loan at 14.0% annual interest, maturing 1/11/2029. Domestic subsidiaries guarantee it, substantially all company and guarantor assets secure it, and proceeds will advance AP-SA02 development.

Guidance

No guidance in this filing.

Investor Takeaways

• Watch for the planned H2 2026 start of the AP-SA02 Phase 3 superiority study in complicated bacteremia caused by MSSA or MRSA.
• Armata says it is pursuing additional funding, including non-dilutive sources; future financing will affect its ability to advance the clinical program.