Armata Pharmaceuticals, Inc. 8-K

Summary

Q3 2026 results and corporate update, centered on AP-SA02, Armata’s intravenous multi-phage candidate for complicated Staphylococcus aureus bacteremia. Reported net income was driven by a fair-value gain on the convertible loan rather than operating performance. Grant and award revenue, representing a consortium’s share of AP-SA02 costs, was $3.17M, up 174% Y/Y.

Developments

• Phase 3 preparation: AP-SA02 clinical-trial material production is underway; Armata completed one cGMP production run and vialing in Q3, submitted protocol revisions in response to FDA feedback, and contracted clinical research organizations. The planned study is expected to begin in H2 2026, subject to FDA concurrence with the protocol.
• FDA Breakthrough Therapy designation was granted for AP-SA02. The FDA also agreed to a pediatric study plan, with pediatric studies deferred pending safety and efficacy data from the adult Phase 3 program.
• Armata received $3.7M in Department of War funding specifically for AP-SA02 Phase 3 execution, bringing cumulative funding under the award to approximately $32.4M.
• Two U.S. patents cover treatment methods: the AP-SA02 patent, issued 10/06/2026, protects methods through at least February 2041; the AP-PA02 patent, issued 04/07/2026, is expected to protect methods through January 2043.

Results

Metric	Q3 2026	Change	9M 2026
Operating income	-$7.38M	vs -$7.78M Y/Y, vs -$10.3M Q/Q	-$26.5Mvs -$22.8M Y/Y
Net income	$54.9M	vs -$26.7M Y/Y, -26% Q/Q	$13.7Mvs -$49.5M Y/Y
Diluted EPS	-$0.24	vs -$0.74 Y/Y, vs -$0.27 Q/Q	-$0.74vs -$1.37 Y/Y
Cash and cash equivalents	$18.3M	-24% Q/Q	—
Diluted shares	62.7M	+73% Y/Y, +1.0% Q/Q	61.9M+71% Y/Y

What moved the numbers

• The convertible loan’s fair-value change generated a $69.6M gain vs a $14.6M loss Y/Y; total other income was $62.2M vs $(18.9)M. This noncash item drove the divergence between operating results and reported net income.
• Q3 research and development expense was $6.83M, up 17% Y/Y; general and administrative expense was $3.72M, up 20% Y/Y.
• YTD operating cash flow was $(20.0)M vs $(19.1)M. Financing activities provided $28.5M, including $25.0M of term-debt proceeds net of issuance costs and $2.37M of net proceeds from common-stock issuance under the at-the-market program.

Figures extracted from the filings and checked against their text; changes and verdicts computed from them.

Guidance

No guidance in this filing.