Armata Pharmaceuticals (ARMP) investor relations material

Executive summary

• Q3 2026 net income was $54.9M, primarily reflecting a $69.6M non-cash Convertible Loan fair-value gain; operating loss was $7.4M.

• AP-SA02 advanced toward a planned Phase 3 superiority study, with FDA Breakthrough Therapy designation and regulatory, manufacturing, and site preparations underway.

• Cash and cash equivalents of $18.3M were insufficient to fund operations for 12 months from issuance of the financial statements, raising substantial doubt about continuing as a going concern.

Financial highlights

• Q3 grant and award revenue was $3.2M vs. $1.2M YoY; 9M revenue was $6.5M vs. $3.8M, primarily from MTEC reimbursement of AP-SA02 costs.

• Q3 operating expenses were $10.6M, up 18.1% YoY; R&D was $6.8M and G&A $3.7M. 9M operating expenses were $33.0M, up 23.7%.

• Q3 operating loss was $7.4M vs. $7.8M; net income was $54.9M vs. a $26.7M loss. 9M operating loss was $26.5M vs. $22.8M; net income was $13.7M vs. a $49.5M loss.

• Q3 basic EPS was $1.15 and diluted EPS was $(0.24); 9M basic EPS was $0.29 and diluted EPS was $(0.74).

Outlook and guidance

• AP-SA02 Phase 3 superiority study initiation was planned for H2 2026, subject to FDA concurrence with the protocol; proposed enrollment is ~550 adults, with Day 70 clinical response as the primary endpoint.

• Clinical trial material production was underway; a cGMP production run and vialing were completed in Q3, CRO contracts were executed, and initial site agreements were under negotiation.

• Existing cash was not expected to fund operations for the next 12 months; additional financing will be required. AP-PA02 NCFB and AP-PA03 development are contingent on sufficient funding.