Armata Pharmaceuticals, Inc.
ARMP evidence brief
What we can confirm
- BioSniper Score:
- 4.3 / 10
- Market Cap:
- $194.5M
- Lead Asset:
- AP-PA03 (Phase 2)
What it means
What to watch
Prepared research question
What matters most for ARMP—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ARMP
Armata Pharmaceuticals, Inc. (ARMP) is a late clinical-stage biotechnology company developing high-purity, pathogen-specific bacteriophage therapeutics for antibiotic-resistant bacterial infections, with a lead candidate AP-SA02 advancing toward a planned Phase 3 study.
Key risk: Cash runway insufficient
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$194.5M
Cash Runway
—
Lead Asset
AP-PA03 (Phase 2)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate for Armata Pharmaceuticals, Inc..
Armata Pharmaceuticals, Inc. (ARMP) is a late clinical-stage biotechnology company developing high-purity, pathogen-specific bacteriophage therapeutics for antibiotic-resistant bacterial infections, with a lead candidate AP-SA02 advancing toward a planned Phase 3 study.
- Armata focuses on bacteriophage therapeutics that target specific bacteria while preserving the normal human microbiome, contrasting with broad-spectrum antibiotics [sec_mda · as of 2026-05-13].
- Lead product candidate AP-SA02 (intravenously administered S. aureus multi-phage) is advancing toward a planned Phase 3 superiority study for complicated bacteremia [news · published 2026-07-20].
- Cash and cash equivalents were $24.0 million as of June 30, 2026, which management states will not be sufficient to fund operations for the next 12 months [sec_mda · as of 2026-08-12].
- Net income for the period ended June 30, 2026 was $74.1 million, while shareholders' equity was -$231.2 million [sec].
- The company has received non-dilutive funding from the U.S. Department of War, including a $2.5 million award in June 2026 and an additional $3.7 million in September 2026, to support AP-SA02 Phase 3 development [news · published 2026-09-23].
What works
- AP-SA02 has received Qualified Infectious Disease Product (QIDP) and Fast Track Designation (FTD) from the FDA, which may expedite development and review [sec_mda · as of 2026-08-12].
- The company has secured non-dilutive government funding (total $28.7 million from MTEC/DoW) to partially fund AP-SA02 clinical activities and Phase 3 preparation [sec_mda · as of 2026-08-12].
- Bacteriophage therapeutics offer a differentiated mechanism of action that kills specific bacteria while preserving the normal microbiome, potentially reducing side effects like C. difficile infection [sec_mda · as of 2026-05-13].
What to weigh
- Cash and cash equivalents of $24.0 million as of June 30, 2026 are not sufficient to complete all development and fund operations for the next 12 months, raising substantial doubt about the company's ability to continue as a going concern [sec_mda · as of 2026-08-12].
- Shareholders' equity is deeply negative at -$231.2 million as of June 30, 2026, indicating accumulated losses exceed contributed capital [sec].
- The company has incurred net losses since inception and operations have been primarily limited to research and development and raising capital [sec_mda · as of 2026-08-12].
- Clinical development of AP-PA02 (for Pseudomonas aeruginosa) is contingent upon securing sufficient additional funding, and the program may be paused or partnered [sec_mda · as of 2026-05-13].
From the filings
Quoted directly from source documents.
Cash insufficiency and going concern warning
“Our existing cash and cash equivalents of $24.0 million as of June 30, 2026 will not be sufficient to enable us to complete all necessary development of any potential product candidates and fund our operations for the next 12 months from the date the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q are issued. These circumstances raise substantial doubt about the Company's ability to continue as a going concern.”
SEC MD&A · August 12, 2026
Differentiated mechanism of bacteriophages
“Bacteriophages or "phages" have a powerful and highly differentiated mechanism of action that enables binding to and killing of specific targeted bacteria while uniquely preserving the normal human microbiome or "healthy bacteria".”
SEC MD&A · May 13, 2026
Risks & what to watch (4)›
Key risks
- Cash runway insufficient — Cash of $24.0M as of June 30, 2026 will not fund operations for 12 months; going concern doubt raised [sec_mda · as of 2026-08-12].
- Negative shareholders' equity — Shareholders' equity of -$231.2M as of June 30, 2026 indicates deep accumulated losses [sec].
- Dependence on further funding — Phase 3 and other programs (e.g., AP-PA02) contingent on securing additional financing [sec_mda · as of 2026-05-13].
- No approved products yet — Company has incurred net losses since inception; no commercial revenue from product sales [sec_mda · as of 2026-08-12].
What to watch
- Initiation of AP-SA02 Phase 3 superiority study, anticipated to start in the second half of 2026 [sec_mda · as of 2026-08-12].
- Ability to secure additional funding to extend cash runway beyond mid-2027 [sec_mda · as of 2026-08-12].
- Potential strategic partnerships or out-licensing for AP-PA02 program [sec_mda · as of 2026-05-13].
- FDA End-of-Phase 2 meeting outcomes and any regulatory milestones for AP-SA02 [news · published 2026-07-20].
Sources: News · SEC MD&A · Generated October 8, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
Net income $74M
Lead: Phase 2
1 candidate
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
45
Total value held
$40.1M
| Holder | Shares | Value |
|---|---|---|
| madison asset management, llc | 2,107,675 | $21.6M |
| vanguard capital management llc | 366,028 | $3.7M |
| millennium management llc | 257,992 | $2.6M |
| 683 capital management, llc | 137,000 | $1.4M |
| geode capital management, llc | 114,555 | $1.2M |
| edgewood management llc | 100,000 | $1.0M |
| dauntless investment group, llc | 90,580 | $928K |
| sei investments co | 74,192 | $760K |
| vanguard fiduciary trust co | 67,864 | $695K |
| blackrock, inc. | 65,050 | $666K |
Showing top 10 of 45 institutional holders of Armata Pharmaceuticals, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 2.1%
- Days to cover
- 3.6
- Shares short
- 230,017
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ARMP short interestGovernance
Frequently asked questions
What is the AI investment thesis for Armata Pharmaceuticals, Inc.?
Armata Pharmaceuticals, Inc. (ARMP) is a late clinical-stage biotechnology company developing high-purity, pathogen-specific bacteriophage therapeutics for antibiotic-resistant bacterial infections, with a lead candidate AP-SA02 advancing toward a planned Phase 3 study.
What is Armata Pharmaceuticals, Inc.'s lead drug candidate?
Armata Pharmaceuticals, Inc.'s most advanced tracked candidate is AP-PA03 (Phase 2) for Acute ventilator-associated pneumonia and other severe infections caused by antibiotic-resistant Pseudomonas aeruginosa.
Who is the CEO of Armata Pharmaceuticals, Inc.?
Dr. Deborah L. Birx M.D. is the chief executive officer of Armata Pharmaceuticals, Inc. (ARMP).
Where is Armata Pharmaceuticals, Inc. headquartered?
Armata Pharmaceuticals, Inc. (ARMP) is headquartered in Los Angeles, CA, United States.
What therapeutic areas does Armata Pharmaceuticals, Inc. focus on?
Armata Pharmaceuticals, Inc. develops therapies across Infectious Disease.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.