Armata Pharmaceuticals Q4 earnings miss expectations, stock price slightly declines

Los Angeles - Armata Pharmaceuticals Inc. (NYSE American: ARMP) announced its fourth-quarter results on Wednesday, which fell short of analyst expectations. Adjusted earnings per share were -$3.42, compared to market expectations of -$0.19. Revenue was $1.1 million, below the anticipated $1.48 million.

The company’s stock fell 0.93% in after-hours trading.

As of December 31, 2025, the company’s quarterly grant revenue was $1.1 million, down 8.3% from $1.2 million in the same period last year. This revenue reflects costs associated with the company’s AP-SA02 program for treating Staphylococcus aureus bacteremia.

Net loss for the fourth quarter was $124.3 million, or -$3.42 per share, compared to a net profit of $2.6 million in the same period last year.

This significant loss includes a non-cash loss of $105.8 million due to fair value changes in convertible loans, as well as a $5.4 million impairment related to the company’s office and research facilities in Marina del Rey, California.

Research and development expenses decreased from $8.5 million in Q4 2024 to $6.1 million, mainly due to reduced clinical trial activities and lower personnel costs. General and administrative expenses slightly increased from $3.3 million to $3.4 million.

For the full year 2025, Armata reported a net loss of $173.8 million, or -$4.80 per share, compared to a net loss of $18.9 million, or -$0.52 per share, in 2024. As of December 31, 2025, the company held $14.1 million in cash and cash equivalents.

The company’s audited financial statements include an explanatory paragraph regarding its ability to continue as a going concern. In January 2026, Armata amended its credit agreement with Innoviva Strategic Opportunities LLC, extending the maturity date to June 1, 2027.

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