earnings
confidence high
sentiment negative
materiality 0.80
Armata Pharma Q4 net loss $124.3M on $105.8M non-cash fair value loss; going concern noted
Armata Pharmaceuticals, Inc.
- Q4 2025 grant revenue $1.1M vs $1.2M YoY; R&D expenses $6.1M vs $8.5M YoY.
- Net loss $124.3M ($3.42/sh) vs net income $2.6M ($0.07/sh) in Q4 2024; includes $105.8M non-cash fair value loss on convertible loan.
- Recognized $5.4M impairment expense on vacated Marina del Rey office lease.
- Cash & equivalents $14.1M as of Dec 31 2025; amended debt agreements extending maturities to June 2027.
- Audited 2025 financials include going concern qualification; ~36.6M shares outstanding as of Mar 18 2026.
item 2.02item 9.01
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