Major Estimate Revision • May 28
Consensus EPS estimates upgraded to US$3.81 loss The consensus outlook for fiscal year 2026 has been updated. 2026 losses forecast to reduce from -US$4.65 to -US$3.81 per share. Revenue forecast unchanged from US$3.60m at last update. Biotechs industry in the US expected to see average net income decline 10% next year. Consensus price target of US$17.50 unchanged from last update. Share price was steady at US$8.12 over the past week. Reported Earnings • May 15
First quarter 2026 earnings released: US$3.16 loss per share (vs US$0.18 loss in 1Q 2025) First quarter 2026 results: US$3.16 loss per share (further deteriorated from US$0.18 loss in 1Q 2025). Net loss: US$115.3m (loss widened US$108.8m from 1Q 2025). Revenue is forecast to grow 70% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 85% per year, which means it is well ahead of earnings. Reported Earnings • Mar 27
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: US$4.80 loss per share (further deteriorated from US$0.52 loss in FY 2024). Net loss: US$173.8m (loss widened US$154.9m from FY 2024). Revenue exceeded analyst estimates by 7.8%. Earnings per share (EPS) missed analyst estimates by 194%. Revenue is forecast to grow 69% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 71% per year, which means it is well ahead of earnings. Announcement • Feb 24
Armata Pharmaceuticals, Inc. Receives FDA Qualified Infectious Disease Product (QIDP) Designation for AP-SA02 Armata Pharmaceuticals, Inc. announced that the U.S. Food and Drug Administration (the "FDA") has granted AP-SA02, the Company's Staphylococcus aureus ("S. aureus") multi-phage product candidate, for intravenous use as a Qualified Infectious Disease Product ("QIDP") for adjunct treatment of complicated bacteremia caused by methicillin-sensitive S. aureus ("MSSA") or methicillin resistant S. aureus ("MRSA"). To achieve QIDP designation, a drug candidate must be intended to treat serious or life-threatening infections, particularly those caused by bacteria and fungi that are resistant to treatment, or that treat qualifying resistant pathogens identified by the FDA. The QIDP designation makes AP-SA02 eligible to benefit from certain incentives for the development of new antibacterials provided under the Generating Antibiotic Incentives Now (GAIN) Act, including an additional five-year extension of Hatch-Waxman market exclusivity. Further, the QIDP designation makes AP-SA02 eligible for Fast Track status, which provides an opportunity for more frequent meetings and communication with the FDA, priority and rolling review, leading to potential accelerated approval of its Biologics License Application. The Company plans to submit to the FDA a request for Fast Track Designation for AP-SA02. Announcement • Jan 13
Armata Pharmaceuticals, Inc. Announces End-of-Phase 2 Meeting with FDA and Plans to Advance AP-SA02 to a Phase 3 Superiority Study in Complicated S aureus bacteremia Armata Pharmaceuticals, Inc. announced the conclusion of an End-of-Phase 2 ("EOP2") written response from the U.S. Food and Drug Administration ("FDA") and plans to advance the Company's intravenously-administered Staphylococcus aureus bacteriophage product candidate, AP-SA02, into a Phase 3 clinical study in complicated S. aureus bacteremia. The Phase 3 study is anticipated to initiate in the second half of 2026. FDA's Center for Biologics Evaluation and Research division, upon reviewing Armata's detailed EOP2 background package, confirmed that the safety and efficacy data from Armata's Phase 2a diSArm study support advancement to Phase 3. The FDA provided critical guidance on key elements of the Phase 3 study design, which will assess the superiority of AP-SA02 over the current standard of care for the treatment of complicated S. aureus Bacteremia. Armata is addressing FDA comments, including on Chemistry, Manufacturing, and Controls ("CMC") and aligning them with the Company's existing Phase 3 manufacturing and quality strategy. The FDA also included recommendations for the future Biologics License Application and is amenable to Armata submitting a request for Qualified Infectious Disease Product Designation ("QIDP") for AP-SA02. The Company is already addressing many of the clinical and CMC comments from FDA and has submitted the request for QIDP. The results of the Phase 2a diSArm trial were announced in May 2025 and further highlighted in a late-breaking oral presentation at IDWeek 2025™? in October 2025. The results of the Phase 2a diSArm study were announced in May 2025 and further highlighted in a late-breaking oral presentation at IDWeek 2025™ in October 2025. The primary study endpoint for the Phase 3 superiority study is expected to be clinical response at end of best available antibiotic therapy ("BAT") and 28 days later at End of Study. Safety and healthcare resource impact analyses will be included. Announcement • Dec 02
Armata Pharmaceuticals, Inc. has filed a Follow-on Equity Offering in the amount of $100 million. Armata Pharmaceuticals, Inc. has filed a Follow-on Equity Offering in the amount of $100 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Announcement • Oct 22
Armata Pharmaceuticals Highlights Positive Results from Phase 2a diSArm Study of its Staphylococcus Aureus Bacteriophage Cocktail, AP-SA02, in Late-Breaking Oral Presentation at IDWeek 2025 Armata Pharmaceuticals, Inc. highlighted positive results from its recently completed Phase 2a diSArm study of AP-SA02 as a potential treatment for complicated Staphylococcus aureus ("S. aureus") bacteremia ("SAB") in a late-breaking oral presentation at IDWeek 2025™. The abstract, titled, "A Phase 2a Randomized, Double-Blind, Controlled Trial of the Efficacy and Safety of an Intravenous (IV) Bacteriophage Cocktail (AP-SA02) vs. Placebo in Combination with Best Available Antibiotic Therapy (BAT) in Patients with Complicated Staphylococcus auresus Bacteremia," was accepted as a highly coveted late-breaking abstract for oral presentation, and was presented by Dr. Loren G. Miller, M.D., M.P.H., Professor of Medicine, David Geffen School of Medicine at UCLA, Chief, Division of Infectious Diseases at Harbor-UCLA Medical Center and the Lundquist Institute. New findings demonstrate that the defined and reproducible genomic variants present in AP-SA02 Drug Product may provide an immediate advantage, enabling rapid, strain-specific response to each patient's S. aureus isolate. These results strongly support advancement into a pivotal Phase 3 trial that Armata plans to initiate in 2026, subject to review and feedback from the U.S. Food and Drug Administration (the "FDA"). The Company is engaged with the FDA regarding a potential superiority trial design. Armata is developing AP-SA02, a fixed multi-phage phage cocktail, for the treatment of complicated bacteremia caused by Staphylococcus auredus (S. aureus), including methicillin-sensitive S. aureus (MSSA) and methicillin-resistant S. aureus (MRSA) strains. The results from the diSArm study are an important step forward in Armata's effort to confirm the potent antimicrobial activity of phage therapy and the completion of the study represents a significant milestone in the development of AP-SA02, moving Armata one step closer to introducing an effective new treatment option to patients suffering from complicated S. aureus bacteremia. The Phase 1b/2a clinical development of AP-SA02 was partially supported by a $26.2 million Department of Defense (DoD) award, received through the Medical Technology Enterprise Consortium (MTEC) and managed by the Naval Medical Research Command (NMRC) - Naval Advanced Medical Development (NAMD) with funding from the Defense Health Agency and Joint Warfighter Medical Research Program. Announcement • Oct 15
Armata Pharmaceuticals to Present Late-Breaking Clinical Data Highlighting Its Staphylococcus Aureus Bacteriophage Cocktail, Ap-Sa02, At Idweek 2025 Armata Pharmaceuticals, Inc. announced it will be presenting late-breaking Phase 2a clinical data on its Staphylococcus aureus aureus bacteriophage cocktail, AP-SA02, at IDWeek 2025™?, which is being held October 19-22, 2025, in Atlanta, GA. Details of the oral presentation are as follows: Presentation Title: A Phase 2a Randomized, Double-Blind, Controlled Trial of the Efficacy and Safety of an Intravenous (IV) Bacteriophage Cocktail (AP-SA02) vs. Placebo in Combination with Best Available Antibiotic Therapy (BAT) in Patients with Complicated Staphylococcus auresus Bacteremia. Announcement • May 20
Armata Pharmaceuticals, Inc. Announces Positive Topline Data from the Phase 1B/2A diSArm Study of Intravenous Administration AP-SA02 in Complicated Staphylococcus Aureus Bacteremia Armata Pharmaceuticals, Inc. announced positive topline results from its Phase 1b/2a diSArm trial which evaluated AP-SA02, a novel intravenous ("IV") administered multi-phage therapeutic for the treatment of Staphylococcus aureus ("S. aureus") bacteremia ("SAB"), in the intent-to-treat ("ITT") population. The primary clinical efficacy endpoint for the Phase 2a portion of the diSArm study was clinical outcome (responder rate) in subjects with complicated bacteremia, measured at (i) Test of Cure ("TOC") for AP-SA02, defined as one week following the end of IV treatment with AP-SA02 (day 12), (ii) TOC for BAT, defined as one week following of IV BAT, and (iii) end of study ("EOS"), defined as four weeks following the end of IV BAT. A statistically significant increase in investigator-assessed responder rate was observed at TOC for AP-SA02 (day12) in AP-SA02 treated subjects (88%) versus placebo (58%) (p = 0.047). At TOC for BAT and at EOS, 100% of the AP-SA02 treated subjects had clinically responded (p = 0.017) versus 25% of placebo subjects considered non-responsive due to either relapse or treatment failure, consistent with the non-responder rate reported in the literature for recent phase 3 trials. Of note, the clinical response with AP-SA02 occurred regardless of whether subjects were infected with methicillin-sensitive S. aureus ("MSSA") or methicillin-resistant S. aureus ("MRSA"). This clinical trial is groundbreaking in two fundamental ways: firstly, this is the first clear evidence in a randomized controlled trial of the efficacy of phage against a serious systemic pathogen that is responsible for significant morbidity and mortality in the United States, and secondly, Armata was able to successfully produce high titer phage with high purity allowing for repetitive IV administration every six hours without significant safety concerns. Price Target Changed • May 19
Price target increased by 24% to US$9.00 Up from US$7.25, the current price target is provided by 1 analyst. New target price is 280% above last closing price of US$2.37. Stock is down 4.4% over the past year. The company is forecast to post a net loss per share of US$1.94 next year compared to a net loss per share of US$0.52 last year. New Risk • May 15
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: US$4.7m This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$36m free cash flow). Negative equity (-US$54m). Earnings have declined by 16% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Revenue is less than US$5m (US$4.7m revenue). Market cap is less than US$100m (US$49.9m market cap). Reported Earnings • May 15
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: US$0.18 loss per share (improved from US$0.69 loss in 1Q 2024). Net loss: US$6.53m (loss narrowed 74% from 1Q 2024). Revenue missed analyst estimates by 64%. Earnings per share (EPS) exceeded analyst estimates by 53%. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. New Risk • Apr 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$39m free cash flow). Negative equity (-US$48m). Earnings have declined by 23% per year over the past 5 years. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$71m net loss next year). Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$34.7m market cap). Announcement • Apr 05
Armata Pharmaceuticals, Inc., Annual General Meeting, Jun 12, 2025 Armata Pharmaceuticals, Inc., Annual General Meeting, Jun 12, 2025. Location: 5005 mcconnell avenue, california 90066, los angeles United States Reported Earnings • Mar 21
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: US$0.52 loss per share (improved from US$1.91 loss in FY 2023). Net loss: US$18.9m (loss narrowed 73% from FY 2023). Revenue missed analyst estimates by 5.9%. Earnings per share (EPS) exceeded analyst estimates by 45%. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 30% per year, which means it is performing significantly worse than earnings. Announcement • Dec 19
Armata Pharmaceuticals, Inc. Announces Encouraging Results from the Phase 2 Tailwind Study of Inhaled AP-PA02 in Non-Cystic Fibrosis Bronchiectasis Subjects with Chronic Pulmonary Pseudomonas aeruginosa Infection Armata Pharmaceuticals, Inc. announced encouraging topline results from its Phase 2 ("Tailwind") trial evaluating AP-PA02, a novel, inhaled multi-phage therapeutic for the treatment of chronic pulmonary Pseudomonas aeruginosa ("P.a." or "P. aeruginosa") infections in non-cystic fibrosis bronchiectasis ("NCFB") patients. This is the second successful clinical trial AP-PA02, Armata's lead pulmonary candidate, which was first evaluated in cystic fibrosis patients in the Phase 1b/2a SWARM-P.a. trial, completed in 2023. The Tailwind study (NCT05616221) was a multicenter, randomized, double-blind, placebo-controlled trial that evaluated the safety, pharmacokinetics and efficacy of inhaled AP-PA02. The Tailwind study was conducted in two cohorts running in parallel: subjects in one cohort (cohort A) received inhaled AP-PA02 as monotherapy, while subjects in another cohort (cohort B) received inhaled anti-pseudomonal antibiotic treatment. The study data indicate the potential for phage therapy to reduce reliance on chronic antibiotic use. Safety data indicate that inhaled AP-PA02 was well-tolerated with treatment-emergent adverse events mild and self-limiting. The company believe the safety and tolerability of AP-PA02 exhibited a promising profile for treating chronically infected NCFB patients. Announcement • Dec 06
Armata Pharmaceuticals, Inc. Concludes Employment Agreement with Mina Pastagia as Chief Medical Officer On November 15, 2024, Armata Pharmaceuticals, Inc. disclosed that it had reached an agreement with Mina Pastagia, M.D. (“Dr. Pastagia”), the Company’s Chief Medical Officer, pursuant to which Dr. Pastagia’s employment had concluded effective as of November 13, 2024. In connection with Dr. Pastagia’s separation, on December 2, 2024, the Company entered into a Separation and Release Agreement with Dr. Pastagia (the “Separation Agreement”) pursuant to which, in consideration for Dr. Pastagia’s general release of claims in favor of the Company and its affiliates, Dr. Pastagia will be entitled to the continued payment of her base salary for twelve months following the Termination Date. Dr. Pastagia’s receipt of the foregoing payments is subject to her non-revocation of and compliance with the Separation Agreement. Reported Earnings • Nov 15
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: US$0.15 loss per share (improved from US$0.86 loss in 3Q 2023). Net loss: US$5.48m (loss narrowed 82% from 3Q 2023). Revenue exceeded analyst estimates significantly. Earnings per share (EPS) also surpassed analyst estimates by 46%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Nov 12
Armata Pharmaceuticals Announces the Completion of Enrollment of its Phase 1b/2a diSArm Study Evaluating Intravenous AP-SA02 as a Potential Treatment for Staphylococcus aureus Bacteremia Armata Pharmaceuticals, Inc. announced that it has achieved full enrollment (n=50) of its Phase 1b/2a diSArm study of intravenous AP-SA02 as a potential treatment for Staphylococcus aureus (S. aureus) bacteremia. Armata anticipates topline data from the diSArm study in the first quarter of 2025. During the Phase 2a portion of diSArm, Armata focused on evaluating clinical safety of higher intravenous doses of AP-SA02 and accelerating enrollment to arrive at topline data expeditiously. The manufacture of highly purified phages using Armata's proprietary methods enabled dose escalation to 5E10 PFU every six hours (2E11 PFU every 24 hours) for five days without clinically significant adverse events. In parallel with dose escalation, the evolution of two distinct blinded subsets of subjects receiving phage has been observed. One subset, comprising approximately half of the treated group, has evidence of persistence of detectable phage in the blood providing early evidence of in vivo phage amplification and resultant release of phage progeny. The Company anticipates topline data from the diSArm study in the first quarter of 2025 where it can explore the two aforementioned subsets in an unblinded manner. Topline results are also expected to inform the optimal dose of AP-SA02 to be evaluated in the larger definitive efficacy study. Armata remains committed to developing a pivotal S. aureus bacteremia trial in 2025 to evaluate the intravenous phage product candidate, AP-SA02, as an adjunct to standard of care broad-spectrum antibiotics and/or potentially as an alternative to broad-spectrum antibiotics. Modern medicine requires a hard look at reliance on broad-spectrum antibiotics and their detrimental impact on the healthy human microbiome. The Company plans to discuss its pivotal trial design with the U.S. Food and Drug Administration. The clinical development of AP-SA02 is supported in part by $21.6 million funds from the Defense Health Agency and Joint Warfighter Medical Research Program received through the MTEC and managed by the NMRC-NAMD. The diSArm study is a Phase 1b/2a, randomized, double-blind, placebo-controlled, multiple ascending dose escalation study of the safety, tolerability, and efficacy of intravenous AP-SA02 as an adjunct to best available antibiotic therapy (BAT) compared to BAT alone for the treatment of adults with bacteremia due to S. aureus. The Phase 1b portion evaluated the safety and tolerability of multiple ascending intravenous doses of AP-SA02 or placebo as an adjunct to BAT compared to BAT alone in subjects with S. aureus bacteremia. The Phase 2a portion evaluated the efficacy, safety, and tolerability of multiple doses of intravenous AP-SA02 or placebo as an adjunct to BAT compared to BAT alone in subjects with complicated S. aureus bacteremia. New Risk • Sep 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$46m free cash flow). Negative equity (-US$46m). Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$51m net loss next year). Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (US$3.7m revenue). Market cap is less than US$100m (US$88.6m market cap). Major Estimate Revision • Aug 20
Consensus revenue estimates decrease by 32%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from US$4.54m to US$3.08m. EPS estimate increased from -US$1.91 to -US$1.04 per share. Biotechs industry in the US expected to see average net income decline 14% next year. Consensus price target of US$8.00 unchanged from last update. Share price fell 13% to US$2.37 over the past week. Reported Earnings • Aug 15
Second quarter 2024 earnings released: EPS: US$0.25 (vs US$0.098 loss in 2Q 2023) Second quarter 2024 results: EPS: US$0.25 (up from US$0.098 loss in 2Q 2023). Net income: US$8.99m (up US$12.5m from 2Q 2023). Revenue is forecast to grow 61% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Aug 01
Armata Pharmaceuticals Receives $5.25 Million of Additional Non-Dilutive Grant Funding from the U.S. Department of Defense to Support Ongoing diSArm Clinical Trial of AP-SA02 Armata Pharmaceuticals, Inc. announced that it has received an additional $5.25 million of non-dilutive funding pursuant to a previously announced Department of Defense grant, received through the Medical Technology Enterprise Consortium (MTEC) and managed by the Naval Medical Research Command (NMRC) – Naval Advanced Medical Development (NAMD) with funding from the Defense Health Agency and Joint Warfighter Medical Research Program. The grant was awarded to Armata to support clinical development of its optimized phage candidate, AP-SA02, as a potential treatment for complicated Staphylococcus aureus bacteremia. The diSArm study is a Phase 1b/2a, randomized, double-blind, placebo-controlled, multiple ascending dose escalation study of the safety, tolerability, and efficacy of intravenous AP-SA02 as an adjunct to best available antibiotic therapy compared to best available antibiotic therapy alone for the treatment of adults with bacteremia due to Staphylococcus aureus. This study is being conducted in two phases: Phase 1b evaluated the safety and tolerability of multiple ascending intravenous doses of AP-SA02 or placebo as an adjunct to best available therapy (BAT) compared to BAT alone in subjects with SA bacteremia (SAB). Phase 2a is evaluating the efficacy, safety, and tolerability of multiple doses of AP-SA02 or placebo as an adjunct to BAT compared to BAT alone in subjects with complicated SAB. The study is expected to enroll approximately 50 subjects. The study is currently 68% enrolled. Announcement • Jul 11
Armata Pharmaceuticals, Inc. Announces Completion of Enrollment of Phase 2 Tailwind Study of Inhaled Ap-Pa02 in Non-Cystic Fibrosis Bronchiectasis Subjects with Chronic Pulmonary Pseudomonas Aeruginosa Infection Armata Pharmaceuticals, Inc. announced that it has achieved full enrollment in its Tailwind Phase 2 clinical study of inhaled AP-PA02 in patients with NCFB and chronic pulmonary Pseudomonas aeruginosa(P. aeruginosa) infection. The last patient final follow-up visit is scheduled for August 7, 2024. Armata anticipates topline data from the Tailwind study in the second half of 2024. The Tailwind study is a Phase 2, multi-center, double blind, randomized, placebo-controlled trial evaluating the safety, tolerability, and efficacy of inhaled AP-PA02 as monotherapy, as well as in combination with inhaled antibiotics in subjects with NCFB and chronic pulmonary P. aeruginosa infection. The primary endpoint is P. aeruginosa recovery in sputum following multiple doses of AP-PA02 administered by inhalation. Major Estimate Revision • May 14
Consensus EPS estimates fall by 43% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$4.64m to US$4.54m. Losses expected to increase from US$1.34 per share to US$1.91. Biotechs industry in the US expected to see average net income decline 9.8% next year. Consensus price target of US$8.00 unchanged from last update. Share price rose 28% to US$3.21 over the past week. Reported Earnings • May 08
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: US$0.69 loss per share (further deteriorated from US$0.40 loss in 1Q 2023). Net loss: US$25.0m (loss widened 73% from 1Q 2023). Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 123%. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Board Change • May 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 11 experienced directors. No highly experienced directors. CEO & Director Deborah Birx was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 01
Armata Pharmaceuticals, Inc., Annual General Meeting, Jun 12, 2024 Armata Pharmaceuticals, Inc., Annual General Meeting, Jun 12, 2024, at 08:30 Pacific Standard Time. Location: 5005 McConnell Avenue Los Angeles California United States Agenda: To elect seven nominees for director to serve one-year terms expiring at the 2025 Annual Meeting of Shareholders and upon their successors being duly elected and qualified; to approve, on an advisory, non-binding basis, the compensation of named executive officers; to ratify the Audit Committee's selection of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024; and to conduct any other business properly brought before the meeting or any adjournment or postponement thereof. New Risk • Apr 18
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$90.4m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$56m free cash flow). Negative equity (-US$32m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$98m net loss in 3 years). Share price has been volatile over the past 3 months (12% average weekly change). Revenue is less than US$5m (US$4.5m revenue). Market cap is less than US$100m (US$90.4m market cap). Major Estimate Revision • Mar 28
Consensus EPS estimates fall by 52% The consensus outlook for fiscal year 2024 has been updated. 2024 expected loss increased from -US$0.88 to -US$1.34 per share. Revenue forecast of US$4.64m unchanged since last update. Biotechs industry in the US expected to see average net income decline 9.6% next year. Consensus price target of US$8.00 unchanged from last update. Share price rose 16% to US$4.10 over the past week. Reported Earnings • Mar 22
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: US$1.91 loss per share (further deteriorated from US$1.08 loss in FY 2022). Net loss: US$69.0m (loss widened 87% from FY 2022). Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 62% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Nov 17
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: US$0.86 loss per share (further deteriorated from US$0.24 loss in 3Q 2022). Net loss: US$31.2m (loss widened 262% from 3Q 2022). Revenue exceeded analyst estimates by 28%. Earnings per share (EPS) missed analyst estimates by 177%. Revenue is expected to decline by 8.5% p.a. on average during the next 3 years, while revenues in the Biotechs industry in the US are expected to grow by 16%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Oct 31
Armata Pharmaceuticals Announces Presentation of Topline Data from SWARM-P.a. Clinical Study at the North American Cystic Fibrosis Conference Armata Pharmaceuticals, Inc. announced that topline data from the Company's Phase 1b/2a SWARM-P.a. clinical trial evaluating AP-PA02, a novel, inhaled multi-phage therapeutic for the treatment of chronic pulmonary Pseudomonas aeruginosa infections in people with cystic fibrosis (CF) will be mentioned during the North American Cystic Fibrosis Conference (NACFC) Plenary II session. The conference is being held November 2-4, 2023, at the Phoenix Convention Center in Phoenix, AZ. Armata announced positive topline data from the SWARM-P.a. study in March 2023. Plenary II presentation details: Title: "Micro-Management": The Changing Face of Infections in CF Presenters: Natalie E. West, MD, MHS, Johns Hopkins University Lucas R. Hoffman, MD, PhD, Pediatric Pulmonary, Seattle Children's Hospital Date: Friday, November 3rd Time: 5:00pm – 6:15pm ET Session: Plenary Session II location: North Ballroom A-D. Announcement • Sep 27
Armata Pharmaceuticals, Inc. Announces First Patient Dosed in the Phase 2A Portion of the Phase 1b/2a 'Disarm' Study of Ap-Sa02 in Adults with Bacteremia Due to Staphylococcus Aureus Armata Pharmaceuticals, Inc. announced that the first patient has been dosed in the Phase 2a portion of the Company's diSArm study of AP-SA02 as a potential treatment for Staphylococcus aureus bacteremia. Initiation of the Phase 2a portion of The study follows Data Review Committee (DRC) review of positive safety and tolerability data from the Phase 1b portion. The diSArm study is a Phase 1b/2a, randomized, double-blind, placebo-controlled, multiple ascending dose escalation study of the safety, tolerability, and efficacy of intravenous AP-SA02 as an adjunct to best available antibiotic therapy compared to best available antibiotic therapy alone for the treatment of adults with bacteremia due to Staphylococcus aureus. This study is being conducted in two phases: Phase 1b evaluated the safety and tolerability of multiple ascending intravenous doses of AP-SA02 or placebo as an adjunct to best available therapy (BAT) compared to BAT alone in subjects with SA bacteremia (SAB). The Phase 2a is evaluating the efficacy, safety, and tolerability of multiple doses of AP-SA02 or placebo as an adjunct to BAT compared to BAT alone in subjects with complicated SAB. The study will enroll approximately 50 subjects. Armata has received a $16.3 million award to advance development of AP-SA02 from the Department of Defense through the Medical Technology Enterprise Consortium (MTEC) managed by the Naval Medical Research Command with funding from the Defense Health Agency and Joint Warfighter Medical Research Program. Major Estimate Revision • Aug 21
Consensus revenue estimates decrease by 44%, EPS upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from US$6.67m to US$3.76m. EPS estimate increased from -US$1.32 to -US$1.11 per share. Biotechs industry in the US expected to see average net income decline 6.6% next year. Consensus price target of US$8.00 unchanged from last update. Share price fell 14% to US$3.56 over the past week. New Risk • Aug 16
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: US$4.2m This is considered a minor risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$54m free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$74m net loss in 3 years). Revenue is less than US$5m (US$4.2m revenue). Reported Earnings • Aug 15
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: US$0.098 loss per share (improved from US$0.26 loss in 2Q 2022). Net loss: US$3.55m (loss narrowed 62% from 2Q 2022). Revenue missed analyst estimates by 46%. Earnings per share (EPS) exceeded analyst estimates by 73%. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Jul 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$51m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings are forecast to decline by an average of 7.1% per year for the foreseeable future. Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (US$75m net loss in 3 years). Market cap is less than US$100m (US$56.7m market cap). Announcement • Jun 28
Armata Pharmaceuticals, Inc., Annual General Meeting, Aug 29, 2023 Armata Pharmaceuticals, Inc., Annual General Meeting, Aug 29, 2023, at 08:30 Pacific Daylight. Location: 4503 Glencoe Avenue, Marina del Ray, california United States Reported Earnings • May 13
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: US$0.40 loss per share (further deteriorated from US$0.30 loss in 1Q 2022). Net loss: US$14.5m (loss widened 65% from 1Q 2022). Revenue missed analyst estimates by 55%. Earnings per share (EPS) also missed analyst estimates by 25%. Revenue is expected to decline by 19% p.a. on average during the next 3 years, while revenues in the Biotechs industry in the US are expected to grow by 19%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 17
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: US$1.08 loss per share (further deteriorated from US$0.96 loss in FY 2021). Net loss: US$36.9m (loss widened 59% from FY 2021). Revenue missed analyst estimates by 10%. Earnings per share (EPS) also missed analyst estimates by 1.4%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Jan 12
Armata Pharmaceuticals, Inc. announced that it has received $30 million in funding from Innoviva Strategic Opportunities LLC Armata Pharmaceuticals Inc. entered into a securities purchase agreement with returning investor Innoviva Strategic Opportunities LLC to issue Secured Convertible Loan for gross proceeds of $30,000,000 on January 10, 2023. The company will issue the term loan at an interest rate of 8.0% per annum. The loan has a maturity date of January 10, 2024. Repayment of the Loan is required to be guaranteed by the company’s domestic subsidiaries and foreign material subsidiaries, and the Loan is secured by substantially all of the assets of the Company and the subsidiary guarantors. Board Change • Nov 23
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO & Director Brian Varnum was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 16
Price target increased to US$8.00 Up from US$7.25, the current price target is an average from 2 analysts. New target price is 176% above last closing price of US$2.90. Stock is down 16% over the past year. The company is forecast to post a net loss per share of US$1.07 next year compared to a net loss per share of US$0.96 last year. Reported Earnings • Nov 11
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: US$0.24 loss per share (further deteriorated from US$0.22 loss in 3Q 2021). Net loss: US$8.61m (loss widened 59% from 3Q 2021). Revenue missed analyst estimates by 19%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 52% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Biotechs industry in the US. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 25
Price target increased to US$8.00 Up from US$7.25, the current price target is an average from 2 analysts. New target price is 94% above last closing price of US$4.12. Stock is up 8.4% over the past year. The company is forecast to post a net loss per share of US$1.15 next year compared to a net loss per share of US$0.96 last year. Major Estimate Revision • Aug 18
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$4.49m to US$6.53m. EPS estimate fell from -US$1.01 to -US$1.14 per share. Biotechs industry in the US expected to see average net income decline 57% next year. Consensus price target of US$7.67 unchanged from last update. Share price fell 4.7% to US$4.05 over the past week. Reported Earnings • Aug 12
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: US$0.26 loss per share (down from US$0.25 loss in 2Q 2021). Net loss: US$9.22m (loss widened 49% from 2Q 2021). Revenue exceeded analyst estimates by 69%. Earnings per share (EPS) missed analyst estimates by 13%. Over the next year, revenue is expected to shrink by 3.4% compared to a 51% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • May 19
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from US$4.03m to US$4.49m. EPS estimate fell from -US$0.81 to -US$1.01 per share. Biotechs industry in the US expected to see average net income decline 52% next year. Consensus price target of US$7.67 unchanged from last update. Share price rose 7.8% to US$4.31 over the past week. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. CEO & Director Brian Varnum was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Mar 24
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from US$4.93m to US$4.03m. EPS estimate increased from -US$0.89 to -US$0.81 per share. Biotechs industry in the US expected to see average net income decline 46% next year. Consensus price target of US$7.67 unchanged from last update. Share price rose 19% to US$5.11 over the past week. Reported Earnings • Mar 19
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: US$0.96 loss per share (up from US$1.35 loss in FY 2020). Net loss: US$23.2m (loss widened 4.4% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 5.0%. Over the next year, revenue is expected to shrink by 15% compared to a 64% growth forecast for the pharmaceuticals industry in the US. Price Target Changed • Feb 15
Price target increased to US$8.00 Up from US$7.25, the current price target is an average from 3 analysts. New target price is 55% above last closing price of US$5.16. Stock is down 16% over the past year. The company is forecast to post a net loss per share of US$1.02 next year compared to a net loss per share of US$1.35 last year. Reported Earnings • Nov 12
Third quarter 2021 earnings released: US$0.22 loss per share (vs US$0.31 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: US$1.25m (up 334% from 3Q 2020). Net loss: US$5.42m (loss narrowed 6.1% from 3Q 2020). Major Estimate Revision • Aug 19
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from US$3.43m to US$4.41m. EPS estimate fell from -US$1.00 to -US$1.04 per share. Biotechs industry in the US expected to see average net income decline 21% next year. Consensus price target of US$7.67 unchanged from last update. Share price fell 3.1% to US$3.75 over the past week. Price Target Changed • May 19
Price target increased to US$8.00 Up from US$7.25, the current price target is an average from 4 analysts. New target price is 99% above last closing price of US$4.02. Stock is up 28% over the past year. Major Estimate Revision • Mar 25
Consensus revenue estimates fall to US$666.7k The consensus outlook for revenues in 2021 has deteriorated. 2021 revenue forecast decreased from US$3.25m to US$666.7k. Forecast losses increased from -US$0.86 to -US$1.08 per share. Biotechs industry in the US expected to see average net income growth of 4.2% next year. Consensus price target up from US$7.25 to US$7.75. Share price was steady at US$5.50 over the past week. Major Estimate Revision • Feb 11
Analysts update estimates The 2020 consensus revenue estimate was lowered from US$1.01m to US$514.9k. Earning per share (EPS) estimate was unchanged from the last update at -US$1.26. The Biotechs industry in the US is expected to see a 7.2% decline in net income next year. The consensus price target of US$7.25 was unchanged from the last update. Share price is up 8.2% to US$6.33 over the past week. Is New 90 Day High Low • Jan 29
New 90-day high: US$5.07 The company is up 63% from its price of US$3.12 on 30 October 2020. The American market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 23% over the same period. Is New 90 Day High Low • Dec 12
New 90-day low: US$2.83 The company is down 16% from its price of US$3.35 on 11 September 2020. The American market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Biotechs industry, which is up 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share. Analyst Estimate Surprise Post Earnings • Nov 15
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 34%. Earnings per share (EPS) exceeded analyst estimates by 25%. Over the next year, revenue is forecast to grow 742%, compared to a 383% growth forecast for the Biotechs industry in the US. Is New 90 Day High Low • Nov 13
New 90-day high: US$3.94 The company is up 14% from its price of US$3.46 on 14 August 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Biotechs industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is per share.