{"url_path":"/sec/armp/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/921114/0001104659-26-060333-index.html","accession_number":"0001104659-26-060333","cik":"0000921114","ticker":"ARMP","issuer_name":"Armata Pharmaceuticals, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/921114/0001104659-26-060333-index.html","primary_entity_key":"0000921114","primary_entity_name":"Armata Pharmaceuticals, Inc."},"word_count":2040,"has_tables":true,"body_markdown":"ARMATA PHARMACEUTICALS, 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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM ****10-Q**\n\n​\n\n**☒**\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE**\n**SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n​\n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n​\n\n**☐**\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE**\n**SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n​\n\nFor the transition period from _________________ to _______________________\n\n**Commission file number:****001-37544**\n\n**ARMATA PHARMACEUTICALS, INC.**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n**Washington**\n\n**91-1549568**\n\n(State or other jurisdiction of\n\n(I.R.S. Employer Identification Number)\n\nincorporation or organization)\n\n​\n\n**5005 McConnell Avenue**\n\n​\n\n******Los Angeles****,****CA**\n\n**90066**\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n​\n\nRegistrant’s telephone number, including area code: **(****310****)****665-2928**\n\n**Not Applicable**\n\n(Former name, former address, and former fiscal year, if changed since last report)\n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n**Title of each class**\n\n**Trading Symbol(s)**\n\n**Name of each exchange on which registered**\n\nCommon Stock, $0.01 par value per share\n\nARMP\n\nNYSE American\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nYes   ☒      No     ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nYes    ☒     No     ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company as defined in Rule 12b-2 of the Exchange Act. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer   ☐\n\nAccelerated filer   ☐\n\nNon-accelerated filer     ☒\n\nSmaller reporting company   ☒\n\n​\n\nEmerging growth company   ☐\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).\n\nYes ☐     No ☒\n\nThe number of shares of the registrant’s Common Stock, par value $0.01 per share, outstanding as of May 8, 2026 was 36,710,810.\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nTABLE OF CONTENTS\n\n​\n\nPage\n\n[PART I. FINANCIAL INFORMATION](#PARTI_FINANCIAL_INFORMATION)\n\n​\n\n​\n\n​\n\n[Item 1.](#item1_FINANCIAL_STATEMENTS)\n\n[Financial Statements (unaudited)](#item1_FINANCIAL_STATEMENTS)\n\n6\n\n​\n\n​\n\n​\n\n​\n\n[Condensed Consolidated Balance Sheets](#ConsolidatedBalanceSheets_25890)\n\n6\n\n \n\n​\n\n​\n\n[Condensed Consolidated Statements of Operations](#ConsolidatedStatementsofOperations_41511)\n\n7\n\n \n\n​\n\n​\n\n[Condensed Consolidated Statements of Stockholders’ Deficit](#CondensedConsolidatedStatementsofShareho)\n\n8\n\n​\n\n​\n\n​\n\n[Condensed Consolidated Statements of Cash Flows](#ConsolidatedStatementsofCashFlows_440434)\n\n9\n\n \n\n​\n\n[Notes to Condensed Consolidated Financial Statements](#CondensedNotestoConsolidatedFinancialSta)\n\n10\n\n​\n\n​\n\n​\n\n[Item 2.](#Item2MANAGEMENTSDISCUSSIONANDANALYSIS_77)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item2MANAGEMENTSDISCUSSIONANDANALYSIS_77)\n\n24\n\n​\n\n​\n\n​\n\n[Item 3.](#Item3QUANTITATIVEANDQUALITATIVE_125432)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#Item3QUANTITATIVEANDQUALITATIVE_125432)\n\n38\n\n​\n\n​\n\n​\n\n[Item 4.](#Item4CONTROLSANDPROCEDURES_448420)\n\n[Controls and Procedures](#Item4CONTROLSANDPROCEDURES_448420)\n\n38\n\n​\n\n​\n\n​\n\n[PART II. OTHER INFORMATION](#PARTIIOTHERINFORMATION_905682)\n\n38\n\n \n\n \n\n[Item 1.](#Item1LegalProceedings_580710)\n\n[Legal Proceedings](#Item1LegalProceedings_580710)\n\n38\n\n \n\n \n\n[Item 1A.](#Item1ARiskFactors_490547)\n\n[Risk Factors](#Item1ARiskFactors_490547)\n\n38\n\n \n\n \n\n[Item 2.](#Item2UnregisteredSalesofEquitySecurities)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#Item2UnregisteredSalesofEquitySecurities)\n\n38\n\n \n\n \n\n[Item 3.](#Item3DefaultsuponSeniorSecurities_670807)\n\n[Defaults upon Senior Securities](#Item3DefaultsuponSeniorSecurities_670807)\n\n38\n\n \n\n \n\n[Item 4.](#Item4MineSafetyDisclosures_193094)\n\n[Mine Safety Disclosures](#Item4MineSafetyDisclosures_193094)\n\n39\n\n \n\n \n\n[Item 5.](#Item5OtherInformation_112654)\n\n[Other Information](#Item5OtherInformation_112654)\n\n39\n\n \n\n \n\n[Item 6.](#Item6Exhibits_175538)\n\n[Exhibits](#Item6Exhibits_175538)\n\n39\n\n \n\n \n\n[SIGNATURES](#SIGNATURES_76302)\n\n42\n\n​\n\n​\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\n**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\nThis Quarterly Report on Form 10-Q (this “Quarterly Report”) and certain information incorporated herein by reference contain forward-looking statements, which are provided under the “safe harbor” protection of the Private Securities Litigation Reform Act of 1995. These statements relate to future events, results or to our future financial performance and involve known and unknown risks, uncertainties, and other factors which may cause our actual results, performance, or events to be materially different from any future results, performance, or events expressed or implied by the forward-looking statements. Forward-looking statements in this Quarterly Report include, but are not limited to, statements regarding:\n\n●\n\nour estimates regarding anticipated operating losses, capital requirements and needs for additional funds;\n\n●\n\nour ability to raise additional capital when needed and to continue as a going concern;\n\n●\n\nour expected financial and operating performance;\n\n●\n\nour ability to manufacture, or otherwise secure the manufacture of, sufficient amounts of our product candidates for our preclinical studies and clinical trials;\n\n●\n\nour clinical development plans, including planned clinical trials;\n\n●\n\nour research and development plans;\n\n●\n\nour ability to select combinations of phages to formulate our product candidates;\n\n●\n\nour development of bacteriophage-based therapies;\n\n●\n\nthe potential use of bacteriophages to treat bacterial infections;\n\n●\n\nthe potential future of antibiotic resistance;\n\n●\n\nthe ability for bacteriophage therapies to disrupt and destroy biofilms and restore sensitivity to antibiotics;\n\n●\n\nthe potential for bacteriophage technology being uniquely positioned to address the global threat of antibiotic resistance;\n\n●\n\nour planned development strategy, presenting data to regulatory agencies and defining planned clinical studies;\n\n●\n\nthe expected timing of additional clinical trials, including Phase 1, Phase 2, Phase 2b, Phase 3 or registrational clinical trials;\n\n●\n\nour ability to manufacture and secure sufficient quantities of our product candidates for clinical trials;\n\n●\n\nthe drug product candidates to be supplied by us for clinical trials;\n\n●\n\nthe safety and efficacy of our product candidates;\n\n●\n\nour anticipated regulatory pathways for our product candidates;\n\n●\n\nthe activities to be performed by specific parties in connection with clinical trials;\n\n3\n\n[Table of Contents](#TOC)\n\n●\n\nour ability to successfully complete preclinical and clinical development of, and obtain regulatory approval of our product candidates and commercialize any approved products on our expected timeframes or at all;\n\n●\n\nour pursuit of additional indications;\n\n●\n\nthe content and timing of submissions to and decisions made by the U.S. Food and Drug Administration (the “FDA”) and other regulatory agencies;\n\n●\n\nour ability to leverage the experience of our management team and to attract and retain management and other key personnel;\n\n●\n\nthe capacities and performance of our suppliers, manufacturers, contract research organizations (“CROs”) and other third parties over whom we have limited control;\n\n●\n\nour ability to staff and maintain our Los Angeles production facility under fully compliant current Good Manufacturing Practices (“cGMP”);\n\n●\n\nthe actions of our competitors and success of competing drugs or other therapies that are or may become available;\n\n●\n\nour expectations with respect to future growth and investments in our infrastructure, and our ability to effectively manage any such growth;\n\n●\n\nthe size and potential growth of the markets for any of our product candidates, and our ability to capture share in or impact the size of those markets;\n\n●\n\nour ability to obtain and maintain adequate coverage, pricing and reimbursement from third-party payors and governments;\n\n●\n\nthe benefits of our product candidates;\n\n●\n\nthe potential market growth and market and industry trends;\n\n●\n\nmaintaining collaborations with third parties including our partnerships with the Cystic Fibrosis Foundation (the “CFF”) and the U.S. Department of Defense (the “DoD”);\n\n●\n\npotential future collaborations with third parties and the potential markets and market opportunities for product candidates;\n\n●\n\nour ability to achieve our vision, including improvements through engineering and success of clinical trials;\n\n●\n\nour ability to meet anticipated milestones in the development and testing of the relevant product;\n\n●\n\nour ability to be a leader in the development of phage-based therapeutics;\n\n●\n\nthe expected use of proceeds from the $26.2 million DoD award;\n\n●\n\nthe effects of government regulation and regulatory developments, and our ability and the ability of the third parties with whom we engage to comply with applicable regulatory requirements;\n\n●\n\nthe accuracy of our estimates regarding future expenses, revenues, capital requirements and need for additional financing;\n\n●\n\nour expectations regarding future planned expenditures;\n\n●\n\nour ability to achieve and maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act;\n\n4\n\n[Table of Contents](#TOC)\n\n●\n\nour ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection of any of our products and product candidates;\n\n●\n\nour ability to protect our intellectual property, including pending and issued patents;\n\n●\n\nour ability to operate our business without infringing the intellectual property rights of others;\n\n●\n\nour ability to advance our clinical development programs;\n\n●\n\nthe effects of ongoing conflicts between Ukraine and Russia and in the Middle East, potential future bank failures or other geopolitical events;\n\n●\n\nthe potential economic and regulatory impacts on the biotechnology, pharmaceutical and drug manufacturing industries;\n\n●\n\nthe effects of artificial intelligence on our business and the industry as a whole; and\n\n●\n\nstatements of belief and any statement of assumptions underlying any of the foregoing.\n\nIn some cases, you can identify these statements by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of those terms, and similar expressions. These forward-looking statements reflect our management’s beliefs and views with respect to future events and are based on estimates and assumptions as of the date of this Quarterly Report and are subject to risks and uncertainties. We discuss many of these risks in greater detail in the section hereof entitled “Risk Factors” and in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”). Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain. Given these uncertainties, you should not place undue reliance on any of the forward-looking statements included in this Quarterly Report. In addition, this Quarterly Report also contains estimates, projections, and other information concerning our industry, our business, and the markets for our product candidates, as well as data regarding market research, estimates, and forecasts prepared by our management. Information that is based on estimates, forecasts, projections, market research, or similar methodologies is inherently subject to uncertainties and actual events or circumstances may differ materially from events and circumstances reflected in this information. These statements are based upon information available to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information.\n\nExcept as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, whether as a result of new information, future events, or otherwise.\n\nThis Quarterly Report includes trademarks and registered trademarks of Armata Pharmaceuticals, Inc. Products or service names of other companies mentioned in this Quarterly Report may be trademarks or registered trademarks of their respective owners.\n\nAs used in this Quarterly Report, unless the context requires otherwise, the “Company,” “we,” “us,” and “our” refer to Armata Pharmaceuticals, Inc. and its wholly owned subsidiaries.\n\n​\n\n​\n\n5\n\n[Table of Contents](#TOC)\n\nPART I. FINANCIAL INFORMATION"}