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olivLaw · US equity research

Armata Pharmaceuticals, Inc. ARMP

Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)

3.28USD+0.92% · 1 dayClose 30 Oct 2026

Armata Pharmaceuticals develops high-purity bacteriophage therapies for antibiotic-resistant bacterial infections, with its lead focus being AP-SA02 for Staphylococcus aureus bacteremia, which is preparing for a pivotal Phase 3 study in the second half of 2026. The company remains dependent on additional funding, and its liquidity at the end of 2025 was only 8.7 million USD.

At the close of 30 Oct 2026, Armata Pharmaceuticals, Inc. (ARMP) stock was 3.28 USD (+0.92% on the day), with market capitalisation 122.0 m USD, beta 0.23, 52-week range 2.78–14.80 USD. Latest reported quarter (Q2 2026): net income of 74.1 m USD, diluted EPS -0.27 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
122.0 m USD
shares as of 06 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -7.59 · TTM to 30 Jun 2026
E/P (TTM)
-231.38%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
0.23
Volatility (1y) 111%
52-week range
2.7814.80

Price history

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Technical reading

RSI (14)
43.8
weak (30–45)
Bollinger (20, 2)
2.81 – 3.98
in the lower half of the band · %B 0.40 · band width 34.4%
SMA 50 / 200
4.18 / 7.01
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.20 / -0.26
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−10.6%−0.9%−9.7 pp—
3 months−27.8%+1.2%−29.0 pp—
6 months−63.1%+4.8%−67.9 pp—
Year to date−47.8%+10.7%−58.5 pp—
1 year−33.9%+11.1%−45.0 pp−7.9%
3 years+45.8%+80.7%−35.0 pp−4.8%
5 years+2.5%+64.6%−62.1 pp—
Max drawdown (1y)
−81.2%
21 Apr 2026 → 14 Oct 2026
Max drawdown (5y)
−85.8%
06 Jan 2022 → 10 Apr 2025
Compound annual growth (5y)
+0.5%
S&P 500 +10.5%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
unavailable USD
unavailable YoY
Net income
74.1 m USD
unavailable YoY
Diluted EPS
-0.27
unavailable YoY
net / operating
unavailable / unavailable

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Operating income-9.8 m-10.5 m-8.2 m-6.8 m-7.8 m-13.8 m-8.8 m-10.3 m
Depreciation & amortisation313.0 k ≈380.0 k377.0 k366.0 k ≈370.0 k ≈———
Income tax0—00 ≈0—00 ≈
Net income-5.5 m2.6 m-6.5 m-16.3 m-26.7 m-124.3 m-115.3 m74.1 m
Diluted EPS-0.150.02 ≈-0.20-0.45-0.74-3.42 ≈-3.16-0.27
Operating cash flow-8.9 m ≈-7.9 m-7.6 m-7.2 m ≈-4.3 m ≈-6.7 m-5.8 m-8.7 m ≈
Capex340.0 k ≈-77.0 k99.0 k149.0 k ≈242.0 k ≈52.0 k63.0 k17.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenueunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Revenue YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Net income-16.7 m-19.5 m-22.2 m-23.2 m-36.9 m-69.0 m-18.9 m-173.8 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS-3.59-2.55-1.35-0.96-1.08-1.91-0.89-4.80
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %unavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Free cash flow-11.5 m-15.8 m-19.1 m-24.9 m-34.7 m-55.6 m-39.4 m-26.3 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
8.7 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
-218.6 m USD
Total assets
76.9 m USD
Debt / equity
unavailable
Current ratio
1.19x
ROE
unavailable
ROA
-212.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Operating income
2023
-40.9 m
2024
-42.4 m
2025
-36.6 m

SEC (XBRL)· 25 Mar 2026verified

Depreciation & amortisation
2023
972.0 k
2024
1.3 m
2025
—

SEC (XBRL)· 21 Mar 2025verified

EBITDA
2023
-39.9 m ≈
2024
-41.1 m ≈
2025
—

SEC (XBRL)· 21 Mar 2025derived

Interest expense
2023
2.6 m
2024
—
2025
—

SEC (XBRL)· 21 Mar 2024verified

Pre-tax income
2023
-69.0 m
2024
-18.9 m
2025
-173.8 m

SEC (XBRL)· 25 Mar 2026verified

Net income
2023
-69.0 m
2024
-18.9 m
2025
-173.8 m

SEC (XBRL)· 25 Mar 2026verified

Diluted EPS
2023
-1.91
2024
-0.89
2025
-4.80

SEC (XBRL)· 25 Mar 2026verified

Weighted average diluted shares
2023
36.1 m
2024
59.1 m
2025
36.2 m

SEC (XBRL)· 25 Mar 2026verified

Balance sheet · USD

Cash
2023
13.5 m
2024
9.3 m
2025
8.7 m

SEC (XBRL)· 25 Mar 2026verified

Current assets
2023
19.2 m
2024
11.3 m
2025
10.7 m

SEC (XBRL)· 25 Mar 2026verified

Property, plant & equipment, net
2023
12.6 m
2024
13.2 m
2025
12.2 m

SEC (XBRL)· 25 Mar 2026verified

Goodwill
2023
3.5 m
2024
3.5 m
2025
3.5 m

SEC (XBRL)· 25 Mar 2026verified

Intangibles (excl. goodwill)
2023
10.3 m
2024
10.3 m
2025
10.3 m

SEC (XBRL)· 25 Mar 2026verified

Total assets
2023
98.4 m
2024
86.4 m
2025
76.9 m

SEC (XBRL)· 25 Mar 2026verified

Accounts payable
2023
1.6 m
2024
766.0 k
2025
921.0 k

SEC (XBRL)· 25 Mar 2026verified

Current liabilities
2023
16.5 m
2024
48.2 m
2025
8.9 m

SEC (XBRL)· 25 Mar 2026verified

Total liabilities
2023
130.4 m
2024
134.5 m
2025
295.5 m

SEC (XBRL)· 25 Mar 2026verified

Equity
2023
-32.1 m †
2024
-48.0 m †
2025
-218.6 m †

SEC (XBRL)· 25 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-47.4 m
2024
-37.6 m
2025
-25.8 m

SEC (XBRL)· 25 Mar 2026verified

Capex
2023
8.1 m
2024
1.9 m
2025
542.0 k

SEC (XBRL)· 25 Mar 2026verified

Free cash flow
2023
-55.6 m ≈
2024
-39.4 m ≈
2025
-26.3 m ≈

SEC (XBRL)· 25 Mar 2026derived

Investing cash flow
2023
-8.1 m
2024
-1.9 m
2025
-542.0 k

SEC (XBRL)· 25 Mar 2026verified

Financing cash flow
2023
54.0 m
2024
35.0 m
2025
25.6 m

SEC (XBRL)· 25 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
ROA
-225.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
equity is negative: buybacks shrink the invested capital and ROIC would come out large without meaning anything
ROCE
unavailable
insufficient data
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-25.4 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
374.0 k USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-25.8 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
122.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-231.4%
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-21.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 2 of at least 6
  • score weight coverage: 12.5% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

3.28 USD

30 Oct 2026Source: olivLaw, closing series

Market cap: 122.0 m USD

Key indicators

Market capitalisation
122.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
EV/EBITDA
unavailable
input data missing
ROE
unavailable
equity is negative: the ratio is not economically meaningful (not by itself insolvency; usually the result of buybacks)
Net margin
unavailable
input data missing
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
unavailable
input data missing

Coverage and freshness

23/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 06 Aug 2026
Source: SEC (XBRL)published 12 Aug 2026
verified 1395derived 81

Score by group

13% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Qualityunavailableunavailable—
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.1x0 (on a fixed band)33%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-21.2%0 (on a fixed band)67%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial0/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partialunavailable · 0/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

ARMATA PHARMACEUTICALS, INC. (ARMP). Latest full fiscal year: 2025; data up to 2026-06-30.

Financial indicators are unavailable.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 12.5% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Current ratio: 0.1x
  • FCF yield: -21.2%

Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 20.7x
EV/EBITDA
—
vertical median —
P/S
—
vertical median 6.6x
P/B
—
vertical median 1.9x
ROE
—
vertical median -47.0%
Net margin
—
vertical median -149.4%
EBIT margin
—
vertical median -161.4%
Revenue YoY
—
vertical median 10.0%
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median 0.0%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AMGNAmgen Inc.251.9 bn28.991.5%23.0%+10.0%+56% / +82%
GILDGilead Sciences, Inc.211.7 bn—-22.3%-12.5%+2.4%+42% / +117%
MRNAModerna, Inc.88.5 bn—-39.0%-141.4%−39.9%+716% / +192%
RVMDRevolution Medicines, Inc.41.0 bn—-79.1%—unavailable+225% / +866%
BIIBBiogen Inc.37.5 bn108.41.9%3.4%+2.2%+64% / +7%
EXELExelixis, Inc.16.9 bn20.744.3%35.5%+7.0%+79% / +237%
KRYSKrystal Biotech, Inc.9.8 bn41.720.1%54.8%+33.9%+68% / +184%
SCNIScinai Immunotherapeutics Ltd.6.5 bn—-91.9%-633.6%+99.2%−97% / −99%
BCRXBiocryst Pharmaceuticals, Inc.2.2 bn——-40.9%+94.1%+16% / +54%
NVAXNovavax Inc1.7 bn——-59.9%+64.7%+20% / +51%
EVAXEvaxion A1.2 bn—-100.2%-102.4%+125.1%−49% / −95%
GLUEMonte Rosa Therapeutics, Inc.918.0 m—-42.7%-560.9%+63.5%−16% / +216%
SLDBSolid Biosciences Inc.664.8 m—-65.5%—−40.6%+15% / +178%
FDMT4D Molecular Therapeutics, Inc.592.4 m—-43.3%-194.7%+230,194.6%+3% / +11%
CCCCC4 Therapeutics, Inc.414.6 m—-48.1%-289.4%+1.0%+29% / +126%
EDITEditas Medicine, Inc.410.1 m—-118.8%-157.3%+25.4%−13% / −60%
ALLOAllogene Therapeutics, Inc.407.7 m—-42.4%-3,566.7%−100.0%−5% / −58%
AUTLAutolus Therapeutics plc404.6 m—-133.0%-238.7%+644.9%−2% / −46%
IPSCCentury Therapeutics, Inc.266.2 m—-49.7%-100.6%+1,556.8%+152% / −4%
PLXProtalix BioTherapeutics, Inc.208.7 m11.231.2%23.5%−1.2%+9% / +55%
CGENCompugen Ltd187.2 m5.244.8%48.6%+161.1%+12% / +161%
TARAProtara Therapeutics, Inc.146.6 m—-45.8%—unavailable−52% / +99%
CHRSCoherus Oncology, Inc.128.2 m—-146.3%-259.4%+59.8%−51% / −75%
ARMPArmata Pharmaceuticals, Inc.122.0 m———unavailable−34% / +46%
LENZLenz Therapeutics, Inc.95.8 m—-59.2%-586.7%unavailable−90% / −83%

1- and 3-year price returns: for ARMP from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Armata Pharmaceuticals develops high-purity bacteriophage therapies for antibiotic-resistant bacterial infections, with its lead focus being AP-SA02 for Staphylococcus aureus bacteremia, which is preparing for a pivotal Phase 3 study in the second half of 2026. The company remains dependent on additional funding, and its liquidity at the end of 2025 was only 8.7 million USD 1.

SWOT

Strengths

  • The company has completed three Phase 2 clinical trials and has proprietary cGMP phage manufacturing that supports lot-to-lot consistency 1.
  • The Fast Track status and FDA agreement on the pediatric plan could accelerate the path to approval for AP-SA02 3.
  • Non-dilutive funding from partners in the defense sector supports preparation for the Phase 3 study 3.

Weaknesses

  • The company has recurring losses and negative operating cash flow, and its financial statements flag substantial doubt about its ability to continue as a going concern 1.
  • Significant term loans with maturities in 2027 and 2029 limit financial flexibility 1.
  • The principal stockholder owns more than half of the shares, which may shape decisions in ways that differ from other stockholders' interests 1.

Opportunities

  • A pivotal Phase 3 study could open the way to a BLA filing for AP-SA02 if the results are favorable.
  • Strategic partnerships for AP-PA02 could help advance a definitive Phase 3 study 1.
  • Expansion into the pediatric population could become possible after adult data from the Phase 3 program 3.

Threats

  • If financing is not obtained in time, development could be delayed or stopped, according to the company's warnings 1.
  • The novelty of the phage approach makes it hard to predict development costs and timing, and no phage product has yet been approved 1.
  • Policy changes or interruption of government funding could affect the company's programs 1.

Risks

  • Going concernhigh

    The audit flagged substantial doubt about the ability to continue as a going concern, which could limit access to financing.

  • Need for additional capitalhigh

    Development of AP-SA02 and the Phase 3 study require substantial funds, and failure to raise them could lead to scaled-back programs 13.

  • Small early-stage data setsmedium

    Results from Phase 1 and 2 studies with small patient numbers could fail to hold up in larger trials.

  • Reliance on third partiesmedium

    The company relies on third parties for clinical trials and materials, and their delays could postpone development 1.

  • Control by principal stockholderlow

    The majority stockholder could have interests that differ from other stockholders, which may influence company decisions 1.

Investment thesis

What would need to be true (bull case)

  • If the Phase 3 study confirms the superiority of AP-SA02, the company could become the first to bring an intravenous phage to market for a systemic infection.
  • The Fast Track status and the agreed pediatric plan could shorten the path to approval and broaden indications 3.
  • Three completed Phase 2 studies and in-house manufacturing capabilities could reduce the technical risk of development 1.

What would break the thesis

  • Low liquidity and recurring losses could force shareholder dilution or a delay of Phase 3.
  • With no approved product, the company depends entirely on future clinical results, which are uncertain.
  • The accounting gains in the second quarter of 2026 came largely from non-cash changes in the value of a convertible loan, not from operations 3.

What to watch

  • Start of the Phase 3 study for AP-SA02second half of 2026
  • Raising additional funding, including new DoW programs or partnerships2026
  • Trend in liquidity and debt, including loan maturities2027
  • Decision on resuming AP-PA02 development for non-cystic fibrosis bronchiectasisnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Armata is a late clinical-stage biotechnology company developing bacteriophage therapies specific to pathogens, aimed at treating hard-to-treat infections resistant to antibiotics 1. The company combines its own approach to identifying and characterizing bacteriophages with proprietary phage-specific cGMP manufacturing to support a pipeline of high-quality clinical candidates 1. It is headquartered in Los Angeles and its shares trade on NYSE American under the symbol ARMP 2.

Segments

AP-SA02 (Staphylococcus aureus)

The lead candidate for complicated S. aureus bacteremia, given intravenously. The Phase 1b/2a diSArm study showed a higher clinical response versus placebo, and the FDA confirmed advancement to Phase 3 and granted Fast Track status in 2026 13.

AP-PA02 (Pseudomonas aeruginosa)

An inhaled candidate for chronic pulmonary infections with P. aeruginosa. It was tested in the SWARM-P.a. study in cystic fibrosis patients and the Tailwind study in non-cystic fibrosis bronchiectasis patients, but further clinical development depends on additional funding 1.

Market context

The targeted market is that of antibiotic-resistant bacterial infections, a growing worldwide threat that the company describes as the reason phages could become an alternative to broad-spectrum antibiotics 1. The company argues that new treatments are needed for S. aureus bacteremia, a condition associated with high morbidity and mortality 3.

Trends

  • Rising antibiotic resistancetailwind

    Growing bacterial resistance to current antibiotic classes could create demand for alternatives such as phages, if they demonstrate efficacy in randomized trials.

  • Public support for phage therapiesmixed

    Non-dilutive funding from MTEC and the Department of War supports AP-SA02 development, but depends on contract conditions and continued government programs 13.

  • Regulatory and funding requirementsheadwind

    The move to Phase 3 and a future BLA could require considerable resources, and insufficient funding could delay the program.

  • Interest in intravenous phage treatmentstailwind

    The ability to administer phages intravenously could open future uses beyond the initial indications, if clinical data support it 2.

Competitive position

The antibacterial market includes traditional broad-spectrum antibiotics, which phages compete with as a targeted alternative. The source documents do not explicitly name other competitors, so the competitive analysis remains limited to comparison with standard antibiotics 1.

  • Broad-spectrum antibiotics

    Standard treatments that can alter the human microbiome and increase susceptibility to opportunistic pathogens, according to the company 1.

  • Standard-of-care antibiotics for bacteremia

    The base therapy (BAT) with which AP-SA02 is combined in clinical studies, though it does not always achieve cure 1.

  • Other phage therapy developers

    Companies working on phages could compete for the same indications, but the source documents do not name them.

  • Inhaled treatments for P. aeruginosa

    Inhaled antibiotics used in chronic pulmonary infections are the alternative AP-PA02 could replace 1.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Armata Pharmaceuticals, Inc. · 25 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Armata Pharmaceuticals, Inc. · 12 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Armata Pharmaceuticals, Inc. · 12 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Armata Pharmaceuticals, Inc. (ARMP): stock, results, valuation and forecast · olivLaw