Armata Pharmaceuticals
ARMP on NYSEAmerican. Armata Pharmaceuticals develops phage therapies to treat antibiotic-resistant bacterial infections in patients. Market value $136m.
Figures from the annual report for the year ended 31 December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-18.92 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | n/a | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 March 2026
- Next quarterly (estimated, 10-Q)
- 11 November 2026
Who owns it
None of the long-term investors we follow own it. 53 funds in all.
Largest holders overall
- Madison Asset Management$14m
- BlackRock$4mAdded
- Vanguard Capital Management$3mAdded
- Millennium Management$3mAdded
- Geode Capital Management$2mAdded
- Dauntless Investment Group$1mAdded
- State Street$839,808Added
- Northern Trust$581,845Added
- Vanguard Portfolio Management$527,174New
- Edgewood Management$518,400Cut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Innoviva, Inc.at least 82.7%−0.4 pts(filed with 1 related holder)Since 12 May 2026
What they said
Item 4 in Schedule 13D is hereby supplemented as follows: On May 12, 2026, the Issuer entered into, as borrower, a credit and security agreement (the "May 2026 Credit Agreement") with Innoviva Sub, as lender, pursuant to which the Issuer borrowed from Innoviva Sub $25,000,000.…
Read the filing - Innoviva Strategic Opportunities LLC70.1%Since 23 January 2026
What they said
Item 4 in Schedule 13D is hereby supplemented as follows: On January 23, 2026, the Issuer and Innoviva Sub entered into an amendment to each of (i) the secured convertible credit and security agreement, dated as of January 10, 2023, by and among the Issuer, Innoviva Sub and the…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Innoviva, Inc. | at least 82.7%−0.4 pts (filed with 1 related holder) | 12 May 2026 | What they saidItem 4 in Schedule 13D is hereby supplemented as follows: On May 12, 2026, the Issuer entered into, as borrower, a credit and security agreement (the "May 2026 Credit Agreement") with Innoviva Sub, as lender, pursuant to which the Issuer borrowed from Innoviva Sub $25,000,000.… Read the filing |
Innoviva Strategic Opportunities LLC | 70.1% | 23 January 2026 | What they saidItem 4 in Schedule 13D is hereby supplemented as follows: On January 23, 2026, the Issuer and Innoviva Sub entered into an amendment to each of (i) the secured convertible credit and security agreement, dated as of January 10, 2023, by and among the Issuer, Innoviva Sub and the… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Armata Pharmaceuticals’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 12 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“These circumstances raise substantial doubt about the Company’s ability to continue as a going concern.”
Show the full paragraph
The Company has incurred significant operating losses since inception and has primarily relied on equity, debt, grant, and award financing to fund its operations. As of June 30, 2026, the Company had an accumulated deficit of $ 542.7 million. The Company expects to continue to incur substantial losses, and its transition to profitability will depend on the successful development, approval and commercialization of product candidates and on the achievement of sufficient revenues to support its cost structure. The Company may never achieve profitability, and unless and until then, the Company will need to continue to raise additional capital. The existing cash and cash equivalents of $ 24.0 million as of June 30, 2026 will not be sufficient to fund its operations for the next 12 months from the date that these condensed consolidated financial statements are issued. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern.
From the 10-Q filed 12 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.