Armata Pharmaceuticals Announces First Quarter 2026 Results and Provides Corporate Update

Entered into secured credit agreement with Innoviva for $25 million maturing in 2029

LOS ANGELES,May 13, 2026/PRNewswire/ -- Armata Pharmaceuticals, Inc. (NYSE American: ARMP) ("Armata" or the "Company"), a late clinical-stage biotechnology company focused on the development of high-purity, pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat bacterial infections, today announced financial results for its first quarter ended March 31, 2026, and provided a corporate update.

"Our top priority in 2026 is advancing Armata's leadStaphylococcus aureus("S. aureus") therapeutic phage candidate, AP-SA02, into a Phase 3 superiority study in complicatedS. aureusbacteremia ("SAB")," said Dr. Deborah Birx, Chief Executive Officer of Armata. "We are focused on initiating a rigorously designed and operationally efficient study designed to support a future Biologics License Application ("BLA") submission and potential registration. If successful, AP-SA02 has the potential to offer an important new treatment option for patients facing this serious and often life-threatening infection. We believe this program will establish a foundation for expanding our phage platform into additional indications. Ultimately, we believe there is a significant opportunity for this innovative antibacterial technology to have a broad impact on antimicrobial resistance, which represents one of the significant public health challenges of modern medicine."

"I also want to highlight other important recent developments including the granting by the U.S. Food and Drug Administration (the "FDA") of both Qualified Infectious Disease Product ("QIDP") and Fast Track Designation for AP-SA02. Additionally, the recent appointment of Dr. Daniel Gilmer to Armata's Board brings commercial leadership and experience as we continue to move toward potential registration and commercialization. We are pleased to have the ongoing backing of Innoviva, our largest shareholder who has supported us since 2020, in providing additional financing that will help us to advance AP-SA02, and we are continuing to pursue additional sources of funding, including non-dilutive sources," concluded Dr. Birx.

The Company recognized grant and award revenue of $0.8 million for the three months ended March 31, 2026, as compared to $0.5 million in the comparable period in 2025. This represents the Medical Technology Enterprise Consortium's share of the costs incurred for the Company's AP-SA02 program for the treatment of SAB.

Research and development expenses for the three months ended March 31, 2026 were approximately $6.1 million compared to approximately $5.4 million for the comparable period in 2025. The increase was primarily due to a large credit recorded in the prior year period related to AP-PA02 NCFB trial costs. Excluding this prior period credit, research and development expenses increased modestly period over period, reflecting ongoing AP-SA02 program activities.

General and administrative expenses for the three months ended March 31, 2026 were approximately $3.5 million, compared to approximately $3.3 million for the comparable period in 2025. The increase of $0.2 million is primarily related to an increase in stock-based compensation expense.

Loss from operations for the three months ended March 31, 2026 was approximately $8.8 million, compared to a loss from operations of approximately $8.2 million for the comparable period in 2025.

The net loss for the first quarter of 2026 was $115.3 million, or $3.16 loss per share on a basic and diluted basis, as compared to a net loss of $6.5 million, or $0.18 loss per share basic and $0.20 loss per share diluted, for the comparable period in 2025.

As of March 31, 2026, Armata held approximately $4.8 million of unrestricted cash and cash equivalents, compared to $8.7 million as of December 31, 2025.

As of May 8, 2026, approximately 36.7 million common shares were outstanding.

Armata is a late clinical-stage biotechnology company focused on the development of high-purity pathogen-specific bacteriophage therapeutics for the treatment of antibiotic-resistant and difficult-to-treat bacterial infections using its proprietary bacteriophage-based technology. Armata is developing and advancing a broad pipeline of natural and synthetic phage candidates, including clinical candidates forPseudomonas aeruginosa, S. aureus, and other important pathogens. Armata is committed to advancing phage therapy with drug development expertise that spans bench to clinic including in-house phage-specific current Good Manufacturing Practices ("cGMP") manufacturing to support full commercialization.

This communication contains "forward-looking" statements as defined by the Private Securities Litigation Reform Act of 1995. These statements relate to future events, results or to Armata's future financial performance and involve known and unknown risks, uncertainties and other factors which may cause Armata's actual results, performance or events to be materially different from any future results, performance or events expressed or implied by the forward-looking statements. In 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 management's beliefs and views with respect to future events and are based on estimates and assumptions as of the date of this communication and are subject to risks and uncertainties including risks related to Armata's development of bacteriophage-based therapies; Armata's planned clinical trials; ability to staff and maintain its production facilities under fully compliant cGMP; ability to meet anticipated milestones in the development and testing of the relevant product; ability to be a leader in the development of phage-based therapeutics; ability to achieve its vision, including improvements through engineering and success of clinical trials; ability to successfully complete preclinical and clinical development of, and obtain regulatory approval of its product candidates and commercialize any approved products on its expected timeframes or at all; and Armata's estimates regarding anticipated operating losses, capital requirements and needs for additional funds. Additional risks and uncertainties relating to Armata and its business can be found under the caption "Risk Factors" and elsewhere in Armata's filings and reports with the U.S. Securities and Exchange Commission (the "SEC"), including in Armata's Annual Report on Form 10-K, filed with the SEC on March 25, 2026, and in its subsequent filings with the SEC.

Armata expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Armata's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

Pierre Kyme[email protected]310-665-2928