Core Viewpoint - Armata Pharmaceuticals (ARMP) has experienced a significant stock price increase of 72.3% over the past month following positive results from its mid-stage study of AP-SA02, a treatment for Staphylococcus aureus bacteremia (SAB) [1][3]. Group 1: Study Results - The phase Ib/IIa diSArm study evaluated the safety, tolerability, and efficacy of intravenous AP-SA02 in combination with best available antibiotic therapy (BAT) compared to BAT alone for adults with complicated SAB [2]. - The primary endpoint showed a statistically significant improvement in the responder rate for patients treated with AP-SA02, with 88% achieving clinical response at the Test of Cure (TOC) on day 12, compared to 58% in the placebo group [3]. - At the end of study (EOS), 100% of patients receiving AP-SA02 had clinically responded, while only 25% of placebo recipients were deemed responders [4]. Group 2: Efficacy Across Infections - AP-SA02 demonstrated effectiveness against both methicillin-sensitive and methicillin-resistant S. aureus (MRSA) infections, with all MRSA-infected patients clearing their infections by TOC and maintaining this through EOS [6]. - The Clinical Efficacy Adjudication Committee confirmed a 100% response rate for AP-SA02-treated subjects at TOC and EOS, compared to a non-response rate of 22–25% in the placebo group [7]. Group 3: Additional Biomarkers and Tolerability - Additional biomarkers, including faster blood culture clearance and reductions in interleukin-10 and C-reactive protein, supported the superior efficacy of AP-SA02 [8]. - The treatment was well-tolerated in the phase Ib/IIa diSArm study, with no serious adverse events reported [8]. Group 4: Future Studies and Pipeline - Armata Pharmaceuticals plans to initiate another phase Ib/IIa study to evaluate the safety and tolerability of intravenous and intra-articular AP-SA02 as an adjunct to standard care antibiotics for periprosthetic joint infections and/or wound infections caused by S. aureus [9]. - The company also has another candidate, AP-PA02, in its clinical-stage pipeline for treating Pseudomonas aeruginosa respiratory infections [9].

Core Insights - Armata Pharmaceuticals announced positive topline results from its Phase 1b/2a diSArm trial for AP-SA02, a novel bacteriophage therapeutic for Staphylococcus aureus bacteremia, demonstrating significant clinical improvements over best available antibiotic therapy [1][2][3] Group 1: Trial Overview - The diSArm study was a multicenter, randomized, double-blind, placebo-controlled trial assessing the safety, tolerability, and efficacy of intravenous AP-SA02 in addition to best available antibiotic therapy [3] - The intent-to-treat population included 50 subjects who received at least one dose of AP-SA02 or placebo [3] Group 2: Efficacy Results - A statistically significant increase in the responder rate was observed at the Test of Cure (TOC) for AP-SA02 treated subjects (88%) compared to placebo (58%) with a p-value of 0.047 [6] - At TOC for best available therapy (BAT) and at the end of study (EOS), 100% of AP-SA02 treated subjects clinically responded, while only 25% of placebo subjects were considered responsive [6] - All subjects infected with methicillin-resistant S. aureus (MRSA) treated with AP-SA02 cleared their infection by TOC for BAT with no evidence of relapse [6] Group 3: Safety Profile - AP-SA02 was well-tolerated with no treatment-related serious adverse events reported during the trial [1][4] - Two subjects experienced adverse events possibly related to the study drug, which were manageable [4] Group 4: Manufacturing and Future Plans - Armata has developed the capacity to manufacture over 10,000 full courses of phage therapy annually at its cGMP facility in California [9] - The company aims to move rapidly towards initiating a pivotal trial based on the favorable safety and efficacy results of AP-SA02 [9]

Company Performance - Armata Pharmaceuticals reported a quarterly loss of $0.20 per share, which was better than the Zacks Consensus Estimate of a loss of $0.38, and an improvement from a loss of $0.69 per share a year ago, resulting in an earnings surprise of 47.37% [1] - The company posted revenues of $0.49 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 64.42%, and down from $0.97 million in the same quarter last year [2] - Over the last four quarters, Armata Pharmaceuticals has surpassed consensus EPS estimates three times but has only topped consensus revenue estimates once [2] Stock Outlook - Armata Pharmaceuticals shares have declined approximately 23.2% since the beginning of the year, while the S&P 500 has gained 0.1% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.39 on revenues of $1.38 million, and for the current fiscal year, it is -$1.94 on revenues of $5.5 million [7] Industry Context - The Medical - Biomedical and Genetics industry, to which Armata Pharmaceuticals belongs, is currently in the top 30% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

PART I. FINANCIAL INFORMATION [Financial Statements](index=10&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Armata Pharmaceuticals reported a net loss of $6.5 million for Q1 2025, an improvement from Q1 2024, but faces going concern doubts [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Stockholders' deficit reached **$53.8 million** as of March 31, 2025, driven by significant debt reclassification to current liabilities Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $11,688 | $9,291 | | Total current assets | $13,166 | $11,308 | | Total assets | $87,250 | $86,437 | | **Liabilities & Stockholders' Deficit** | | | | Total current liabilities | $110,540 | $48,249 | | Total liabilities | $141,033 | $134,456 | | Total stockholders' deficit | $(53,783) | $(48,019) | [Condensed Consolidated Statements of Operations](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net loss improved to **$6.5 million** in Q1 2025 from **$25.0 million** in Q1 2024, primarily due to a fair value gain on the convertible loan Condensed Consolidated Statements of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Grant and award revenue | $491 | $966 | | Research and development | $5,429 | $8,016 | | General and administrative | $3,253 | $3,178 | | Operating loss | $(8,191) | $(10,228) | | Change in fair value of the Convertible Loan | $5,203 | $(13,025) | | Net loss | $(6,531) | $(25,021) | | Net loss per share, basic | $(0.18) | $(0.69) | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash outflow decreased to **$7.6 million** in Q1 2025, offset by **$10.0 million** from financing, leading to a **$2.3 million** cash increase Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(7,580) | $(10,584) | | Net cash used in investing activities | $(99) | $(250) | | Net cash provided by financing activities | $9,986 | $34,931 | | **Net increase in cash, cash equivalents and restricted cash** | **$2,307** | **$24,097** | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail a going concern warning, reliance on Innoviva debt, and fair value accounting for the convertible loan, plus subsequent MTEC funding - The company has incurred significant operating losses, with an accumulated deficit of **$334.3 million** as of March 31, 2025. Existing cash of **$11.7 million** is not sufficient to fund operations for the next 12 months, raising substantial doubt about its ability to continue as a going concern[31](index=31&type=chunk) - On March 12, 2025, the company entered into a new **$10.0 million** credit agreement with its principal stockholder, Innoviva. Concurrently, the maturity dates for its existing convertible loan, 2023 term loan, and 2024 term loan were all extended to March 12, 2026[33](index=33&type=chunk)[34](index=34&type=chunk)[71](index=71&type=chunk) - The MTEC award, which partially funds the AP-SA02 clinical study, was increased by **$4.65 million** to a total of **$26.2 million** on April 29, 2025, and the agreement term was extended to September 30, 2025. This event occurred after the quarter's end[88](index=88&type=chunk)[103](index=103&type=chunk) - The company recognized a **$5.2 million** gain for the three months ended March 31, 2025, from the change in fair value of its convertible loan, which is remeasured each period. This non-cash gain was a primary driver of the reduced net loss compared to the prior year[63](index=63&type=chunk)[52](index=52&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=37&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A covers bacteriophage therapy development, clinical progress, reduced operating loss from lower R&D, and reiterates going concern doubts [Overview](index=37&type=section&id=Overview) Armata develops bacteriophage therapies, with lead candidates AP-PA02 and AP-SA02 progressing in clinical trials, expecting diSArm data in H1 2025 - The company's lead candidate, AP-PA02, has completed two Phase 2 trials (SWARM-P.a. in cystic fibrosis and Tailwind in NCFB), showing a favorable safety profile and reduction in P. aeruginosa bacterial load[111](index=111&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk) - The Phase 1b/2a 'diSArm' study of AP-SA02 for S. aureus bacteremia has completed enrollment, with topline data anticipated in the first half of 2025. This study is partially funded by a DoD award through MTEC, which was increased to **$26.2 million**[116](index=116&type=chunk)[117](index=117&type=chunk) [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Q1 2025 saw decreased revenue and R&D expenses, increased interest expense, and a significant non-cash gain from convertible loan fair value changes Comparison of Operations (in thousands) | Item | Q1 2025 | Q1 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Grant and award revenue | $491 | $966 | $(475) | (49.2%) | | Research and development | $5,429 | $8,016 | $(2,587) | (32.3%) | | General and administrative | $3,253 | $3,178 | $75 | 2.4% | | Loss from operations | $(8,191) | $(10,228) | $2,037 | (19.9%) | | Net loss | $(6,531) | $(25,021) | $18,490 | (73.9%) | - The decrease in R&D expenses was mainly driven by a **$1.6 million** reduction in clinical trial costs, primarily related to the AP-PA02 NCFB trial[135](index=135&type=chunk)[136](index=136&type=chunk) - Interest expense nearly doubled to **$3.6 million** from **$1.8 million** year-over-year, reflecting increased borrowing under the 2023, 2024, and new 2025 loan agreements[142](index=142&type=chunk) [Liquidity, Capital Resources and Financial Condition](index=49&type=section&id=Liquidity%20Capital%20Resources%20and%20Financial%20Condition) Cash of **$11.7 million** is insufficient for 12 months, raising going concern doubts, despite a new **$10.0 million** loan and debt maturity extensions - The company explicitly states that its cash of **$11.7 million** as of March 31, 2025, is not sufficient to fund operations for the next 12 months, which raises substantial doubt about its ability to continue as a going concern[145](index=145&type=chunk) - To address liquidity, the company entered into a new **$10.0 million** credit agreement in March 2025 and extended the maturity of its convertible loan, 2023 loan, and 2024 loan to March 12, 2026[146](index=146&type=chunk) Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(7,580) | $(10,584) | | Net cash provided by financing activities | $9,986 | $34,931 | [Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Armata is exempt from providing quantitative and qualitative market risk disclosures - As a smaller reporting company, Armata is exempt from providing quantitative and qualitative disclosures about market risk[163](index=163&type=chunk) [Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - The CEO and PFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period, March 31, 2025[164](index=164&type=chunk) - No changes occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[166](index=166&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=55&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings that would adversely affect its operations - The company reports that it is not involved in any material legal proceedings[167](index=167&type=chunk) [Risk Factors](index=55&type=section&id=Item%201A.%20Risk%20Factors) No material changes occurred to the risk factors previously disclosed in the company's 2024 Annual Report on Form 10-K - No material changes to the risk factors disclosed in the 2024 Form 10-K have occurred[168](index=168&type=chunk) [Other Information](index=57&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangements in Q1 2025 - No directors or officers adopted or terminated any insider trading arrangements during the three months ended March 31, 2025[172](index=172&type=chunk)

[Armata Pharmaceuticals First Quarter 2025 Results and Corporate Update](index=1&type=section&id=Armata%20Pharmaceuticals%20First%20Quarter%202025%20Results%20and%20Corporate%20Update) [Corporate Update and Recent Developments](index=1&type=section&id=Corporate%20Update%20and%20Recent%20Developments) Armata completed its Phase 1b/2a diSArm study for AP-SA02 in Q1 2025, secured **$4.65 million** in DoD funding, and established a new **$10.0 million** credit agreement with Innoviva, extending debt maturity - Completed the Phase 1b/2a diSArm study of intravenous AP-SA02 for treating complicated S. aureus bacteremia, with topline data anticipated in the second quarter of 2025[3](index=3&type=chunk)[8](index=8&type=chunk) - Received an additional **$4.65 million** in non-dilutive funding from the U.S. Department of Defense (DoD) to support the AP-SA02 program, including Phase 2 close-out activities and preparation for an end-of-Phase 2 meeting with the FDA[3](index=3&type=chunk)[8](index=8&type=chunk) - Entered into a new **$10.0 million** secured credit agreement with Innoviva Strategic Opportunities LLC and amended existing agreements to extend the maturity date to March 12, 2026[8](index=8&type=chunk) [First Quarter 2025 Financial Highlights](index=1&type=section&id=First%20Quarter%202025%20Financial%20Highlights) Armata significantly reduced its Q1 2025 net loss to **$6.5 million** from **$25.0 million** in Q1 2024, driven by a non-cash gain on its convertible loan, while operating loss narrowed and cash improved to **$11.7 million** Q1 2025 Key Financial Metrics (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Grant and Award Revenue | $0.5 million | $1.0 million | -50.0% | | R&D Expenses | $5.4 million | $8.0 million | -32.5% | | G&A Expenses | $3.3 million | $3.2 million | +3.1% | | Loss from Operations | ($8.2 million) | ($10.2 million) | Improved | | Net Loss | ($6.5 million) | ($25.0 million) | Improved | | Net Loss Per Share (basic) | ($0.18) | ($0.69) | Improved | - The significant decrease in net loss was primarily driven by a **$5.2 million** non-cash gain from changes in the fair value of the Company's convertible loan, compared to a **$13.0 million** non-cash loss in the prior-year period[10](index=10&type=chunk) - As of March 31, 2025, cash and cash equivalents were **$11.7 million**, an increase from **$9.3 million** at the end of 2024[10](index=10&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Armata's total assets increased to **$87.3 million**, total liabilities rose to **$141.0 million** from **$134.5 million** due to debt reclassification, resulting in a **$53.8 million** stockholders' deficit Balance Sheet Summary (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $11,688 | $9,291 | | Total current assets | $13,166 | $11,308 | | Total assets | $87,250 | $86,437 | | Total current liabilities | $110,540 | $48,249 | | Total liabilities | $141,033 | $134,456 | | Stockholders' deficit | ($53,783) | ($48,019) | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2025, the company reported a net loss of **$6.5 million**, a substantial improvement from **$25.0 million** in Q1 2024, driven by lower R&D expenses and a positive fair value change in the convertible loan Statement of Operations Summary (in thousands) | Account | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Grant and award revenue | $491 | $966 | | Research and development | $5,429 | $8,016 | | Total operating expenses | $8,682 | $11,194 | | Operating loss | ($8,191) | ($10,228) | | Change in fair value of the Convertible Loan | $5,203 | ($13,025) | | Net loss | ($6,531) | ($25,021) | | Net loss per share, basic | ($0.18) | ($0.69) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash used in operating activities improved to **$7.6 million**, with **$10.0 million** provided by financing activities, resulting in a net cash increase of **$2.3 million** for the quarter Cash Flow Summary (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($7,580) | ($10,584) | | Net cash used in investing activities | ($99) | ($250) | | Net cash provided by financing activities | $9,986 | $34,931 | | Net increase in cash | $2,307 | $24,097 | [About Armata Pharmaceuticals, Inc. and Forward Looking Statements](index=3&type=section&id=About%20Armata%20Pharmaceuticals%2C%20Inc.%20and%20Forward%20Looking%20Statements) [Company Overview](index=3&type=section&id=Company%20Overview) Armata Pharmaceuticals is a clinical-stage biotechnology company developing bacteriophage therapeutics for antibiotic-resistant infections, advancing a pipeline for pathogens like Pseudomonas aeruginosa and Staphylococcus aureus with in-house cGMP manufacturing capabilities - Armata is a clinical-stage biotech focused on developing high-purity, pathogen-specific bacteriophage therapeutics for antibiotic-resistant infections[12](index=12&type=chunk) - The company's pipeline includes clinical candidates for Pseudomonas aeruginosa and Staphylococcus aureus, and it possesses in-house cGMP manufacturing capabilities to support commercialization[12](index=12&type=chunk)

Core Insights - Armata Pharmaceuticals, Inc. is focused on developing high-purity, pathogen-specific bacteriophage therapeutics to combat antibiotic-resistant bacterial infections [1][11] - The company announced its financial results for Q1 2025, highlighting a significant reduction in net loss compared to the same period in 2024 [8][10] Financial Performance - Grant and award revenue for Q1 2025 was $0.5 million, down from $1.0 million in Q1 2024, reflecting MTEC's share of costs for the AP-SA02 program [4] - Research and development expenses decreased to approximately $5.4 million in Q1 2025 from approximately $8.0 million in Q1 2024, indicating a focus on clinical-related expenses [5] - General and administrative expenses slightly increased to approximately $3.3 million in Q1 2025 from approximately $3.2 million in Q1 2024, primarily due to higher personnel and lease expenses [6] - Loss from operations was approximately $8.2 million in Q1 2025, an improvement from a loss of approximately $10.2 million in Q1 2024 [7] - The net loss for Q1 2025 was $6.5 million, or $0.18 loss per share (basic), compared to a net loss of $25.0 million, or $0.69 loss per share (basic), in Q1 2024 [8][10] Recent Developments - The company completed its third Phase 2 study, the Phase 1b/2a diSArm study of intravenous AP-SA02 for complicated S. aureus bacteremia, with topline data expected in Q2 2025 [3] - Armata received an additional $4.65 million in non-dilutive funding from the U.S. Department of Defense through MTEC to support the AP-SA02 program and prepare for an end-of-Phase 2 meeting with the FDA [9] - A $10.0 million secured credit agreement was entered into with Innoviva Strategic Opportunities LLC, extending the maturity date of existing agreements to March 12, 2026 [9] Cash Position - As of March 31, 2025, Armata held approximately $11.7 million in unrestricted cash and cash equivalents, an increase from $9.3 million as of December 31, 2024 [10]

Group 1 - Armata Pharmaceuticals, Inc. (ARMP) is a clinical-stage biotechnology company with a Zacks Consensus Estimate for its current year earnings revised downward by 14.1% over the last 60 days [1] - Columbia Sportswear Company (COLM) is a lifestyle apparel and accessories company, and its Zacks Consensus Estimate for current year earnings has been revised downward by 8.3% over the last 60 days [1] - Eagle Financial Services, Inc. (EFSI) is a bank holding company for Bank of Clarke, with its Zacks Consensus Estimate for current year earnings revised downward by 8.6% over the last 60 days [2]

Core Insights - Armata Pharmaceuticals is advancing its bacteriophage therapeutic AP-SA02 for complicated Staphylococcus aureus bacteremia, with topline data expected in Q2 2025 to support future pivotal trials [1][5] Funding and Support - The company has received an additional $4.65 million in non-dilutive funding from the Department of Defense, bringing the total award to $26.2 million to support the clinical development of AP-SA02 [1][2] Clinical Trial Details - The diSArm study is a Phase 1b/2a trial evaluating the safety, tolerability, and efficacy of intravenous AP-SA02 as an adjunct to best available antibiotic therapy for adults with complicated Staphylococcus aureus bacteremia [3][4] - The trial achieved full enrollment of 50 subjects by November 2024, with the last patient visit in January 2025, and demonstrated the ability to dose escalate to 5e10 PFU every six hours without significant adverse events [4][5] Manufacturing and Development Commitment - Armata is focused on demonstrating the potential of phage therapy through rigorously designed clinical trials and has developed a proprietary manufacturing process to support both clinical development and future commercial production [2][7]

Group 1: Century Communities (CCS) - Century Communities is a home building and construction company operating in major metropolitan markets in Colorado, Texas, and Nevada [1] - The Zacks Consensus Estimate for its current year earnings has been revised 20.5% downward over the last 60 days [1] Group 2: Armata Pharmaceuticals (ARMP) - Armata Pharmaceuticals is a biotechnology company focused on developing bacteriophage therapeutics for antibiotic-resistant infections using proprietary technology [2] - The Zacks Consensus Estimate for its current year earnings has been revised almost 14.1% downward over the last 60 days [2] Group 3: Cable One (CABO) - Cable One is a cable company providing internet, cable television, and telephone services primarily in the United States [3] - The Zacks Consensus Estimate for its current year earnings has been revised 8.5% downward over the last 60 days [3]

Core Insights - Armata Pharmaceuticals reported significant clinical milestones and financial results for Q4 and full-year 2024, focusing on its bacteriophage therapeutics for antibiotic-resistant infections [1] Clinical Developments - The company achieved encouraging topline results from its Phase 2 Tailwind study for inhaled AP-PA02 in non-cystic fibrosis bronchiectasis (NCFB) patients, demonstrating a statistically significant reduction in Pseudomonas aeruginosa (P.a.) colony forming units (CFUs) [3][4] - AP-PA02 was well-tolerated, with mild and self-limiting treatment-emergent adverse events, and showed effectiveness comparable to antibiotic combination therapy [4] - Enrollment was completed for the Phase 1b/2a diSArm study evaluating AP-SA02 for Staphylococcus aureus bacteremia, with topline results expected in the first half of 2025 [3][4] Financial Performance - Grant revenue for Q4 2024 was $1.2 million, down from $1.5 million in Q4 2023, reflecting MTEC's share of costs for the AP-SA02 program [6] - Research and development expenses increased to approximately $8.5 million in Q4 2024 from $7.9 million in Q4 2023, indicating continued investment in clinical programs [7] - General and administrative expenses rose slightly to approximately $3.3 million in Q4 2024 from $3.2 million in Q4 2023, primarily due to increased personnel costs [8] Operational Loss and Net Income - The company reported a loss from operations of approximately $10.5 million in Q4 2024, compared to a loss of approximately $9.6 million in Q4 2023 [9] - Net income for Q4 2024 was $2.6 million, or $0.07 per share, contrasting with a net loss of $19.8 million, or $(0.55) per share, in Q4 2023, largely due to non-cash gains from changes in fair value of convertible loans [10] Cash Position - As of December 31, 2024, Armata held approximately $14.8 million in cash and cash equivalents, down from $19.2 million a year earlier [11] - The company entered into a $10 million secured credit agreement with Innoviva, with an annual interest rate of 14% [12] Strategic Focus - Armata remains committed to developing phage therapy as an alternative to broad-spectrum antibiotics, aiming to address the global health crisis of antimicrobial resistance [5]