Armata Pharmaceuticals, Inc.
ARMPHealthcare|Biotechnology|US
$3.51
+0.51 (+17.00%)
Cash / Share
$0.65
Financials
Financial Snapshot
Market Cap
$130.5M
Enterprise Value
$420.5M
Revenue (TTM)
$3.3M
Net Income (TTM)
-$192.2M
Cash & Investments
$24.0M
Net Cash
-$290.0M
Free Cash Flow (TTM)
-$25.8M
Operating CF (TTM)
-$25.4M
Debt/Equity
-1.36
Cash Runway & Burn Rate
Cash on Hand
$24.0M
Quarterly Burn
$6.4M
Monthly Burn
$2.1M
Est. Runway
~3.8 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $5.7M | $5.1M | $8.2M | $6.0M | $9.6M | $10.3M | $14.9M | $13.5M | $9.3M | $8.7M | $24.0M | |
| Operating Cash Flow | -$10.6M | -$9.2M | -$9.4M | -$15.6M | -$18.3M | -$23.6M | -$32.5M | -$47.4M | -$37.6M | -$25.8M | -$25.4M | |
| Free Cash Flow | -$10.9M | -$9.3M | -$9.4M | -$15.7M | -$19.1M | -$24.9M | -$34.7M | -$55.6M | -$39.4M | -$26.3M | -$25.8M | |
| Capital Expenditure | -$279.0K | -$58.0K | -$44.0K | -$131.0K | -$824.0K | -$1.3M | -$2.2M | -$8.1M | -$1.9M | -$542.0K | -$374.0K | |
| Financing Cash Flow | $7.2M | $8.7M | $12.5M | $9.0M | $23.2M | $25.5M | $44.0M | $54.0M | $35.0M | $25.6M | $44.1M |
R&D Spending
R&D (TTM)
$25.6M
R&D Intensity
775.7%
R&D Growth vs Prior
+7.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $260.0K | $115.0K | $0.00 | $0.00 | $823.0K | $4.5M | $5.5M | $4.5M | $5.2M | $4.9M | $3.3M | |
| R&D Expense | $5.7M | $2.9M | $4.9M | $9.8M | $14.4M | $20.0M | $35.0M | $33.8M | $34.4M | $23.7M | $25.6M | |
| R&D % of Revenue | 2183.8% | 2505.2% | — | — | 1755.0% | 447.4% | 635.7% | 745.6% | 665.4% | 483.6% | 775.7% | |
| SG&A | $8.4M | $7.6M | $5.7M | $7.9M | $8.0M | $8.3M | $7.4M | $10.7M | $13.2M | $12.4M | $15.2M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $260.0K | $115.0K | $0.00 | $0.00 | $823.0K | $4.5M | $5.5M | $4.5M | $5.2M | $4.9M | $3.3M | |
| Cost of Revenue | $369.0K | $374.0K | $1.4M | $1.4M | $14.4M | $20.0M | $35.0M | $972.0K | $34.4M | $1.5M | $1.0M | |
| Gross Profit | -$109.0K | -$259.0K | -$1.4M | -$1.4M | -$13.6M | -$15.5M | -$29.5M | $3.6M | -$29.3M | $3.4M | $2.3M | |
| R&D | $5.7M | $2.9M | $4.9M | $9.8M | $14.4M | $20.0M | $35.0M | $33.8M | $34.4M | $23.7M | $25.6M | |
| SG&A | $8.4M | $7.6M | $5.7M | $7.9M | $8.0M | $8.3M | $7.4M | $10.7M | $13.2M | $12.4M | $15.2M | |
| Operating Income | -$23.4M | -$16.2M | -$12.5M | -$19.1M | -$21.6M | -$23.8M | -$36.9M | -$40.9M | -$42.4M | -$31.2M | -$40.7M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $931.0K | $628.0K | $64.0K | $29.0K | $2.6M | $10.7M | $16.6M | $21.4M | |
| Pretax Income | -$19.4M | -$14.1M | -$16.7M | -$19.5M | -$22.2M | -$23.2M | -$36.9M | -$69.0M | -$18.9M | -$173.8M | -$192.2M | |
| Net Income | -$18.8M | -$12.8M | -$12.1M | -$19.5M | -$22.2M | -$23.2M | -$36.9M | -$69.0M | -$18.9M | -$173.8M | -$192.2M | |
| EPS (Diluted) | -345.80 | -27.34 | -8.90 | -2.43 | -1.35 | -0.96 | -1.08 | -1.91 | -0.52 | -4.80 | -7.59 | |
| EBITDA | -$13.5M | -$10.0M | -$9.5M | -$17.2M | -$20.4M | -$21.9M | -$36.0M | -$65.4M | -$6.8M | -$155.7M | -$169.0M | |
| Shares Out. (M) | 0.01 | 0.46 | 0.33 | 7.83 | 16.42 | 24.10 | 34.29 | 36.08 | 36.16 | 36.24 | 62.04 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.7M | $5.1M | $8.2M | $6.0M | $9.6M | $10.3M | $14.9M | $13.5M | $9.3M | $8.7M | $24.0M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $6.4M | $5.4M | $8.4M | $6.7M | $10.8M | $15.0M | $27.0M | $19.2M | $11.3M | $10.7M | $27.2M | |
| Total Assets | $18.2M | $11.1M | $11.9M | $25.5M | $39.5M | $69.8M | $107.9M | $98.4M | $86.4M | $76.9M | $90.0M | |
| Total Current Liabilities | $3.6M | $2.0M | $2.6M | $4.9M | $6.7M | $4.8M | $24.9M | $16.5M | $48.2M | $8.9M | $250.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $82.3M | $55.4M | $256.9M | $42.0M | |
| Total Liabilities | $8.5M | $3.4M | $3.4M | $10.9M | $20.7M | $44.4M | $71.8M | $130.4M | $134.5M | $295.5M | $321.1M | |
| Stockholders' Equity | $9.7M | $7.7M | $8.5M | $14.6M | $18.9M | $25.4M | $36.1M | -$32.1M | -$48.0M | -$218.6M | -$231.2M | |
| Retained Earnings | -$381.4M | -$394.2M | -$406.3M | -$157.5M | -$179.7M | -$202.9M | -$239.8M | -$308.8M | -$327.7M | -$501.5M | -$542.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.6M | -$9.2M | -$9.4M | -$15.6M | -$18.3M | -$23.6M | -$32.5M | -$47.4M | -$37.6M | -$25.8M | -$25.4M | |
| Capital Expenditure | -$279.0K | -$58.0K | -$44.0K | -$131.0K | -$824.0K | -$1.3M | -$2.2M | -$8.1M | -$1.9M | -$542.0K | -$374.0K | |
| Free Cash Flow | -$10.9M | -$9.3M | -$9.4M | -$15.7M | -$19.1M | -$24.9M | -$34.7M | -$55.6M | -$39.4M | -$26.3M | -$25.8M | |
| Investing Cash Flow | -$279.0K | -$58.0K | -$44.0K | $2.9M | -$824.0K | -$1.3M | -$2.2M | -$8.1M | -$1.9M | -$542.0K | -$374.0K | |
| Financing Cash Flow | $7.2M | $8.7M | $12.5M | $9.0M | $23.2M | $25.5M | $44.0M | $54.0M | $35.0M | $25.6M | $44.1M | |
| Issuance of Stock | $7.6M | $9.4M | $12.2M | $10.0M | $22.9M | $26.3M | $44.5M | $5.0K | $130.0K | $658.0K | $4.2M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$32.0K | |
| Net Debt Issuance | -$100.0K | -$815.0K | $0.00 | $0.00 | $717.0K | $0.00 | $0.00 | $54.0M | $34.9M | $25.0M | $40.0M | |
| Stock Based Comp. | $2.0M | $700.0K | $478.0K | $4.3M | $3.5M | $2.9M | $3.1M | $938.0K | $2.9M | $2.6M | $5.7M | |
| Net Change in Cash | -$3.7M | -$579.0K | $3.0M | -$3.7M | $4.1M | $639.0K | $4.6M | -$1.6M | -$4.5M | -$693.0K | $18.4M |
Dilution Tracker
Shares outstanding grew 120.8% over 5 years — significant dilution
Shares Outstanding
37M
5-Year Share Growth
+120.8%
Stock Issuance (TTM)
$4.2M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.01 | 0.46 | 0.33 | 7.83 | 16.42 | 24.10 | 34.29 | 36.08 | 36.16 | 36.24 | 62.04 | |
| Change vs Prior % | — | 6392.7% | -27.2% | 2255.2% | 109.7% | 46.8% | 42.3% | 5.2% | 0.2% | 0.2% | 71.2% | |
| Stock Issuance | $7.6M | $9.4M | $12.2M | $10.0M | $22.9M | $26.3M | $44.5M | $5.0K | $130.0K | $658.0K | $4.2M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$32.0K | |
| Stock Based Comp. | $2.0M | $700.0K | $478.0K | $4.3M | $3.5M | $2.9M | $3.1M | $938.0K | $2.9M | $2.6M | $5.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -41.9% | -225.2% | — | — | -1655.0% | -347.4% | -535.7% | 78.5% | -565.4% | 68.8% | 68.2% | |
| Operating Margin % | -8991.5% | -14048.7% | — | — | -2623.0% | -532.5% | -670.8% | -902.8% | -820.2% | -636.7% | -1233.6% | |
| Net Margin % | -7245.4% | -11163.5% | — | — | -2695.1% | -517.5% | -670.2% | -1524.5% | -365.6% | -3544.0% | -5825.3% | |
| EBITDA Margin % | -5177.7% | -8680.0% | — | — | -2483.5% | -490.0% | -653.5% | -1445.1% | -132.4% | -3174.5% | -5121.8% | |
| FCF Margin % | -4180.0% | -8043.5% | — | — | -2320.0% | -556.1% | -629.8% | -1226.9% | -762.1% | -536.4% | -781.9% | |
| ROE % | -193.7% | -166.1% | -142.9% | -133.5% | -117.6% | -91.2% | -102.3% | 215.3% | 39.4% | 79.5% | 89.7% | |
| ROA % | -103.5% | -115.3% | -101.9% | -76.5% | -56.1% | -33.2% | -34.2% | -70.2% | -21.9% | -226.1% | -213.6% | |
| ROIC % | -147.3% | -160.0% | -131.8% | -87.2% | -61.5% | -35.8% | -36.9% | -44.7% | -52.0% | -43.1% | -47.4% | |
| R&D / Revenue % | 2183.8% | 2505.2% | — | — | 1755.0% | 447.4% | 635.7% | 745.6% | 665.4% | 483.6% | 775.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -45.3% | -55.8% | -100.0% | 0.0% | 0.0% | 443.6% | 23.1% | -17.8% | 14.2% | -5.2% | |
| Gross Profit | -122.9% | -137.6% | -421.6% | 0.0% | -908.2% | -14.1% | -89.9% | 112.1% | -922.4% | 111.5% | |
| Operating Income | -128.6% | 30.9% | 22.5% | -52.4% | -13.1% | -10.4% | -55.1% | -10.7% | -3.8% | 26.4% | |
| Net Income | -3550.8% | 31.9% | 5.7% | -60.9% | -13.9% | -4.4% | -59.4% | -87.0% | 72.6% | -818.8% | |
| EPS (Diluted) | -24.1% | 92.1% | 67.4% | 72.7% | 44.4% | 28.9% | -12.5% | -76.9% | 72.8% | -823.1% | |
| Operating Cash Flow | -8.3% | 13.2% | -2.1% | -66.1% | -17.3% | -29.0% | -37.8% | -46.0% | 20.8% | 31.4% | |
| Free Cash Flow | -8.8% | 14.9% | -1.9% | -66.7% | -21.5% | -30.3% | -39.4% | -60.2% | 29.0% | 33.3% | |
| R&D Expense | 42.2% | -49.3% | 69.8% | 100.8% | 47.0% | 38.6% | 75.0% | -3.6% | 1.9% | -31.1% | |
| SG&A Expense | 31.0% | -9.8% | -24.9% | 38.8% | 0.7% | 4.0% | -10.2% | 43.6% | 23.5% | -5.9% | |
| Total Assets | -42.2% | -38.8% | 6.7% | 114.1% | 55.3% | 76.6% | 54.6% | -8.8% | -12.1% | -11.1% | |
| Book Value / Share | 320.6% | -98.8% | 50.5% | -92.7% | -38.4% | -8.3% | -0.1% | -184.5% | -49.4% | -354.2% | |
| Debt | 0.0% | -100.0% | 0.0% | 0.0% | 359.3% | 188.9% | 28.5% | 146.6% | 5.1% | 127.7% | |
| Diluted Shares | -81.8% | 6392.7% | -27.2% | 2255.2% | 109.7% | 46.8% | 42.3% | 5.2% | 0.2% | 0.2% |
Valuation
P/E (TTM)At Loss
P/S39.56
10Y Low / Med / High1.66 / 29.52 / 59.53
P/B-0.56
10Y Low / Med / High0.04 / 1.18 / 5.20
EV/EBITDAAt Loss
EV/Revenue127.47
10Y Low / Med / High11.47 / 35.72 / 103.37
P/FCFAt Loss
Intrinsic Value Models (per share)
Cash / Share
$0.65
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -0.18 | -0.50 | -0.32 | -1.34 | -2.21 | -5.71 | -1.15 | -1.70 | -3.56 | -1.31 | -0.66 | |
| P/S Ratio | 1.66 | 56.10 | 0.00 | 0.00 | 59.53 | 29.52 | 7.72 | 25.81 | 12.93 | 46.41 | 39.56 | |
| P/B Ratio | 0.04 | 0.83 | 0.11 | 1.74 | 2.60 | 5.20 | 1.18 | -3.65 | -1.39 | -1.04 | -0.56 | |
| EV/EBITDA | 0.33 | -0.13 | 0.75 | -1.29 | -2.57 | -7.29 | -2.12 | -3.42 | -26.88 | -3.26 | -2.49 | |
| EV/Revenue | -17.21 | 11.47 | 0.00 | 0.00 | 63.79 | 35.72 | 13.89 | 49.40 | 35.59 | 103.37 | 127.47 |
Analyst Estimates & Quality
Altman Z-Score
-17.41
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $4.3M | $2.8M | $56.3M |
| Net Income | -$67.6M | -$52.4M | -$39.5M |
| EPS | $-1.86 | $-1.45 | $-1.09 |
| # Analysts (EPS) | 1 | 1 | 1 |