Investment Thesis
Armata Pharmaceuticals exhibits severe financial distress with negative stockholders' equity of -$95.6M, indicating liabilities exceed assets. The company generated only $31K in revenue while burning $19.6M in free cash flow, with a liquidity crisis evident in a 0.12x current ratio and $14.8M cash against $185.1M total liabilities. Operating losses of $22.8M on near-zero revenue demonstrate a pre-commercialization biotech firm with unsustainable burn rate and no clear path to profitability.
ARMP Strengths
- Recent revenue generation of $31K indicates initial commercialization activity, a milestone for early-stage biotech
- 11 insider Form 4 filings in last 90 days suggest ongoing management engagement
- Modest capital expenditure of $490K indicates controlled spending on infrastructure
ARMP Risks
- Negative stockholders' equity of -$95.6M represents technical insolvency and existential threat
- Critical liquidity crisis: 0.12x current ratio with $14.8M cash insufficient to cover $185.1M liabilities
- Extreme burn rate of $19.6M negative free cash flow annualized with only $31K revenue is operationally unsustainable
- Operating margin of -73,583.9% demonstrates pre-revenue stage company with no near-term profitability path
- Total liabilities exceed total assets by $95.6M, indicating potential dilutive financing or bankruptcy risk
Key Metrics to Watch
- Cash position and runway: Monthly burn rate suggests <1 year of liquidity at current rates
- Revenue trajectory: Must demonstrate meaningful revenue growth beyond $31K to validate commercialization
- Debt restructuring/refinancing: Monitor for material liabilities management or capital raises
- Stockholders' equity inflection: Watch for return to positive equity through financing or operational improvement
ARMP Financial Metrics
ARMP Profitability Ratios
ARMP Balance Sheet & Liquidity
ARMP 5-Year Financial Trend
5-Year Trend Summary: Armata Pharmaceuticals, Inc.'s revenue has remained relatively flat over the 5-year period, with a 0% decline. The most recent EPS of $-1.91 indicates the company is currently unprofitable.
ARMP Growth Metrics (YoY)
ARMP Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 2020 | $31.0K | -$4.2M | $-0.26 |
| Q1 2015 | $102.0K | -$11.3M | N/A |
| Q3 2014 | -$3.0K | $19.3M | $0.06 |
| Q2 2014 | $310.0K | $3.4M | $0.01 |
| Q1 2014 | N/A | -$1.6M | N/A |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
ARMP Capital Allocation
ARMP SEC Filings
Access official SEC EDGAR filings for Armata Pharmaceuticals, Inc. (CIK: 0000921114)