Armata Pharmaceuticals Reports Q2 2024 Results and Corporate Update

Armata Pharmaceuticals, Inc., a biotechnology company specializing in bacteriophage therapeutics targeting antibiotic-resistant and hard-to-treat bacterial infections, released its financial results for the second quarter ending June 30, 2024, alongside a corporate update. 

During the second quarter, Armata announced the completion of enrollment for its Phase 2 clinical trial, called the Tailwind study, which investigates inhaled AP-PA02 for patients suffering from Non-Cystic Fibrosis Bronchiectasis (NCFB) and chronic pulmonary Pseudomonas aeruginosa infections. The final follow-up for the last patient enrolled was conducted on August 7, with results expected in the latter half of the year.

The company also received an additional $5.25 million in non-dilutive funding from the U.S. Department of Defense. This funding aids the Phase 2a portion of the diSArm study, examining intravenous AP-SA02 as a potential treatment for Staphylococcus aureus bacteremia.

Advancements in bacteriophage science were furthered through multiple presentations and publications. Armata delivered a presentation on the progress of bacteriophage therapy at the Viruses of Microbes 2024 conference held in Cairns, Australia, from July 15-19. Additionally, the company completed the construction of an advanced biologics manufacturing facility which includes five cGMP clean rooms and an automated fill and finish suite.

Dr. Deborah Birx, CEO of Armata, remarked on the significant progress made in their clinical programs, emphasizing their potential to begin pivotal studies in the coming year. Regarding AP-PA02, Dr. Birx expressed satisfaction with the completion of enrollment and patient visits in the Tailwind study and indicated that topline data would be announced later in the year. On the subject of AP-SA02, she noted the continued advancement of the diSArm study and thanked the Department of Defense for its crucial financial support. The study aims to determine the optimal dose of AP-SA02 for a larger, more definitive study.

Dr. Birx also highlighted the completion of their state-of-the-art cGMP manufacturing facility, which positions them to support late-stage clinical trials, potential partnerships, and commercial production. She concluded by expressing satisfaction with the sustained progress in demonstrating the safety and efficacy of their multi-phage candidates through rigorously designed clinical studies.

Financially, Armata recognized no grant revenue for the quarter ending June 30, 2024, compared to approximately $1.0 million in the same period in 2023. Research and development expenses were around $8.5 million, a slight increase from the $8.3 million spent in the comparable period the previous year. The company attributed this to continued investment in their primary development programs. General and administrative expenses rose to approximately $3.4 million from $2.4 million, largely due to a $1.0 million increase in stock-based compensation from additional awards granted earlier in the year. The company reported a loss from operations of $11.9 million, up from approximately $9.6 million in the same period in 2023.

As of June 30, 2024, Armata held approximately $26.4 million in unrestricted cash and cash equivalents, an increase from $13.5 million as of December 31, 2023. The company had approximately 36.2 million outstanding common shares as of August 13, 2024.

Armata Pharmaceuticals, Inc. is dedicated to developing bacteriophage therapeutics to treat antibiotic-resistant and difficult-to-treat bacterial infections using proprietary bacteriophage-based technology. Their pipeline includes candidates targeting Pseudomonas aeruginosa, Staphylococcus aureus, and other pathogens. Armata leverages its in-house cGMP manufacturing to advance phage therapy from research to clinical trials and potential commercial production.

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