Executive Summary

Q4 2024 delivered positive net income of $2.6M ($0.07 basic; $(0.23) diluted) driven by non-cash gains (fair value change on convertible loan +$14.1M and debt extinguishment +$2.2M), despite a typical biotech operating loss; grant revenue was $1.235M .
Clinical execution advanced: AP-PA02 Tail wind Phase 2 showed statistically significant reductions in P. aeruginosa CFUs in NCFB patients, supporting a pivotal trial design; AP-SA02 diSArm completed enrollment with topline now expected 1H 2025 (pushed out from prior Q1 2025) .
Liquidity: YE’24 cash, cash equivalents and restricted cash were $14.8M; subsequently, the company added a $10.0M secured credit facility at 14% and extended debt maturities to March 12, 2026 .
No formal financial guidance or Street consensus estimates were available; results comparisons vs estimates are not applicable. Values retrieved from S&P Global (no estimates found).*

What Went Well and What Went Wrong

What Went Well
- Statistically significant efficacy signal in Tail wind (post-hoc ITT): AP-PA02 reduced P. aeruginosa CFUs vs placebo at day 17 (P=0.05) and day 24 (P=0.015); ~1/3 of monotherapy subjects achieved ≥2-log CFU reduction; safety was well-tolerated .
- Management positioning AP-PA02 for a pivotal bronchiectasis study, with confidence stemming from two successful clinical evaluations (SWARM-P.a. and Tail wind) .
- Q4 reported positive net income due to non-cash gains, a marked YoY improvement from $(19.8)M in Q4 2023 .
What Went Wrong
- diSArm topline timing slipped from “Q1 2025” to “1H 2025,” modestly pushing a key 2025 catalyst .
- Operating losses persisted as the company invests in clinical programs (Q4 operating loss $(10.5)M; FY’24 cash used in operations $(37.6)M) .
- No earnings call transcript or sell-side estimates, limiting visibility and near-term price-discovery catalysts; coverage appears limited. Values retrieved from S&P Global (no estimates found).*

Financial Results

Income statement summary (USD Millions, except per-share). Columns ordered oldest → newest.

Metric	Q4 2023	Q2 2024	Q3 2024	Q4 2024
Grant Revenue ($)	$1.528	$0.000	$2.973	$1.235
Research & Development ($)	$7.928	$8.475	$9.485	$8.450
General & Administrative ($)	$3.179	$3.439	$3.244	$3.323
Total Operating Expenses ($)	$11.107	$11.914	$12.729	$11.773
Operating Loss ($)	$(9.579)	$(11.914)	$(9.756)	$(10.538)
Net Income (Loss) ($)	$(19.847)	$8.986	$(5.481)	$2.600
EPS (Basic) ($)	$(0.55)	$0.25	$(0.15)	$0.07
EPS (Diluted) ($)	$(0.55)	$(0.25)	$(0.15)	$(0.23)

Notes: Q4 2024 net income was driven by non-cash change in fair value of convertible loan (+$14.123M) and a $2.166M gain on extinguishment; interest expense rose with higher debt load . Tail wind topline from December 2024 is clinical, not revenue-generating .

Liquidity and shares

Metric	Q2 2024	Q3 2024	Q4 2024
Cash & Equivalents ($M)	$26.405	$17.141	$9.291
Restricted Cash ($M)	$5.480	$5.480	$5.480
Cash + Restricted ($M)	$31.885	$22.621	$14.771
Shares Outstanding (approx., report date)	~36.2M (Aug 13, 2024)	~36.2M (Nov 13, 2024)	~36.2M (Feb 28, 2025)
FY Net Cash Used in Ops ($M)	—	—	$(37.551) (FY 2024)

Estimate comparison (S&P Global)

No Q4 2024 or FY 2024 S&P Global consensus estimates were available for EPS or revenue at the time of this analysis. Values retrieved from S&P Global (no estimates found).*

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
AP-SA02 diSArm topline timing	2025	“Topline in Q1 2025” (Nov-2024)	“Topline in 1H 2025” (Mar-2025)	Pushed out
AP-PA02 pivotal bronchiectasis trial path	2025	Working toward initiating pivotal in 2025 (Nov-2024)	Pivotal design to be discussed with FDA; path to potential approval targeted (Mar-2025)	Maintained trajectory
Financing	2025–2026	Prior maturities in 2025	New $10.0M secured credit at 14% (matures 3/12/2026); prior facilities extended to 3/12/2026	New facility + extensions
Financial (Revenue/Margins/OpEx)	2024/2025	None provided	None provided	No formal guidance

Earnings Call Themes & Trends

(No Q4 2024 earnings call transcript was found; themes reflect company disclosures in press releases.)

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024)	Trend
AP-PA02 Tail wind efficacy	Enrollment completed; topline expected 2H’24; emphasis on advancing to pivotal	Positive topline post-hoc ITT: significant CFU reduction; monotherapy ~1/3 ≥2-log reduction; well-tolerated	Improving; de-risks efficacy signal
AP-SA02 diSArm	Enrollment progressing; DoD non-dilutive funding; aiming for topline late 2024/early 2025	Enrollment completed (n=50); high-dose IV tolerated; topline now 1H’25; informs pivotal design	On track but timing slipped
Regulatory path	Plan to meet FDA on AP-PA02 pivotal design	Plan to discuss pivotal strategy with FDA for both programs	Advancing
Manufacturing (cGMP)	Facility build-out completed; supports late-stage and potential commercial	Ongoing capability underpinning programs	Stable positive
Financing & capital	Additional DoD funding; debt maturities extended to Jan 2026	New $10M secured credit (14%) and maturities extended to Mar 2026	Strengthened near term

Management Commentary

“We believe the learnings gained from the two completed Phase 2 studies position Armata to design a pivotal trial to evaluate AP-PA02 as an alternative to antibiotics in NCFB patients with chronic pulmonary P. aeruginosa infection.” — Dr. Deborah Birx, CEO .
“We expect to report topline [diSArm] results in the first half of this year, and believe data will provide valuable insights into the safety and tolerability of AP-SA02 at high intravenous doses, and inform the dose and schedule to be studied in a larger efficacy study.” .
On Tail wind results: “The primary efficacy endpoint … showed no significant difference in each cohort due to small numbers … Notably, a post-hoc intent-to-treat analysis … demonstrated a statistically significant reduction of P.a. CFUs … with a favorable safety and tolerability profile.” .

Q&A Highlights

No Q4 2024 earnings call transcript was available; therefore, no Q&A details or clarifications could be reviewed.

Estimates Context

Street estimates: S&P Global consensus estimates for Q4 2024 and FY 2024 (EPS, revenue, EBITDA) were not available; comparative “vs estimates” analysis is not applicable. Values retrieved from S&P Global (no estimates found).*
Implications: With limited formal coverage, catalysts (diSArm topline, pivotal trial alignment) and financing updates may drive estimate initiation/updates and narrative shifts once data are disclosed.

Key Takeaways for Investors

Clinical de-risking: Tail wind post-hoc ITT efficacy and safety supports moving AP-PA02 toward a pivotal NCFB bronchiectasis study; this is a meaningful validation milestone for inhaled phage therapy .
Next catalyst: diSArm topline now expected 1H 2025; outcome will shape dosing and pivotal design in S. aureus bacteremia, a high-morbidity setting .
Earnings optics: Q4 profitability was non-operational, driven by fair value and extinguishment gains; core operating loss persisted as R&D investment continued .
Liquidity: YE’24 cash + restricted was $14.8M with a subsequent $10M, 14% secured facility and maturity extensions to 2026; watch interest expense and cash burn vs milestone timing .
Coverage gap: Absence of Street estimates and call transcript heightens event-driven volatility; data readouts and regulatory meetings are likely the primary stock catalysts in 2025. Values retrieved from S&P Global (no estimates found).*
Strategic focus: Management’s messaging centers on phage as alternative/adjunct to antibiotics and reducing reliance on chronic antibiotics—alignment with FDA on pivotal designs is the key medium-term value unlock .

Citations:

Q4 2024 press release and financials:
Q4 2024 8-K (Item 2.02 and Exhibit 99.1):
Tail wind topline PR (Dec 19, 2024):
Q3 2024 PR/8-K:
Q2 2024 PR/8-K:

*Estimates note: Values retrieved from S&P Global. No consensus values were available for ARMP for the requested periods at the time of analysis.

Armata Pharmaceuticals, Inc. (ARMP)·Q4 2024 Earnings Summary