$ARMP
Armata Pharmaceuticals, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023014701 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $1.230M $980.0K $1.051M
YoY Change -8.07% -47.96% 6.27%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.580M $2.350M $1.810M
YoY Change 129.34% 12.82% -18.58%
% of Gross Profit
Research & Development $7.978M $8.259M $9.569M
YoY Change -5.02% -8.44% 98.77%
% of Gross Profit
Depreciation & Amortization $200.0K $200.0K $245.0K
YoY Change 0.0% 0.0% -11.55%
% of Gross Profit
Operating Expenses $11.56M $10.61M $11.38M
YoY Change 16.06% -4.45% 61.7%
Operating Profit -$10.34M -$9.629M
YoY Change 19.87% 4.44%
Interest Expense $1.176M $6.082M $14.00K
YoY Change 12966.67% 121540.0% 1300.0%
% of Operating Profit
Other Income/Expense, Net -$20.83M $6.082M
YoY Change -231488.89% 121540.0%
Pretax Income -$31.16M -$3.547M -$10.31M
YoY Change 261.74% -61.51% 70.56%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$31.16M -$3.547M -$10.31M
YoY Change 261.75% -61.51% 70.56%
Net Earnings / Revenue -2533.41% -361.94% -981.35%
Basic Earnings Per Share -$0.86 -$0.10
Diluted Earnings Per Share -$0.86 -$0.17 -$0.29
COMMON SHARES
Basic Shares Outstanding 36.13M 36.14M 36.14M
Diluted Shares Outstanding 36.09M 56.54M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.00M $12.46M $14.85M
YoY Change -5.44% -66.32% 44.36%
Cash & Equivalents $24.00M $12.50M $14.85M
Short-Term Investments
Other Short-Term Assets $8.497M $8.633M $12.20M
YoY Change 8.06% 99.47% 159.08%
Inventory
Prepaid Expenses $4.130M $5.745M $3.664M
Receivables
Other Receivables $8.497M $8.633M $8.531M
Total Short-Term Assets $36.59M $26.83M $27.05M
YoY Change 10.05% -35.04% 80.37%
LONG-TERM ASSETS
Property, Plant & Equipment $9.250M $8.807M $3.617M
YoY Change 113.13% 170.49% 62.93%
Goodwill $3.490M $3.490M $3.490M
YoY Change 0.0% 0.0% 0.0%
Intangibles $10.26M $10.26M $10.26M
YoY Change 0.0% 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $2.470M $2.453M $2.429M
YoY Change 159.18% 44.72% 38.4%
Total Long-Term Assets $76.18M $74.38M $68.79M
YoY Change 27.73% 24.63% 25.59%
TOTAL ASSETS
Total Short-Term Assets $36.59M $26.83M $27.05M
Total Long-Term Assets $76.18M $74.38M $68.79M
Total Assets $112.8M $101.2M $95.83M
YoY Change 21.4% 0.23% 37.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.772M $9.584M $1.678M
YoY Change 26.7% 138.35% 47.45%
Accrued Expenses $16.20M $15.63M $20.55M
YoY Change 302.28% 364.78% 552.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $26.35M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.88M $51.56M $24.87M
YoY Change 212.45% 598.39% 416.68%
LONG-TERM LIABILITIES
Long-Term Debt $72.00M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $28.20M $27.43M $31.80M
YoY Change -24.24% -26.33% -12.82%
Total Long-Term Liabilities $100.2M $27.43M $31.80M
YoY Change 169.19% -26.33% -12.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.88M $51.56M $24.87M
Total Long-Term Liabilities $100.2M $27.43M $31.80M
Total Liabilities $125.1M $82.07M $59.75M
YoY Change 164.56% 72.08% 34.67%
SHAREHOLDERS EQUITY
Retained Earnings -$289.0M -$257.8M -$239.8M
YoY Change 25.95% 16.74% 18.2%
Common Stock $361.0K $361.0K $361.0K
YoY Change 0.0% 0.0% 33.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.39M $19.14M $36.08M
YoY Change
Total Liabilities & Shareholders Equity $112.8M $101.2M $95.83M
YoY Change 21.4% 0.23% 37.36%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$31.16M -$3.547M -$10.31M
YoY Change 261.75% -61.51% 70.56%
Depreciation, Depletion And Amortization $200.0K $200.0K $245.0K
YoY Change 0.0% 0.0% -11.55%
Cash From Operating Activities -$9.690M -$12.06M -$10.49M
YoY Change -6.22% 48.01% 21.95%
INVESTING ACTIVITIES
Capital Expenditures $3.510M $222.0K -$455.0K
YoY Change -371.25% -119.54% 99.56%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.510M -$222.0K $455.0K
YoY Change 171.25% -80.46% -299.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 24.80M -368.0K -500.0K
YoY Change 79900.0% 152.05% -107.1%
NET CHANGE
Cash From Operating Activities -9.690M -12.06M -10.49M
Cash From Investing Activities -3.510M -222.0K 455.0K
Cash From Financing Activities 24.80M -368.0K -500.0K
Net Change In Cash 11.60M -12.65M -10.53M
YoY Change -200.03% 34.15% 488.93%
FREE CASH FLOW
Cash From Operating Activities -$9.690M -$12.06M -$10.49M
Capital Expenditures $3.510M $222.0K -$455.0K
Free Cash Flow -$13.20M -$12.28M -$10.03M
YoY Change 46.03% 75.16% 19.83%

Facts In Submission

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CY2023Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
5720000
CY2022Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
5960000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18176000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42938000
us-gaap Substantial Doubt About Going Concern Managements Evaluation
SubstantialDoubtAboutGoingConcernManagementsEvaluation
The Company has prepared its condensed consolidated financial statements on a going concern basis, which assumes that the Company will realize its assets and satisfy its liabilities in the normal course of business. However, the Company has incurred net losses since its inception and has negative operating cash flows. These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of the uncertainty concerning the Company’s ability to continue as a going concern.
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
12500000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt;">The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in its condensed consolidated financial statements and accompanying notes. On an ongoing basis, management evaluates these estimates and judgments, which are based on historical and anticipated results and trends, and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates.</p>
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.50
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Reclassifications </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;"> Certain prior year amounts, including tenant improvement receivable and awards receivable, have been reclassified to conform to the current year presentation. Refer to Note 6 </span><i style="font-style:italic;">Other Receivables</i> table for details. </p>
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.55
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56544698
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35999642
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36056649
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-3547000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-9215000
us-gaap Net Income Loss
NetIncomeLoss
-18037000
us-gaap Net Income Loss
NetIncomeLoss
-17989000
CY2023Q2 armp Change In Fair Value Of Convertible Debt
ChangeInFairValueOfConvertibleDebt
6036000
armp Change In Fair Value Of Convertible Debt
ChangeInFairValueOfConvertibleDebt
2874000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-9583000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-9215000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-20911000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-17989000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36068130
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35999642
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36056649
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32517416
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32517416
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.50
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.55
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23822333
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24059682
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20368000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14720000
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11561000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11103000
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8807000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3617000
CY2022Q2 us-gaap Depreciation
Depreciation
200000
CY2023Q2 us-gaap Depreciation
Depreciation
200000
us-gaap Depreciation
Depreciation
500000
us-gaap Depreciation
Depreciation
400000
CY2023Q2 armp Tenant Improvement Receivable Current
TenantImprovementReceivableCurrent
7375000
CY2022Q4 armp Tenant Improvement Receivable Current
TenantImprovementReceivableCurrent
6595000
CY2023Q2 armp Awards Receivable Current
AwardsReceivableCurrent
1258000
CY2022Q4 armp Awards Receivable Current
AwardsReceivableCurrent
1936000
CY2023Q2 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
8633000
CY2022Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
8531000
armp Term Of Warrant
TermOfWarrant
P5Y
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
20549338
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
261000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
949000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1118000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1442000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3352803
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.32
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M18D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
17500
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.36
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
168374
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.63
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3201929
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.29
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M18D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3201929
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.29
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y8M12D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2142829
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.57
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y3M18D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3201929
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
20549338
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
26366261
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q2 armp Operating Lease Base Rent
OperatingLeaseBaseRent
1900000
CY2020Q2 armp Annual Increase In Rent Percentage
AnnualIncreaseInRentPercentage
0.03
CY2020Q2 armp Operating Lease Base Rent End Of Lease Term
OperatingLeaseBaseRentEndOfLeaseTerm
2500000
CY2020Q2 armp Lease And Rental Abatement Credit Period
LeaseAndRentalAbatementCreditPeriod
P6M
CY2020Q2 armp Lease And Rental Abatement Credit
LeaseAndRentalAbatementCredit
800000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
11700000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
11000000.0
CY2020Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.1289
CY2021Q4 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P16Y
CY2021Q4 armp Base Annual Rent To Be Paid Year Three
BaseAnnualRentToBePaidYearThree
250000
CY2021Q4 armp Maximum Allowance For Tenant Improvements Receivable
MaximumAllowanceForTenantImprovementsReceivable
7300000
CY2022Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.118
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
37000000.0
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
33800000
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
5000000.0

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