$ARMP
Armata Pharmaceuticals, Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024007068 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $966.0K
YoY Change -100.0% 21.36%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.439M $3.178M
YoY Change 46.34% 25.22%
% of Gross Profit
Research & Development $8.475M $8.016M
YoY Change 2.62% -16.53%
% of Gross Profit
Depreciation & Amortization $300.0K $317.0K
YoY Change 50.0% 58.5%
% of Gross Profit
Operating Expenses $11.91M $11.19M
YoY Change 12.3% -7.81%
Operating Profit -$11.91M -$10.23M
YoY Change 23.73% -9.85%
Interest Expense $2.718M $1.820M
YoY Change -55.31% -157.89%
% of Operating Profit
Other Income/Expense, Net $20.90M -$14.79M
YoY Change 243.64% 370.52%
Pretax Income $8.986M -$25.02M
YoY Change -353.34% 72.68%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $8.986M -$25.02M
YoY Change -353.34% 72.68%
Net Earnings / Revenue -2590.17%
Basic Earnings Per Share $0.25 -$0.69
Diluted Earnings Per Share -$0.25 -$0.69
COMMON SHARES
Basic Shares Outstanding 36.15M 36.15M
Diluted Shares Outstanding 58.25M 36.12M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.41M $37.86M
YoY Change 111.99% 50.8%
Cash & Equivalents $26.40M $37.90M
Short-Term Investments
Other Short-Term Assets $1.242M $1.714M
YoY Change -85.61% -87.29%
Inventory
Prepaid Expenses
Receivables
Other Receivables $1.242M $1.714M
Total Short-Term Assets $30.90M $41.72M
YoY Change 15.16% 8.09%
LONG-TERM ASSETS
Property, Plant & Equipment $13.47M $12.70M
YoY Change 52.99% 133.58%
Goodwill $3.490M $3.490M
YoY Change 0.0% 0.0%
Intangibles $10.26M $10.26M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $1.039M $2.470M
YoY Change -57.64% 0.69%
Total Long-Term Assets $77.41M $78.64M
YoY Change 4.08% 12.05%
TOTAL ASSETS
Total Short-Term Assets $30.90M $41.72M
Total Long-Term Assets $77.41M $78.64M
Total Assets $108.3M $120.4M
YoY Change 7.02% 10.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.743M $2.057M
YoY Change -81.81% -58.86%
Accrued Expenses $8.246M $9.181M
YoY Change -47.23% -34.55%
Deferred Revenue
YoY Change
Short-Term Debt $48.26M $71.66M
YoY Change 83.14% 121.25%
Long-Term Debt Due $63.13M $25.01M
YoY Change
Total Short-Term Liabilities $123.2M $110.0M
YoY Change 138.9% 114.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $35.37M
YoY Change
Other Long-Term Liabilities $28.16M $28.38M
YoY Change 2.65% -10.88%
Total Long-Term Liabilities $28.16M $63.74M
YoY Change 2.65% 100.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.2M $110.0M
Total Long-Term Liabilities $28.16M $63.74M
Total Liabilities $154.4M $176.9M
YoY Change 88.15% 104.87%
SHAREHOLDERS EQUITY
Retained Earnings -$324.9M -$333.8M
YoY Change 26.02% 31.28%
Common Stock $362.0K $361.0K
YoY Change 0.28% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$46.10M -$56.51M
YoY Change
Total Liabilities & Shareholders Equity $108.3M $120.4M
YoY Change 7.02% 10.64%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $8.986M -$25.02M
YoY Change -353.34% 72.68%
Depreciation, Depletion And Amortization $300.0K $317.0K
YoY Change 50.0% 58.5%
Cash From Operating Activities -$10.18M -$10.58M
YoY Change -15.61% -39.76%
INVESTING ACTIVITIES
Capital Expenditures $1.366M $250.0K
YoY Change 515.32% -87.56%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.366M -$250.0K
YoY Change 515.32% -87.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 88.00K 34.93M
YoY Change -123.91% 18.03%
NET CHANGE
Cash From Operating Activities -10.18M -10.58M
Cash From Investing Activities -1.366M -250.0K
Cash From Financing Activities 88.00K 34.93M
Net Change In Cash -11.46M 24.10M
YoY Change -9.45% 140.63%
FREE CASH FLOW
Cash From Operating Activities -$10.18M -$10.58M
Capital Expenditures $1.366M $250.0K
Free Cash Flow -$11.54M -$10.83M
YoY Change -6.02% -44.67%

Facts In Submission

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<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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates estimates and assumptions, including but not limited to those related to convertible debt, stock-based compensation expense, accruals for research and development costs, the valuation of deferred tax assets, impairment of goodwill and intangible assets and impairment of long-lived assets. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.</p>
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CY2024Q1 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risks and Certain Other Risks</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:13.2pt;margin:0pt;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and restricted cash. As of December 31, 2023 and March 31, 2024, restricted cash was invested primarily in money market funds and U.S. treasury securities through highly rated financial institutions in accordance with the Company’s investment policy, to a concentration limit per issuer or sector.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:13.2pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:13.2pt;margin:0pt;">Other receivables represent amounts due from the Medical Technology Enterprise Consortium (“MTEC”) (Note 13) and reimbursement for tenant improvements (Note 12).</p>
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
46223449
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
44024924
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24838000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24380000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12138000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11821000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12700000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12559000
CY2024Q1 us-gaap Depreciation
Depreciation
300000
CY2023Q1 us-gaap Depreciation
Depreciation
200000
CY2024Q1 armp Construction In Progress And Fixed Assets Not In Use Included In Laboratory And Manufacturing Equipment
ConstructionInProgressAndFixedAssetsNotInUseIncludedInLaboratoryAndManufacturingEquipment
8500000
CY2023Q4 armp Construction In Progress And Fixed Assets Not In Use Included In Laboratory And Manufacturing Equipment
ConstructionInProgressAndFixedAssetsNotInUseIncludedInLaboratoryAndManufacturingEquipment
8100000
CY2024Q1 armp Tenant Improvement Receivable Current
TenantImprovementReceivableCurrent
748000
CY2023Q4 armp Tenant Improvement Receivable Current
TenantImprovementReceivableCurrent
1835000
CY2024Q1 armp Grant And Award Receivable Current
GrantAndAwardReceivableCurrent
966000
CY2023Q4 armp Grant And Award Receivable Current
GrantAndAwardReceivableCurrent
1528000
CY2024Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
1714000
CY2023Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
3363000
CY2024Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
2057000
CY2023Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1585000
CY2024Q1 armp Accrued Liabilities Clinical Trial
AccruedLiabilitiesClinicalTrial
1817000
CY2023Q4 armp Accrued Liabilities Clinical Trial
AccruedLiabilitiesClinicalTrial
3021000
CY2024Q1 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
736000
CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
1083000
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
4610000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
5689000
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
19365847
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
35873000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7497000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
28376000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4874620
CY2024Q1 us-gaap Employee Stock Ownership Plan Esop Number Of Committed To Be Released Shares
EmployeeStockOwnershipPlanESOPNumberOfCommittedToBeReleasedShares
11890
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
19365847
CY2024Q1 armp Shares Issuable Upon Conversion Of Convertible Debt
SharesIssuableUponConversionOfConvertibleDebt
21692982
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
48598016
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2362677
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3165216
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.04
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y10M24D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
429000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1784054
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.38
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
13407
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.15
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
15000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
61243
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.06
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4874620
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.44
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y2M12D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3334000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4874620
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.44
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y2M12D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
3334000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2204014
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.51
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y8M12D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1243000
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
2200000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
534000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
857000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q2 armp Annual Increase In Rent Percentage
AnnualIncreaseInRentPercentage
0.03
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
300000
CY2021Q4 armp Maximum Allowance For Tenant Improvements Receivable
MaximumAllowanceForTenantImprovementsReceivable
7300000
CY2024Q1 armp Proceeds From Tenant Allowances
ProceedsFromTenantAllowances
6500000
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
5000000.0
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6543000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5307000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5466000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5452000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5616000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
43440000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
71824000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
35951000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1800000
CY2024Q1 us-gaap Variable Lease Payment
VariableLeasePayment
600000
CY2023Q1 us-gaap Variable Lease Payment
VariableLeasePayment
300000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3355000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
5197000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y6M3D
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P12Y9M14D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.139
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.139
CY2024Q1 armp Grant Revenue
GrantRevenue
16300000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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