Armata Pharmaceuticals, Inc. (NYSE American: ARMP) announced its financial results for the fourth quarter and full-year ended December 31, 2025, revealing a substantial net loss of $124.3 million for the fourth quarter, compared to a net income of $2.6 million in the same period of 2024. The company reported a loss from operations of approximately $13.8 million for Q4 2025, which was primarily driven by a $5.4 million impairment expense related to its office and research space. This impairment was attributed to changes in the anticipated timeline for subleasing vacated space. Additionally, Armata's total revenue for the year was significantly impacted, with grant revenue decreasing to $1.1 million in Q4 2025 from $1.2 million in Q4 2024. Research and development expenses also saw a decline, totaling approximately $6.1 million in Q4 2025, down from $8.5 million in the prior year, reflecting reduced clinical trial activity. The company ended the year with approximately $14.1 million in cash and cash equivalents, a slight decrease from $14.8 million at the end of 2024. Armata's financial statements included an audit opinion that raised concerns about its ability to continue as a going concern, highlighting the challenges the company faces in achieving its operational and financial goals amidst significant losses and ongoing investments in its clinical pipeline.

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