Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Armata Pharmaceuticals, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Research and development
5.68
2.88
8.37
9.82
14.4
20
35
33.8
34.4
23.7
General and administrative
8.41
7.59
2.52
9.27
7.97
8.28
7.44
11.6
13.2
12.4
Operating expenses
23.6
16.3
17.7
19.8
22.4
28.3
42.5
45.4
47.6
41.5
Operating income
-23.4
-16.2
-17.7
-19.8
-21.6
-23.8
-36.9
-40.9
-42.4
-36.6
Interest expense
0.01
1.01
0.93
0.63
0.06
0
2.63
Interest income
0.25
0.1
0.03
0.01
0.03
0.18
Other non-operating income
3.98
2.02
0.96
0.27
-0.59
0.67
0.03
-28.2
23.5
-137
Pre-tax income
-19.4
-14.1
-16.7
-19.5
-22.2
-23.2
-0.04
-69
-18.9
-174
Income tax
-0.56
-1.3
-0.33
Net income
-18.8
-12.8
-16.7
-19.5
-22.2
-23.2
-36.9
-69
-18.9
-174
EBITDA
-23
-15.8
-16.3
-18.4
-20.5
-22.7
-36.1
-39.9
-41.1
-35.1
EPS, basic
-138.38
-11.27
-3.59
-2.49
-1.35
-0.96
-1.08
-1.91
-0.52
-4.80
EPS, diluted
-138.38
-12.23
-3.59
-2.55
-1.35
-0.96
-1.08
-1.91
-0.89
-4.80
Shares, basic (weighted)
0.18
1.14
4.65
7.83
16.4
24.1
34.3
36.1
36.2
36.2
Shares, diluted (weighted)
0.18
1.17
4.65
8.01
16.4
24.1
34.3
36.1
59.1
36.2
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
5.13
5.13
9.66
6.03
9.65
10.3
14.9
13.5
9.29
8.69
Receivables
0.01
Other current assets
0.6
0.25
0.7
0.62
0.64
1.72
8.53
3.36
0.74
0.47
Total current assets
6.31
5.39
10.4
6.66
10.8
15
27
19.2
11.3
10.7
Property, plant and equipment
1.07
0.82
3.25
2.19
2.05
2.22
3.62
12.6
13.2
12.2
Lease right-of-use assets
2.03
10.8
35.9
43
44.7
41.7
33.9
Goodwill
3.49
3.49
3.49
3.49
3.49
3.49
3.49
Intangible assets
10.5
4.66
2.73
10.3
10.3
10.3
10.3
10.3
10.3
10.3
Other non-current assets
0.14
0.14
0.89
1.76
2.43
2.47
0.98
0.97
Total assets
18.2
11.1
14.5
25.5
39.5
69.8
95.8
98.4
86.4
76.9
Accounts payable
1.06
0.58
0.42
0.55
0.96
1.14
1.68
1.59
0.77
0.92
Accrued liabilities
0.9
1.39
1.35
Total current liabilities
3.54
1.97
2.03
4.88
6.71
4.81
24.9
16.5
48.2
8.95
Lease liabilities
1.56
10.9
36.5
31.8
28.6
27.7
26.5
Total liabilities
8.43
3.41
6.85
10.9
20.7
44.4
59.8
130
134
295
Paid-in capital
391
402
146
172
198
228
275
276
279
283
Retained earnings
-381
-394
-138
-158
-180
-203
-240
-309
-328
-502
Shareholders' equity
9.72
24.3
7.69
14.6
18.9
25.4
36.1
-32.1
-48
-219
Total equity
9.72
24.3
7.69
14.6
18.9
25.4
36.1
-32.1
-48
-219
Total liabilities and equity
18.2
11.1
14.5
25.5
39.5
69.8
95.8
98.4
86.4
76.9
Shares outstanding
0.29
1.69
5.07
9.92
18.7
27.1
36.1
36.1
36.2
36.4
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-18.8
-12.8
-16.7
-19.5
-22.2
-23.2
-36.9
-69
-18.9
-174
Depreciation and amortization
0.34
0.34
1.35
1.35
1.11
1.17
0.89
0.97
1.33
1.53
Stock-based compensation
2
0.7
0.05
4.27
3.48
2.88
3.11
0.94
2.89
2.61
Deferred income tax
-0.56
-1.3
0
0
0
Change in receivables
0.1
-0.47
Change in payables
0.41
-0.84
0.14
-1.37
0.54
0.18
3.67
0.04
-3.76
-0.33
Cash from operations
-10.6
-9.19
-10.6
-15.6
-18.3
-23.6
-32.5
-47.4
-37.6
-25.8
Capital expenditures
-0.28
-0.06
-0.88
-0.22
-0.82
-1.3
-2.21
-8.14
-1.88
-0.54
Purchases of investments
-3.39
Cash from investing
-0.28
-0.06
8.81
2.88
-0.82
-1.3
-2.21
-8.13
-1.88
-0.54
Stock issued
9.98
22.9
26.3
44.4
Dividends paid
-0.08
Cash from financing
7.23
8.67
12.5
8.98
23.2
25.5
44
54
35
25.6
Net change in cash
-3.66
-0.58
-1.81
-3.73
4.12
0.64
9.32
-1.57
-4.47
-0.69
Free cash flow
-10.9
-9.25
-11.5
-15.8
-19.1
-24.9
-34.7
-55.6
-39.4
-26.3
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.74 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on assets (ROA)
-213.7%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Total assets growth, 1y
-11.1%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-7.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
14.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
-38.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
1.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
17.2%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.11x
Current assets / current liabilities.
Quick ratio
0.10x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.10x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$0.42
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.41
Cash from operations / diluted weighted shares.
Book value per share
-$6.22
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
FCF yield
-18.5%
Free cash flow / market cap.
Earnings yield
-138.2%
Net income / market cap (the inverse of P/E).
Was Armata Pharmaceuticals, Inc. profitable in fiscal 2025?
No. It reported a net loss of $173.8M.
How much free cash flow did Armata Pharmaceuticals, Inc. generate in fiscal 2025?
Cash from operations of $25.8M minus capital expenditures of $542.0K left free cash flow of -$26.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.