The company's financial position is severely strained, with total debt reaching $373.7M and a current ratio of 0.64, indicating significant insolvency risk.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 | Dec'94 | Dec'93 |
|---|
| Total Current Assets | 5.95M | 10.67M | 11.31M | 19.15M | 27.05M | 14.99M | 10.85M | 6.66M | 8.41M | 5.38M | 6.36M | 10.02M | 7.02M | 20.53M | 1.65M | 5.67M | 19.3M | 8.23M | 15.19M | 35.15M | 21.63M | 14.23M | 29.49M | 42.19M | 9.3M | 12.4M | 5.3M | 19.5M | 14.6M | 11.7M | 6.9M |
| Cash & Short-Term Investments | 4.75M | 8.69M | 9.29M | 13.52M | 14.85M | 10.29M | 9.65M | 6.03M | 8.16M | 5.13M | 5.71M | 9.37M | 6.58M | 20.36M | 862K | 5.22M | 16.44M | 6.21M | 14.12M | 34.1M | 21.06M | 12.61M | 25.19M | 38.63M | 7.2M | 1.9M | 1M | 3.5M | 2.2M | 2.3M | 1.2M |
| Cash Only | 4.75M | 8.69M | 9.29M | 13.52M | 14.85M | 10.29M | 9.65M | 6.03M | 8.16M | 5.13M | 5.71M | 9.37M | 6.58M | 20.36M | 862K | 5.22M | 16.44M | 6.21M | 14.12M | 34.1M | 21.06M | 12.61M | 25.19M | 38.63M | 4.1M | 1.9M | 1M | 3.5M | 2.2M | 2.3M | 1.2M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 47K | 472K | 744K | 3.36M | 1.94M | 2.99M | 561K | 0 | 0 | 0 | 25K | 125K | 100K | 8K | 641K | 317K | 2.61M | 1.5M | 380K | 404K | 166K | 1.17M | 3.37M | 3.26M | 1.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 106.3 | 35.13 | 52.49 | 271.03 | 128.29 | 243.85 | 248.8 | - | - | - | 35.1 | 96.05 | 89.24 | 8.98 | 352.36 | 13.27 | 92.24 | 55.43 | 20.18 | 15.28 | 4.31 | 22.09 | 65.11 | 104.47 | 96.62 | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -619K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.15M | 1.51M | 1.27M | 2.27M | 10.26M | 0 | 0 | 622K | 0 | 253K | 602K | 521K | 339K | 171K | 0 | 132K | 0 | 0 | 0 | 653K | 409K | 0 | 0 | 291.44K | 300K | 10.5M | 4.3M | 16M | 12.4M | 9.4M | 5.7M |
| Total Non-Current Assets | 63.85M | 66.21M | 75.13M | 79.21M | 80.83M | 54.77M | 28.67M | 18.8M | 3.48M | 5.75M | 11.84M | 21.48M | 21.6M | 17.41M | 20.42M | 1.49M | 9.18M | 9.23M | 33.61M | 34.81M | 36.04M | 38.48M | 41.55M | 45.79M | 4.4M | 3.8M | 4.5M | 5.6M | 5.4M | 5.3M | 5.2M |
| Property, Plant & Equipment | 45.17M | 46.1M | 54.93M | 57.28M | 46.65M | 38.07M | 12.84M | 4.21M | 503K | 816K | 1.07M | 1.13M | 1.22M | 145K | 136K | 1.28M | 1.05M | 1.1M | 1.75M | 2.5M | 3.42M | 5.52M | 8.31M | 6.21M | 4M | 3.3M | 3.9M | 5M | 5M | 5M | 4.9M |
| Fixed Asset Turnover | 0.06x | 0.11x | 0.09x | 0.08x | 0.12x | 0.12x | 0.06x | - | - | 0.14x | 0.24x | 0.42x | 0.34x | 2.24x | 4.88x | 6.78x | 9.82x | 8.97x | 3.93x | 3.87x | 4.11x | 3.50x | 2.27x | 1.84x | 1.70x | 2.18x | 0.23x | 0.46x | 0.02x | 0.08x | 0.02x |
| Goodwill | 3.49M | 3.49M | 3.49M | 3.49M | 3.49M | 3.49M | 3.49M | 3.49M | 0 | 0 | 0 | 7.56M | 7.56M | 4.33M | 7.41M | 0 | 7.93M | 7.93M | 31.65M | 31.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 10.26M | 10.26M | 10.26M | 10.26M | 10.26M | 10.26M | 10.26M | 10.26M | 2.98M | 4.94M | 10.77M | 12.78M | 12.81M | 12.94M | 12.88M | 0 | 0 | 0 | 0 | 0 | 31.65M | 31.65M | 31.75M | 37.82M | 0 | 0 | 0 | 0 | 0 | 0 | 300K |
| Long-Term Investments | 9.51M | 5.39M | 5.48M | 0 | 5.96M | 0 | 1.2M | 700K | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 813K | 973K | 975K | 8.19M | 2.43M | 2.96M | -2.13M | 135K | 136K | 0 | 0 | 0 | 0 | 0 | 0 | 200K | 200K | 206K | 217K | 668K | 968K | 1.31M | 1.49M | 1.76M | 400K | 500K | 600K | 600K | 400K | 300K | 0 |
| Total Assets | 69.8M | 76.88M | 86.44M | 98.36M | 107.88M | 69.77M | 39.52M | 25.45M | 11.89M | 11.14M | 18.2M | 31.49M | 28.62M | 37.95M | 22.07M | 7.15M | 28.47M | 17.47M | 48.8M | 69.97M | 57.67M | 52.71M | 71.04M | 87.97M | 13.7M | 16.2M | 9.8M | 25.1M | 20M | 17M | 12.1M |
| Asset Turnover | 0.04x | 0.06x | 0.06x | 0.05x | 0.05x | 0.06x | 0.02x | - | - | 0.01x | 0.01x | 0.02x | 0.01x | 0.01x | 0.03x | 1.22x | 0.36x | 0.56x | 0.14x | 0.14x | 0.24x | 0.37x | 0.27x | 0.13x | 0.50x | 0.44x | 0.09x | 0.09x | 0.01x | 0.02x | 0.01x |
| Asset Growth % | -65.34% | -11.05% | -12.12% | -8.82% | 54.62% | 76.56% | 55.26% | 114.11% | 6.72% | -38.79% | -42.23% | 10.05% | -24.59% | 71.93% | 208.69% | -74.89% | 63.02% | -64.21% | -30.25% | 21.32% | 9.41% | -25.8% | -19.25% | 542.15% | -15.43% | 65.31% | -60.96% | 25.5% | 17.65% | 40.5% | - |
| Total Current Liabilities | 9.23M | 8.95M | 48.25M | 16.46M | 24.87M | 4.81M | 6.71M | 4.88M | 2.57M | 1.97M | 3.58M | 2.38M | 1.87M | 2.15M | 6.05M | 3.99M | 4.66M | 5.19M | 4.63M | 4M | 6.71M | 11.28M | 11.63M | 12.69M | 4.6M | 3.3M | 2.7M | 3.5M | 1.8M | 1.6M | 900K |
| Accounts Payable | 660K | 921K | 766K | 1.58M | 6.03M | 1.14M | 956K | 547K | 729K | 578K | 1.06M | 1.04M | 1.17M | 2.15M | 1.94M | 0 | 2.16M | 1.9M | 1.77M | 1.29M | 1.27M | 2.01M | 3.45M | 4M | 2.3M | 1.7M | 1.4M | 1.9M | 600K | 700K | 600K |
| Days Payables Outstanding | 424.21 | 219.57 | 8.12 | 595.19 | 62.9 | 20.75 | 24.16 | 147.78 | 196.95 | 564.09 | 1.04K | - | - | 9.56K | - | - | 44.54 | 47.91 | 35.5 | 27.21 | 26.98 | 24.68 | 33.5 | -822.54 | -524.69 | -387.81 | -319.38 | -365 | -156.43 | -196.54 | -547.5 |
| Short-Term Debt | 4.59M | 4.56M | 38.95M | 0 | 17.01M | 0 | 722K | 1.31M | 0 | 0 | 803K | 0 | 0 | 0 | 3.65M | 0 | 336K | 1.13M | 155K | 1.27M | 1.29M | 1.3M | 1.31M | 838K | 1.2M | 1.2M | 1M | 1.3M | 900K | 600K | 200K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 933K | 245K | 244K | 0 | 0 | 1.23M | 79K | 251K | 278K | 0 | 1.18M | 6.04M | 4.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 3.98M | 3.46M | 529K | 1.29M | 0 | 0 | 1.94M | 1.7M | 1.35M | 340K | 826K | 420K | 0 | 0 | 0 | 0 | 0 | 1.05M | 0 | 407K | 1.4M | 0 | 1.12M | 7.85M | 1.1M | 400K | 300K | 300K | 300K | 300K | 100K |
| Current Ratio | 0.64x | 1.19x | 0.23x | 1.16x | 1.09x | 3.11x | 1.62x | 1.36x | 3.27x | 2.74x | 1.78x | 4.20x | 3.76x | 9.56x | 0.27x | 1.42x | 4.14x | 1.59x | 3.28x | 8.80x | 3.22x | 1.26x | 2.54x | 3.33x | 2.02x | 3.76x | 1.96x | 5.57x | 8.11x | 7.31x | 7.67x |
| Quick Ratio | 0.64x | 1.19x | 0.23x | 1.16x | 1.09x | 3.11x | 1.62x | 1.36x | 3.27x | 2.74x | 1.95x | 4.20x | 3.76x | 9.56x | 0.27x | 1.42x | 4.14x | 1.59x | 3.28x | 8.80x | 3.22x | 1.26x | 2.54x | 3.33x | 2.02x | 3.76x | 1.96x | 5.57x | 8.11x | 7.31x | 7.67x |
| Cash Conversion Cycle | -317.9 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 372.16M | 286.53M | 86.21M | 113.97M | 46.92M | 39.56M | 13.95M | 5.98M | 841K | 1.44M | 4.89M | 16.39M | 23.31M | 50.02M | 3.08M | 6.94M | 7.58M | 6.91M | 13.6M | 16.21M | 16.73M | 34.78M | 22.01M | 11.86M | 2.1M | 900K | 1.5M | 2.1M | 2.4M | 2.2M | 1M |
| Long-Term Debt | 342.9M | 256.92M | 55.44M | 82.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 570K | 8.18M | 10.18M | 11.23M | 20.49M | 16.4M | 2.45M | 2.1M | 900K | 1.5M | 2.1M | 2.4M | 2.3M | 1M |
| Capital Lease Obligations | 106.68M | 26.53M | 27.69M | 28.58M | 31.8M | 36.48M | 10.88M | 1.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 12.31M | 3.08M | 3.08M | 3.08M | 15.12M | 3.08M | 3.08M | 3.08M | 819K | 1.15M | 2.45M | 3M | 3.08M | 0 | 3.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.35M | 22K | 292K | 2.44M | 13.39M | 20.23M | 50.02M | 0 | 6.94M | 7.58M | 6.34M | 5.42M | 6.03M | 5.51M | 14.29M | 12.65M | 9.41M | 0 | 0 | 0 | 0 | 0 | -100K | 0 |
| Total Liabilities | 381.39M | 295.48M | 134.46M | 130.43M | 71.8M | 44.37M | 20.66M | 10.86M | 3.41M | 3.41M | 8.47M | 18.78M | 25.18M | 52.17M | 9.13M | 10.92M | 12.23M | 12.1M | 18.23M | 20.2M | 23.44M | 46.07M | 33.64M | 24.54M | 6.7M | 4.2M | 4.2M | 5.6M | 4.2M | 3.8M | 1.9M |
| Total Debt | 373.67M | 288.02M | 126.52M | 120.37M | 48.81M | 37.99M | 13.15M | 2.86M | 0 | 0 | 803K | 0 | 0 | 0 | 3.65M | 0 | 336K | 1.7M | 8.33M | 11.45M | 12.52M | 21.79M | 17.71M | 3.28M | 3.3M | 2.1M | 2.5M | 3.4M | 3.3M | 2.9M | 1.2M |
| Net Debt | 368.92M | 279.33M | 117.22M | 106.85M | 33.96M | 27.7M | 3.5M | -3.17M | -8.16M | -5.13M | -4.91M | -9.37M | -6.58M | -20.36M | 2.79M | -5.22M | -16.11M | -4.51M | -5.79M | -22.64M | -8.54M | 9.19M | -7.47M | -35.35M | -800K | 200K | 1.5M | -100K | 1.1M | 600K | 0 |
| Debt / Equity | -1.20x | - | - | - | 1.35x | 1.50x | 0.70x | 0.20x | - | - | 0.08x | - | - | - | 0.28x | - | 0.02x | 0.32x | 0.27x | 0.23x | 0.37x | 3.28x | 0.47x | 0.05x | 0.47x | 0.18x | 0.45x | 0.17x | 0.21x | 0.22x | 0.12x |
| Debt / EBITDA | -10.49x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -10.36x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -8.79x | -1.88x | -3.95x | -25.29x | -1274.00x | -360.80x | -34.32x | -19.92x | - | - | - | - | - | -21.56x | -11.57x | - | -14406.00x | -84.48x | -34.45x | -30.01x | -7.11x | -12.98x | -63.28x | -172.43x | - | -30.33x | - | -30.25x | -34.67x | -41.50x | - |
| Total Equity | -311.59M | -218.6M | -48.02M | -32.06M | 36.08M | 25.4M | 18.86M | 14.59M | 8.47M | 7.73M | 9.72M | 12.71M | 3.44M | -14.22M | 12.94M | -3.77M | 16.24M | 5.37M | 30.57M | 49.76M | 34.23M | 6.65M | 37.4M | 63.43M | 7M | 12M | 5.6M | 19.5M | 15.8M | 13.2M | 10.2M |
| Equity Growth % | -972.86% | -355.23% | -49.76% | -188.87% | 42.06% | 34.68% | 29.22% | 72.21% | 9.61% | -20.49% | -23.53% | 269.92% | 124.17% | -209.87% | 443.13% | -123.23% | 202.59% | -82.44% | -38.57% | 45.38% | 415.03% | -82.23% | -41.04% | 806.17% | -41.67% | 114.29% | -71.28% | 23.42% | 19.7% | 29.41% | - |
| Book Value per Share | -8.53 | -6.03 | -1.33 | -0.89 | 1.05 | 1.05 | 1.15 | 1.86 | 25.50 | 16.94 | 1383.66 | 328.94 | 74.35 | -983.68 | 1886.18 | -1323.51 | 6890.11 | 3839.06 | 24996.73 | 43843.17 | 41667.73 | 10161.92 | 59581.48 | 8401.54 | 1087.97 | 2252.68 | 1386.48 | 5943.31 | 7502.37 | 11000.00 | 391.16 |
| Total Shareholders' Equity | -311.59M | -218.6M | -48.02M | -32.06M | 36.08M | 25.4M | 18.86M | 14.59M | 8.47M | 7.73M | 9.72M | 12.71M | 3.44M | -14.22M | 12.94M | -3.77M | 16.24M | 5.37M | 30.57M | 49.76M | 33.48M | 5.9M | 37.4M | 63.43M | 7M | 12M | 5.6M | 19.5M | 15.8M | 13.2M | 10.2M |
| Common Stock | 366K | 364K | 362K | 361K | 361K | 271K | 187K | 99K | 323K | 95K | 165K | 59K | 1.99M | 1.82M | 669K | 202K | 198K | 109K | 857K | 856K | 662K | 506K | 441K | 200.97M | 98.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -616.88M | -501.53M | -327.74M | -308.82M | -239.77M | -202.86M | -179.7M | -157.52M | -406.32M | -394.21M | -381.36M | -362.52M | -362.01M | -387.24M | -320.53M | -320.87M | -300.15M | -284.03M | -250.04M | -230.84M | -216.58M | -201.75M | -177.98M | -150.81M | -103.5M | -76.5M | -67.8M | -53.6M | -27.6M | -17.8M | -9.3M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -401.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.14M | -18.2M | -1.49M | -12.32M | -65K | 0 | 0 | 0 | -39K | -21K | 0 | -750K | 0 | -12.02M | -13.28M | -12.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 750K | 750K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial filings, Armata’s balance sheet trajectory shows significant deterioration, with total equity plummeting to -$311.6M in 2026Q1 from -$32.1M in 2023Q4, driven by persistent operating losses that have effectively wiped out the company's book value and necessitated heavy reliance on debt financing.
The consistent expansion of the deficit in retained earnings suggests that the company is consuming capital at a rate that far outstrips its ability to generate value through its clinical pipeline. This trend indicates a business model that is currently unable to achieve self-sustainability, forcing a reliance on external capital that continues to dilute existing shareholders.
Based on the company's reported figures, total debt has surged to $373.7M as of 2026Q1, creating a precarious leverage profile where liabilities significantly exceed total assets of $69.8M, signaling a high degree of financial distress and limited flexibility for future capital structure optimization.
The accumulation of debt appears to be a necessity-driven survival mechanism rather than a strategic choice to fund growth, given the lack of corresponding revenue expansion. Investors should monitor the terms of these obligations, as the high debt-to-asset imbalance may restrict the company's ability to secure additional non-dilutive funding.
According to recent balance sheet data, Armata’s liquidity position remains critically strained, with a current ratio of 0.64 in 2026Q1 and cash reserves of only $4.8M, which appears insufficient to cover the company's ongoing quarterly operating burn without immediate access to additional capital.
The volatility in the current ratio, which has fluctuated significantly over the past ten quarters, highlights the company's dependence on the timing of milestone payments or external financing. This lack of a stable liquidity buffer leaves the firm highly vulnerable to operational delays or unfavorable shifts in capital market conditions.
As indicated by the financial statements, the most non-obvious risk is the company's extreme negative equity position, which suggests that the firm is technically insolvent on a book-value basis and relies entirely on the continued support of major shareholders to remain a going concern.
This structural distortion makes traditional valuation metrics like price-to-book irrelevant and shifts the focus entirely to the company's ability to secure further financing. The reliance on a single benefactor for liquidity creates a concentration risk that could lead to unfavorable terms for minority shareholders in future capital raises.
Quick answers to the most common questions about buying ARMP stock.
As of 2025, Armata Pharmaceuticals, Inc. (ARMP) had total assets of $76.9M including $10.7M in current assets.
Armata Pharmaceuticals, Inc. (ARMP) carries total debt of $288.0M, offset by $8.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Armata Pharmaceuticals, Inc. (ARMP) has total shareholders' equity (book value) of $-218.6M ($-6.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Armata Pharmaceuticals, Inc. (ARMP) reported a current ratio of 1.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.