Free cash flow remains deeply negative with quarterly outflows reaching $5.8M in 2026Q1, reflecting a structural inability to fund clinical development through internal operations.
| 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 |
|---|
| Cash from Operations | -23.96M | -25.76M | -37.55M | -47.42M | -32.48M | -23.57M | -18.27M | -15.58M | -9.38M | -9.19M | -10.59M | -9.78M | -12.57M | -7.45M | -4.28M | -10.3M | -13.88M | -11.64M | -16.39M | -15.52M | -11.23M | -20.1M | -23.54M | -605.54K | -10.6M | -5.8M | -12.5M | -10.4M | -8.5M | -7.2M | -4.4M |
| Operating CF Margin % | - | -525.35% | -725.76% | -1047.1% | -589.71% | -526.93% | -2219.93% | - | - | -7993.04% | -4072.69% | -2059.16% | -3073.84% | -2291.69% | -644.73% | -118.2% | -134.36% | -117.96% | -238.45% | -160.83% | -79.8% | -103.95% | -124.7% | -5.31% | -155.88% | -80.56% | -1388.89% | -452.17% | -8500% | -1800% | -4400% |
| Operating CF Growth % | 120.18% | 31.39% | 20.82% | -46% | -37.78% | -29.04% | -17.25% | -66.08% | -2.07% | 13.19% | -8.26% | 22.2% | -68.8% | -73.98% | 58.46% | 25.77% | -19.3% | 29.01% | -5.59% | -38.23% | 44.12% | 14.64% | -3787.91% | 94.29% | -82.76% | 53.6% | -20.19% | -22.35% | -18.06% | -63.64% | - |
| Net Income | -282.61M | -173.8M | -18.92M | -69.05M | -36.92M | -23.16M | -22.18M | -19.48M | -12.11M | -12.84M | -18.84M | -516K | 23.11M | -58.41M | -4.26M | -20.72M | -16.13M | -33.99M | -19.2M | -14.26M | -14.83M | -23.77M | -27.17M | -43.97M | -26.7M | -8.7M | -14.2M | -26M | -9.9M | -8.4M | -5.1M |
| Depreciation & Amortization | 1.61M | 1.53M | 1.32M | 972K | 892K | 1.17M | 1.11M | 1.35M | 389K | 374K | 369K | 330K | 158K | 82K | 91K | 516K | 602K | 720K | 1.32M | 1.29M | 2.42M | 3.62M | 8.69M | 3.46M | 1.6M | 1.6M | 1.6M | 1.9M | 1.4M | 1.3M | 400K |
| Stock-Based Compensation | 2.9M | 2.61M | 2.89M | 938K | 3.1M | 2.88M | 3.48M | 4.27M | 478K | 700K | 2M | 483K | 1.94M | 1.44M | 9K | 718K | 966K | 0 | 0 | 0 | 0 | 0 | 80K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -454K | -328K | -1.3M | -556K | -73K | 0 | 43.19M | -1K | 7.84M | -650K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 253.45M | 145.31M | -20.75M | 29.36M | 0 | -1.25M | 196K | 918K | 1.84M | 4.33M | 5.77M | -9.85M | -37.22M | 5.2M | 31K | -87K | 966K | 22.14M | 124K | -994K | 822K | 2.85M | 3.67M | 43.14M | 15.8M | 1.1M | 100K | 12.8M | 0 | -200K | 0 |
| Working Capital Changes | 684K | -1.41M | -2.1M | -9.65M | 439K | -3.22M | -874K | -2.19M | 345K | -457K | 670K | -158K | -556K | 1.05M | -151K | 1.43M | 361K | -508K | 1.36M | -1.56M | 361K | -2.8M | -8.81M | -3.23M | -1.3M | 200K | 0 | 900K | 0 | 100K | 300K |
| Change in Receivables | 0 | 0 | 0 | 0 | 1.05M | -2.43M | -467K | 0 | 0 | 381K | 100K | -25K | -92K | 15K | 99K | 2.29M | -1.11M | 0 | 0 | 0 | 0 | -816B | -1.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 105K | 0 | 0 | 595K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -133K | -334K | -3.75M | 39K | 3.67M | 184K | 544K | -1.37M | 343K | -838K | 298K | 296K | -977K | 210K | -458K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -506K | -542K | -1.88M | -8.13M | -2.21M | -1.3M | -824K | 2.88M | -44K | -58K | -279K | -210K | -1.2M | -102K | 3.1M | -662K | -514K | -32K | -612K | -408K | -316K | -2.49M | -7.22M | -2.22M | 5.1M | -6.2M | 10.6M | -3.3M | -4.3M | -4.7M | 500K |
| Capital Expenditures | -506K | -542K | -1.88M | -8.14M | -2.21M | -1.3M | -824K | -131K | -44K | -58K | -279K | -210K | -1.2M | -102K | -53K | -738K | -554K | -81K | -669K | -408K | -316K | -563K | -4.41M | -2.8M | -1.9M | -200K | -700K | -1.5M | -1.3M | -900K | -4.5M |
| CapEx % of Revenue | 17.11% | 11.05% | 36.32% | 179.82% | 40.14% | 29.15% | 100.12% | - | - | 50.43% | 107.31% | 44.21% | 293.89% | 31.38% | 7.98% | 8.47% | 5.36% | 0.82% | 9.73% | 4.23% | 2.25% | 2.91% | 23.36% | 24.53% | 27.94% | 2.78% | 77.78% | 65.22% | 1300% | 225% | 4500% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.01M | 65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 358.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 10K | 0 | 0 | 0 | 0 | 9.69M | -1.91M | 0 | 0 | 0 | 204K | 3.15M | 60K | 24K | 0 | 0 | 0 | 0 | -1.93M | -2.81M | -2.81M | 100K | 0 | 0 | 1.4M | 10M | 9.2M | 13.8M |
| Cash from Financing | 16.27M | 25.61M | 34.96M | 53.99M | 44.02M | 25.52M | 23.21M | 8.97M | 12.45M | 8.67M | 7.21M | 12.78M | 0 | 27M | 950K | -259K | 24.63M | 3.75M | -2.97M | 28.97M | 20M | 10.01M | 17.32M | 37.36M | 7.8M | 12.9M | -500K | 15M | 12.7M | 13.1M | 800K |
| Debt Issued (Net) | 15M | 25M | 34.89M | 54.03M | 0 | 0 | 717K | 0 | 0 | -815K | -100K | 0 | 0 | 2M | 950K | -259K | -1.36M | -1.15M | -3M | -820K | -1.03M | 5.24M | 14.26M | 37.36M | -300K | -1.1M | -800K | 100K | -700K | 1.6M | 800K |
| Equity Issued (Net) | 1.36M | 658K | 130K | 5K | 44.52M | 26.32M | 22.89M | 9.97M | 12.25M | 9.35M | 7.39M | 12.38M | 0 | 25M | 0 | 0 | 26M | 4.9M | 28K | 29.79M | 21.03M | 4.01M | 3.06M | 0 | 6.5M | 14.1M | 300K | 15M | 13.4M | 11.5M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -80K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -945K | 0 | -400K | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -95K | -46K | -61K | -43K | -500K | -801K | -400K | -1M | 203K | 133K | 13K | 396K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 750K | 0 | 0 | 1.2M | -100K | 0 | -100K | 0 | 0 | 0 |
| Net Change in Cash | -8.2M | -693K | -4.47M | -1.57M | 4.56M | 639K | 4.12M | -3.73M | 3.02M | -579K | -3.66M | 2.79M | -13.77M | 19.49M | -234K | -11.23M | 10.24M | -7.92M | -19.97M | 13.04M | 8.45M | -12.58M | -13.44M | 34.53M | 2.2M | -1M | -2.5M | -2.2M | -2.3M | -1.2M | -4.2M |
| Free Cash Flow | -24.47M | -26.3M | -39.43M | -55.57M | -34.69M | -24.88M | -19.09M | -15.71M | -9.43M | -9.25M | -10.87M | -9.99M | -13.77M | -7.55M | -4.33M | -11.04M | -14.44M | -11.72M | -17.06M | -15.93M | -11.55M | -20.66M | -27.95M | -3.4M | -12.5M | -6M | -13.2M | -11.9M | -9.8M | -8.1M | -8.9M |
| FCF Margin % | -827.28% | -536.4% | -762.08% | -1226.92% | -629.85% | -556.08% | -2320.05% | - | - | -8043.48% | -4180% | -2103.37% | -3367.73% | -2323.08% | -652.71% | -126.67% | -139.72% | -118.79% | -248.18% | -165.05% | -82.04% | -106.86% | -148.06% | -29.84% | -183.82% | -83.33% | -1466.67% | -517.39% | -9800% | -2025% | -8900% |
| FCF Growth % | 32.54% | 33.29% | 29.04% | -60.17% | -39.44% | -30.3% | -21.52% | -66.7% | -1.9% | 14.89% | -8.78% | 27.46% | -82.44% | -74.2% | 60.75% | 23.5% | -23.21% | 31.32% | -7.09% | -37.98% | 44.11% | 26.1% | -721.57% | 72.78% | -108.33% | 54.55% | -10.92% | -21.43% | -20.99% | 8.99% | - |
| FCF per Share | -0.67 | -0.73 | -1.09 | -1.54 | -1.01 | -1.03 | -1.16 | -2.01 | -28.36 | -20.27 | -1546.61 | -258.49 | -297.95 | -522.24 | -631.59 | -3874.74 | -6124.73 | -8381.26 | -13949.30 | -14036.12 | -14055.21 | -31588.18 | -44531.99 | -450.67 | -1942.80 | -1126.34 | -3268.14 | -3626.94 | -4653.37 | -6750.00 | -341.31 |
| FCF Conversion (FCF/Net Income) | 0.09x | 0.15x | 1.99x | 0.69x | 0.88x | 1.02x | 0.82x | 0.80x | 0.77x | 0.72x | 0.56x | 18.96x | -0.54x | 0.12x | 3.86x | 0.50x | 0.86x | 0.34x | 0.85x | 1.09x | 0.76x | 0.85x | 0.87x | 0.01x | 0.40x | 0.67x | 0.88x | 0.40x | 0.86x | 0.86x | 0.86x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution risk
As reported in financial statements, Armata’s operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating wildly between 0.05 and 1.62, suggesting that reported earnings are fundamentally decoupled from the actual cash requirements of the company's ongoing clinical development and research activities.
The extreme volatility in the OCF/NI ratio indicates that net income is heavily influenced by non-cash items or accounting adjustments that do not reflect the company's true liquidity position. Investors should interpret this divergence as a sign that the company's reported profitability metrics are not reliable indicators of its ability to generate internal cash.
Based on recent SEC filings, Armata’s free cash flow remains deeply negative, with quarterly outflows ranging from $4.3M to $11.5M, highlighting a structural inability to fund operations through internal cash generation while the company continues to advance its clinical-stage phage therapeutic pipeline.
The consistent negative FCF trajectory suggests that the company is entirely dependent on external financing to sustain its research and development efforts. Without a clear path to commercialization, this trend implies that the company will likely continue to consume its remaining cash reserves at an accelerated pace.
According to the provided cash flow data, Armata’s capital intensity remains low, with quarterly CapEx/Rev ratios often exceeding 100% due to minimal revenue rather than high investment, suggesting that the company’s primary cash drain is operational overhead rather than significant investment in physical infrastructure or equipment.
The low absolute dollar amount of CapEx indicates that the company is not currently scaling its manufacturing facility in a way that requires heavy capital investment. This suggests that the primary financial risk is not asset maintenance, but rather the high fixed costs associated with clinical trial execution and personnel.
As indicated by historical financial data, Armata’s working capital changes are highly inconsistent, swinging from a $1.8M inflow to a $2.0M outflow, which suggests that the timing of milestone payments and clinical trial accruals creates significant, unpredictable fluctuations in the company's short-term liquidity position.
These erratic swings in working capital warrant further investigation, as they may mask the underlying cash burn rate by temporarily inflating or deflating cash balances. Investors should monitor these movements closely to determine if they represent genuine operational efficiency or merely the timing of lumpy, non-recurring collaboration receipts.
Quick answers to the most common questions about buying ARMP stock.
Armata Pharmaceuticals, Inc. (ARMP) generated $-25.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Armata Pharmaceuticals, Inc. (ARMP) reported negative free cash flow of $26.3M in 2025, indicating capital requirements exceeded cash from operations.
Armata Pharmaceuticals, Inc. (ARMP) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.