On August 11, 2022 Armata Pharmaceuticals, Inc. (NYSE American: ARMP) ("Armata" or the "Company"), a biotechnology company focused on pathogen-specific bacteriophage therapeutics for antibiotic-resistant and difficult-to-treat bacterial infections, reported financial results for its second quarter 2022 and provided a corporate update (Press release, AmpliPhi Biosciences, AUG 11, 2022, View Source [SID1234618208]).
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Second Quarter 2022 and Recent Developments:
AP-PA02 advancing through final MAD cohort of SWARM-P.a. trial
Phase 2 Tailwind study of AP-PA02 in non‐CF bronchiectasis (NCFB) initiated
AP-SA02 Phase 1b/2a Staphylococcus aureus bacteremia study (‘diSArm’) actively enrolling
Pipeline expansion continues with IND approval for AP-SA02 in prosthetic joint infection
Engineered, second generation AP-PA02 therapeutic candidate selected
Continued investment in manufacturing capabilities
"During the second quarter, we continued to advance our portfolio of innovative bacteriophage therapeutics. We now have four approved INDs, positioning Armata to robustly evaluate bacteriophage effectiveness in difficult-to-treat infections," stated Dr. Brian Varnum, Chief Executive Officer of Armata. "At the same time, we continued to advance the science of bacteriophage. Armata’s synthetic biologists have engineered a second-generation AP-PA02 product with improved pharmacological properties. Additionally, significant improvements in manufacturing processes have resulted in improved yield and purity, with methods that are readily scalable. These methods lay the groundwork for the next phase of Armata’s growth as we build out our new 56,000 square foot facility."
Second Quarter 2022 Financial Results:
Grant Revenue. The Company recognized grant revenue of approximately $1.9 million for the three months ended June 30, 2022, which represents Medical Technology Enterprise Consortium’s ("MTEC") share of the costs incurred for the Company’s AP-SA02 program for the treatment of Staphylococcus aureus bacteremia. The Company expects to receive $15.0 million in grant funding from MTEC administered by the U.S. Department of Defense and the Defense Health Agency and Joint Warfighter Medical Research Program. The Company recognized approximately $1.2 million of revenue in the comparable period in 2021.
Research and Development. Research and development expenses for the three months ended June 30, 2022, were approximately $9.0 million as compared to approximately $5.2 million for the comparable period in 2021. The Company continues to invest in clinical trial and personnel related expenses associated with its primary development programs.
General and Administrative. General and administrative expenses for the three months ended June 30, 2022, were approximately $2.1 million as compared to approximately $2.1 million for the comparable period in 2021.
Loss from Operations. Loss from operations for the three months ended June 30, 2022, was $(9.2) million as compared to a loss from operations of approximately $(6.2) million for the comparable period in 2021.
Cash and Equivalents. As of June 30, 2022, Armata held approximately $37.0 million of unrestricted cash and cash equivalents, as compared to $10.3 million as of December 31, 2021.
As of August 9, 2022, there were approximately 36.1 million shares of the Company’s common stock outstanding.