MeritValue

Armata Pharmaceuticals, Inc.

ARMPdata completeness 75%13 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'

The thesis, from the filings

Armata Pharmaceuticals, Inc. earns about -97% on equity, but has diluted owners by 50% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$23.2M1−$36.9M2−$69M3−$18.9M4−$173.8M4
Operating cash flow−$23.6M5−$32.5M6−$47.4M7−$37.6M8−$25.8M8
Capital expenditure$1.3M9$2.21M10$8.14M11$1.88M12$542,00012
Free cash flow (derived)−$24.9M5−$34.7M6−$55.6M7−$39.4M8−$26.3M8
Total debt—————
Cash & equivalents$10.3M13$14.9M14$13.5M15$9.29M16$8.69M16
Diluted shares24.1M34.3M36.1M59.1M36.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$60.32
your share of equity
Profit it earned you last year
−$47.96
Free cash flow it threw off
−$7.26
Debt you’d be carrying
—

10 shares is a claim on −$60.32 of net worth that earned you −$47.96 and generated −$7.26 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-97% avg · 5y
FY21 -91%FY22 -102%FY23 —FY24 —FY25 —

It earned an average -97% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+50% shares · 5y

Share count is up 50% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-004014 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-003706 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-003406 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-034532 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-004014 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-003706 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-003406 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-034532 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-004014 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-003706 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-003406 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-034532 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-004014 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003706 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-003406 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-034532 (CashAndCashEquivalentsAtCarryingValue)