On this page of StockholderLetter.com we present the latest annual shareholder letter from Armata Pharmaceuticals, Inc. — ticker symbol ARMP. Reading current and past ARMP letters to shareholders can bring important insights into the investment thesis.

 •  4/29/2024 Letter Continued (Full PDF)
 •  8/3/2023 ARMP Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  ARMP Benford's Law Stock Score = 68

ARMP Shareholder/Stockholder Letter Transcript:

Dear Fellow Shareholders,
Thank you for the opportunity to share Armata   s progress since our last Annual Shareholder
Meeting, nine months ago. The team has been laser focused on the critical development of our two
clinical phage cocktails. Our first multi-phage cocktail is developed for inhaled application for the
treatment of chronic pulmonary Pseudomonas aeruginosa infection in people with cystic fibrosis
and non-cystic fibrosis bronchiectasis. The second phage cocktail is being developed to treat
Staphylococcus aureus bacteremia, an acute clinical indication for which antibiotic-resistance
continues to be a growing problem. We believe this dual approach of treating both chronic and
acute infections provides the pathway to start definitive pivotal trials in 2025, the critical next step
for Armata in advancing the clinical development of these novel pathogen-specific therapeutics
towards registration and commercialization.
To achieve these goals, the Company has ensured progress in three crucial areas:
1. Completion of construction of Armata   s new state-of-the-art R&D and advanced biologics
manufacturing facility consisting of:


~7,000 sq. ft. of R&D laboratory space operational in September 2023;
Administrative and office space operational in September 2023, sized to
accommodate future growth;
~10,000 sq. ft. of cGMP clean rooms including a state-of-the-art fill and finish suite
expected to be completed in June 2024;
~3,000 sq. ft. of quality control laboratories expected to be completed in June 2024.
We believe this will allow Armata to remain on its aggressive process development and
manufacturing timelines to meet regulatory end of Phase 2 meetings for pivotal trial design
and to support subsequent production of clinical trial material for definitive late-stage
studies. This facility represents a significant step towards firmly establishing Armata   s
position as a leader in the development of phage-based therapeutics.
2. Armata   s research and development team has completed the engineering of both the
Pseudomonas and Staphylococcus production hosts enabling higher titers and greater
purity to support execution of pivotal trials. Armata   s advanced process development
capabilities ensure that we are a leader in the field in phage purity, allowing us to dose
escalate in both inhaled and intravenous routes of administration.
3. Our clinical operations team continues to accelerate the enrollment of our two parallel
Phase 2 trials. Our NCFB Pseudomonas trial (   Tailwind   ) is 75% enrolled and we expect
to complete enrollment in June or July 2024. Our Staphylococcus bacteremia trial

(   diSArm   ) is over 50% enrolled and continues to dose escalate and be well-tolerated due
to the phage purity; we expect enrollment of this trial to be completed by the end of 2024.
In parallel, our management team is focused on containing costs and ensuring that resources are
efficiently focused on clinical trial execution backed by rigorous core science.
I am personally proud to be part of the committed team at Armata. Our continued strong progress
is a result of the passion and dedication of each employee to achieve Armata   s mission of meeting
the global challenge of antibiotic resistance by developing high-impact, best-in-class phage
therapeutics for all patients in need.
The Armata team has great optimism for our future. I would like to thank our shareholders for
supporting our efforts and sharing in our lofty goals.
Sincerely,
Deborah Birx
Chief Executive Officer



 4/29/2024 Letter Continued (Full PDF)