Armata Pharmaceuticals Inc., a clinical-stage biotechnology company, reported its financial results for the first quarter ended March 31, 2025. The company posted a net loss of $6.5 million, or $0.18 loss per share on a basic basis and $0.20 on a diluted basis, showing a significant improvement from the net loss of $25.0 million, or $0.69 loss per share, during the same period in 2024. The net loss for Q1 2025 included a non-cash gain of $5.2 million from changes in the fair value of the company's convertible loan, contrasting with a $13.0 million non-cash loss for the same period in 2024. The company's grant and award revenue was $0.5 million for the quarter, down from $1.0 million in Q1 2024. Research and development expenses decreased to $5.4 million from $8.0 million in the previous year. General and administrative expenses slightly increased to $3.3 million compared to $3.2 million in the same period last year, attributed mainly to higher personnel and lease expenses. As of March 31, 2025, Armata held approximately $11.7 million in unrestricted cash and cash equivalents, up from $9.3 million at the end of 2024. Approximately 36.2 million common shares were outstanding as of May 8, 2025. In terms of business operations, Armata is anticipating the announcement of topline results from its Phase 1b/2a diSArm study of the intravenous AP-SA02 as a potential treatment for Staphylococcus aureus bacteremia within the first half of 2025. The company remains focused on its mission to evaluate phage-based therapeutics through rigorously designed clinical trials.