Armata Pharmaceuticals is a late clinical-stage biotech developing bacteriophage ("phage") therapeutics to treat antibiotic-resistant bacterial infections. Phages are viruses that infect and kill specific bacteria; unlike broad-spectrum antibiotics, phages target only the bacteria they are designed to kill, leaving beneficial bacteria intact. Armata has no approved products and no commercial revenue. Its two lead programs use multi-phage cocktails to maximize bacterial coverage and reduce resistance risk. AP-SA02 targets S. aureus, including MRSA, delivered intravenously for complicated bloodstream infections. AP-SA02 has completed Phase 1b/2a with positive results and received FDA guidance to advance to Phase 3, which Armata plans to initiate in the second half of 2026, contingent on funding. AP-PA02 targets P. aeruginosa, delivered by inhalation for chronic pulmonary infections in cystic fibrosis and non-cystic fibrosis bronchiectasis patients. Two Phase 2 trials have been completed with encouraging results, but further development depends on additional funding. Armata manufactures its own phage products at a cGMP facility in Los Angeles, which it views as a differentiator given the complexity of producing high-purity phage at scale. The company funds operations primarily through debt financing from Innoviva, its principal stockholder, government grants, and equity issuance. If products are approved, Armata intends to commercialize through a combination of direct hospital sales and strategic partnerships, targeting infectious disease specialists treating serious drug-resistant infections.