Armata Pharmaceuticals, Inc.

AmpliPhi did not report revenue or EPS on this call. Cash and cash equivalents were $8.2 million as of March 31, 2018, versus $5.1 million as of December 31, 2017, reflecting two financings completed during the quarter. Net cash used in operating activities was $3.5 million for Q1 2018, compared with $3.3 million in Q1 2017. R&D expense was $1.5 million in both Q1 2018 and Q1 2017, and G&A expense was $1.6 million in Q1 2018 versus $1.9 million a year earlier. Management said existing cash should fund operations into the fourth quarter of 2018. The company reiterated a target to meet the FDA in mid-2018 and said a Phase 2 or registrational study could begin as early as Q4 2018, subject to FDA discussions.

Paul Grint framed the quarter around clinical progress and regulatory preparation, emphasizing the expanded-access program’s early signal of activity for AB-SA01 and AB-PA01. He said the company is building evidence it believes supports bacteriophage therapy for serious, antibiotic-resistant infections and is preparing for constructive discussions with the FDA on the path to registration. His tone was optimistic but cautious, repeatedly stressing that next steps depend on FDA feedback and that randomized controlled trials will be important.

Steve Martin focused on liquidity and spending. He said cash and cash equivalents were $8.2 million at March 31, 2018, up from $5.1 million at December 31, 2017, and that the increase included proceeds from two financings. He reported net cash used in operating activities of $3.5 million for the quarter, flat to slightly above the $3.3 million used a year earlier, with R&D at $1.5 million and G&A at $1.6 million versus $1.9 million last year, mainly due to lower legal/professional fees and lower non-cash stock compensation. He also said current cash resources should last into the fourth quarter of 2018.

Analysts focused on whether the new Veterans Affairs and Westmead collaborations were already helping identify patients, and Paul Grint said the company continues enrolling patients as planned and expects to add more sites, but could not quantify the impact yet. On the FDA path, management said they want to align on priority indications, study design, and the need for controlled trials, and they view phage as complementary to antibiotics rather than a replacement. When asked about more updates before the FDA meeting, Igor Bilinsky said there would likely be two upcoming conference presentations with more detailed patient data, though another cumulative update was not certain. Steve Martin also said not every request can be treated because some do not meet emergency IND or special access requirements.