Armata Pharmaceuticals Enters Material Agreement, Creates Financial Obligation

TL;DR

Armata Pharma just signed a big deal and owes money, filing shows.

AI Summary

Armata Pharmaceuticals, Inc. entered into a material definitive agreement on March 4, 2024, which also created a direct financial obligation for the company. The filing does not specify the nature of the agreement or the financial obligation, but it is categorized under 'Financial Statements and Exhibits'.

Why It Matters

This filing indicates a significant new financial commitment or agreement for Armata Pharmaceuticals, which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — The creation of a direct financial obligation suggests potential new debt or financial commitments that could increase risk.

Key Players & Entities

• Armata Pharmaceuticals, Inc. (company) — Registrant
• March 4, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $35 million — loan facility in an aggregate amount of $35 million (the "Loan") at an interest rate of 14.

Filing Documents

• tm247888d1_8k.htm (8-K) — 28KB
• tm247888d1_ex10-1.htm (EX-10.1) — 388KB
• tm247888d1_ex10-2.htm (EX-10.2) — 37KB
• tm247888d1_ex10-3.htm (EX-10.3) — 37KB
• tm247888d1_ex99-1.htm (EX-99.1) — 10KB
• image_001.jpg (GRAPHIC) — 2KB
• 0001104659-24-030475.txt ( ) — 782KB
• armp-20240304.xsd (EX-101.SCH) — 3KB
• armp-20240304_lab.xml (EX-101.LAB) — 33KB
• armp-20240304_pre.xml (EX-101.PRE) — 22KB
• tm247888d1_8k_htm.xml (XML) — 3KB

01

Item 1.01 Entry into a Material Definitive Agreement. On March 4, 2024, Armata Pharmaceuticals, Inc. (the "Company") announced in the press release furnished hereto as Exhibit 99.1 that it had entered into, as borrower, a credit and security agreement (the "Credit Agreement") with Innoviva Strategic Opportunities LLC ("Innoviva"), a wholly owned subsidiary of Innoviva, Inc. (the "Parent"), a principal shareholder of the Company on March 4, 2024. The Credit Agreement provides for a secured term loan facility in an aggregate amount of $35 million (the "Loan") at an interest rate of 14.0% per annum, and has a maturity date of June 4, 2025. Repayment of the Loan is guaranteed by the Company's domestic subsidiaries, and the Loan is secured by substantially all of the assets of the Company and the subsidiary guarantors. The Credit Agreement contains customary affirmative and negative covenants and representations and warranties, including financial reporting obligations and certain limitations on indebtedness, liens, investments, distributions (including dividends), collateral, investments, mergers or acquisitions and fundamental corporate changes. The Credit Agreement also includes customary events of default, including payment defaults, breaches of provisions under the loan documents, certain losses or impairment of collateral and related security interests, the occurrence of certain events that could reasonably be expected to have a "material adverse effect" as set forth in the Credit Agreement, certain bankruptcy or insolvency events, and a material deviation from the Company's operating budget. Concurrently with the execution of the Credit Agreement, the Company entered into amendments to (i) that certain credit and security agreement (the "First Amendment to Credit Agreement"), dated as of July 10, 2023, by and among the Company, as borrower, Innoviva, as lender, and certain domestic subsidiaries of the Company, as guarantors and (ii) that certain convertible c

03

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Credit and Security Agreement, dated March 4, 2024. 10.2 First Amendment to Credit and Security Agreement. 10.3 Second Amendment to Convertible Credit and Security Agreement. 99.1 Press Release, dated March 4, 2024. 104 Cover Page Interactive Data File (embedded within Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 4, 2024 Armata Pharmaceuticals, Inc. By: /s/ Richard Rychlik Name: Richard Rychlik Title: Principal Financial Officer and Corporate Controller

View Full Filing

View this 8-K filing on SEC EDGAR