$ARMP

AmpliPhi Biosciences Corp

CIK:0000921114|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Grant and award revenue	$ 2,510	$ 2,169	$ 3,299	$ 2,660
Operating expenses
Research and development	7,586	6,394	13,697	11,823
General and administrative	5,236	2,619	8,699	5,872
Total operating expenses	12,822	9,013	22,396	17,695
Operating loss	(10,312)	(6,844)	(19,097)	(15,035)
Other income (expense)
Interest income	69	108	129	167
Interest expense	(6,634)	(3,808)	(12,193)	(7,410)
Change in fair value of the Convertible Loan	91,018	(5,751)	(10,044)	(548)
Total other income (expense), net	84,453	(9,451)	(22,108)	(7,791)
Net income (loss)	$ 74,141	$ (16,295)	$ (41,205)	$ (22,826)
Per share information:
Net income (loss) per share, basic	$ 2.02	$ (0.45)	$ (1.12)	$ (0.63)
Weighted average shares outstanding, basic	36,747,840	36,193,479	36,639,663	36,189,165
Net loss per share, diluted	$ (0.27)	$ (0.45)	$ (1.12)	$ (0.63)
Weighted average shares outstanding, diluted	62,041,700	36,193,479	36,639,663	36,189,165
MTEC Grant
Grant and award revenue	$ 2,500	$ 2,200	$ 3,300	$ 2,700

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net loss	$ (41,205)	$ (22,826)
Adjustments required to reconcile net loss to net cash used in operating activities:
Depreciation expense	1,048	743
Stock-based compensation expense	4,466	1,356
Change in fair value of the Convertible Loan	10,044	548
Non-cash interest expense	12,183	7,398
Change in right-of-use asset	1,027	1,183
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,065)	(1,173)
Accounts payable and accrued liabilities	(146)	(818)
Accrued compensation	(148)	(696)
Operating lease liability	(652)	(506)
Net cash used in operating activities	(14,448)	(14,791)
Investing activities:
Purchases of property and equipment	(80)	(248)
Net cash used in investing activities	(80)	(248)
Financing activities:
Proceeds from issuance of term debt, net of issuance costs	25,000	10,000
Proceeds from issuance of common stock under ATM, net	2,373
Payments for taxes related to net share settlement of equity awards	(63)	(14)
Proceeds from exercise of stock options	1,212
Net cash provided by financing activities	28,522	9,986
Net change in cash, cash equivalents and restricted cash	13,994	(5,053)
Cash, cash equivalents and restricted cash, beginning of period	14,078	14,771
Cash, cash equivalents and restricted cash, end of period	28,072	$ 9,718
Supplemental disclosure of cash flow information:
Debt and Warrant Amendments recorded as debt discount	20,640
Right-of-use asset obtained by assuming operating lease liabilities	$ 35

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 23,952	$ 8,688
Prepaid expenses and other current assets	673	1,508
Other receivables	2,532	472
Total current assets	27,157	10,668
Restricted cash	4,120	5,390
Property and equipment, net	11,230	12,194
Operating lease right-of-use asset	32,884	33,911
In-process research and development	10,256	10,256
Goodwill	3,490	3,490
Other assets	813	973
Total assets	89,950	76,882
Current liabilities
Accounts payable and accrued liabilities	1,855	1,705
Accrued compensation	2,043	2,191
Convertible Loan, current	163,904
Term debt, current	77,580
Current portion of operating lease liabilities	4,622	4,564
Other current liabilities	195	487
Total current liabilities	250,199	8,947
Convertible Loan, non-current		153,860
Term debt, non-current	42,024	103,061
Operating lease liabilities, net of current portion	25,823	26,533
Deferred tax liability	3,077	3,077
Total liabilities	321,123	295,478
Commitments and contingencies (Note 12)
Stockholders' deficit
Common Stock, $0.01 par value; 217,000,000 shares authorized; 36,644,703 and 37,145,720 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	371	364
Additional paid-in capital	311,195	282,574
Accumulated deficit	(542,739)	(501,534)
Total stockholders' deficit	(231,173)	(218,596)
Total liabilities and stockholders' deficit	$ 89,950	$ 76,882