Innoviva, Inc. Increases Stake and Provides $25M Credit Facility to Armata Pharmaceuticals

Innoviva, Inc. and its subsidiary, Innoviva Strategic Opportunities LLC, filed Amendment No. 15 to their Schedule 13D on May 13, 2026, regarding their investment in Armata Pharmaceuticals, Inc. (ARMP). The filing reports that on May 12, 2026, Armata entered into a new credit and security agreement with Innoviva Sub, under which the issuer borrowed $25,000,000 at a 14.00% annual interest rate, maturing in January 2029. While this specific loan is not convertible, the reporting persons collectively hold beneficial ownership of 55,467,459 shares of Common Stock, representing approximately 82.7% of the class. This ownership total includes 25,076,769 shares of outstanding Common Stock, 10,653,847 shares issuable upon the exercise of warrants, and 19,736,843 shares issuable upon the conversion of a previously held convertible loan. The filing reinforces Innoviva's position as a dominant controlling shareholder and primary creditor for Armata Pharmaceuticals as it continues to provide significant debt financing to the issuer.