Company: ARMP
Filing Date: 2025-12-01
Form Type: 424B5
Source: 0001104659-25-117382
Chunk: 23

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 23
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 to new investors purchasing shares in this offering                                         |     |   |       |   |     | $ |  8.13 |   |

An increase of $1.00 per share in the price at
which the shares are sold from the assumed public offering price of $7.10 per share shown in the table above, assuming all of our common
stock in the aggregate amount of $100,000,000 during the term of the Sales Agreement is sold at that price, would increase our as adjusted
net tangible book value per share to approximately ($1.07) per share and would increase the dilution in net tangible book value per share
to new investors in this offering to approximately $9.17 per share, after deducting commissions and estimated offering expenses payable
by us. A decrease of $1.00 per share in the price at which the shares are sold from the assumed public offering price of $7.10 per share
shown in the table above, assuming all of our common stock in the aggregate amount of $100,000,000 during the term of the Sales Agreement
is sold at that price, would result in an as adjusted net tangible book value per share of approximately ($0.98) per share and would decrease
the dilution in net tangible book value per share to new investors in this offering to approximately $7.08 per share, after deducting
commissions and estimated offering expenses payable by us. This information discussed above is supplied for illustrative purposes only
and will adjust based on the actual public offering price, and the actual number of shares that we offer in this offering, and other terms
of this offering determined at the time of each offer and sale.

The above discussion and foregoing table and calculations
are based on 36,229,842 shares of our common stock outstanding as of September 30, 2025, and excludes:

| · | 10,655,047 shares of our common stock issuable upon the exercise of warrants;                          |
| · | 14,032 shares of our common stock reserved for future issuance under the Employee Stock Purchase Plan; |

<div align='center'>S-16</div>

| · | 152,500 shares of our common stock reserved for future issuance pursuant to unvested restricted 
 stock unit awards under the 2016 Equity Incentive Plan;                                         |
| · | 3,979,103 of our common stock available for future grants under the 2016 Equity Incentive Plan; |