Company: ARMP
Filing Date: 2025-12-01
Form Type: 424B5
Source: 0001104659-25-117382
Chunk: 20

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 20
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09 per share to existing stockholders.

<div align='center'>S-13</div>

This dilution is due to the substantially lower
price paid by some of our investors who purchased shares prior to this offering as compared to the price offered to the public in this
offering and the exercise of stock options granted to our employees, directors and consultants. In addition, we have a significant number
of stock options. The exercise of any of the outstanding options would result in further dilution. As a result of the dilution to new
investors purchasing shares in this offering, new investors may receive significantly less than the purchase price paid in this offering,
if anything, in the event of our liquidation. Further, because we expect we will need to raise additional capital to fund our future activities,
we may in the future sell substantial amounts of common stock or securities convertible into or exchangeable for common stock.

We do not anticipate declaring any cash dividends on our common stock, which may adversely impact the market price of our stock.

We have never declared or paid any cash dividends
on our capital stock, and we do not anticipate paying any cash dividends in the foreseeable future. The payment of dividends, if any,
in the future is within the discretion of our board of directors and will depend on our earnings, capital requirements and financial condition
and other relevant facts. We currently intend to retain all future earnings, if any, to support our operations and finance the growth
and development of our business. If we do not pay dividends, our stock may be less valuable to you because a return on your investment
will only occur if our stock price appreciates.

Sales of a significant number of shares of our common stock in the public markets, or the perception that such sales could occur, could depress the market price of our common stock.

Sales of a substantial number of shares in the
public markets, or the perception that such sales could occur, could depress the market price of our common stock and impair our ability
to raise capital through the sale of additional equity securities. We have agreed, unless we provide prompt prior written notice to Jones,
and subject to certain exceptions set forth in the Sales Agreement, not to sell or otherwise dispose of any common stock or securities
convertible into or exchangeable for shares of common stock, warrants or any rights to purchase or acquire common stock during the period
beginning on the fifth trading day immediately prior to the delivery of any placement notice delivered by us to Jones and ending on the
fifth trading day immediately