Company: ARMP
Filing Date: 2025-12-01
Form Type: 424B5
Source: 0001104659-25-117382
Chunk: 44

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 44
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 or competent manner may delay development and commercialization of our product candidates.      |

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| · | We face potential risks associated with future                                                                                          
 changes in laws and policies, including the availability of government funding for grants, staffing and funding of regulatory agencies. |

| · | The use or anticipated use of artificial intelligence                                                               
 (“AI”) technologies, including generative AI, by us or third parties, may increase or create new operational risks. |

| · | Our business operations and current and future                                                                                        
 relationships with clinical site investigators, healthcare professionals, consultants, third-party payors, patient organizations, and 
 customers will be subject to applicable healthcare regulatory laws, which could expose us to penalties.                               |

| · | If you purchase securities in an offering, you 
 may incur dilution.                            |

| · | We will have broad discretion in the use of the                 
 net proceeds from an offering and may not use them effectively. |

| · | Innoviva, Inc. (“Innoviva”)                                                                                                           
 our principal stockholder, beneficially owns greater than 50% of our outstanding shares of common stock, which causes us to be deemed 
 a “controlled company” under the rules of the NYSE. In addition, Innoviva’s interests in our business may                             
 be different than our other stockholders.                                                                                             |

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RISK FACTORS</div>

Investing in our securities
involves a high degree of risk. Prior to making a decision about investing in our securities, you should carefully consider the specific
risk factors discussed in the sections entitled “Risk Factors” contained in our annual report on Form 10-K for the fiscal year ended December 31, 2024 under the heading “Item 1A. Risk Factors,” and as described or may be described in any subsequent
quarterly report on Form 10-Q under the heading “Item 1A. Risk Factors,” as well as in any applicable prospectus supplement
and contained or to be contained in our filings with the SEC and incorporated by reference in this prospectus, together with all of the
other information contained in this prospectus, or any applicable prospectus supplement. For a description of these reports and documents,
and information about where you can find them, see “Where You Can Find More Information” and “Incorporation of Certain
Information by Reference.” If any of the risks or uncertainties described in our SEC filings or any prospectus supplement or any