Company: ARMP
Filing Date: 2025-12-01
Form Type: 424B5
Source: 0001104659-25-117382
Chunk: 19

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 19
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 subject to market demand, to vary the timing, prices and numbers of shares sold in
this offering. In addition, there is no minimum or maximum sales price for shares to be sold in this offering. Investors may experience
a decline in the value of the shares they purchase in this offering as a result of sales made at prices lower than the prices they paid.

We have broad discretion in the use of the net proceeds from this offering and our existing cash and may invest or spend the proceeds in ways with which you do not agree and in ways that may not yield a return on your investment.

Our management will have broad discretion in the
application of the net proceeds from this offering, including for any of the purposes described in the section entitled “Use of
Proceeds,” and you will be relying on the judgment of our management regarding such application. You will not have the opportunity,
as part of your investment decision, to assess whether the net proceeds are being used appropriately. Our management might not apply the
net proceeds or our existing cash in ways that ultimately increase the value of your investment. If we do not invest or apply the net
proceeds from this offering or our existing cash and cash equivalents in ways that enhance shareholder value, we may fail to achieve expected
business and financial results, which could cause our stock price to decline. Pending their use, we may invest the net proceeds from this
offering in short-term, investment-grade, interest-bearing securities. These investments may not yield a favorable return to our shareholders.

If you purchase our common stock in this offering, you may experience immediate and substantial dilution.

The offering price per share in this offering
may exceed the net tangible book value per share of our common stock outstanding at the time of sale. Assuming that an aggregate of 14,084,507
shares of our common stock are sold at an assumed offering price of $7.10 per share, the last reported sale price of our common stock
on NYSE American on November 25, 2025, for aggregate gross proceeds of $100.0 million, and after deducting commissions and estimated offering
expenses payable by us, new investors in this offering would experience immediate dilution of approximately $8.13 per share, representing
the difference between our as adjusted net tangible book value per share as of September 30, 2025 of $(4.12), after giving effect to this
offering, and the assumed offering price. This represents an increase in net tangible book value of $3.