Company: ARMP
Filing Date: 2025-12-01
Form Type: 424B5
Source: 0001104659-25-117382
Chunk: 22

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 22
---
 divided by the total number of shares of our common stock outstanding
as of September 30, 2025.

After giving effect to the sale of up to $100,000,000
of shares of our common stock in this offering at an assumed public offering price of $7.10 per share, the last reported sale price of
our common stock on the NYSE American on November 25, 2025, and after deducting commissions and estimated aggregate offering expenses
payable by us, our as adjusted net tangible book value as of September 30, 2025 would have been approximately $(51,801,000), or $(1.03)
per share. This represents an increase in the adjusted net tangible book value of approximately $3.09 per share to existing stockholders
and an immediate dilution of approximately $8.13 per share to investors purchasing our common stock in this offering at the assumed public
offering price.

The following table illustrates this dilution
on a per share basis. The as adjusted information is illustrative only and will change based on the actual price to the public, the actual
number of shares sold and other terms of the offering determined at the time shares of our common stock are sold pursuant to this prospectus
supplement. The as adjusted information assumes that all of our common stock in the aggregate amount of $100,000,000 is sold at the assumed
public offering price of $7.10 per share, the last reported sale price of our common stock on the NYSE American on November 25, 2025.
The shares sold in this offering, if any, will be sold from time to time at various prices.

| Assumed public offering price per share                                                                        
 Net tangible book value per share of as September 30, 2025                                                     |     |   | (4.12 | ) |     |   |  7.10 |   |
|:---------------------------------------------------------------------------------------------------------------|:----|:--|------:|:--|:----|:--|------:|:--|
| Increase in net tangible book value per share attributable to new investors purchasing shares in this offering |     | $ |  3.09 |   |     |   |       |   |
| As adjusted net tangible book value per share as of September 30, 2025, after giving effect to this offering   |     |   |       |   |     | $ | (1.03 | ) |
| Dilution per share