Company: ARMP
Filing Date: 2025-12-01
Form Type: 424B5
Source: 0001104659-25-117382
Chunk: 18

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 18
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 stock options under the 2016 Equity Incentive Plan; and                      |
| · | 24,342,106                                                                                                                                
 shares of our common stock issuable upon the conversion of our existing convertible loan and secured credit and security agreement, dated 
 January 10, 2023, with Innoviva, Inc.                                                                                                     |

Except as otherwise indicated, all information in this prospectus supplement assumes no exercise or conversion of the outstanding options or warrants described above.

<div align='center'>S-12

RISK FACTORS</div>

Investing in our securities is speculative and involves a high degree of risk. Before deciding whether to invest in our securities, you should carefully consider the risk factors we describe in this prospectus supplement and the accompanying base prospectus, in addition to the risks and uncertainties discussed above under “Special Note Regarding Forward-Looking Statements,” together with the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2024, our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, and all other documents incorporated by reference in this prospectus supplement. Additional risks and uncertainties not presently known to us or that we currently consider immaterial could also adversely affect us. In addition, you should consider the following risks relevant to this offering.

Risks Related to This Offering

The actual number of shares we will issue under the Sales Agreement, at any one time or in total, is uncertain.

Subject to certain limitations in the Sales Agreement
and compliance with applicable law, we have the discretion to deliver a placement notice to Jones at any time throughout the term of the
Sales Agreement. The number of shares that are sold by Jones after delivering a placement notice will fluctuate based on the market price
of our common stock during the sales period and limits we set with Jones. Because the price per share of each share sold will fluctuate
based on the market price of our common stock during the sales period, it is not possible at this stage to predict the number of shares
that will be ultimately issued.

The common stock offered hereby will be sold in “at-the-market offerings,” and investors who buy shares at different times will likely pay different prices.

Investors who purchase shares in this offering
at different times will likely pay different prices, and so they may experience different levels of dilution and different outcomes in
their investment results. We will have discretion,