Company: ARMP
Filing Date: 2025-12-01
Form Type: 424B5
Source: 0001104659-25-117382
Chunk: 21

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 21
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 following the final settlement date with respect to the shares sold pursuant to such notice. We have further
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 in any other “at the market offering” or continuous equity transaction prior
to the termination of the Sales Agreement with Jones. Therefore, it is possible that we could issue and sell additional shares of our
common stock in the public markets. We cannot predict the effect that future sales of our common stock would have on the market price
of our common stock.

<div align='center'>S-14

USE OF PROCEEDS</div>

We may issue and sell shares of our common
stock having aggregate sale proceeds of up to $100,000,000 from time to time subject to certain conditions. The amount of proceeds from this offering will depend
on the number of shares of our common stock sold in this offering and the price at which they are sold. There can be no assurance
that we will be able to sell any shares under or fully utilize the Sales Agreement with Jones as a source of financing. Because
there is no minimum offering amount required as a condition to close this offering, the actual total public offering amount,
commissions and proceeds to us, if any, are not determinable at this time.

We intend to use the net proceeds for working
capital and general corporate purposes. The amounts and timing of these expenditures, as well as the specific uses thereof, are not presently
determinable and will depend on numerous factors, including the status of our product development efforts, sales and marketing activities,
technological advances, amount of cash generated or used by our operations and competition. Our management will have broad discretion
to allocate the net proceeds, if any, we receive in connection with securities offered pursuant to this prospectus supplement for any
purpose. Pending such use, we intend to invest the net proceeds in interest-bearing investment-grade securities or government securities.

<div align='center'>S-15

DILUTION</div>

Our net tangible book value as of September 30,
2025 was approximately ($149,251,000) or ($4.12) per share. Net tangible book value is total assets minus the sum of liabilities and intangible
assets. Net tangible book value per share is net tangible book value