Company: ARMP
Filing Date: 2025-12-01
Form Type: 424B5
Source: 0001104659-25-117382
Chunk: 65

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 65
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 responsible
for deciding the names of the institutions that will be the initial direct holders.

<div align='center'>25

PLAN OF DISTRIBUTION</div>

We may sell our securities
covered by this prospectus in any of three ways (or in any combination):

| · | to or through underwriters or dealers; |

| · | directly to one or more purchasers; or |

| · | through agents. |

We may distribute the securities:

| · | from time to time in one or more transactions                       
 at a fixed price or prices, which may be changed from time to time; |

| · | “at the market” offerings, as defined                                                                                                      
 in Rule 415 under the Securities Act of 1933, as amended, (the “Securities Act”), at negotiated prices, at prices prevailing               
 at the time of sale or at prices related to such prevailing market prices, including sales made directly on a national securities exchange 
 or sales made through a market maker other than on an exchange or other similar offerings through sales agents; or                         |

| · | at negotiated prices. |

Each time we offer and sell
securities covered by this prospectus, we will provide a prospectus supplement or supplements that will describe the method of distribution
and set forth the terms of the offering, including:

| · | the name or names of any underwriters, dealers 
 or agents;                                     |

| · | the amounts of securities underwritten or purchased 
 by each of them;                                    |

| · | the purchase price of securities and the proceeds 
 we will receive from the sale;                    |

| · | any option under which underwriters may purchase 
 additional securities from us;                   |

| · | any underwriting discounts or commissions or                                    
 agency fees and other items constituting underwriters’ or agents’ compensation; |

| · | the public offering price of the securities; |

| · | any discounts, commissions or concessions allowed 
 or reallowed or paid to dealers; and              |

| · | any securities exchange or market on which the 
 securities may be listed.                      |

Any public offering price
and any discounts or concessions allowed or reallowed or paid to dealers may be changed from time to time. We may determine the price
or other terms of the securities offered under this prospectus by use of an electronic auction. We will describe how any auction will
determine the price or any other terms, how potential investors may participate in the auction and the nature of the obligations of the
underwriter, dealer or