Company: ARMP
Filing Date: 2025-08-13
Form Type: S-3
Source: 0001104659-25-077648
Chunk: 15

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-08-13
Form: S-3
Chunk 15
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| · | We are seeking to develop antibacterial agents                                                                                              
 using bacteriophage and synthetic phage technology, a novel approach, which makes it difficult to predict the time and cost of development. 
 No bacteriophage products have been approved in the United States or elsewhere.                                                             |

| · | Results from interim, “topline,”                                                                                                           
 and preliminary data, or preclinical studies and Phase 1 or 2 clinical trials of our product candidates or from single-patient expanded    
 access treatments may not be predictive of the results of later stage clinical trials and are subject to audit and verification procedures 
 that could result in material changes in the final data.                                                                                   |

| · | We must continue to develop manufacturing processes                                                                  
 for our product candidates and any delay in or our inability to do so would result in delays in our clinical trials. |

| · | We rely on third parties to conduct our clinical                                                                                      
 trials and to obtain materials or supplies necessary to conduct trials or to manufacture our product candidates, and their failure to 
 perform their obligations in a timely or competent manner may delay development and commercialization of our product candidates.      |

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| · | We face potential risks associated with future                                                                                          
 changes in laws and policies, including the availability of government funding for grants, staffing and funding of regulatory agencies. |

| · | The use or anticipated use of artificial intelligence                                                               
 (“AI”) technologies, including generative AI, by us or third parties, may increase or create new operational risks. |

| · | Our business operations and current and future                                                                                        
 relationships with clinical site investigators, healthcare professionals, consultants, third-party payors, patient organizations, and 
 customers will be subject to applicable healthcare regulatory laws, which could expose us to penalties.                               |

| · | If you purchase securities in an offering, you 
 may incur dilution.                            |

| · | We will have broad discretion in the use of the                 
 net proceeds from an offering and may not use them effectively. |

| · | Innoviva, Inc. (“Innoviva”)                                                                                                           
 our principal stockholder, beneficially owns greater than 50% of our outstanding shares of common stock, which causes us to be deemed 
 a “controlled company” under the rules of the NYSE. In addition, Innoviva’s interests in our business may                             
 be different than our other stockholders.                                                                                             |

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