Company: ARMP
Filing Date: 2025-12-01
Form Type: 424B5
Source: 0001104659-25-117382
Chunk: 24

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 24
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| · | 5,012,648 shares of our common stock reserved for issuance pursuant to stock options under the  
 2016 Equity Incentive Plan; and                                                                 |
| · | 24,096,491 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.     |

<div align='center'>S-17

DESCRIPTION OF SECURITIES WE ARE OFFERING</div>

General

The following summary description of our capital
stock is based on the provisions of our articles of incorporation and bylaws and the applicable provisions of the Washington Business
Corporation Act (“WBCA”). This information is qualified entirely by reference to the applicable provisions of our articles
of incorporation, bylaws and the WBCA. For information on how to obtain copies of our articles of incorporation and bylaws, which are
exhibits to the registration statement of which this prospectus is a part, see “Where You Can Find More Information” and “Incorporation
of Certain Information by Reference.”

Our authorized capital stock consists of 227,000,000
shares, $0.01 par value per share, of which:

| · | 217,000,000 shares are designated as common stock; and |
| · | 10,000,000 shares are designated as preferred stock.   |

Our authorized but unissued shares of common stock
and preferred stock are available for issuance without further action by our shareholders, unless such action is required by applicable
law or the rules of any stock exchange or automated quotation system on which our securities may be listed or traded in the future.

Common Stock

As of November 25, 2025, there were 36,406,905
shares of common stock issued and outstanding. In addition, there were 10,655,047 shares of common stock issuable upon exercise of outstanding
warrants, 4,818,935 shares of common stock issuable upon exercise of outstanding stock options, and 152,500 shares of common stock issuable
upon vesting of restricted stock units.

Voting

Our common stock is entitled to one vote for each
share held on all matters submitted to a vote of the shareholders, including the election of directors, except for matters that are voted
on exclusively by a separate class or series of our shareholders and not by the holders of common stock, and does not have cumulative
v