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

Company: Armata Pharmaceuticals, Inc.
Filing Date: 2025-12-01
Form: 424B5
Chunk 25
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oting rights. Accordingly, the holders of a majority of the shares of our common stock entitled to vote in any election of directors
can elect all of the directors standing for election.

Dividends

Subject to preferences that may be applicable
to any then-outstanding preferred stock, the holders of common stock are entitled to receive dividends, if any, as may be declared from
time to time by our board of directors out of legally available funds.

Liquidation

In the event of our liquidation, dissolution or
winding-up, holders of our common stock will be entitled to share ratably in the net assets legally available for distribution to shareholders
after the payment of all our debts and other liabilities, subject to the satisfaction of any liquidation preference granted to the holders
of any outstanding shares of preferred stock.

Rights and Preferences

Holders of our common stock have no preemptive,
conversion or subscription rights, and there is no redemption or sinking fund provisions applicable to our common stock. The rights, preferences
and privileges of the holders of our common stock are subject to, and may be adversely affected by, the rights of the holders of shares
of any series of our preferred stock that are outstanding or that we may designate and issue in the future.

<div align='center'>S-18</div>

Fully Paid and Nonassessable

All of our outstanding shares of common stock
are, and the shares of common stock to be issued in any offering under this prospectus will be, fully paid and nonassessable.

<div align='center'>S-19

PLAN OF DISTRIBUTION</div>

We have entered into a Capital on Demand™
Sales Agreement with Jones under which we may offer and sell from time to time shares of our common stock through or to Jones, acting
as agent or principal. Sales of shares of our common stock, if any, under this prospectus supplement and the accompanying base prospectus
will be made by any method deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities
Act, including sales made directly on the NYSE American, on any other existing trading market for our common stock or to or through
a market maker, in negotiated transactions at market prices, and/or any other methods permitted by law. If we and Jones agree on any method
of distribution other than sales of our common stock on or through the NYSE American or another existing trading market in the United
States at market prices, we will file an additional