Filed Pursuant to Rule 424(b)(3)
Registration No. 333-237534
PROSPECTUS
$100,000,000
Common Stock
Preferred Stock
Debt Securities
Warrants
Units
From time to time, we may sell up to an aggregate of $100,000,000
of our common stock, preferred stock, debt securities, warrants or units in any combination of the foregoing, in amounts, at prices
and on terms described in one or more supplements to this prospectus. We may also authorize one or more free writing prospectuses
to be provided to you in connection with these offerings.
Our common stock is traded on the NYSE American under the trading
symbol “ARMP.” On March 27, 2020, the last reported sale price of our common stock on the NYSE American was $3.20.
The preferred stock, debt securities, warrants, and units described
in this prospectus have not been approved for listing on any market or exchange, and we have not made any application for such
listing.
This prospectus describes the general terms of the securities
we may offer and the general manner in which we may offer these securities. Each time we sell securities described herein, we will
provide prospective investors with a supplement to this prospectus that will contain specific information about the terms of that
offering, including the specific amounts, prices and terms of the securities offered. Such prospectus supplements may also add,
update or change information contained in this prospectus. The applicable prospectus supplement will contain information, where
applicable, as to any other listing on the NYSE American or any other securities market or other exchange with respect to the securities
covered by such prospectus supplement.
Our principal executive offices are located at 4503 Glencoe
Avenue, Marina del Rey, California 90292, and our telephone number at that address is (310) 665-2928.
You should read this prospectus and any prospectus supplement
carefully before you invest.
INVESTING IN OUR SECURITIES INVOLVES A HIGH DEGREE OF RISK.
YOU SHOULD REVIEW CAREFULLY THE RISKS AND UNCERTAINTIES REFERENCED UNDER THE HEADING “RISK FACTORS” ON PAGE 5 OF THIS
PROSPECTUS AND “ITEM 1A—RISK FACTORS” OF OUR MOST RECENT ANNUAL REPORT ON FORM 10-K OR QUARTERLY REPORT
ON FORM 10-Q THAT IS INCORPORATED BY REFERENCE IN THIS PROSPECTUS, AS WELL AS THOSE CONTAINED IN THE APPLICABLE PROSPECTUS SUPPLEMENT
AND ANY RELATED FREE WRITING PROSPECTUS, AND UNDER SIMILAR HEADINGS IN THE OTHER DOCUMENTS THAT ARE INCORPORATED BY REFERENCE INTO
THIS PROSPECTUS.
This prospectus may not be used to offer or sell any securities
unless accompanied by a prospectus supplement.
As of March 27, 2020, the aggregate market value of our outstanding
common stock held by non-affiliates, or public float, was approximately $30,859,757 million, based on 9,643,674 shares of outstanding
common stock held by non-affiliates as of the date of this prospectus, at a price of $3.20 per share, which was the last reported
sale price of our common stock on the NYSE American on March 27, 2020. Pursuant to General Instruction I.B.6 of Form S-3, in no
event will we sell securities registered on the registration statement of which this prospectus is a part in a public primary offering
with a value exceeding more than one-third of our public float in any 12-month period so long as our public float remains below
$75.0 million. As of the date hereof, we have not offered any securities pursuant to General Instruction I.B.6 of Form S-3 during
the 12 calendar months prior to and including the date of this prospectus.
The securities may be sold directly by us to investors, through
agents designated from time to time or to or through underwriters or dealers, on a continuous or delayed basis. For additional
information on the methods of sale, you should refer to the section entitled “Plan of Distribution” in this prospectus
and in the applicable prospectus supplement. If any agents or underwriters are involved in the sale of any securities with respect
to which this prospectus is being delivered, the names of such agents or underwriters and any applicable fees, commissions, discounts
and options to purchase additional securities will be set forth in a prospectus supplement. The price to the public of such securities
and the net proceeds that we expect to receive from such sale will also be set forth in a prospectus supplement.
Neither the U.S. Securities and Exchange Commission nor any
state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.
The date of this Prospectus is
April 8, 2020.
TABLE OF CONTENTS
We have not authorized anyone to provide you with information
different from the information contained in or incorporated by reference in this prospectus, any applicable prospectus supplement
and any related free writing prospectus that we may authorize to be provided to you. No dealer, salesperson or other person is
authorized to give any information or to represent anything not contained or incorporated by reference in this prospectus, any
applicable prospectus supplement or any related free writing prospectus that we may authorize to be provided to you. This prospectus
is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is lawful to
do so. You should assume that the information in this prospectus, any applicable prospectus supplement or any related free writing
prospectus is accurate only as of the date on the front of the document and that any information we have incorporated by reference
is accurate only as of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus,
any applicable prospectus supplement or any related free writing prospectus, or any sale of our securities. Our business, financial
condition, results of operations and prospects may have changed since that date.
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement on Form
S-3 that we filed with the U.S. Securities and Exchange Commission, or the SEC, using a “shelf” registration process.
Under this shelf registration process, we may offer and sell, either individually or in combination, in one or more offerings,
any combination of the securities described in this prospectus, for total gross proceeds of up to $100,000,000.
This prospectus provides you with a general description of the
securities we may offer. Each time we offer securities under this prospectus, we will provide a prospectus supplement that will
contain more specific information about the terms of those securities and the offering. We may also authorize one or more free
writing prospectuses to be provided to you that may contain material information relating to these offerings. We may also add,
update or change in the prospectus supplement (and in any related free writing prospectus that we may authorize to be provided
to you) any of the information contained in this prospectus or in the documents that we have incorporated by reference into this
prospectus. We urge you to carefully read this prospectus, any applicable prospectus supplement and any related free writing prospectus,
together with the information incorporated herein by reference as described under the headings “Where You Can Find More Information”
and “Incorporation of Certain Information by Reference” before buying any of the securities being offered.
SUMMARY
The following summary highlights information contained elsewhere
in this prospectus or incorporated by reference herein and does not contain all the information that may be important to purchasers
of our securities. You should carefully read this prospectus, all documents incorporated by reference, any prospectus supplement
and any related free writing prospectus, and the additional information described under the caption “Where You Can Find More
Information” in this prospectus, before buying any of the securities being offered. References in this prospectus to “Armata,”
the “Company,” “we,” “us” and “our” refer to Armata Pharmaceuticals, Inc. and its
subsidiaries, on a consolidated basis, unless the context requires otherwise.
Our Company
We are a clinical-stage
biotechnology company focused on the development of precisely targeted bacteriophage therapeutics for the treatment of antibiotic-resistant
infections using our proprietary bacteriophage-based technology. Bacteriophages or “phages” have a powerful and highly
differentiated mechanism of action that enables binding to and killing specific bacteria, in contrast to traditional broad-spectrum
antibiotics. We believe that phages represent a promising means to treat bacterial infections, especially those that have developed
resistance to current standard of care therapies, including the so-called multidrug-resistant or “superbug” strains
of bacteria. We are a leading developer of phage therapeutics, which are uniquely positioned to address the growing worldwide threat
of antibiotic-resistant bacterial infections.
We are combining our proprietary
approach and expertise in identifying, characterizing and developing both naturally-occurring and engineered (synthetic) bacteriophages
with our proprietary phage-specific Good Manufacturing Practice compliance (“cGMP”) manufacturing capabilities to advance
a broad pipeline of high-quality bacteriophage product candidates. We believe that synthetic phage, engineered using advances in
sequencing and synthetic biology techniques, represent a promising means to advance phage therapy, including phage-based diagnostics
and improving upon the ability of natural phage to treat bacterial infections, especially those that have developed resistance
to current antibiotic therapies, including the multidrug-resistant or “superbug” bacterial pathogens. Our phage product
candidates aim to address areas of significant unmet clinical need, by targeting key antibiotic-resistant bacteria including those
on the World Health Organization’s global priority pathogens list.
We are developing and advancing
our second-generation phage product candidate for Pseudomonas aeruginosa (“P. aeruginosa”), known as
AP-PA02. We anticipate initiating a Phase 1b/2, multi-center, double-blind, randomized, placebo-controlled, single and multiple
ascending dose study to evaluate the safety, tolerability, and preliminary efficacy of AP-PA02 in subjects with cystic fibrosis
(“CF”) and chronic pulmonary P. aeruginosa infection in the first half of 2020.
We are also developing a
second-generation phage product candidate for Staphylococcus aureus (“S. aureus”), known as AP-SA02,
for the treatment of S. aureus bacteremia. We intend to file an IND Application with the FDA to initiate a Phase 1/2, multi-center,
randomized, double-blind, placebo- controlled dose escalation study that will assess the safety, tolerability, and efficacy of
AP-SA02 in the second half of 2020.
In partnership with Merck
& Co., known as Merck Sharp & Dohme outside of the United States and Canada (“Merck”), we are developing proprietary
synthetic phage candidates to target undisclosed infectious disease agents. Our proprietary phage engineering platform serves to
enhance the clinical and commercial prospects of phage therapy. These attributes include expanded host range, improved potency
which is a fundamental drug property that can translate into improved clinical efficacy, and importantly, biofilm disruption, which
is a critical aspect of serious infections that needs to be addressed.
In addition to our more
advanced pipeline programs, we have phage discovery efforts underway to target other major pathogens of infectious disease (including
the ESKAPE pathogens: Enterococcus faecium, Staphylococcus aureus, Klebsiella pneumoniae, Acinetobacter
baumannii, Pseudomonas aeruginosa, and Enterobacter species) and preventable infectious disease of the microbiome.
We are committed to conducting
formal randomized clinical trials required for FDA approval in order to move toward commercialization of alternatives to traditional
antibiotics and provide a potential method of treating patients suffering from drug-resistant bacterial infections.
Corporate History and Reorganization
Armata was created as a result of a business
combination of AmpliPhi Biosciences Corporation, a bacteriophage development stage company (“AmpliPhi”) with C3J Therapeutics,
Inc. (“C3J”), where Ceres Merger Sub, Inc., a wholly-owned subsidiary of AmpliPhi, merged with and into C3J (the “Merger”).
On May 9, 2019, immediately prior to the closing of the Merger, AmpliPhi changed its name to Armata Pharmaceuticals, Inc.
C3J’s predecessor, C3 Jian, Inc.,
was incorporated under the laws of the State of California on November 4, 2005. On February 26, 2016, as part of a reorganization
transaction, C3 Jian, Inc. merged with a wholly-owned subsidiary of C3J, and as part of this process, C3 Jian, Inc. was
converted to a limited liability company organized under the laws of the State of California named C3 Jian, LLC. Prior to
the Merger, C3J was privately held and was financed principally through a series of equity financings.
AmpliPhi was incorporated under the laws
of the State of Washington in March 1989 as a wholly-owned subsidiary of Immunex Corporation and began operations as an independent
company in 1992 as Targeted Genetics Corporation. In January 2011, AmpliPhi completed the acquisition of Biocontrol Ltd, an
antimicrobial biotechnology company based in the United Kingdom, with the goal of developing their phage therapy programs using
funding from the sale of our legacy gene therapy assets. In November 2012, AmpliPhi completed the acquisition of Special Phage
Holdings Pty Ltd, a company based in Australia, with the goal of continuing research addressing the rapidly escalating problem
of antibiotic resistance through the development of a series of bacteriophage-based treatments.
Pipeline
The following chart summarizes the status
of our phage product candidate development programs:
Risks Associated with Our Business and this Offering
Our business and our ability to implement
our business strategy are subject to numerous risks, as more fully described in the section of this prospectus entitled “Risk
Factors.” You should read these risks before you invest in our securities. We may be unable, for many reasons, including
those that are beyond our control, to implement our business strategy. In particular, risks associated with our business include:
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There is substantial doubt about our ability to continue as a going concern, which may affect our ability to obtain future
financing and may require us to curtail our operations. We will need to raise additional capital to support our operations.
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We have incurred losses since our inception and anticipate that we will continue to incur significant losses for the foreseeable
future, and our future profitability is uncertain.
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Our product candidates must undergo rigorous clinical testing. Such clinical testing may fail to demonstrate safety and efficacy
and any of our product candidates could cause undesirable side effects, which would substantially delay or prevent regulatory approval
or commercialization.
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We are dependent on patents and proprietary technology. If we fail to adequately protect this intellectual property or if we
otherwise do not have exclusivity for the marketing of our products, our ability to commercialize products could suffer.
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If our competitors are able to develop and market products that are more effective, safer or more affordable than ours are,
or obtain marketing approval before we do, our commercial opportunities may be limited.
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We may not be able to manufacture, or otherwise secure the manufacture of, sufficient amounts of our product candidates for
our preclinical studies and clinical trials.
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We may be unable to achieve and maintain effective internal control over financial reporting in accordance with Section 404
of the Sarbanes-Oxley Act.
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If you purchase our securities in this offering, you may incur dilution.
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We will have broad discretion in the use of the net proceeds from this offering and may not use them effectively.
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Our ability to advance our clinical development programs could be impacted by the COVID-19 pandemic.
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RISK FACTORS
Investing in our securities involves a high
degree of risk. Prior to making a decision about investing in our securities, you should carefully consider the specific risk factors
discussed in the sections entitled “Risk Factors” contained in our annual report on Form 10-K for the fiscal year ended
December 31, 2019 under the heading “Item 1A. Risk Factors,” and as described or may be described in any subsequent
quarterly report on Form 10-Q under the heading “Item 1A. Risk Factors,” as well as in any applicable prospectus supplement
and contained or to be contained in our filings with the SEC and incorporated by reference in this prospectus, together with all
of the other information contained in this prospectus, or any applicable prospectus supplement. For a description of these reports
and documents, and information about where you can find them, see “Where You Can Find More Information” and “Incorporation
of Certain Information by Reference.” If any of the risks or uncertainties described in our SEC filings or any prospectus
supplement or any additional risks and uncertainties actually occur, our business, financial condition and results of operations
could be materially and adversely affected.
In that case, the trading price of our securities
could decline and you might lose all or part of the value of your investment.
THE SECURITIES WE MAY OFFER
We may offer up to $100,000,000 of shares of our common stock,
preferred stock, debt securities, warrants or units in any combination of the foregoing, under this prospectus at prices and on
terms to be determined by market conditions at the time of offering. This prospectus provides you with a general description of
the securities we may offer. Each time we offer a type or series of securities, we will provide a prospectus supplement that will
describe the specific amounts, prices and other important terms of the securities.
A prospectus supplement and any related free writing prospectus
that we may authorize to be provided to you also may add, update or change information contained in this prospectus or in documents
we have incorporated by reference.
This prospectus may not be used to offer or sell securities
unless it is accompanied by a prospectus supplement.
We may sell the securities directly to or through agents, underwriters
or dealers. We, and our agents, dealers or underwriters, reserve the right to accept or reject all or part of any proposed purchase
of securities. If we do offer securities through agents or underwriters, we will include in the applicable prospectus supplement:
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the name of those agents or underwriters;
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applicable fees, discounts and commissions to be paid to them;
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details regarding options to purchase additional securities, if any; and
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the net proceeds to us.
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Common Stock.
We may issue shares of our common stock from time to time. Holders
of our common stock are entitled to one vote per share on all matters submitted to a vote of shareholders. Subject to any preferences
of any of our preferred stock that may be outstanding, holders of our common stock are entitled to dividends when and if declared
by our board of directors.
Preferred Stock.
Our board of directors has the authority, subject to limitations
prescribed by Washington law, to issue preferred stock in one or more series, to establish from time to time the number of shares
to be included in each series, and to fix or alter the rights, preferences and privileges of the preferred stock, along with any
limitations or restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation
preferences of each class or series of preferred stock.
Each series of preferred stock, if issued, will be more fully
described in the particular prospectus supplement that will accompany this prospectus, including redemption provisions, rights
in the event of our liquidation, dissolution or winding-up, voting rights and rights to convert into common stock.
Warrants.
We may issue warrants for the purchase of common stock or preferred
stock, in one or more series, from time to time. We may issue warrants independently or together with common stock, preferred stock
or debt securities, and the warrants may be attached to or separate from our common stock, preferred stock or debt securities.
In this prospectus, we have summarized certain general features of the warrants. We urge you, however, to read the applicable prospectus
supplement (and any free writing prospectus that we may authorize to be provided to you) related to the particular series of warrants
being offered, as well as the complete warrant agreement and warrant certificate that contain the terms of the warrants. We will
file as an exhibit to the registration statement of which this prospectus is a part, or will incorporate by reference from reports
that we file with the SEC, the form of warrant agreement, including a form of warrant certificate, that describes the terms of
the particular series of warrants we are offering before the issuance of the related series of warrants.
We will evidence each series of warrants by warrant certificates
that we will issue. Warrants may be issued under an applicable warrant agreement that we enter into with a warrant agent. We will
indicate the name and address of the warrant agent, if applicable, in the prospectus supplement relating to the particular series
of warrants being offered.
Debt Securities.
We may offer secured or unsecured obligations in the form of
one or more series of debt securities, which may be senior, senior subordinated or subordinated obligations. Any subordinated debt
securities generally will be entitled to payment only after payment of our senior debt. Senior debt generally includes all debt
for money borrowed by us, except debt that is stated in the instrument governing the terms of that debt to be not senior to, or
to have the same rank in right of payment as, or to be expressly junior to, the subordinated debt securities. We may issue debt
securities that are convertible into shares of our common stock or preferred stock.
The debt securities will be issued under an indenture, as supplemented
by a resolution of our board of directors, an officer’s certificate or a supplemental indenture, between us and a trustee.
We have summarized the general features of the debt securities to be governed by the indenture. The indenture has been filed as
an exhibit to the registration statement of which this prospectus forms a part. We encourage you to read the indenture. Instructions
on how you can get copies of this document are provided under the heading “Where You Can Find More Information.”
Units
We may issue units comprised of one or more of the other classes
of securities issued by us as described in this prospectus in any combination. Each unit will be issued so that the holder of the
unit is also the holder of each security included in the unit.
SPECIAL NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This prospectus and the documents incorporated by reference
herein contain forward-looking statements. The forward-looking statements are contained principally in the sections entitled “Prospectus
Summary” and “Risk Factors” in this prospectus or the documents incorporated herein by reference. These statements
relate to future events or to our future financial performance and involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. Forward-looking statements include, but are not limited
to, statements about:
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our estimates regarding anticipated operating losses, capital requirements and needs for additional funds;
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our ability to raise additional capital when needed and to continue as a going concern;
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our ability to manufacture, or otherwise secure the manufacture of, sufficient amounts of our product candidates for our preclinical
studies and clinical trials;
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our clinical development plans, including planned clinical trials;
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our research and development plans, including our clinical development plans;
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our ability to select combinations of phages to formulate our product candidates;
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the safety and efficacy of our product candidates;
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the anticipated regulatory pathways for our product candidates;
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our ability to successfully complete preclinical and clinical development of, and obtain regulatory approval of our product
candidates and commercialize any approved products on our expected timeframes or at all;
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the content and timing of submissions to and decisions made by the U.S. Food and Drug Administration (the “FDA”)
and other regulatory agencies;
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our ability to leverage the experience of our management team;
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our ability to attract and keep management and other key personnel;
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the capacities and performance of our suppliers, manufacturers, contract research organizations and other third parties over
whom we have limited control;
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the actions of our competitors and success of competing drugs or other therapies that are or may become available;
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our expectations with respect to future growth and investments in our infrastructure, and our ability to effectively manage
any such growth;
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the size and potential growth of the markets for any of our product candidates, and our ability to capture share in or impact
the size of those markets;
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the benefits of our product candidates;
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market and industry trends;
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the effects of government regulation and regulatory developments, and our ability and the ability of the third parties with
whom we engage to comply with applicable regulatory requirements;
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the accuracy of our estimates regarding future expenses, revenues, capital requirements and need for additional financing;
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our expectations regarding future planned expenditures;
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our ability to achieve and maintain effective internal control over financial reporting in accordance with Section 404
of the Sarbanes-Oxley Act;
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our ability to obtain, maintain and successfully enforce adequate patent and other intellectual property protection of any
of our products and product candidates;
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our expected use of the net proceeds from this offering;
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our ability to operate our business without infringing the intellectual property rights of others;
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our ability to advance our clinical development programs, which could be impacted by the COVID-19 pandemic; and
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statements of belief and any statement of assumptions underlying any of the foregoing.
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In some cases, you can identify these statements
by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “potential,” “predict,” “project,”
“should,” “will,” “would” or the negative of those terms, and similar expressions that convey
uncertainty of future events or outcomes. These forward-looking statements reflect our management’s beliefs and views with
respect to future events and are based on estimates and assumptions as of the date of this prospectus and are subject to risks
and uncertainties. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time.
It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the
extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any
forward-looking statements we may make. In addition, statements that “we believe” and similar statements reflect our
beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this
prospectus, and while we believe such information forms a reasonable basis for such statements, such information may be limited
or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of,
all potentially available relevant information. These statements are inherently uncertain. Given these uncertainties, you should
not place undue reliance on these forward-looking statements.
You should carefully read this prospectus,
the documents that we incorporate by reference into this prospectus and the documents we reference in this prospectus and have
filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the understanding that
our actual future results may be materially different from what we expect. We qualify all of the forward-looking statements in
this prospectus by these cautionary statements.
Except as required by law, we assume no
obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially
from those anticipated in any forward-looking statements, whether as a result of new information, future events or otherwise.
USE OF PROCEEDS
Except as described in any prospectus supplement or in any related
free writing prospectus that we may authorize to be provided to you, we currently intend to use the net proceeds from the sale
of securities under this prospectus for general corporate purposes, including manufacturing expenses, clinical trial expenses,
research and development expenses and general and administrative expenses. We may also use a portion of the net proceeds to in-license,
invest in or acquire businesses or technologies that we believe are complementary to our own, although we have no current plans,
commitments or agreements with respect to any acquisitions. As of the date of this prospectus, we cannot specify with certainty
all of the particular uses of the proceeds from the sale of securities under this prospectus. Accordingly, we will retain broad
discretion over the use of such proceeds. Pending the use of the net proceeds from the sale of securities under this prospectus
as described above, we intend to invest the net proceeds in investment-grade, interest-bearing instruments.
DESCRIPTION OF CAPITAL STOCK
Our articles of incorporation authorize us to issue up to 217,000,000
shares of common stock, par value $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share. As of March
27, 2020, we had 18,644,693 shares of common stock outstanding and no shares of preferred stock outstanding.
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, or 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.”
Common Stock
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, and does not have cumulative voting
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 of 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 are 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.
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.
Preferred Stock
Our board of directors has the authority, without further action
by the shareholders, to issue up to 10,000,000 shares of preferred stock in one or more series, to establish from time to time
the number of shares to be included in each such series, to fix the rights, preferences and privileges of the shares of each wholly
unissued series and any qualifications, limitations or restrictions thereon and to increase or decrease the number of shares of
any such series, but not below the number of shares of such series then outstanding.
Our board of directors may authorize the issuance of preferred
stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of the common
stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate
purposes, could, among other things, have the effect of delaying, deferring or preventing a change in our control that may otherwise
benefit holders of our common stock and may adversely affect the market price of the common stock and the voting and other rights
of the holders of common stock.
There currently are no provisions under our amended and restated
articles of incorporation or under any other contractual obligations whereby we are authorized or required to issue or sell shares
of preferred stock and we have no present plans to issue any shares of preferred stock.
Anti-Takeover Effects of Provisions of Our Articles of
Incorporation, Our Bylaws and Washington Law
Provisions in our articles of incorporation,
our bylaws and under Washington law may delay or prevent an acquisition of us or a change in our management, including transactions
in which stockholders might otherwise receive a premium for their shares or transactions that our stockholders might otherwise
deem to be in their best interests. These provisions include a requirement for the vote of stockholders holding at least two-thirds
of all shares of our issued and outstanding capital stock to approve certain changes to our articles of incorporation or certain
business combinations. These provisions may frustrate or prevent any attempts by our stockholders to replace or remove our current
management by making it difficult for stockholders to replace members of our board of directors, which is responsible for appointing
the members of our management. Additionally, because we are incorporated in Washington, we are governed by the provisions of Chapter
23B.19 of the WBCA, which, among other things, prohibits a target corporation, with certain exceptions, from engaging in certain
“significant business transactions” for a period of five years after the share acquisition by an “acquiring
person”, unless (a) the significant business transaction is approved by a majority of the members of the target corporation’s
board of directors prior to the time of acquisition or (b) the significant business transaction was approved by both the majority
of the members of the target corporation’s board of directors and approved at a stockholder meeting by at least two-thirds
of the outstanding voting shares (excluding the acquiring person’s shares or shares over which the acquiring person has voting
control) at or subsequent to the acquiring person’s share acquisition. An “acquiring person” is defined as a
person or group of persons which beneficially owns 10% or more of the voting securities of the target corporation. Such significant
business transactions may include, among other things:
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any merger or consolidation with, disposition of assets to, or issuance or redemption of stock to or from, the acquiring person;
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any termination of 5% or more of the employees of the target corporation as a result of the acquiring person’s acquisition
of 10% or more of the shares; or
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allowing the acquiring person to receive any disproportionate benefit as a stockholder.
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After the five-year period, a significant
business transaction may take place as long as it complies with certain fair price provisions of the statute or is approved by
a majority of the votes entitled to be counted within each voting group entitled to vote separately on the transaction (excluding
the acquiring person’s shares or shares over which the acquiring person has voting control) at an annual or special meeting
of stockholders.
Articles of Incorporation and Bylaws
The provisions of our articles of incorporation and bylaws may
delay or discourage transactions involving an actual or potential change in our control or change in our management, including
transactions in which shareholders might otherwise receive a premium for their shares or transactions that our shareholders might
otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of our common stock.
Among other things, our certificate of incorporation and bylaws would:
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permit our board of directors to issue up to 10,000,000 shares of preferred stock, with any rights, preferences and privileges
as they may designate (including the right to approve an acquisition or other change in our control);
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provide that shareholders seeking to present proposals before a meeting of shareholders or to nominate candidates for election
as directors at a meeting of shareholders must provide notice in writing in a timely manner and also specify requirements as to
the form and content of a shareholder’s notice; and
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do not provide for cumulative voting rights (therefore allowing the holders of a majority of the shares of common stock entitled
to vote in any election of directors to elect all of the directors standing for election, if they should so choose).
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NYSE American Listing
Our common stock is listed on the NYSE American under the symbol
“ARMP.”
Transfer Agent and Registrar
The transfer agent and registrar for our common stock is Computershare
Trust Company, N.A. . The transfer agent and registrar’s address is 250 Royall Street, Canton, MA 02021.
DESCRIPTION OF THE DEBT SECURITIES
As of the date of this prospectus, we have no debt securities
issued and outstanding.
The following description, together with the additional information
we include in any applicable prospectus supplement, summarizes the material terms and provisions of the debt securities that we
may offer under this prospectus. While the terms we have summarized below will apply generally to any future debt securities we
may offer, we will describe the particular terms of any debt securities that we may offer in more detail in the applicable prospectus
supplement. The terms of any debt securities we offer under a prospectus supplement may differ from the terms we describe below.
We will issue notes under an indenture, which we will enter
into with the trustee named in the indenture. Any indenture will be qualified under the Trust Indenture Act of 1939. You should
read the summary below, the applicable prospectus supplement and the provisions of the applicable indenture and any related security
documents, if any, in their entirety before investing in our debt securities.
We will describe in each prospectus supplement the following
terms relating to a series of debt securities:
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the principal amount being offered, and if a series, the total amount authorized and the total
amount outstanding;
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any limit on the amount that may be issued;
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whether or not we will issue the series of debt securities in global form, and if so, the terms
and who the depository will be;
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the principal amount due at maturity, and whether the debt securities will be issued with an original
issue discount;
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whether and under what circumstances, if any, we will pay additional amounts on any debt securities
held by a person who is not a United States person for tax purposes, and whether we can redeem the debt securities if we have to
pay such additional amounts;
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the annual interest rate, which may be fixed or variable, or the method for determining the rate
and the date interest will begin to accrue, the dates interest will be payable and the regular record dates for interest payment
dates or the method for determining such dates;
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whether or not the debt securities will be secured or unsecured, and the terms of any secured debt;
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the terms of the subordination of any series of subordinated debt;
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the place where payments will be payable;
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restrictions on transfer, sale or other assignment, if any;
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our right, if any, to defer payment of interest and the maximum length of any such deferral period;
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the date, if any, after which the conditions upon which, and the price at which, we may, at our
option, redeem the series of debt securities pursuant to any optional or provisional redemption provisions and the terms of those
redemptions provisions;
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the date, if any, on which, and the price at which we are obligated, pursuant to any mandatory
sinking fund or analogous fund provisions or otherwise, to redeem, or at the holder’s option to purchase, the series of debt
securities and the currency or currency unit in which the debt securities are payable;
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whether the indenture will restrict our ability to pay dividends, or will require us to maintain
any asset ratios or reserves;
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whether we will be restricted from incurring any additional indebtedness, issuing additional securities,
or entering into a merger, consolidation or sale of our business;
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a discussion of any material or special United States federal income tax considerations applicable
to the debt securities;
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information describing any book-entry features;
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provisions for a sinking fund purchase or other analogous fund, if any;
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any provisions for payment of additional amounts for taxes and any provision for redemption, if
we must pay such additional amount with respect to any debt security;
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whether the debt securities are to be offered at a price such that they will be deemed to be offered
at an “original issue discount” as defined in paragraph (a) of Section 1273 of the Internal Revenue Code;
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the denominations in which we will issue the series of debt securities, if other than denominations
of $1,000 and any integral multiple thereof;
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the terms on which a series of debt securities may be convertible into or exchangeable for our
common stock, any other of our securities or securities of a third party, and whether conversion or exchange is mandatory, at the
option of the holder or at our option;
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whether we and/or the debenture trustee may change an indenture without the consent of any holders;
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the form of debt security and how it may be exchanged and transferred;
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descriptions of the debenture trustee and paying agent, and the method of payments; and
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any other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities,
including any additional events of default or covenants provided with respect to the debt securities, and any terms which may be
required by us or advisable under applicable laws or regulations.
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Specific indentures will contain additional
important terms and provisions and will be incorporated by reference as an exhibit to the registration statement that includes
this prospectus, or as an exhibit to a report filed under the Exchange Act, incorporated by reference in this prospectus.
DESCRIPTION OF WARRANTS
We may issue warrants for the purchase of common stock or preferred
stock, in one or more series. We may issue warrants independently or together with common stock, preferred stock or debt securities,
and the warrants may be attached to or separate from our common stock, preferred stock or debt securities. While the terms summarized
below will apply generally to any warrants that we may offer, we will describe the particular terms of any series of warrants in
more detail in the applicable prospectus supplement. The terms of any warrants offered under a prospectus supplement may differ
from the terms described below.
We will file as an exhibit to the registration statement of
which this prospectus is a part, or will incorporate by reference from reports that we file with the SEC, the form of warrant agreement,
including a form of warrant certificate, that describes the terms of the particular series of warrants we are offering before the
issuance of the related series of warrants. The following summaries of material provisions of the warrants and the warrant agreements
are subject to, and qualified in their entirety by reference to, all the provisions of the warrant agreement and warrant certificate
applicable to the particular series of warrants that we may offer under this prospectus. We urge you to read the applicable prospectus
supplements related to the particular series of warrants that we may offer under this prospectus, as well as any related free writing
prospectuses, and the complete warrant agreements and warrant certificates that contain the terms of the warrants.
General
We will describe in the applicable prospectus supplement the
terms of the series of warrants being offered, including:
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the offering price and aggregate number of warrants offered;
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the currency for which the warrants may be purchased;
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if applicable, the number of warrants issued with each share of common stock or preferred stock, or with the principal amount
of any debt security;
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if applicable, the date on and after which the warrants and the related shares will be separately transferable;
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the number of shares of common stock or preferred stock purchasable upon the exercise of one warrant and the price at which
these shares may be purchased upon such exercise;
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the effect of any merger, consolidation, sale or other disposition of our business on the warrant agreements and the warrants;
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the terms of any rights to redeem or call the warrants;
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any provisions for changes to or adjustments in the exercise price or number of shares issuable upon exercise of the warrants;
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the dates on which the right to exercise the warrants will commence and expire;
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the manner in which the warrant agreements and warrants may be modified; and
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any other specific terms, preferences, rights or limitations of or restrictions on the warrants.
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Before exercising their warrants, holders of warrants will not
have any of the rights of holders of common stock or preferred stock purchasable upon such exercise, including the right to receive
dividends, if any, or, payments upon our liquidation, dissolution or winding up or to exercise voting rights:
Exercise of Warrants
Each warrant will entitle the holder to purchase the number
of shares of common stock or preferred stock that we specify in the applicable prospectus supplement at the exercise price that
we describe in the applicable prospectus supplement. Unless we otherwise specify in the applicable prospectus supplement, holders
of the warrants may exercise the warrants at any time up to the specified time on the expiration date that we set forth in the
applicable prospectus supplement. After the close of business on the expiration date, unexercised warrants will become void.
Holders of the warrants may exercise the warrants by delivering
the warrant certificate representing the warrants to be exercised together with specified information, and paying the required
amount to the warrant agent in immediately available funds, as provided in the applicable prospectus supplement. We will set forth
on the reverse side of the warrant certificate and in the applicable prospectus supplement the information that the holder of the
warrant will be required to deliver to the warrant agent.
Upon receipt of the required payment and the warrant certificate
properly completed and duly executed at the corporate trust office of the warrant agent or any other office indicated in the applicable
prospectus supplement, we will issue and deliver the shares purchasable upon such exercise. If fewer than all of the warrants represented
by the warrant certificate are exercised, then we will issue a new warrant certificate for the remaining amount of warrants. If
we so indicate in the applicable prospectus supplement, holders of the warrants may surrender securities as all or part of the
exercise price for warrants.
Governing Law
Unless we provide otherwise in the applicable prospectus supplement,
the warrants and warrant agreements will be governed by and construed in accordance with the laws of the State of New York.
Enforceability of Rights by Holders of Warrants
Each warrant agent will act solely as our agent under the applicable
warrant agreement and will not assume any obligation or relationship of agency or trust with any holder of any warrant. A single
bank or trust company may act as warrant agent for more than one issue of warrants. A warrant agent will have no duty or responsibility
in case of any default by us under the applicable warrant agreement or warrant, including any duty or responsibility to initiate
any proceedings at law or otherwise, or to make any demand upon us. Any holder of a warrant may, without the consent of the related
warrant agent or the holder of any other warrant, enforce by appropriate legal action its right to exercise, and receive the securities
purchasable upon exercise of, its warrants.
DESCRIPTION OF UNITS
We may issue units comprised of one or more of the other classes
of securities described in this prospectus in any combination. Each unit will be issued so that the holder of the unit is also
the holder of each security included in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of
each included security. The units may be issued under unit agreements to be entered into between us and a unit agent, as detailed
in the prospectus supplement relating to the units being offered. The prospectus supplement will describe:
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the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances
the securities comprising the units may be held or transferred separately;
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a description of the terms of any unit agreement governing the units;
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a description of the provisions for the payment, settlement, transfer or exchange of the units;
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a discussion of material federal income tax considerations, if applicable; and
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whether the units if issued as a separate security will be issued in fully registered or global form.
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The descriptions of the units in this prospectus and in any
prospectus supplement are summaries of the material provisions of the applicable unit agreements. These descriptions do not restate
those unit agreements in their entirety and may not contain all the information that you may find useful. We urge you to read the
applicable unit agreements because they, and not the summaries, define your rights as holders of the units. For more information,
please review the forms of the relevant unit agreements, which will be filed with the SEC promptly after the offering of units
and will be available as described in the section titled “Where You Can Find More Information.”
LEGAL OWNERSHIP OF SECURITIES
We can issue securities in registered form or in the form of
one or more global securities. We describe global securities in greater detail below. We refer to those persons who have securities
registered in their own names on the books that we or any applicable trustee, depository or warrant agent maintain for this purpose
as the “holders” of those securities. These persons are the legal holders of the securities. We refer to those persons
who, indirectly through others, own beneficial interests in securities that are not registered in their own names, as “indirect
holders” of those securities.
As we discuss below, indirect holders are not legal holders,
and investors in securities issued in book-entry form or in street name will be indirect holders.
Book-Entry Holders
We may issue securities in book-entry form only, as we will
specify in the applicable prospectus supplement. This means securities may be represented by one or more global securities registered
in the name of a financial institution that holds them as depositary on behalf of other financial institutions that participate
in the depositary’s book-entry system. These participating institutions, which are referred to as participants, in turn hold
beneficial interests in the securities on behalf of themselves or their customers.
Only the person in whose name a security is registered is recognized
as the holder of that security. Securities issued in global form will be registered in the name of the depositary or its participants.
Consequently, for securities issued in global form, we will recognize only the depositary as the holder of the securities, and
we will make all payments on the securities to the depositary. The depositary passes along the payments it receives to its participants,
which in turn pass the payments along to their customers who are the beneficial owners. The depositary and its participants do
so under agreements they have made with one another or with their customers; they are not obligated to do so under the terms of
the securities.
As a result, investors in a book-entry security will not own
securities directly. Instead, they will own beneficial interests in a global security, through a bank, broker or other financial
institution that participates in the depositary’s book-entry system or holds an interest through a participant. As long as
the securities are issued in global form, investors will be indirect holders, and not holders, of the securities.
Street Name Holders
We may terminate a global security or issue securities in non-global
form. In these cases, investors may choose to hold their securities in their own names or in “street name.” Securities
held by an investor in street name would be registered in the name of a bank, broker or other financial institution that the investor
chooses, and the investor would hold only a beneficial interest in those securities through an account he or she maintains at that
institution.
For securities held in street name, we will recognize only the
intermediary banks, brokers and other financial institutions in whose names the securities are registered as the holders of those
securities, and we will make all payments on those securities to them. These institutions pass along the payments they receive
to their customers who are the beneficial owners, but only because they agree to do so in their customer agreements or because
they are legally required to do so. Investors who hold securities in street name will be indirect holders, not holders, of those
securities.
Legal Holders
Our obligations, as well as the obligations of any applicable
trustee and of any third parties employed by us or a trustee, run only to the legal holders of the securities. We do not have obligations
to investors who hold beneficial interests in global securities, in street name or by any other indirect means. This will be the
case whether an investor chooses to be an indirect holder of a security or has no choice because we are issuing the securities
only in global form.
For example, once we make a payment or give a notice to the
holder, we have no further responsibility for the payment or notice even if that holder is required, under agreements with depositary
participants or customers or by law, to pass it along to the indirect holders but does not do so.
Special Considerations for Indirect Holders
If you hold securities through a bank, broker or other financial
institution, either in book-entry form or in street name, you should check with your own institution to find out:
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how it handles securities payments and notices;
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whether it imposes fees or charges;
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how it would handle a request for the holders’ consent, if ever required;
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whether and how you can instruct it to send you securities registered in your own name so you can be a holder, if that is permitted
in the future;
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how it would exercise rights under the securities if there were a default or other event triggering the need for holders to
act to protect their interests; and
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if the securities are in book-entry form, how the depositary’s rules and procedures will affect these matters.
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Global Securities
A global security is a security that represents one or any other
number of individual securities held by a depositary. Generally, all securities represented by the same global securities will
have the same terms.
Each security issued in book-entry form will be represented
by a global security that we deposit with and register in the name of a financial institution or its nominee that we select. The
financial institution that we select for this purpose is called the depositary. Unless we specify otherwise in the applicable prospectus
supplement, the Depository Trust Company, or DTC, will be the depositary for all securities issued in book-entry form.
A global security may not be transferred to or registered in
the name of anyone other than the depositary, its nominee or a successor depositary, unless special termination situations arise.
We describe those situations below under “Special Situations When a Global Security Will Be Terminated.” As a result
of these arrangements, the depositary, or its nominee, will be the sole registered owner and holder of all securities represented
by a global security, and investors will be permitted to own only beneficial interests in a global security. Beneficial interests
must be held by means of an account with a broker, bank or other financial institution that in turn has an account with the depositary
or with another institution that does. Thus, an investor whose security is represented by a global security will not be a holder
of the security, but only an indirect holder of a beneficial interest in the global security.
If the prospectus supplement for a particular security indicates
that the security will be issued in global form only, then the security will be represented by a global security at all times unless
and until the global security is terminated. If termination occurs, we may issue the securities through another book-entry clearing
system or decide that the securities may no longer be held through any book-entry clearing system.
Special Considerations for Global Securities
As an indirect holder, an investor’s rights relating to
a global security will be governed by the account rules of the investor’s financial institution and of the depositary, as
well as general laws relating to securities transfers. We do not recognize an indirect holder as a holder of securities and instead
deal only with the depositary that holds the global security.
If securities are issued only in the form of a global security,
an investor should be aware of the following:
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An investor cannot cause the securities to be registered in his or her name and cannot obtain non-global certificates for his
or her interest in the securities, except in the special situations we describe below.
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An investor will be an indirect holder and must look to his or her own bank or broker for payments on the securities and protection
of his or her legal rights relating to the securities, as we describe above.
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An investor may not be able to sell interests in the securities to some insurance companies and to other institutions that
are required by law to own their securities in non-book-entry form.
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An investor may not be able to pledge his or her interest in a global security in circumstances where certificates representing
the securities must be delivered to the lender or other beneficiary of the pledge in order for the pledge to be effective.
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The depositary’s policies, which may change from time to time, will govern payments, transfers, exchanges and other matters
relating to an investor’s interest in a global security. We and any applicable trustee have no responsibility for any aspect
of the depositary’s actions or for its records of ownership interests in a global security. We and the trustee also do not
supervise the depositary in any way.
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The depositary may, and we understand that DTC will, require that those who purchase and sell interests in a global security
within its book-entry system use immediately available funds, and your broker or bank may require you to do so as well.
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Financial institutions that participate in the depositary’s book-entry system, and through which an investor holds its
interest in a global security, may also have their own policies affecting payments, notices and other matters relating to the securities.
There may be more than one financial intermediary in the chain of ownership for an investor. We do not monitor and are not responsible
for the actions of any of those intermediaries.
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Special Situations When a Global Security Will Be Terminated
In a few special situations described below, the global security
will terminate, and interests in it will be exchanged for physical certificates representing those interests. After that exchange,
the choice of whether to hold securities directly or in street name will be up to the investor. Investors must consult their own
banks or brokers to find out how to have their interests in securities transferred to their own name, so that they will be direct
holders. We have described the rights of holders and street name investors above.
The global security will terminate when the following special
situations occur:
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if the depositary notifies us that it is unwilling, unable or no longer qualified to continue as depositary for that global
security and we do not appoint another institution to act as depositary within 90 days;
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if we notify any applicable trustee that we wish to terminate that global security; or
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if an event of default has occurred with regard to securities represented by that global security and has not been cured or
waived.
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The applicable prospectus supplement may also list additional
situations for terminating a global security that would apply only to the particular series of securities covered by the prospectus
supplement. When a global security terminates, the depositary, and not we or any applicable trustee, is responsible for deciding
the names of the institutions that will be the initial direct holders.
PLAN OF DISTRIBUTION
We may sell our securities covered by this prospectus in any
of three ways (or in any combination):
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to or through underwriters or dealers;
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directly to one or more purchasers; or
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We may distribute the securities:
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from time to time in one or more transactions at a fixed price or prices, which may be changed from time to time;
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“at the market” offerings, as defined in Rule 415 under 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
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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:
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the name or names of any underwriters, dealers or agents;
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the amounts of securities underwritten or purchased by each of them;
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the purchase price of securities and the proceeds we will receive from the sale;
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any option under which underwriters may purchase additional securities from us;
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any underwriting discounts or commissions or agency fees and other items constituting underwriters’ or agents’
compensation;
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the public offering price of the securities;
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any discounts, commissions or concessions allowed or reallowed or paid to dealers; and
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any securities exchange or market on which the securities may be listed.
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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 agent in
the applicable prospectus supplement.
Underwriters or dealers may offer and sell the offered securities
from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying
prices determined at the time of sale. If underwriters or dealers are used in the sale of any securities, the securities will be
acquired by the underwriters or dealers for their own account and may be resold from time to time in one or more transactions described
above. The securities may be either offered to the public through underwriting syndicates represented by managing underwriters,
or directly by underwriters or dealers. Generally, the underwriters’ or dealers’ obligations to purchase the securities
will be subject to certain conditions precedent. The underwriters or dealers will be obligated to purchase all of the securities
if they purchase any of the securities, unless otherwise specified in the prospectus supplement. We may use underwriters with whom
we have a material relationship. We will describe the nature of any such relationship in the prospectus supplement, naming the
underwriter.
We may sell the securities through agents from time to time.
The prospectus supplement will name any agent involved in the offer or sale of the securities and any commissions we pay to them.
Generally, any agent will be acting on a best efforts basis for the period of its appointment. We may authorize underwriters, dealers
or agents to solicit offers by certain purchasers to purchase the securities from us at the public offering price set forth in
the prospectus supplement pursuant to delayed delivery contracts providing for payment and delivery on a specified date in the
future. The contracts will be subject only to those conditions set forth in the prospectus supplement, and the prospectus supplement
will set forth any commissions we pay for solicitation of these contracts.
Agents, dealers and underwriters may be entitled to indemnification
by us against certain civil liabilities, including liabilities under the Securities Act, or to contribution with respect to payments
which the agents, dealers or underwriters may be required to make in respect thereof. Agents, dealers and underwriters may engage
in transactions with, or perform services for us in the ordinary course of business.
All securities we may offer, other than common stock, will be
new issues of securities with no established trading market. Any underwriters may make a market in these securities, but will not
be obligated to do so and may discontinue any market making at any time without notice. We cannot guarantee the liquidity of the
trading markets for any securities.
Any underwriter may engage in over-allotment, stabilizing transactions,
short covering transactions and penalty bids in accordance with Regulation M under the Exchange Act. Over-allotment involves sales
in excess of the offering size, which create a short position. This short sales position may involve either “covered”
short sales or “naked” short sales. Covered short sales are short sales made in an amount not greater than the underwriters’
over-allotment option to purchase additional securities in the relevant offering. The underwriters may close out any covered short
position either by exercising their over-allotment option or by purchasing securities in the open market. To determine how they
will close the covered short position, the underwriters will consider, among other things, the price of securities available for
purchase in the open market, as compared to the price at which they may purchase securities through the over-allotment option.
Naked short sales are short sales in excess of the over-allotment option. The underwriters must close out any naked short position
by purchasing securities in the open market. A naked short position is more likely to be created if the underwriters are concerned
that, in the open market after pricing, there may be downward pressure on the price of the securities that could adversely affect
investors who purchase securities in the offering. Stabilizing transactions permit bids to purchase the underlying security for
the purpose of fixing the price of the security so long as the stabilizing bids do not exceed a specified maximum. Penalty bids
permit the underwriters to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased
in a covering transaction to cover short positions.
Any underwriters who are qualified market makers on the NYSE
American may engage in passive market making transactions in our common stock, preferred stock, warrants and debt securities, as
applicable on the NYSE American in accordance with Rule 103 of Regulation M, during the business day prior to the pricing of the
offering, before the commencement of offers or sales of the securities. Passive market makers must comply with applicable volume
and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid
at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive
market maker’s bid, however, the passive market maker’s bid must then be lowered when certain purchase limits are exceeded.
Similar to other purchase transactions, an underwriter’s
purchase to cover the syndicate short sales or to stabilize the market price of our securities may have the effect of raising or
maintaining the market price of our securities or preventing or mitigating a decline in the market price of our securities. As
a result, the price of our securities may be higher than the price that might otherwise exist in the open market. The imposition
of a penalty bid might also have an effect on the price of the securities if it discourages resales of the securities.
Neither we nor any underwriter makes any representation or prediction
as to the effect that the transactions described above may have on the price of the securities. If such transactions are commenced,
they may be discontinued without notice at any time.
LEGAL MATTERS
The validity of the securities being offered by this prospectus
will be passed upon for us by Thompson Hine LLP, New York, New York, and Lane Powell PC, Seattle, Washington.
EXPERTS
Ernst & Young LLP, independent registered
public accounting firm, has audited our consolidated financial statements included in our Annual Report on Form 10-K for the year
ended December 31, 2019, as set forth in their report (which contains an explanatory paragraph describing conditions that raise
substantial doubt about Armata Pharmaceuticals, Inc.’s ability to continue as a going concern as described in Note 2
to the consolidated financial statements) which is incorporated by reference in this prospectus and elsewhere in the registration
statement. Our consolidated financial statements are incorporated by reference in reliance on Ernst & Young LLP’s report,
given on their authority as experts in accounting and auditing.
Ernst & Young LLP, independent registered public
accounting firm, has audited AmpliPhi Biosciences Corporation’s consolidated financial statements at December 31,
2018 and 2017 and for the years then ended, as set forth in their report (which contains an explanatory paragraph
describing conditions that raise substantial doubt about AmpliPhi Biosciences Corporation’s ability to continue as a
going concern as described in Note 2 to the consolidated financial statements). We have incorporated by reference AmpliPhi
Biosciences Corporation’s consolidated financial statements in the prospectus and elsewhere in the registration
statement in reliance on Ernst & Young LLP’s report, given on their authority as experts in accounting and
auditing.
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form
S-3 under the Securities Act, with respect to the securities being offered by this prospectus. This prospectus does not contain
all of the information in the registration statement and its exhibits. For further information with respect to us and the securities
offered by this prospectus, we refer you to the registration statement and its exhibits. Statements contained in this prospectus
as to the contents of any contract or any other document referred to are not necessarily complete, and in each instance, we refer
you to the copy of the contract or other document filed as an exhibit to the registration statement. Each of these statements is
qualified in all respects by this reference. The SEC maintains an internet website that contains reports, proxy statements, and
other information about registrants, like us, that file electronically with the SEC. The address of that website is www.sec.gov.
The information contained in, or that can be accessed through, the SEC’s website is not incorporated by reference in, and
is not part of, this prospectus or any prospectus supplement.
We are subject to the information and periodic reporting requirements
of the Exchange Act, and we file periodic reports, proxy statements and other information with the SEC. We maintain a website at
https://www.armatapharma.com/. You may access our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports
on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act with the
SEC free of charge at our website as soon as reasonably practicable after such material is electronically filed with, or furnished
to, the SEC. The information contained in, or that can be accessed through, our website is not incorporated by reference in, and
is not part of, this prospectus.
INCORPORATION OF CERTAIN INFORMATION
BY REFERENCE
The SEC allows us to “incorporate by reference”
information that we file with it, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is an important part of this prospectus. Information in this prospectus supersedes information
incorporated by reference that we filed with the SEC prior to the date of this prospectus, while information that we file later
with the SEC will automatically update and supersede the information in this prospectus to the extent that a statement contained
in this prospectus or free writing prospectus provided to you in connection with this offering, or in any other document we subsequently
file with the SEC that also is incorporated by reference in this prospectus, modifies or supersedes the original statement.
The following documents filed with the SEC are hereby incorporated
by reference in this prospectus:
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our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 19, 2020;
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AmpliPhi Biosciences Corporation’s annual report on Form 10-K for the year ended December 31, 2018, filed with the
SEC on March 25, 2019;
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our Current Reports on Form 8-K and all amendments thereto on Form 8-K/A, filed with the SEC on January 29, 2020, February 13, 2020, February 26, 2020, March 19, 2020, and March 30, 2020; and
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the description of our common stock contained in our registration statement on Form 8-A, filed with the SEC on August 18, 2015,
including all amendments and reports filed for the purpose of updating such description.
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All reports and other documents subsequently filed by us pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this prospectus and prior to the termination of this
offering shall be deemed to be incorporated by reference in this prospectus and to be part hereof from the date of filing of such
reports and other documents.
We will furnish without charge to you, on written or oral request,
a copy of any or all of the documents incorporated by reference, including exhibits to these documents. You should direct any requests
for documents by writing us at 4503 Glencoe Avenue, Marina del Rey, California 90292 or telephoning us at (310) 665-2928.
The SEC maintains an Internet site that contains reports, proxy
and information statements, and other information regarding issuers that file electronically with the SEC and state the address
of that site (http://www.sec.gov). In addition, we maintain a website at www.armatapharma.com/. Information contained in
our website does not constitute a part of this prospectus.
Notwithstanding the statements in the preceding paragraphs,
no document, report or exhibit (or portion of any of the foregoing) or any other information that we have “furnished”
or may in the future “furnish” to the SEC pursuant to the Exchange Act shall be incorporated by reference into this
prospectus.
In accordance with Rule 412 of the Securities Act, any statement
contained in a document incorporated by reference herein shall be deemed modified or superseded to the extent that a statement
contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein
modifies or supersedes such statement.
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