Siga Technologies Inc. (SIGA) ended the recent trading session at $6.36, demonstrating a -1.24% change from the preceding day's closing price. The stock's change was less than the S&P 500's daily loss of 1.13%. Meanwhile, the Dow experienced a drop of 1.79%, and the technology-dominated Nasdaq saw a decrease of 1.3%. Shares of the company have appreciated by 8.78% over the course of the past month, outperforming the Medical sector's gain of 3.07%, and the S&P 500's gain of 3.55%.The upcoming earnings releas ...

Financial Data and Key Metrics Changes - Product revenues for Q1 2025 were approximately $6 million, a decrease from $11 million in Q4 2024, attributed to a sale to a repeat international customer [3][4] - The company reported a pretax operating loss of approximately $2 million and a net loss of approximately $1 million for the quarter, with a fully diluted loss per share of $0.01 [17][18] - As of March 31, 2025, the company had a cash balance of approximately $162 million and no debt, reflecting a strong balance sheet [17][18] Business Line Data and Key Metrics Changes - The U.S. side of the business had about $70 million of outstanding TPOXX orders for the Strategic National Stockpile, with approximately $53 million of oral TPOXX and $9 million of IV TPOXX delivered in April [5][15] - The U.S. Government exercised an option to procure an additional $26 million of IV TPOXX, expected to be delivered in 2026, and modified the current agreement to add $14 million for manufacturing support [6][34] Market Data and Key Metrics Changes - The company has received regulatory approvals for TPOXX in the U.S., Canada, Europe, the U.K., and Japan, indicating a broadening international market presence [4][5] - The international sale of $6 million in Q1 2025 is seen as the beginning of substantial sales growth in the coming months [3][4] Company Strategy and Development Direction - The company aims to reinforce its position in global health security and deliver long-term value to shareholders through strategic partnerships and regulatory approvals [2][12] - Future plans include establishing a comprehensive long-term agreement with the U.S. Government to enhance preparedness against bioterrorism [8][9] - The company is advancing its late-stage pipeline with a focus on TPOXX post-exposure prophylaxis and pediatric programs [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing collaboration with the U.S. Government and the importance of TPOXX in national security [23][25] - The company remains committed to maintaining a strong financial foundation and executing strategic priorities with discipline [12][14] Other Important Information - A special cash dividend of $0.60 per share was declared, reflecting the strength of the balance sheet and confidence in the company's future [11][18] - The company is focused on leveraging its capabilities to move into complementary therapeutic areas as part of its growth strategy [12][13] Q&A Session Summary Question: Expected RFP timeline for PFOX - Management highlighted active engagement with the U.S. Government and positive signals regarding national security and antiviral therapies [21][23] Question: Interim insights from the PET label expansion program - Management confirmed ongoing progress and positive engagement with the FDA and CDC, targeting a supplemental NDA submission in the first half of 2026 [27][28] Question: Potential share buybacks to support investor sentiment - Management indicated a commitment to deploying capital in ways that drive value, including dividends and share repurchases [29][30] Question: Impact of tariffs on international growth efforts - Management stated that current tariffs have not impacted business operations, but they will continue to monitor the macro environment [32][33] Question: Details on the $14 million contract modification - Management described the modification as a positive sign of the administration's commitment to TPOXX and its long-term supply chain resiliency [34][36]

Financial Data and Key Metrics Changes - In Q1 2025, product revenues were approximately $6 million, attributed to a sale to a repeat international customer, compared to an $11 million sale in Q4 2024, indicating a broadening scope of international business [3][4] - The company had a pretax operating loss of approximately $2 million and a net loss of approximately $1 million for the quarter, with a fully diluted loss per share of $0.01 [16] - As of March 31, 2025, the company maintained a strong balance sheet with a cash balance of approximately $162 million and no debt [16][17] Business Line Data and Key Metrics Changes - The U.S. side of the business had about $70 million of outstanding TPOXX orders for delivery to the U.S. Strategic National Stockpile, with approximately $53 million of oral TPOXX and $9 million of IV TPOXX delivered in April [5][15] - The U.S. Government exercised an option under the current contract to procure an additional $26 million of IV TPOXX, expected to be delivered in 2026, and modified the agreement to add $14 million for manufacturing support [6][36] Market Data and Key Metrics Changes - The company has received regulatory approvals for TPOXX in the U.S., Canada, Europe, the U.K., and Japan, indicating a strong international market presence [4][5] - The company expects the $6 million international sale in Q1 to be the start of substantial product sales over the next few months [4][15] Company Strategy and Development Direction - The company aims to reinforce its position as a leader in global health security and deliver long-term value to shareholders through strategic partnerships and regulatory approvals [2][12] - The focus remains on advancing the late-stage pipeline with TPOXX post-exposure prophylaxis program and pediatric program, targeting an FDA submission for PEP indication in the first half of 2026 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing collaboration with the U.S. Government and the importance of TPOXX in national security, viewing recent government actions as positive signals [22][24] - The company remains committed to maintaining a strong financial foundation and executing strategic priorities with discipline [12][14] Other Important Information - A special cash dividend of $0.60 per share was declared, reflecting the strength of the balance sheet and confidence in the company's future [11][17] - The company continues to monitor the macro tariff environment but has not seen any impact on international growth efforts from recent tariffs [32] Q&A Session Summary Question: What is the expected RFP timeline for PFOX? - Management noted active engagement with the U.S. Government and positive signals regarding national security and antiviral therapies, indicating readiness to engage on an RFP when issued [20][22] Question: Any interim insights from the PET label expansion program? - Management confirmed ongoing progress in the PEP program, with the FDA providing real-time guidance and a target for supplemental NDA submission in the first half of 2026 [26][28] Question: Can we expect share buybacks in the near term? - Management stated that capital deployment will focus on driving value through dividends, share repurchases, or investments in growth and innovation [29][30] Question: Impact of tariffs on international growth efforts? - Management indicated that announced tariffs have not impacted business operations, emphasizing the importance of a U.S.-based supply chain [32] Question: Details on the modification to the 19C contract? - Management highlighted the $14 million contract modification as a sign of the administration's commitment to TPOXX and its importance in the stockpile for long-term supply chain resiliency [36]

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I-FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The company reported a net loss in Q1 2025, a reversal from prior year's net income, despite positive operating cash flow and increased cash reserves Condensed Consolidated Balance Sheets (Unaudited) | | March 31, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $162,271,052 | $155,400,262 | | Total current assets | $233,621,830 | $231,044,884 | | **Total assets** | **$247,067,209** | **$244,337,026** | | **Liabilities and Stockholders' Equity** | | | | Total current liabilities | $27,800,350 | $25,331,613 | | **Total liabilities** | **$30,934,582** | **$28,532,263** | | **Total stockholders' equity** | **$216,132,627** | **$215,804,763** | Condensed Consolidated Statements of Operations (Unaudited) | | Three Months Ended March 31, 2025 (USD) | Three Months Ended March 31, 2024 (USD) | | :--- | :--- | :--- | | Total revenues | $7,040,815 | $25,429,855 | | Total operating expenses | $9,296,213 | $14,154,456 | | Operating (loss)/income | $(2,255,398) | $11,275,399 | | Net and comprehensive (loss)/income | **$(408,223)** | **$10,277,340** | | Basic (loss)/income per share | **$(0.01)** | **$0.14** | | Diluted (loss)/income per share | **$(0.01)** | **$0.14** | Condensed Consolidated Statements of Cash Flows (Unaudited) | | Three Months Ended March 31, 2025 (USD) | Three Months Ended March 31, 2024 (USD) | | :--- | :--- | :--- | | Net cash provided by/(used in) operating activities | $7,061,876 | $(6,118,216) | | Cash used in investing activities | $(24,893) | $— | | Cash used in financing activities | $(166,193) | $(158,980) | | Net increase/(decrease) in cash and cash equivalents | $6,870,790 | $(6,277,196) | | Cash and cash equivalents at end of period | $162,271,052 | $143,868,648 | - As of March 31, 2025, the aggregate transaction price allocated to current performance obligations was **$115.9 million**, with most revenue from product delivery expected within 12 months and R&D services within three years[17](index=17&type=chunk) - On April 8, 2025, the Board of Directors declared a special cash dividend of **$0.60 per share**, payable on May 15, 2025[69](index=69&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the Q1 2025 net loss to lower product sales, despite a BARDA contract modification for additional funding and strong liquidity with **$162.3 million** in cash - SIGA is a commercial-stage pharmaceutical company with its lead product, **TPOXX®**, approved for smallpox treatment globally, and is pursuing a label expansion for post-exposure prophylaxis within the next twelve months[72](index=72&type=chunk)[73](index=73&type=chunk)[75](index=75&type=chunk)[77](index=77&type=chunk) - The 19C BARDA contract, valued at approximately **$602.5 million** as of March 31, 2025, was modified in April 2025, increasing its total value by **$14.3 million** to **$616.8 million** for manufacturing support[25](index=25&type=chunk)[79](index=79&type=chunk) - Subsequent to quarter-end in April 2025, the company delivered approximately **$53 million** of oral TPOXX® and **$9 million** of IV TPOXX® to the Strategic National Stockpile under the BARDA contract[27](index=27&type=chunk)[81](index=81&type=chunk) Revenue Comparison (Q1 2025 vs Q1 2024) | Revenue Source | Q1 2025 (USD) | Q1 2024 (USD) | | :--- | :--- | :--- | | Product Sales & Supportive Services | $5.8 million | $23.9 million | | Research and Development | $1.2 million | $1.6 million | | **Total Revenues** | **$7.0 million** | **$25.4 million** | - SG&A expenses decreased by **$2.2 million**, from **$7.9 million** in Q1 2024 to **$5.7 million** in Q1 2025, primarily due to lower international promotion fees and compensation expenses[101](index=101&type=chunk) - The company's cash and cash equivalents increased to **$162.3 million** as of March 31, 2025, from **$155.4 million** at year-end 2024, with management believing liquidity is sufficient for the next twelve months[105](index=105&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's investment portfolio prioritizes capital preservation, with market risk primarily limited to U.S. interest rate changes affecting interest income - The company's primary investment objective is capital preservation, and it does not use derivative financial instruments to manage interest rate exposure[115](index=115&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2025[117](index=117&type=chunk) - No material changes were made to the internal control over financial reporting during the quarter ended March 31, 2025[118](index=118&type=chunk) [PART II - OTHER INFORMATION](index=30&type=section&id=PART%20II-OTHER%20INFORMATION) [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company does not expect current legal proceedings to have a material adverse effect on its financial position or results of operations - The company does not anticipate any current legal claims to have a material adverse effect on its business or financial condition[119](index=119&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's 2024 Annual Report on Form 10-K - No material changes have occurred to the risk factors described in the company's 2024 Annual Report on Form 10-K[120](index=120&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - No unregistered sales of equity securities occurred during the period[121](index=121&type=chunk) [Other Information](index=30&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - No directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter ended March 31, 2025[124](index=124&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including BARDA contract amendments, CEO/CFO certifications, and Inline XBRL data files - Exhibits filed include two amendments to the BARDA contract, certifications by the CEO and CFO, and XBRL data files[125](index=125&type=chunk)

[Q1 2025 Financial and Operational Highlights](index=1&type=section&id=SIGA%20Reports%20Financial%20Results%20for%20Three%20Months%20Ended%20March%2031%2C%202025) [Financial Performance Summary](index=1&type=section&id=Summary%20Financial%20Results) SIGA's Q1 2025 revenue decreased to $7.0 million, resulting in a $0.4 million net loss, a significant decline from Q1 2024's $25.4 million revenue and $10.3 million net income Summary Financial Results (Millions USD) | Financial Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Product Sales | $5.8M | $23.9M | | Total Revenues | $7.0M | $25.4M | | Operating (Loss) / Income | ($2.3M) | $11.3M | | Net (Loss) / Income | ($0.4M) | $10.3M | | Diluted (Loss) / Income per Share | ($0.01) | $0.14 | - The decline in financial performance was primarily driven by a sharp drop in product sales and supportive services, which decreased from **$23.9 million** in Q1 2024 to **$5.8 million** in Q1 2025[20](index=20&type=chunk) - Operating expenses decreased to **$9.3 million** from **$14.2 million** year-over-year, mainly due to lower cost of sales and reduced selling, general, and administrative expenses[20](index=20&type=chunk) [Balance Sheet Analysis](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS%20%28UNAUDITED%29) SIGA's balance sheet as of March 31, 2025, shows stable total assets at $247.1 million, with cash and equivalents increasing to $162.3 million, and total liabilities at $30.9 million Condensed Consolidated Balance Sheets (Millions USD) | Balance Sheet Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $162.3M | $155.4M | | Total current assets | $233.6M | $231.0M | | Total assets | $247.1M | $244.3M | | Total current liabilities | $27.8M | $25.3M | | Total liabilities | $30.9M | $28.5M | | Total stockholders' equity | $216.1M | $215.8M | [Business and Operational Updates](index=1&type=section&id=Key%20Business%20and%20Operational%20Activity) SIGA achieved key operational milestones, including a $26 million U.S. government order, a $6 million international sale, $94 million in outstanding SNS orders, and TPOXX regulatory approval in Japan - As of March 31, 2025, the company had **$94 million** in outstanding orders for TPOXX to be delivered to the U.S. Strategic National Stockpile (SNS)[4](index=4&type=chunk)[7](index=7&type=chunk) - In March 2025, SIGA received a **$26 million** procurement order for IV TPOXX from the U.S. Government under the 19C BARDA contract[7](index=7&type=chunk)[12](index=12&type=chunk) - Subsequent to the quarter end, in April 2025, the company delivered approximately **$53 million** of oral TPOXX and **$9 million** of IV TPOXX to the SNS[12](index=12&type=chunk) - An international sale of approximately **$6 million** was completed in March 2025, marking a sale to this specific country in five of the last six years[4](index=4&type=chunk)[12](index=12&type=chunk) - In January 2025, TPOXX received regulatory approval in Japan (as TEPOXX) for treating smallpox, mpox, and other related conditions, becoming the first approved antiviral for orthopoxviruses in the country[12](index=12&type=chunk) [Capital Management](index=2&type=section&id=Capital%20Management%20Activity) SIGA demonstrated commitment to shareholder value by declaring a special cash dividend of $0.60 per share on April 8, 2025 - A special cash dividend of **$0.60 per share** was declared on April 8, 2025, payable on May 15, 2025, to shareholders of record as of April 29, 2025[9](index=9&type=chunk)

Core Viewpoint - SIGA Technologies, Inc. has reported its financial results for Q1 2025, indicating a decline in product sales and total revenues compared to the same period in 2024, while also highlighting significant future sales expectations from government orders and international sales [2][3]. Financial Performance - Product sales for Q1 2025 were $5.8 million, down from $23.9 million in Q1 2024, representing a decrease of approximately 75.8% [3]. - Total revenues decreased to $7.0 million in Q1 2025 from $25.4 million in Q1 2024, a decline of about 72.5% [3]. - The company reported an operating loss of $2.3 million for Q1 2025, compared to an operating income of $11.3 million in Q1 2024 [3]. - Net loss for Q1 2025 was $0.4 million, a significant drop from a net income of $10.3 million in Q1 2024 [3]. Business and Operational Activity - SIGA has outstanding Strategic National Stockpile orders totaling $94 million as of March 31, 2025, with expectations to deliver $70 million of these orders by the end of Q3 2025 [2][8]. - The company received a $26 million procurement order for IV TPOXX from the U.S. Government in March 2025 [9]. - In April 2025, SIGA delivered approximately $53 million of oral TPOXX and $9 million of IV TPOXX to the Strategic National Stockpile [9]. - TPOXX received regulatory approval in Japan for the treatment of smallpox and related diseases, marking a significant milestone for the company [9]. Capital Management - A special cash dividend of $0.60 per share was declared on April 8, 2025, to be paid on May 15, 2025 [6]. Assets and Liabilities - As of March 31, 2025, total assets were reported at $247.1 million, slightly up from $244.3 million as of December 31, 2024 [15][16]. - Current liabilities increased to $27.8 million from $25.3 million in the previous quarter [16]. Shareholder Information - The weighted average shares outstanding for basic and diluted calculations were 71.4 million for Q1 2025 [17].

Company Performance - Siga Technologies Inc. closed at $5.43, down 1.63% from the previous trading session, underperforming the S&P 500's gain of 0.63% [1] - Over the past month, Siga's shares appreciated by 0.36%, outperforming the Medical sector's loss of 2.42% and the S&P 500's loss of 0.7% [1] Earnings Expectations - Analysts expect Siga to report earnings of $0.13 per share and revenue of $184.36 million for the full year, reflecting a decrease of 84.15% in earnings and an increase of 32.97% in revenue compared to last year [2] Analyst Estimates - Recent modifications to analyst estimates for Siga are indicative of changing short-term business dynamics, with positive revisions suggesting optimism about the company's outlook [3] Zacks Rank and Performance - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), currently rates Siga Technologies Inc. at 4 (Sell), with the consensus EPS projection remaining stagnant over the past 30 days [5] - Historically, 1 rated stocks have delivered an average annual return of +25% since 1988 [5] Valuation Metrics - Siga Technologies Inc. has a Forward P/E ratio of 42.46, significantly higher than the industry average of 16.49, indicating that Siga is trading at a premium compared to its peers [6] Industry Ranking - The Medical - Drugs industry, which includes Siga, holds a Zacks Industry Rank of 55, placing it in the top 23% of over 250 industries [6]

Company Overview - SIGA Technologies, Inc. is a commercial-stage pharmaceutical company focused on developing innovative medicines to treat and prevent infectious diseases, particularly orthopoxviruses [4] - The company aims to protect against severe infectious diseases through partnerships with governments and public health agencies [4] - SIGA's flagship product, TPOXX® (tecovirimat), is approved in the U.S. and Canada for smallpox treatment and authorized in Europe, the UK, and Japan for smallpox, mpox, cowpox, and vaccinia complications [4] Upcoming Events - Management will host a webcast and conference call for a business update on May 8, 2025, at 4:30 P.M. ET, featuring CEO Diem Nguyen and CFO Daniel Luckshire [1] - A live webcast will be accessible on the company's website in the Investor Relations section [2] - A replay of the call will be available for two weeks after the event, with specific dialing instructions provided for domestic and international callers [3]

In the latest trading session, Siga Technologies Inc. (SIGA) closed at $6.51, marking a +0.39% move from the previous day. The stock trailed the S&P 500, which registered a daily gain of 0.74%. Elsewhere, the Dow gained 0.05%, while the tech-heavy Nasdaq added 1.26%.The company's stock has climbed by 16.34% in the past month, exceeding the Medical sector's loss of 7.7% and the S&P 500's loss of 4.77%.The investment community will be paying close attention to the earnings performance of Siga Technologies Inc ...

Core Viewpoint - SIGA Technologies, Inc. announced a special cash dividend of $0.60 per share, marking the fourth consecutive year of such dividends, reflecting the company's strong balance sheet and confidence in future business prospects [1][2]. Company Overview - SIGA is a commercial-stage pharmaceutical company focused on developing innovative medicines for infectious diseases, particularly orthopoxviruses [2]. - The company's flagship product, TPOXX (tecovirimat), is an antiviral approved for treating smallpox and authorized for other related diseases in various regions including the U.S., Canada, Europe, the UK, and Japan [2]. Financial Management - The CEO emphasized the company's commitment to disciplined financial management and strategic execution to enhance long-term shareholder value [2].