Group 1 - The article discusses Stephen's background as a Registered Nurse (RN) and an MBA, highlighting his unique approach to analyzing healthcare and tech stocks through the "Dizzy Framework" [1] - The "Dizzy Framework" is designed to mitigate common behavioral errors in investing, such as reacting to market noise or adhering too rigidly to prior beliefs [1] - The framework emphasizes the importance of the quality and timing of information, promoting a patient and disciplined investment strategy that translates complex scientific and market dynamics into actionable investment theses [1] Group 2 - Influences on Stephen's investment analysis include concepts from "Superforecasting" and "Fooled by Randomness," which inform his probabilistic approach to market predictions [1]

Financial Data and Key Metrics Changes - In Q2 2025, SIGA achieved product revenues of approximately $79 million, consisting of $53 million from oral TPOXX and $26 million from IV TPOXX delivered to the U.S. Strategic National Stockpile [3][15] - For the six months ended June 30, 2025, product sales totaled $85 million, with research and development revenues of approximately $2 million and $3 million for the three and six months, respectively [16] - The company reported a pretax operating income of approximately $46 million for the quarter and $43 million for the six months, with net income of approximately $35 million for both periods [17] Business Line Data and Key Metrics Changes - The significant product revenues were driven by the delivery of TPOXX formulations, fulfilling outstanding orders from the U.S. government [3][4] - The company received an additional $27 million in development funding from the U.S. government, which includes $14 million for manufacturing activities and $13 million for the pediatric program [5][6] Market Data and Key Metrics Changes - The U.S. government has approximately $26 million of remaining outstanding orders related to IV TPOXX, expected to be delivered in 2026 [4][17] - Internationally, SIGA has sold $135 million of TPOXX to 30 countries since 2020, indicating a growing international market opportunity [25] Company Strategy and Development Direction - SIGA aims to establish a new comprehensive long-term agreement with the U.S. government to reflect the value of TPOXX, enhancing national bioterrorism preparedness and global health security [6][7] - The company is focused on advancing regulatory approvals for TPOXX and new indications, cultivating strategic partnerships, and expanding into complementary therapeutic areas [13][14] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining both oral and IV formulations of TPOXX to ensure flexibility in response strategies for smallpox treatment [6] - The company remains committed to supporting global health security and public health resilience amid rising threats from infectious diseases and bioterrorism [7][9] Other Important Information - The European Medicines Agency's Committee raised questions regarding the efficacy of ticavirumab in treating ENPOXX, which the company is addressing through a detailed response [10][11] - SIGA is advancing its late-stage pipeline for TPOXX post-exposure prophylaxis and pediatric programs, with an IND submission targeted for 2026 [12][13] Q&A Session Summary Question: Regarding the $13 million BARDA funding for the pediatric program, how will the funds be deployed and what is the trial design? - Management explained that the funding will support development activities up to regulatory filing, with a follow-up trial planned to evaluate a refined formulation for pediatric use [21][22] Question: How does the CHMP's request for additional data impact international growth plans? - Management noted that they are building relationships globally and expect international orders to be lumpy, but see significant potential in the international market [24][25] Question: What are the timelines for the RFP process and lead time between order receipt and delivery? - Management indicated that while they cannot speculate on exact timing, they are well-positioned to engage with the U.S. government on RFPs and have a history of efficient negotiation processes [26][29][30] Question: What is the current status of the preclinical monoclonal antibody program? - Management expressed enthusiasm for the monoclonal antibodies' potential and is determining the best path forward for development and manufacturing [32][34]

PART I - FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents SIGA Technologies' unaudited consolidated financial statements for Q2 2025 and FY 2024, covering balance sheets, income, and cash flows [Condensed Consolidated Balance Sheets (Unaudited)](index=4&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS%20(UNAUDITED)) The condensed consolidated balance sheets detail the company's financial position, including assets, liabilities, and stockholders' equity as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheet Highlights | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :-------------- | :------------------ | | Cash and cash equivalents | $182,463,084 | $155,400,262 | | Accounts receivable | $6,486,378 | $21,166,129 | | Inventory | $35,617,037 | $49,563,880 | | Total current assets | $229,202,963 | $231,044,884 | | Total assets | $235,330,216 | $244,337,026 | | Total current liabilities | $22,717,842 | $25,331,613 | | Total liabilities | $26,018,168 | $28,532,263 | | Total stockholders' equity | $209,312,048 | $215,804,763 | [Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20INCOME%20(UNAUDITED)) This statement outlines the company's revenues, operating expenses, operating income, and net income for the three and six months ended June 30, 2025, and 2024, showing significant growth in revenue and profitability Key Financial Performance (Three Months Ended June 30) | Metric | 2025 | 2024 | Change (YoY) | | :-------------------------------- | :------------ | :------------ | :----------- | | Total revenues | $81,120,004 | $21,810,891 | +271.9% | | Operating income | $45,679,869 | $1,079,839 | +4130.3% | | Net and comprehensive income | $35,483,103 | $1,832,616 | +1836.2% | | Basic income per share | $0.50 | $0.03 | +1566.7% | | Diluted income per share | $0.49 | $0.03 | +1533.3% | Key Financial Performance (Six Months Ended June 30) | Metric | 2025 | 2024 | Change (YoY) | | :-------------------------------- | :------------ | :------------ | :----------- | | Total revenues | $88,160,818 | $47,240,746 | +86.6% | | Operating income | $43,424,470 | $12,355,238 | +251.5% | | Net and comprehensive income | $35,074,880 | $12,109,956 | +189.6% | | Basic income per share | $0.49 | $0.17 | +188.2% | | Diluted income per share | $0.49 | $0.17 | +188.2% | [Condensed Consolidated Statements of Cash Flows (Unaudited)](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20(UNAUDITED)) The condensed consolidated statements of cash flows detail the sources and uses of cash from operating, investing, and financing activities for the six months ended June 30, 2025, and 2024, showing a significant increase in cash from operating activities Cash Flow Highlights (Six Months Ended June 30) | Metric | 2025 | 2024 | Change (YoY) | | :-------------------------------- | :------------ | :------------ | :----------- | | Net cash provided by/(used in) operating activities | $70,146,705 | ($164,822) | Significant increase | | Cash used in investing activities | ($24,894) | ($2,185) | - | | Cash used in financing activities | ($43,058,989) | ($43,029,051) | - | | Net increase/(decrease) in cash and cash equivalents | $27,062,822 | ($43,196,058) | Significant increase | | Cash and cash equivalents at end of period | $182,463,084 | $106,949,786 | +70.6% | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=7&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) These notes provide additional information and detailed disclosures supporting the condensed consolidated financial statements, covering accounting policies, contract details, inventory, property, liabilities, equity, and other financial commitments [1. Condensed Consolidated Financial Statements](index=7&type=section&id=1.%20Condensed%20Consolidated%20Financial%20Statements) The financial statements are prepared in accordance with U.S. GAAP for interim information and SEC rules, and should be read in conjunction with the 2024 Annual Report on Form 10-K - Interim financial statements are prepared under U.S. GAAP and SEC rules, and are not necessarily indicative of full-year results[16](index=16&type=chunk) [2. Summary of Significant Accounting Policies](index=7&type=section&id=2.%20Summary%20of%20Significant%20Accounting%20Policies) This section details the company's revenue recognition policies under ASC Topic 606, including the treatment of performance obligations and contract balances, and discusses recently issued accounting pronouncements - The Company recognizes revenue on a gross basis as the principal in transactions, allocating transaction price to distinct performance obligations satisfied over time (R&D services) or at a point in time (product delivery)[17](index=17&type=chunk)[20](index=20&type=chunk) Current Performance Obligations as of June 30, 2025 | Obligation Type | Transaction Price Allocated | | :---------------------- | :-------------------------- | | Total Current Obligations | $62.5 million | - Product delivery obligations are expected to be recognized as revenue within the next 18 months, while research and development service obligations are expected within the next three years[17](index=17&type=chunk) - The Company is evaluating the impact of ASU 2024-03 (Expense Disaggregation Disclosures), effective for fiscal years beginning after December 15, 2026, and ASU 2023-09 (Income Tax Disclosures), effective after December 15, 2024, which is not expected to impact financial statements but will affect disclosures[23](index=23&type=chunk)[24](index=24&type=chunk) [3. Procurement Contracts and Research Agreements](index=9&type=section&id=3.%20Procurement%20Contracts%20and%20Research%20Agreements) This note details the 19C BARDA Contract, including its modifications, payment structure, and revenue recognition patterns, as well as U.S. Department of Defense and international sales activities - The 19C BARDA Contract was modified in October 2023 to redefine an IV TPOXX® course from 14 to 28 vials, and further increased by **$14.3 million** and **$13.2 million** in April and June 2025, respectively, for manufacturing and pediatric formulation development[25](index=25&type=chunk) 19C BARDA Contract Payment Structure (as of June 30, 2025) | Category | Amount (approx.) | | :---------------------- | :--------------- | | Total contemplated payments | $630 million | | Base period payments | $79.2 million | | Exercised options | $545.2 million | | Unexercised options | $5.6 million | Revenue Recognition under 19C BARDA Contract | Period | Over Time (R&D) | At Point in Time (Product Delivery) | | :-------------------------------- | :-------------- | :---------------------------------- | | Three Months Ended June 30, 2025 | $2.0 million | $79.1 million | | Three Months Ended June 30, 2024 | $1.1 million | $17.6 million | | Six Months Ended June 30, 2025 | $3.2 million | $79.1 million | | Six Months Ended June 30, 2024 | $2.7 million | $32.3 million | - International sales for the six months ended June 30, 2025, were **$5.8 million** (oral TPOXX® to one country), a decrease from **$11.0 million** in the same period of 2024, which included sales under the International Promotion Agreement with Meridian[32](index=32&type=chunk)[33](index=33&type=chunk) [4. Inventory](index=12&type=section&id=4.%20Inventory)

Report Overview [Q2 2025 Highlights](index=1&type=section&id=Q2%202025%20Highlights) SIGA Technologies reported strong financial results for the second quarter of 2025, marked by significant product revenues and expanded development funding under the BARDA 19C contract - Generated Product Revenues of **$79 million** for the Three Months Ended June 30, 2025[4](index=4&type=chunk) - Awarded Additional Development Funding of **$27 million** under the BARDA 19C Contract during the Three Months Ended June 30, 2025[4](index=4&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Diem Nguyen highlighted two positive milestones in Q2 2025: significant product revenues from TPOXX sales to the Strategic National Stockpile (SNS) and expanded BARDA 19C development funding for pediatric and manufacturing programs, emphasizing the strength of the business model and TPOXX's value - Recorded approximately **$53 million** of oral TPOXX sales and **$26 million** of IV TPOXX sales in connection with deliveries to the Strategic National Stockpile in Q2 2025[3](index=3&type=chunk) - Awarded incremental development funding of about **$13 million** for the TPOXX pediatric program and **$14 million** for activities to support manufacturing, totaling **$27 million** under the BARDA 19C contract[3](index=3&type=chunk) Financial Performance [Summary Financial Results](index=2&type=section&id=Summary%20Financial%20Results) SIGA reported substantial year-over-year growth across key financial metrics for both the three and six months ended June 30, 2025, driven by significant increases in product sales and total revenues, leading to a strong rise in operating income and net income Summary Financial Results (Three Months Ended June 30) | Metric | Q2 2025 ($M) | Q2 2024 ($M) | YoY Change ($M) | YoY Change (%) | | :----------------------- | :----------- | :----------- | :-------------- | :------------- | | Product sales | 79.1 | 20.7 | 58.4 | 282.1% | | Total revenues | 81.1 | 21.8 | 59.3 | 272.0% | | Operating income | 45.7 | 1.1 | 44.6 | 4054.5% | | Net income | 35.5 | 1.8 | 33.7 | 1872.2% | | Diluted income per share | 0.49 | 0.03 | 0.46 | 1533.3% | Summary Financial Results (Six Months Ended June 30) | Metric | H1 2025 ($M) | H1 2024 ($M) | YoY Change ($M) | YoY Change (%) | | :----------------------- | :----------- | :----------- | :-------------- | :------------- | | Product sales | 84.9 | 44.6 | 40.3 | 90.4% | | Total revenues | 88.2 | 47.2 | 41.0 | 86.9% | | Operating income | 43.4 | 12.4 | 31.0 | 250.0% | | Net income | 35.1 | 12.1 | 23.0 | 190.1% | | Diluted income per share | 0.49 | 0.17 | 0.32 | 188.2% | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, SIGA's total assets experienced a slight decrease compared to December 31, 2024, primarily influenced by reductions in accounts receivable and inventory, while cash and cash equivalents increased. Total liabilities and stockholders' equity also saw modest declines Key Balance Sheet Items (June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 ($) | December 31, 2024 ($) | Change ($) | | :-------------------------------- | :------------ | :---------------- | :----- | | Cash and cash equivalents | $182,463,084 | $155,400,262 | +$27,062,822 | | Accounts receivable | $6,486,378 | $21,166,129 | -$14,679,751 | | Inventory | $35,617,037 | $49,563,880 | -$13,946,843 | | Total current assets | $229,202,963 | $231,044,884 | -$1,841,921 | | Total assets | $235,330,216 | $244,337,026 | -$9,006,810 | | Total current liabilities | $22,717,842 | $25,331,613 | -$2,613,771 | | Total liabilities | $26,018,168 | $28,532,263 | -$2,514,095 | | Total stockholders' equity | $209,312,048 | $215,804,763 | -$6,492,715 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three and six months ended June 30, 2025, SIGA demonstrated robust financial performance with significant increases in product sales and total revenues, leading to substantial growth in operating income and net income. Research and development expenses also rose, reflecting ongoing investment in programs Key Income Statement Items (Three Months Ended June 30) | Item | Q2 2025 ($) | Q2 2024 ($) | YoY Change | | :-------------------------------- | :------------ | :------------ | :--------- | | Product sales and supportive services | $79,124,860 | $20,675,317 | +282.7% | | Research and development revenue | $1,995,144 | $1,135,574 | +75.7% | | Total revenues | $81,120,004 | $21,810,891 | +271.9% | | Cost of sales and supportive services | $25,554,462 | $12,311,685 | +107.6% | | Research and development expense | $4,398,097 | $2,888,944 | +52.2% | | Operating income | $45,679,869 | $1,079,839 | +4130.4% | | Net and comprehensive income | $35,483,103 | $1,832,616 | +1836.2% | Key Income Statement Items (Six Months Ended June 30) | Item | H1 2025 ($) | H1 2024 ($) | YoY Change | | :-------------------------------- | :------------ | :------------ | :--------- | | Product sales and supportive services | $84,946,107 | $44,553,994 | +90.7% | | Research and development revenue | $3,214,711 | $2,686,752 | +19.6% | | Total revenues | $88,160,818 | $47,240,746 | +86.6% | | Cost of sales and supportive services | $25,712,200 | $15,536,999 | +65.5% | | Research and development expense | $7,860,910 | $5,942,313 | +32.3% | | Operating income | $43,424,470 | $12,355,238 | +251.5% | | Net and comprehensive income | $35,074,880 | $12,109,956 | +189.6% | Business Operations and Strategy [Key Business and Operational Activity](index=2&type=section&id=Key%20Business%20and%20Operational%20Activity) SIGA's operational focus in Q2 2025 included significant TPOXX deliveries to the Strategic National Stockpile and securing substantial new development funding from the BARDA 19C contract to advance pediatric programs and enhance manufacturing capabilities - Generated approximately **$53 million** of oral TPOXX revenues and **$26 million** of IV TPOXX revenues from deliveries to the SNS in Q2 2025[9](index=9&type=chunk) - BARDA 19C contract modified to add **$13 million** for the TPOXX pediatric development program and **$14 million** to support manufacturing activities, totaling **$27 million** in new development funding during Q2 2025[9](index=9&type=chunk) [Capital Management Activity](index=2&type=section&id=Capital%20Management%20Activity) In Q2 2025, SIGA executed a capital management initiative by declaring and paying a special cash dividend to shareholders - A special cash dividend of **$0.60 per share** was declared on April 8, 2025, and paid on May 15, 2025[8](index=8&type=chunk) Corporate Information [About SIGA](index=3&type=section&id=About%20SIGA) SIGA Technologies is a commercial-stage pharmaceutical company specializing in innovative medicines for infectious diseases, particularly orthopoxviruses. Its flagship product, TPOXX® (tecovirimat), is widely approved/authorized for treating smallpox and related conditions across multiple regions - SIGA is a commercial-stage pharmaceutical company focused on developing innovative medicines to treat and prevent infectious diseases, with a primary focus on orthopoxviruses[12](index=12&type=chunk) - TPOXX® (tecovirimat) is an antiviral medicine approved in the U.S. and Canada for smallpox, and authorized in Europe, the UK, and Japan for smallpox, mpox (monkeypox), cowpox, and vaccinia complications[12](index=12&type=chunk) [Conference Call and Webcast](index=3&type=section&id=Conference%20Call%20and%20Webcast) SIGA hosted a conference call and webcast on August 5, 2025, to provide a business update, with options for live participation and subsequent replay/archived webcast access - A conference call and webcast were hosted on Tuesday, August 5, 2025, at 4:30 P.M. ET, with dial-in and live webcast options available[10](index=10&type=chunk) - A replay of the call is available for two weeks via dial-in and an archived webcast is accessible in the Investor Relations section of the Company's website[11](index=11&type=chunk) [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section outlines forward-looking statements regarding SIGA's future business development, financial position, and operational objectives, emphasizing that these statements are subject to various known and unknown risks and uncertainties, including those related to contracts, market conditions, regulatory approvals, and supply chain - Forward-looking statements relate to SIGA's future financial position, business strategy, budgets, projected costs, plans, and objectives of management for future operations[13](index=13&type=chunk) - Risks and uncertainties include potential non-completion or modification of BARDA contracts, challenges in the international biodefense market, product efficacy/safety, delays in deliveries, regulatory hurdles, intellectual property protection, industry competition, economic conditions, and supply chain disruptions[13](index=13&type=chunk) [Contacts](index=5&type=section&id=Contacts) Contact information is provided for investor and media inquiries, facilitating communication with the company - Suzanne Harnett (sharnett@siga.com) is listed as a company contact[14](index=14&type=chunk) - Jennifer Drew-Bear of Edison Group (Jdrew-bear@edisongroup.com) is the contact for Investors Media[14](index=14&type=chunk) - Holly Stevens of CG Life (hstevens@cglife.com) is also listed for Media inquiries[14](index=14&type=chunk)

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 an antiviral medicine 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 on August 5, 2025, at 4:30 P.M. ET to provide a business update [1] - The call will feature CEO Diem Nguyen and CFO Daniel Luckshire [1] - A live webcast will be available on the company's website, and participants are encouraged to log in 5-10 minutes prior to the start time [2] Access and Replay Information - Participants can access the call by dialing specific numbers for domestic and international callers [2] - A replay of the call will be available for two weeks using designated numbers and Conference ID [3] - The archived webcast will also be accessible in the Investor Relations section of the company's website [3]

Company Performance - Siga Technologies Inc. (SIGA) closed at $7.06, reflecting a -1.4% change from the previous day's closing price, underperforming the S&P 500's daily gain of 0.07% [1] - The stock has increased by 11.18% over the past month, outperforming the Medical sector's gain of 2.39% and the S&P 500's gain of 5.71% [1] Earnings Estimates - Analysts expect Siga Technologies Inc. to report earnings of $0.13 per share and revenue of $184.36 million for the full year, representing changes of -84.15% and +32.97% from the previous year, respectively [2] Analyst Sentiment - Recent changes in analyst estimates for Siga Technologies Inc. are important as they reflect near-term business trends, with positive revisions indicating analyst optimism about the company's profitability [3] Zacks Rank and Valuation - Siga Technologies Inc. currently holds a Zacks Rank of 3 (Hold), with no changes in the Zacks Consensus EPS estimate over the past month [5] - The company is trading at a Forward P/E ratio of 55.08, which is a premium compared to the industry average Forward P/E of 14.4 [6] Industry Context - The Medical - Drugs industry, which includes Siga Technologies Inc., has a Zacks Industry Rank of 89, placing it in the top 37% of over 250 industries [6][7]

Company Overview A Leader in Global Health & Infectious Diseases 1 Forward Looking Statements 2 Contents Introduction 1 The Smallpox Threat 2 TPOXX®: A Differentiated Product 3 Financial Summary 4 SIGA at a Glance Stellar Revenue Generation >$1bn of Procurement Contracts from 10+ years Working with Governments 30+ Countries Where Products Have Been Sold We are dedicated to advancing our strategic initiatives, driving shareholder value, and enhancing national health security as we deliver TPOXX to U.S. and g ...

Company Performance - Siga Technologies Inc. (SIGA) closed at $6.12, reflecting a -4.67% change from the previous day's closing price, underperforming the S&P 500's daily loss of 0.22% [1] - The company's stock gained 9.93% over the previous month, outperforming the Medical sector, which had a loss of 0%, and the S&P 500, which gained 0.45% [1] Earnings Projections - For the full year, Zacks Consensus Estimates project earnings of $0.13 per share and revenue of $184.36 million, representing changes of -84.15% and +32.97% from the prior year, respectively [2] Analyst Forecasts - Recent revisions to analyst forecasts for Siga Technologies Inc. should be monitored, as they reflect short-term business trends and can indicate analyst optimism regarding the company's profitability [3] Valuation Metrics - Siga Technologies Inc. has a Forward P/E ratio of 49.38, indicating a premium compared to its industry's Forward P/E of 16.85 [6] - The Medical - Drugs industry, part of the Medical sector, currently holds a Zacks Industry Rank of 77, placing it in the top 32% of over 250 industries [6] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has shown a proven track record of outperformance, with 1 stocks returning an average of +25% annually since 1988 [5] - Currently, Siga Technologies Inc. holds a Zacks Rank of 3 (Hold), with the Zacks Consensus EPS estimate remaining stagnant over the past month [5]

Group 1 - Siga Technologies Inc. (SIGA) stock closed at $6.36, reflecting a -1.24% change, which is less than the S&P 500's daily loss of 1.13% [1] - Over the past month, SIGA shares have appreciated by 8.78%, outperforming the Medical sector's gain of 3.07% and the S&P 500's gain of 3.55% [1] Group 2 - The upcoming earnings release is anticipated, with Zacks Consensus Estimates projecting earnings of $0.13 per share and revenue of $184.36 million, indicating shifts of -84.15% and +32.97% from the previous year, respectively [2] - Recent changes to analyst estimates suggest a changing business landscape, with positive revisions indicating analysts' confidence in the company's performance and profit potential [3] Group 3 - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has a strong track record, with 1 rated stocks delivering an average annual return of +25% since 1988; currently, SIGA holds a Zacks Rank of 3 (Hold) [5] - Siga Technologies Inc. is trading at a Forward P/E ratio of 49.54, significantly higher than the industry average of 16.86, indicating a premium valuation [6] Group 4 - The Medical - Drugs industry, which includes Siga Technologies Inc., has a Zacks Industry Rank of 73, placing it in the top 30% of over 250 industries, suggesting strong performance potential [6][7]

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]