SIGA Technologies(SIGA) - 2025 Q2 - Quarterly Results

Report Overview Q2 2025 Highlights 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] - Awarded Additional Development Funding of $27 million under the BARDA 19C Contract during the Three Months Ended June 30, 2025[4] CEO Commentary 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] - Awarded incremental development funding of about $13 million for the TPOXX pediatric program and $14 million for activities to support manufacturing, totaling $27 million under the BARDA 19C contract[3] Financial Performance Summary Financial Results SIGA reported substantial year-over-year growth across key financial metrics for both the three and six months ended June 30, 2025, driven by significant increases in product sales and total revenues, leading to a strong rise in operating income and net income Summary Financial Results (Three Months Ended June 30) | Metric | Q2 2025 ($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 ($M) | YoY Change (%) | | :----------------------- | :----------- | :----------- | :-------------- | :------------- | | Product sales | 84.9 | 44.6 | 40.3 | 90.4% | | Total revenues | 88.2 | 47.2 | 41.0 | 86.9% | | Operating income | 43.4 | 12.4 | 31.0 | 250.0% | | Net income | 35.1 | 12.1 | 23.0 | 190.1% | | Diluted income per share | 0.49 | 0.17 | 0.32 | 188.2% | Condensed Consolidated Balance Sheets As of June 30, 2025, SIGA's total assets experienced a slight decrease compared to December 31, 2024, primarily influenced by reductions in accounts receivable and inventory, while cash and cash equivalents increased. Total liabilities and stockholders' equity also saw modest declines Key Balance Sheet Items (June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 ($) | 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 | -$6,492,715 | Condensed Consolidated Statements of Operations For the three and six months ended June 30, 2025, SIGA demonstrated robust financial performance with significant increases in product sales and total revenues, leading to substantial growth in operating income and net income. Research and development expenses also rose, reflecting ongoing investment in programs Key Income Statement Items (Three Months Ended June 30) | Item | Q2 2025 ($) | 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 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] - 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] Capital Management Activity 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] Corporate Information About SIGA 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] - 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] Conference Call and Webcast 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] - 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] Forward-Looking Statements 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] - 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] 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] - Jennifer Drew-Bear of Edison Group (Jdrew-bear@edisongroup.com) is the contact for Investors Media[14] - Holly Stevens of CG Life (hstevens@cglife.com) is also listed for Media inquiries[14]