SIGA Technologies(US:SIGA)2025-08-05 20:53PART I - FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (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) 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) 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) 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) 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 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 results16 2. Summary of Significant Accounting Policies 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)1720 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 years17 - 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 disclosures2324 3. Procurement Contracts and Research Agreements 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 development25 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 Meridian3233 4. Inventory