Management View - SIGA Technologies, Inc. continues to focus on supporting global governments in preparedness for biological threats, particularly smallpox, positioning itself as the leading provider of smallpox antiviral treatment to over 30 countries [2] Future Outlook - The company anticipates a decision from the European Medicines Agency (EMA) regarding smallpox in March 2026, indicating ongoing efforts in regulatory approvals and market expansion [2] Global Expansion - SIGA is actively outlining its strategy for the continued global expansion of TPOXX, its antiviral treatment for smallpox, which reflects the company's commitment to addressing public health threats [2]

Financial Data and Key Metrics Changes - In 2025, SIGA reported total product revenues of approximately $88 million, which includes $53 million from oral TPOXX and $26 million from IV TPOXX under the BARDA 19C contract, along with $6 million from international oral TPOXX sales [3][10] - The company achieved a pretax operating income of approximately $24 million and a net income of approximately $23 million for 2025, resulting in a fully diluted income per share of $0.32 [10][11] - As of December 31, 2025, SIGA maintained a strong cash position with approximately $155 million in cash and no debt [11] Business Line Data and Key Metrics Changes - The primary revenue driver for SIGA in 2025 was product deliveries to the U.S. Strategic National Stockpile (SNS) under the BARDA contract, which accounted for the majority of product revenues [10] - The company secured $27 million in funding for pediatric formulation development and IV technology transfer efforts, reinforcing the role of TPOXX in biothreat preparedness [4] Market Data and Key Metrics Changes - SIGA received a $13 million order from a country in the Asia-Pacific region, indicating ongoing international engagement and demand for TPOXX [6][21] - The company is actively discussing stockpiling of TPOXX with various potential customers globally, reflecting a strategic focus on enhancing health security [5][6] Company Strategy and Development Direction - SIGA's strategy emphasizes long-term preparedness for biological threats, particularly smallpox, through sustained investment and stockpiling of antiviral treatments [2][4] - The company aims to maintain financial strength while advancing strategic initiatives that support long-term value creation for shareholders [9] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of readiness in the face of heightened geopolitical risks and biological threats, asserting that TPOXX's established safety profile makes it suitable for emergency situations [3] - The company remains engaged with U.S. government officials regarding future procurement contracts, indicating a positive outlook for continued collaboration [4][15] Other Important Information - The European Medicines Agency (EMA) is expected to meet in March to issue a recommendation regarding the marketing authorization of Tecovirimat SIGA, with expectations of a positive benefit-risk balance [7] - SIGA is targeting an FDA submission for the post-exposure prophylaxis program within the next 12 months [8][9] Q&A Session Summary Question: Update on the timing of the next U.S. government RFP for TPOXX - Management indicated that smallpox preparedness remains a focus for the U.S. government, but no specific timing details for the next RFP were available [15][16] Question: Capital allocation priorities looking ahead - Management stated that capital management will remain disciplined and flexible, with no immediate updates on special cash dividends [17] Question: Openness to acquisitions or in-licensing opportunities - Management confirmed that the company is open to pursuing acquisitions or in-licensing opportunities while maintaining a disciplined and strategic approach [18] Question: Details on the recent $13 million TPOXX order - Management noted that the order reflects progress in strengthening relationships with government partners, but specific details about the contract could not be disclosed for security reasons [21][22] Question: Expectations for additional international orders - Management expressed that while additional international sales may occur in 2026, the processes can be complex and time-consuming [24]

Financial Data and Key Metrics Changes - In 2025, SIGA reported product revenues of approximately $88 million, which includes $53 million from oral TPOXX, $26 million from IV TPOXX, and $6 million from international oral TPOXX sales [3][10] - The company achieved a pretax operating income of approximately $24 million and a net income of approximately $23 million for the year [10][11] - The fully diluted income per share for 2025 was $0.32, and the company maintained a strong cash balance of approximately $155 million with no debt [11] Business Line Data and Key Metrics Changes - The primary revenue driver for SIGA in 2025 was product deliveries to the U.S. Strategic National Stockpile (SNS) under the BARDA contract, which accounted for the majority of product revenues [10] - The company secured $27 million in funding to support pediatric formulation development and IV technology transfer efforts, reinforcing the role of TPOXX in biothreat preparedness [4] Market Data and Key Metrics Changes - SIGA has approximately $26 million in outstanding U.S. government orders related to the IV TPOXX procurement order, expected to be delivered in 2026 [4][11] - A recent $13 million order from a country in the Asia-Pacific region indicates ongoing international engagement and demand for TPOXX [6][21] Company Strategy and Development Direction - SIGA remains focused on supporting global governments in preparedness strategies for biological threats, particularly smallpox, and aims to be a leading provider of antiviral treatments [2][3] - The company emphasizes strategic stockpiling as foundational to preparedness and continues discussions with various potential customers globally [6][21] - SIGA is open to pursuing acquisitions or in-licensing opportunities to broaden its pipeline while maintaining a disciplined and strategic approach [18] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of readiness in the face of heightened geopolitical risks and biological threats, asserting that TPOXX's established safety profile makes it suitable for emergency situations [3] - The company expects the European Medicines Agency (EMA) to confirm the positive benefit-risk balance of Tecovirimat SIGA for smallpox treatment, with a recommendation expected in March [7][8] - SIGA entered 2026 from a position of strength, focusing on financial discipline and long-term value creation [9] Other Important Information - The company is actively engaged with the U.S. government and key stakeholders regarding future procurement contracts, indicating ongoing productive discussions [4][15] - SIGA's pricing and manufacturing approach aligns with U.S. government priorities, ensuring the lowest prices for TPOXX as the largest customer [5] Q&A Session Summary Question: Update on the timing of the next U.S. government RFP for TPOXX - Management indicated that smallpox preparedness remains a focus for the U.S. government, but no specific timing details for the next RFP were available [15][16] Question: Capital allocation priorities looking ahead - Management stated that capital management will remain disciplined and flexible, with no immediate updates on special cash dividends [17] Question: Openness to acquisitions or in-licensing opportunities - Management confirmed that the company is open to pursuing acquisitions or in-licensing opportunities while maintaining a strategic focus [18] Question: Details on the recent $13 million TPOXX order - Management noted that the order reflects progress in strengthening relationships with government partners, but specific details about the contract could not be disclosed for security reasons [21][22]

Financial Data and Key Metrics Changes - In 2025, SIGA reported total product revenues of approximately $88 million, which includes $53 million from oral TPOXX, $26 million from IV TPOXX, and $6 million from international oral TPOXX sales [3][9] - The company achieved a pretax operating income of approximately $24 million and a net income of approximately $23 million for the year, resulting in a fully diluted income per share of $0.32 [10] - As of December 31, 2025, SIGA maintained a strong cash position with approximately $155 million in cash and no debt [10] Business Line Data and Key Metrics Changes - The primary revenue driver for SIGA in 2025 was product deliveries to the U.S. Strategic National Stockpile (SNS) under the BARDA contract, which accounted for the majority of product revenues [9] - The company secured $27 million in funding to support pediatric formulation development and IV technology transfer efforts during 2025 [4] Market Data and Key Metrics Changes - SIGA continues to engage with international governments and stakeholders to strengthen health security, with a recent $13 million order from a country in the Asia-Pacific region [5][19] - The company is actively discussing stockpiling of TPOXX with various potential customers globally, reflecting an increased focus on preparedness strategies due to rising biothreat risks [5][20] Company Strategy and Development Direction - SIGA's strategy focuses on supporting global preparedness for biological threats, particularly smallpox, through sustained investment and stockpiling of antiviral treatments [2][4] - The company aims to maintain financial strength while advancing strategic initiatives that support long-term value creation [8] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of readiness in the face of heightened geopolitical risks and biological threats, emphasizing the critical role of TPOXX in emergency situations [3] - The company expects to continue its productive relationship with the U.S. government and anticipates a new procurement contract to further support stockpiling efforts [4][15] Other Important Information - The European Medicines Agency (EMA) is expected to meet in March to issue a recommendation regarding the marketing authorization of Tecovirimat SIGA, with expectations of a positive benefit-risk balance [6] - SIGA is advancing its pediatric program to develop an oral suspension formulation for children, with a phase 1 study recently initiated [8] Q&A Session Summary Question: Update on the timing of the next U.S. government RFP for TPOXX - Management indicated that smallpox preparedness remains a focus for the U.S. government, but no specific timing details for the next RFP were available [14][15] Question: Capital allocation priorities looking ahead - Management stated that capital management will remain disciplined and flexible, with no immediate updates on special cash dividends [16] Question: Openness to acquisitions or in-licensing opportunities - Management confirmed that the company is open to pursuing acquisitions or in-licensing opportunities while maintaining a disciplined and strategic approach [17] Question: Details on the recent $13 million TPOXX order - Management noted that the order is from a repeat customer under a multi-year contract, but specific details could not be disclosed for security reasons [19][20] Question: Expectations for additional international orders - Management expressed that while additional international sales may occur in 2026, the processes can be complex and time-consuming [20]

Core Viewpoint - SIGA Technologies reported a decline in financial performance for the year ended December 31, 2025, with a focus on securing government contracts and expanding product revenues in 2026 [2][3]. Financial Performance - For the three months ended December 31, 2025, product sales were $2.2 million, down from $79.8 million in the same period of 2024. Total revenues decreased to $3.8 million from $81.4 million year-over-year [3]. - For the year ended December 31, 2025, product sales totaled $88 million, a decline from $133.3 million in 2024. Total revenues were $94.6 million, down from $138.7 million [3]. - The company reported an operating income of $23.7 million for 2025, compared to $70 million in 2024, indicating a significant decrease in profitability [3][4]. - The net income for 2025 was $23.3 million, down from $59.2 million in 2024, with diluted earnings per share of $0.32 compared to $0.82 in the previous year [3][16]. Key Activities - In 2025, SIGA generated $53 million in oral TPOXX revenues and $26 million in IV TPOXX revenues, primarily from deliveries to the U.S. Strategic National Stockpile [7]. - The company received a $13 million procurement order for oral TPOXX in January 2026, part of a multi-year contract with options for additional purchases [6][7]. - SIGA expects the European Medicine Agency to confirm the positive benefit-risk balance of tecovirimat for smallpox and related indications, while anticipating a recommendation to withdraw the mpox indication [7]. Government Contracts and Funding - SIGA secured $27 million in additional U.S. Government funding in 2025 to support development activities, including a $13 million modification to the BARDA contract for pediatric development [2][12]. - The company aims to build on its partnership with the U.S. Government and international entities to secure new procurement contracts and orders for future revenue growth [2].

Financial Data and Key Metrics Changes - For the nine months ended September 30, 2025, product revenue totaled approximately $86 million, which includes $53 million from oral TPOXX and $26 million from IV TPOXX sales under the 19C BARDA contract, and $6 million from international sales. This represents an increase from $54 million in the comparable period last year [3][13][15] - Pre-tax operating income for the nine months ended September 30, 2025, was approximately $33 million, while for the three months ended September 30, 2025, there was a pre-tax operating loss of approximately $10 million. Net income for the nine months was approximately $29 million, with a fully diluted income per share of $0.40. For the three months ended September 30, 2025, the net loss was approximately $6 million, resulting in a net loss per share of $0.09 [15][16] Business Line Data and Key Metrics Changes - The third quarter was relatively quiet, following a strong second quarter with $79 million in product revenues. The fluctuations in revenue are consistent with SIGA's business model, which should be assessed beyond quarterly results [3][14] - As of the end of the third quarter, there were approximately $26 million of outstanding orders remaining from the U.S. government related to IV TPOXX, expected to be delivered in 2026 [4][15] Market Data and Key Metrics Changes - The company continues to engage with the U.S. government regarding future TPOXX development, manufacturing, and procurement, with $27 million awarded for pediatric formulation development and IV tech transfer activities [4][5] - SIGA is actively involved in discussions with international stakeholders to enhance global health security frameworks, anticipating multiple international sales in 2026 [5][7] Company Strategy and Development Direction - SIGA's mission focuses on supporting governments in preparedness plans for potential smallpox outbreaks, emphasizing the importance of rapid deployment of antiviral treatments [2][3] - The company aims to maintain a strong financial position while executing strategic initiatives, with a focus on long-term government partnerships and a commitment to global health security [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing engagement with the U.S. government despite potential delays due to the government shutdown, highlighting the importance of TPOXX as a critical countermeasure for smallpox [20] - The company remains optimistic about its strong cash position of approximately $172 million, which provides flexibility to adapt to changing environments and pursue opportunities while managing risks [23] Other Important Information - The European Medicines Agency (EMA) is reviewing TPOXX's efficacy in treating Mpox, with the Committee for Medicinal Products for Human Use (CHMP) expected to meet soon to discuss the submitted data [8][9] - SIGA's pediatric program is progressing, with plans to submit an IND by the end of the year and initiate phase one trials shortly thereafter [10] Q&A Session Summary Question: Impact of U.S. government shutdown on TPOXX RFP process - Management indicated that operational activities have not been materially impacted by the government shutdown, although there may be delays in CDC analysis related to the PEP program [19][20] Question: Mitigation strategies for potential RFP delays - Management emphasized the strong cash position and adaptability of SIGA, which allows for flexibility in pursuing opportunities while managing risks [22][23] Question: Clarification on Q3 product revenues and cost of goods sold - Management explained that the product revenues in Q3 were influenced by accounting treatments related to reimbursement activities, and the higher cost of goods sold was due to variable production costs and semi-fixed expenses [24][25][26]

Core Insights - Healthcare stocks have remained stagnant since April, contrasting with a 27% rise in the S&P 500, which raises interest for contrarian investors [2] - Seven healthcare stocks offer yields up to 7.1%, indicating potential investment opportunities due to their underperformance relative to the broader market [2] Group 1: High Yield Healthcare Stocks - Omega Healthcare Investors (OHI) has a yield of 6.4% and operates skilled nursing and assisted living facilities, with a portfolio of 93,961 beds across over 1,000 properties [3] - OHI has shown progress by beating estimates for adjusted funds from operations (AFFO) and raising its full-year AFFO guidance, while also acquiring 57 properties [4] - LTC Properties (LTC) offers a 6.3% yield and is transitioning some contracts to RIDEA-structured contracts, which could enhance growth potential [7][8] - Healthpeak Properties (DOC) has a yield of 7.0% and a diversified portfolio, but may face growth challenges due to headwinds in its life sciences segment [10] - Sila Realty Trust (SILA) has a yield of 6.4% and has shown a nearly 20% total return since its IPO, with a strong financial position [11][12] - Siga Technologies (SIGA) offers a high yield of 7.1% but is concentrated on a single product, TPOXX, which limits diversification [13][21] - Bristol-Myers Squibb (BMY) has a yield of 5.3% and a market cap of nearly $100 billion, but has underperformed significantly over the past five years [14][15] - Pfizer (PFE) has a yield of 6.9% and is facing challenges with declining COVID drug sales and upcoming patent expirations, leading to a high yield not seen since the Great Recession [18][19] Group 2: Market Context and Challenges - The healthcare sector is facing uncertainties including potential cuts to Medicaid, health research funding, and initiatives aimed at lowering drug costs [6] - The overall healthcare market has underperformed compared to the S&P 500, with BMY experiencing a 25% decline in price over the past five years [15] - Pfizer is targeting over $7 billion in cost savings by the end of 2027, but its long-term prospects depend on the success of its product pipeline [19][20]

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]

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 ...

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]