SIGA Reports Financial Results for Three and Nine Months Ended September 30, 2024
SIGA Technologies reported financial results for Q3 2024, highlighting $122 million in new orders, including a $112.5 million order for oral TPOXX from BARDA and a $9 million order from the U.S. Department of Defense. Product revenues reached $8.9 million for Q3 and $53.5 million for the first nine months of 2024. The company reported net income of $1.3 million for Q3 and $13.5 million for the nine-month period. With $146 million in outstanding procurement orders, SIGA is positioned for substantial revenue in Q4 2024 and 2025. The company also secured an exclusive license for monoclonal antibodies from Vanderbilt University and made its first TPOXX sale in Africa.
SIGA Technologies ha riportato risultati finanziari per il terzo trimestre del 2024, evidenziando 122 milioni di dollari in nuovi ordini, compreso un ordine di 112,5 milioni di dollari per TPOXX orale da BARDA e un ordine di 9 milioni di dollari dal Dipartimento della Difesa degli Stati Uniti. I ricavi da prodotto hanno raggiunto 8,9 milioni di dollari per il terzo trimestre e 53,5 milioni di dollari per i primi nove mesi del 2024. L'azienda ha riportato un reddito netto di 1,3 milioni di dollari per il terzo trimestre e 13,5 milioni di dollari per il periodo di nove mesi. Con 146 milioni di dollari in ordini di approvvigionamento non ancora eseguiti, SIGA è posizionata per un notevole fatturato nel quarto trimestre del 2024 e nel 2025. L'azienda ha anche ottenuto una licenza esclusiva per anticorpi monoclonali dalla Vanderbilt University e ha effettuato la sua prima vendita di TPOXX in Africa.
SIGA Technologies informó sobre los resultados financieros del tercer trimestre de 2024, destacando 122 millones de dólares en nuevos pedidos, incluyendo un pedido de 112,5 millones de dólares para TPOXX oral de parte de BARDA y un pedido de 9 millones de dólares del Departamento de Defensa de EE. UU. Los ingresos por productos alcanzaron 8,9 millones de dólares en el tercer trimestre y 53,5 millones de dólares en los primeros nueve meses de 2024. La compañía reportó un ingreso neto de 1,3 millones de dólares para el tercer trimestre y 13,5 millones de dólares para el período de nueve meses. Con 146 millones de dólares en pedidos de adquisición pendientes, SIGA está posicionada para ingresos sustanciales en el cuarto trimestre de 2024 y en 2025. La empresa también aseguró una licencia exclusiva para anticuerpos monoclonales de la Universidad de Vanderbilt y realizó su primera venta de TPOXX en África.
SIGA Technologies는 2024년 3분기 재무 결과를 보고하며 1억 2200만 달러의 신규 주문을 하이라이트했습니다. 여기에는 BARDA로부터의 1억 1250만 달러 규모의 경구용 TPOXX 주문과 미 국방부로부터의 900만 달러 규모의 주문이 포함되어 있습니다. 제품 매출은 3분기 동안 890만 달러, 2024년 첫 아홉 달 동안 5350만 달러에 도달했습니다. 회사는 3분기 순이익이 130만 달러이며, 9개월 동안 1350만 달러를 기록했다고 보고했습니다. 1억 4600만 달러의 미결 조달 주문을 보유한 SIGA는 2024년 4분기 및 2025년에 상당한 수익을 올릴 수 있는 위치에 있습니다. 이 회사는 또한 뱀퍼 빌 대학의 단일클론 항체에 대한 독점 라이센스를 확보하고 아프리카에서 첫 TPOXX 판매를 진행했습니다.
SIGA Technologies a annoncé ses résultats financiers pour le troisième trimestre 2024, mettant en avant 122 millions de dollars de nouvelles commandes, dont une commande de 112,5 millions de dollars pour le TPOXX oral de la part de BARDA et une commande de 9 millions de dollars du Département de la Défense des États-Unis. Les revenus des produits ont atteint 8,9 millions de dollars pour le troisième trimestre et 53,5 millions de dollars pour les neuf premiers mois de 2024. L'entreprise a déclaré un revenu net de 1,3 million de dollars pour le troisième trimestre et 13,5 millions de dollars pour la période de neuf mois. Avec 146 millions de dollars de commandes d'approvisionnement en attente, SIGA est bien positionnée pour un revenu substantiel au quatrième trimestre 2024 et en 2025. L'entreprise a également obtenu une licence exclusive pour des anticorps monoclonaux de l'Université Vanderbilt et a réalisé sa première vente de TPOXX en Afrique.
SIGA Technologies hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und 122 Millionen Dollar an neuen Bestellungen hervorgehoben, darunter eine Bestellung über 112,5 Millionen Dollar für das orale TPOXX von BARDA und eine Bestellung über 9 Millionen Dollar vom US-Verteidigungsministerium. Die Produktumsätze erreichten 8,9 Millionen Dollar für das dritte Quartal und 53,5 Millionen Dollar für die ersten neun Monate des Jahres 2024. Das Unternehmen berichtete von einem Nettogewinn von 1,3 Millionen Dollar für das dritte Quartal und 13,5 Millionen Dollar für den Neunmonatszeitraum. Mit 146 Millionen Dollar an ausstehenden Beschaffungsbestellungen ist SIGA für substanzielle Einnahmen im vierten Quartal 2024 und 2025 positioniert. Das Unternehmen sicherte sich auch eine exklusive Lizenz für monoklonale Antikörper von der Vanderbilt University und tätigte seinen ersten TPOXX-Verkauf in Afrika.
- Secured $122 million in new orders during Q3 2024
- Product revenues increased to $53.5 million for nine months vs $14.9 million in 2023
- Net income of $13.5 million for nine months vs loss of $4.2 million in 2023
- Outstanding procurement orders of $146 million as of September 30
- Paid increased special cash dividend of $0.60 per share
- PALM 007 clinical trial did not meet primary endpoint for mpox treatment
- efficacy of tecovirimat shown only in early-stage or severe mpox cases
Insights
SIGA's Q3 results show mixed performance with notable highlights. Product revenues increased to
The company's transition to profitability is evident with Q3 net income of
The PALM 007 clinical trial results for TPOXX in mpox treatment present a nuanced picture. While missing the primary endpoint for general lesion resolution, the drug showed promising efficacy in two important subgroups: patients treated within 7 days of symptom onset and those with severe disease (100+ skin lesions). These findings align with the drug's mechanism of action and suggest targeted application potential.
The new license agreement for monoclonal antibodies from Vanderbilt University represents strategic portfolio expansion into biologics. With DoD funding through Phase 1 trials, this development could diversify SIGA's orthopoxvirus treatment options beyond TPOXX, potentially addressing broader market needs.
- Product Revenues for the Three and Nine months Ended September 30, 2024 were
$9 million and$53 million , respectively - Received
$122 Million of Procurement Orders from the U.S. Government in the Third Quarter - Corporate Update Conference Call Today at 4:30 PM ET
NEW YORK, Nov. 07, 2024 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company, today reported financial results for the three and nine months ended September 30, 2024.
“Building on strong momentum, SIGA received
Summary Financial Results
| ($ in millions, except per share amounts) | Three Months Ended September 30 | Nine Months Ended September 30 | |||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||
| Product sales(1) | |||||||||||||
| Total revenues | |||||||||||||
| Operating income (loss)(2) | ( | ) | ( | ) | |||||||||
| Income (loss) before income taxes(2) | ( | ) | ( | ) | |||||||||
| Net income (loss) | ( | ) | ( | ) | |||||||||
| Diluted income (loss) per share | ( | ) | ( | ) | |||||||||
(1) Includes supportive services related to product sales.
(2) Operating income (loss) excludes, and income (loss) before income taxes includes other income. Both line items exclude the impact of income taxes.
Recent Developments:
- In October 2024, the Company announced that it obtained an exclusive license to a portfolio of preclinical fully human monoclonal antibodies (mAbs) from Vanderbilt University that have the potential to treatment a broad range of orthopoxviruses, including smallpox and mpox. Under the agreement, SIGA has exclusive rights to develop, manufacture, and commercialize these mAbs globally. The U.S. Department of Defense is currently funding the development of these mAbs as potential orthopoxvirus treatments through Phase 1 clinical trials under a contract awarded to a contract manufacturing organization with proven biologics development and manufacturing expertise.
- In October 2024, the Company announced its first sale of TPOXX (tecovirimat) in Africa, made in response to a request from the Ministry of Health in Morocco. This milestone sale occurred during the third quarter.
- In August 2024, the Company received a procurement contract and related order from the U.S. Department of Defense for approximately
$9 million of oral TPOXX, as well as a small amount of IV TPOXX. - In August 2024, the Company reported that the National Institutes of Health’s (NIH) National Institute of Allergy and Infectious Diseases (NIAID) announced topline results from a preliminary analysis of the PALM 007 (Tecovirimat for Treatment of Monkeypox Virus) clinical trial (NCT05559099). NIAID reported that the study did not meet its primary endpoint of a statistically significant improvement in time to lesion resolution within 28 days post-randomization for patients in the Democratic Republic of the Congo with mpox who were administered tecovirimat versus placebo. Improvement was observed, however, in patients receiving tecovirimat whose symptoms began seven days or fewer before randomization and in those with severe or grave disease, defined by the World Health Organization as having 100 or more skin lesions. The Company believes these data are consistent to tecovirimat’s mechanism of action and support further trials to assess its potential benefit in post exposure prophylactic settings, or in patients who present for medical care soon after symptoms, and in those with the most severe disease.
- In July 2024, the Company received a procurement order for
$112.5 million of oral TPOXX from the U.S. Government under the 19C BARDA contract, for delivery to the U.S. Strategic National Stockpile (SNS).
Capital Management Activity:
On April 11, 2024, a special cash dividend of
Conference Call and Webcast
SIGA will host a conference call and webcast to provide a business update today, Thursday, November 7, 2024, at 4:30 P.M. ET.
Participants may access the call by dialing 1-800-717-1738 for domestic callers or 1-646-307-1865 for international callers. A live webcast of the call will also be available on the Company's website at www.siga.com in the Investor Relations section of the website, or by clicking here. Please log in approximately 5-10 minutes prior to the scheduled start time.
A replay of the call will be available for two weeks by dialing 1-844-512-2921 for domestic callers or 1-412-317-6671 for international callers and using Conference ID: 1146096. The archived webcast will be available in the Investor Relations section of the Company's website.
ABOUT SIGA
SIGA is a commercial-stage pharmaceutical company and leader in global health focused on the development of innovative medicines to treat and prevent infectious diseases. With a primary focus on orthopoxviruses, we are dedicated to protecting humanity against the world’s most severe infectious diseases, including those that occur naturally, accidentally, or intentionally. Through partnerships with governments and public health agencies, we work to build a healthier and safer world by providing essential countermeasures against these global health threats. Our flagship product, TPOXX® (tecovirimat), is an antiviral medicine approved in the U.S. and Canada for the treatment of smallpox and authorized in Europe and the UK for the treatment of smallpox, mpox (monkeypox), cowpox, and vaccinia complications. For more information about SIGA, visit www.siga.com.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including statements relating to SIGA’s future business development and plans including with respect to securing new contracts and the timing of delivery of ordered oral TPOXX courses. Forward-looking statements include statements regarding our future financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “may,” “continue,” “estimate,” “intend,” “plan,” “will,” “believe,” “project,” “expect,” “seek,” “anticipate,” “could,” “should,” “target,” “goal,” “potential” and similar expressions may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Such forward-looking statements are subject to various known and unknown risks and uncertainties, and SIGA cautions you that any forward-looking information provided by or on behalf of SIGA is not a guarantee of future performance. SIGA’s actual results could differ materially from those anticipated by such forward-looking statements due to a number of factors, some of which are beyond SIGA’s control, including, but not limited to, (i) the risk that BARDA elects, in its sole discretion as permitted under the 75A50118C00019 BARDA Contract (the “BARDA Contract”), not to exercise the remaining unexercised option under the BARDA Contract, (ii) the risk that SIGA may not complete performance under the BARDA Contract on schedule or in accordance with contractual terms, (iii) the risk that the BARDA Contract or U.S. Department of Defense contracts are modified or canceled at the request or requirement of, or SIGA is not able to enter into new contracts to supply TPOXX to, the U.S. Government, (iv) the risk that the nascent international biodefense market does not develop to a degree that allows SIGA to continue to successfully market TPOXX internationally, (v) the risk that potential products, including potential alternative uses or formulations of TPOXX that appear promising to SIGA or its collaborators, cannot be shown to be efficacious or safe in subsequent pre-clinical or clinical trials, (vi) the risk that target timing for deliveries of product to customers, and the recognition of related revenues, are delayed or adversely impacted by the actions, or inaction, of contract manufacturing organizations, or other vendors, within the supply chain, or due to coordination activities between the customer and supply chain vendors, (vii) the risk that SIGA or its collaborators will not obtain appropriate or necessary governmental approvals to market these or other potential products or uses, (viii) the risk that SIGA may not be able to secure or enforce sufficient legal rights in its products, including intellectual property protection, (ix) the risk that any challenge to SIGA’s patent and other property rights, if adversely determined, could affect SIGA’s business and, even if determined favorably, could be costly, (x) the risk that regulatory requirements applicable to SIGA’s products may result in the need for further or additional testing or documentation that will delay or prevent SIGA from seeking or obtaining needed approvals to market these products, (xi) the risk that the volatile and competitive nature of the biotechnology industry may hamper SIGA’s efforts to develop or market its products, (xii) the risk that changes in domestic or foreign economic and market conditions may affect SIGA’s ability to advance its research or may affect its products adversely, (xiii) the effect of federal, state, and foreign regulation, including drug regulation and international trade regulation, on SIGA’s businesses, (xiv) the risk of disruptions to SIGA’s supply chain for the manufacture of TPOXX®, causing delays in SIGA’s research and development activities, causing delays or the re-allocation of funding in connection with SIGA’s government contracts, or diverting the attention of government staff overseeing SIGA’s government contracts, (xv) risks associated with actions or uncertainties surrounding the debt ceiling, (xvi) the risk that the U.S. or foreign governments' responses (including inaction) to national or global economic conditions or infectious diseases, are ineffective and may adversely affect SIGA’s business, and (xvii) risks associated with responding to an mpox outbreak, as well as the risks and uncertainties included in Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 and SIGA's subsequent filings with the Securities and Exchange Commission. SIGA urges investors and security holders to read those documents free of charge at the SEC's website at http://www.sec.gov. All such forward-looking statements are current only as of the date on which such statements were made. SIGA does not undertake any obligation to update publicly any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
Contacts:
Suzanne Harnett
sharnett@siga.com
and
| Investors | Media |
| Jennifer Drew-Bear, Edison Group Jdrew-bear@edisongroup.com | Holly Stevens, Berry & Company hstevens@berrypr.com |
| SIGA TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of | ||||||||
| September 30, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 99,269,756 | $ | 150,145,844 | ||||
| Accounts receivable | 12,089,010 | 21,130,951 | ||||||
| Inventory | 62,024,473 | 64,218,337 | ||||||
| Prepaid expenses and other current assets | 7,302,979 | 3,496,028 | ||||||
| Total current assets | 180,686,218 | 238,991,160 | ||||||
| Property, plant and equipment, net | 1,411,315 | 1,331,708 | ||||||
| Deferred tax asset, net | 12,104,765 | 11,048,118 | ||||||
| Goodwill | 898,334 | 898,334 | ||||||
| Other assets | 253,605 | 2,083,535 | ||||||
| Total assets | $ | 195,354,237 | $ | 254,352,855 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,260,762 | $ | 1,456,316 | ||||
| Accrued expenses and other current liabilities | 7,184,514 | 10,181,810 | ||||||
| Deferred IV TPOXX® revenue | 13,729,440 | 20,788,720 | ||||||
| Income tax payable | 127,815 | 21,690,899 | ||||||
| Total current liabilities | 22,302,531 | 54,117,745 | ||||||
| Other liabilities | 3,609,572 | 3,376,203 | ||||||
| Total liabilities | 25,912,103 | 57,493,948 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity | ||||||||
| Common stock ($.0001 par value, 600,000,000 shares authorized, 71,369,274 and 71,091,616, issued and outstanding at September 30, 2024 and December 31, 2023, respectively) | 7,137 | 7,109 | ||||||
| Additional paid-in capital | 238,033,324 | 235,795,420 | ||||||
| Accumulated deficit | (68,598,327 | ) | (38,943,622 | ) | ||||
| Total stockholders’ equity | 169,442,134 | 196,858,907 | ||||||
| Total liabilities and stockholders’ equity | $ | 195,354,237 | $ | 254,352,855 | ||||
| SIGA TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | ||||||||||||||||
| Product sales and supportive services | $ | 8,942,875 | $ | 7,958,289 | $ | 53,496,869 | $ | 14,924,058 | ||||||||
| Research and development | 1,066,906 | 1,276,882 | 3,753,658 | 8,512,303 | ||||||||||||
| Total revenues | 10,009,781 | 9,235,171 | 57,250,527 | 23,436,361 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Cost of sales and supportive services | 1,620,510 | 896,537 | 17,157,508 | 3,021,145 | ||||||||||||
| Selling, general and administrative | 4,822,591 | 5,999,761 | 18,228,786 | 14,660,828 | ||||||||||||
| Research and development | 3,024,593 | 3,648,117 | 8,966,905 | 13,810,307 | ||||||||||||
| Total operating expenses | 9,467,694 | 10,544,415 | 44,353,199 | 31,492,280 | ||||||||||||
| Operating income/(loss) | 542,087 | (1,309,244 | ) | 12,897,328 | (8,055,919 | ) | ||||||||||
| Other income, net | 1,330,505 | 883,148 | 4,590,935 | 2,964,482 | ||||||||||||
| Income/(Loss) before income taxes | 1,872,592 | (426,096 | ) | 17,488,263 | (5,091,437 | ) | ||||||||||
| (Provision)/Benefit for income taxes | (528,647 | ) | 33,030 | (4,034,362 | ) | 904,638 | ||||||||||
| Net and comprehensive income/(loss) | $ | 1,343,945 | $ | (393,066 | ) | $ | 13,453,901 | $ | (4,186,799 | ) | ||||||
| Basic income/(loss) per share | $ | 0.02 | $ | (0.01 | ) | $ | 0.19 | $ | (0.06 | ) | ||||||
| Diluted income/(loss) per share | $ | 0.02 | $ | (0.01 | ) | $ | 0.19 | $ | (0.06 | ) | ||||||
| Weighted average shares outstanding: basic | 71,368,585 | 71,084,735 | 71,191,019 | 71,453,397 | ||||||||||||
| Weighted average shares outstanding: diluted | 71,766,503 | 71,084,735 | 71,853,341 | 71,453,397 | ||||||||||||
FAQ
What was SIGA's revenue for Q3 2024?
How much was SIGA's new BARDA contract in Q3 2024?
What was SIGA's net income for the first nine months of 2024?
What dividend did SIGA pay in 2024?
