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Published: 2025-03-11 16:05:23 ET
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EX-99.1 2 ef20045222_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1

SIGA Reports Financial Results for Three and Twelve
Months Ended December 31, 2024

•
Increased Product Sales to $133 Million in 2024
 
•
Generated Pre-tax Operating Income and Net Income of $70 Million and $59 Million, Respectively, in 2024
 
•
Corporate Update Conference Call Today at 4:30 PM ET
 
NEW YORK, Mar. 11, 2025 (GLOBENEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (Nasdaq: SIGA), a commercial-stage pharmaceutical company, today reported financial results for the three and twelve months ended December 31, 2024.
 
“2024 was a year of strong financial performance and operational execution for SIGA in which we delivered $133 million in product sales and $70 million of pre-tax operating income. These results mark the second consecutive year of product revenue growth, reflecting SIGA’s continued financial strength,” stated Diem Nguyen, Chief Executive Officer.  “As we enter 2025, we remain focused on durable growth and impact, supported by approximately $70 million of outstanding procurement orders.”

Summary Financial Results
($ in millions, except
per share amounts)
  
Three Months Ended
December 31
    
Year Ended
December 31
  
   
2024
    
2023
    
2024
    
2023
  
Product sales (1)
  
$
79.8
    
$
115.7
    
$
133.3
    
$
130.7
  
Total revenues (2)
  
$
81.4
    
$
116.5
    
$
138.7
    
$
139.9
  
Operating income(3) (4)
  
$
57.1
    
$
91.7
    
$
70.0
    
$
83.6
  
Income before income taxes
  
$
58.6
    
$
92.9
    
$
76.1
    
$
87.8
  
Net income
 
$
45.7
    
$
72.3
    
$
59.2
    
$
68.1
  
Diluted income per share
  
$
0.63
    
$
1.01
    
$
0.82
    
$
0.95
  

(1)
Includes supportive services related to product sales.
 
(2)
Includes research and development revenues.
 
(3)
Operating income excludes, and income before income taxes includes other income. Both line items exclude the impact of income taxes.
 
(4)
Differences in operating income margin between periods reflects different product mixes in those periods

Key Activity:
 
•
In 2024, SIGA reported $133 million of product sales, including: approximately $100 million of product sales of oral and IV TPOXX to the U.S. Strategic National Stockpile (SNS), of which approximately $60 million was recognized as revenue in the fourth quarter; approximately $10 million of product sales of oral and IV TPOXX to the U.S. Department of Defense, of which approximately $9 million was recognized in the fourth quarter; and approximately $23 million of international sales, of which approximately $11 million was recognized in the fourth quarter. 
 
•
Highlighting the diversity of the Company’s revenue base, the Company has received procurement orders for oral TPOXX from 30 countries over the past three years, with international sales to 13 countries in 2024.  As an example of the continuing diversification trend, 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.
 
•
In January 2025, the Company announced that TPOXX received regulatory approval in Japan (as TEPOXX) for the treatment of smallpox, mpox, cowpox, as well as complications following smallpox vaccination in adults and pediatric patients weighing at least 13 kg.  TEPOXX is the first antiviral therapy approved by the Pharmaceuticals and Medical Devices Agency (PDMA), in collaboration with the Japan Ministry of Health, Labour and Welfare, for the treatment of orthopoxviruses.   
 
Conference Call and Webcast
 
SIGA will host a conference call and webcast to provide a business update today, Tuesday, March 11, 2025, 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: 1152574. 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, the UK, and Japan 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 all, or any, of the remaining unexercised options 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 or changes in the U.S. administration, and (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, 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, 2024 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, CG Life
hstevens@cglife.com

SIGA TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
As of

 
  
December 31, 2024
    
December 31, 2023
  
ASSETS
            
Current assets
            
Cash and cash equivalents
  
$
155,400,262
    
$
150,145,844
  
Accounts receivable
    
21,166,129
      
21,130,951
  
Inventory
    
49,563,880
      
64,218,337
  
Prepaid expenses and other current assets
    
4,914,613
      
3,496,028
  
Total current assets
    
231,044,884
      
238,991,160
  
 
                
Property, plant and equipment, net
    
1,298,423
      
1,331,708
  
Deferred tax asset, net
    
10,854,702
      
11,048,118
  
Goodwill
    
898,334
      
898,334
  
Other assets
    
240,683
      
2,083,535
  
Total assets
  
$
244,337,026
    
$
254,352,855
  
LIABILITIES AND STOCKHOLDERS' EQUITY
                
Current liabilities
                
Accounts payable
  
$
1,340,337
    
$
1,456,316
  
Accrued expenses and other current liabilities
    
5,640,110
      
10,181,810
  
Deferred IV TPOXX® revenue
    
10,330,800
      
20,788,720
  
Income tax payable
    
8,020,366
      
21,690,899
  
Total current liabilities
    
25,331,613
      
54,117,745
  
Other liabilities
    
3,200,650
      
3,376,203
  
Total liabilities
    
28,532,263
      
57,493,948
  
Commitments and contingencies (Note 12)
                
Stockholders' equity
                
Common stock ($.0001 par value, 600,000,000 shares authorized, 71,404,669 and 71,091,616 issued and outstanding at December 31, 2024 and December 31, 2023, respectively)
    
7,140
      
7,109
  
Additional paid-in capital
    
238,635,635
      
235,795,420
  
Accumulated deficit
    
(22,838,012
)
    
(38,943,622
)
Total stockholders' equity
    
215,804,763
      
196,858,907
  
Total liabilities and stockholders' equity
  
$
244,337,026
    
$
254,352,855
  

SIGA TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For the Years Ended December 31

 
  
2024
    
2023
    
2022
  
Revenues
                  
Product sales and supportive services
  
$
133,330,181
    
$
130,668,209
    
$
86,661,583
  
Research and development
    
5,389,169
      
9,249,011
      
24,114,027
  
Total revenues
    
138,719,350
      
139,917,220
      
110,775,610
  
 
                        
Operating expenses
                        
Cost of sales and supportive services
    
31,289,229
      
17,825,090
      
10,432,561
  
Selling, general and administrative
    
25,136,050
      
22,043,023
      
35,117,241
  
Research and development
    
12,310,797
      
16,427,942
      
22,525,642
  
Total operating expenses
    
68,736,076
      
56,296,055
      
68,075,444
  
Operating income
    
69,983,274
      
83,621,165
      
42,700,166
  
Gain from change in fair value of warrant liability
    
—
      
—
      
400,663
  
Other income, net
    
6,087,116
      
4,155,508
      
1,031,903
  
Income before income taxes
    
76,070,390
      
87,776,673
      
44,132,732
  
Provision for income taxes
    
(16,856,174
)
    
(19,707,847
)
    
(10,227,926
)
Net and comprehensive income
  
$
59,214,216
    
$
68,068,826
    
$
33,904,806
  
Basic earnings per share
  
$
0.83
    
$
0.95
    
$
0.46
  
Diluted earnings per share
  
$
0.82
    
$
0.95
    
$
0.46
  
Weighted average shares outstanding: basic
    
71,253,172
      
71,362,209
      
72,929,550
  
Weighted average shares outstanding: diluted
    
71,905,712
      
71,679,270
      
73,546,501