SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage
pharmaceutical company, today reported financial results for the
three and six months ended June 30, 2024.
“SIGA continued to perform well again this
quarter, generating $21 million of revenues, including $18 million
of IV TPOXX sales to the U.S. Government,” said Diem Nguyen, Chief
Executive Officer. “For the first six months of the year, product
revenues of $45 million include a diverse mix of oral TPOXX
deliveries to the U.S. Strategic National Stockpile, the U.S.
Department of Defense, and eleven international customers, as well
as IV TPOXX deliveries to the U.S. Strategic National Stockpile. We
remain committed to advancing our strategy by diversifying and
expanding our revenue base while enhancing shareholder value as we
look forward to progressing our clinical programs, negotiating the
next contract with the U.S. Government, and promoting public
health.”
Summary Financial Results
($ in millions, except per share amounts) |
Three Months Ended June 30 |
|
Six Months Ended June 30 |
|
2024 |
2023 |
|
2024 |
2023 |
Product sales(1) |
$20.7 |
$1.3 |
|
$44.6 |
$7.0 |
Total revenues |
$21.8 |
$5.9 |
|
$47.2 |
$14.2 |
Operating income (loss)(2) |
$1.1 |
($4.6) |
|
$12.4 |
($6.7) |
Income (loss) before income taxes(2) |
$2.4 |
($3.4) |
|
$15.6 |
($4.7) |
Net income (loss) |
$1.8 |
($2.9) |
|
$12.1 |
($3.8) |
Diluted income (loss) per share |
$0.03 |
($0.04) |
|
$0.17 |
($0.05) |
(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 July 2024, the Company received a procurement order for
approximately $113 million of oral TPOXX from the U.S. Government
under the 19C BARDA contract, for delivery to the U.S. Strategic
National Stockpile (SNS).
- In the second quarter 2024, SIGA delivered approximately $18
million of IV TPOXX to the U.S. SNS and approximately $3 million of
oral TPOXX (known as tecovirimat or Tecovirimat-SIGA in most
international markets) to a new customer in the Association of
Southeast Asian Nations (ASEAN) region. In addition, the Company
received a $11 million order from another customer in the Asia
Pacific region, with delivery targeted for the next six
months.
- In April 2024, the Company’s partner in Japan, Japan Biotechno
Pharma, announced that a new drug application for oral TPOXX (to be
known as TEPOXX) was filed in Japan for the treatment of smallpox,
mpox, cowpox, and complications due to vaccinia virus.
- In April 2024, the Company announced that it entered into an
amendment of its international promotion agreement with Meridian
Medical Technologies, LLC (Meridian). Effective June 1, 2024, SIGA
began driving international promotion activities for oral TPOXX®
while maintaining its contractual relationship with Meridian to
preserve continuity for key customer relationships. With the
amendment, SIGA has greater control over international promotion
activities, which enables the Company to meet global customers’
needs more effectively.
Capital Management Activity:
On April 11, 2024, a special cash dividend of
$0.60 per share was paid, an increase of $0.15 per share from last
year’s special cash dividend. This dividend was declared on March
12, 2024.
Conference Call and Webcast
SIGA will host a conference call and webcast to
provide a business update today, Thursday, August 1, 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:
11156004. 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. The words or phrases “can be,” “expects,” “may
affect,” “may depend,” “believes,” “estimate,” “will”, “project”
and similar words and phrases are intended to identify such
forward-looking statements. 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 |
|
|
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
ASSETS |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
106,949,786 |
|
|
$ |
150,145,844 |
|
Accounts receivable |
|
8,954,433 |
|
|
|
21,130,951 |
|
Inventory |
|
55,664,453 |
|
|
|
64,218,337 |
|
Prepaid expenses and other current assets |
|
4,906,577 |
|
|
|
3,496,028 |
|
Total current assets |
|
176,475,249 |
|
|
|
238,991,160 |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
1,517,270 |
|
|
|
1,331,708 |
|
Deferred tax asset, net |
|
11,611,925 |
|
|
|
11,048,118 |
|
Goodwill |
|
898,334 |
|
|
|
898,334 |
|
Other assets |
|
2,155,793 |
|
|
|
2,083,535 |
|
Total assets |
$ |
192,658,571 |
|
|
$ |
254,352,855 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable |
$ |
1,033,123 |
|
|
$ |
1,456,316 |
|
Accrued expenses and other current liabilities |
|
6,533,033 |
|
|
|
10,181,810 |
|
Deferred IV TPOXX® revenue |
|
13,729,440 |
|
|
|
20,788,720 |
|
Income tax payable |
|
82,457 |
|
|
|
21,690,899 |
|
Total current liabilities |
|
21,378,053 |
|
|
|
54,117,745 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
3,721,969 |
|
|
|
3,376,203 |
|
Total liabilities |
|
25,100,022 |
|
|
|
57,493,948 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
|
Common stock ($.0001 par value, 600,000,000 shares authorized,
71,305,893 and 71,091,616, issued and outstanding at June 30, 2024
and December 31, 2023, respectively) |
|
7,131 |
|
|
|
7,109 |
|
Additional paid-in capital |
|
237,502,156 |
|
|
|
235,795,420 |
|
Accumulated deficit |
|
(69,950,738 |
) |
|
|
(38,943,622 |
) |
Total stockholders’ equity |
|
167,558,549 |
|
|
|
196,858,907 |
|
Total liabilities and stockholders’ equity |
$ |
192,658,571 |
|
|
$ |
254,352,855 |
|
|
|
|
|
|
|
|
|
SIGA TECHNOLOGIES, INC. CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME/(LOSS) (UNAUDITED) |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product sales and supportive services |
$ |
20,675,317 |
|
|
$ |
1,263,255 |
|
|
$ |
44,553,994 |
|
|
$ |
6,965,769 |
|
Research and development |
|
1,135,574 |
|
|
|
4,614,911 |
|
|
|
2,686,752 |
|
|
|
7,235,421 |
|
Total revenues |
|
21,810,891 |
|
|
|
5,878,166 |
|
|
|
47,240,746 |
|
|
|
14,201,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales and supportive services |
|
12,311,685 |
|
|
|
974,420 |
|
|
|
15,536,999 |
|
|
|
2,124,608 |
|
Selling, general and administrative |
|
5,530,423 |
|
|
|
4,425,959 |
|
|
|
13,406,196 |
|
|
|
8,661,068 |
|
Research and development |
|
2,888,944 |
|
|
|
5,116,154 |
|
|
|
5,942,313 |
|
|
|
10,162,189 |
|
Total operating expenses |
|
20,731,052 |
|
|
|
10,516,533 |
|
|
|
34,885,508 |
|
|
|
20,947,865 |
|
Operating income/(loss) |
|
1,079,839 |
|
|
|
(4,638,367 |
) |
|
|
12,355,238 |
|
|
|
(6,746,675 |
) |
Other income, net |
|
1,317,996 |
|
|
|
1,190,705 |
|
|
|
3,260,433 |
|
|
|
2,081,334 |
|
Income/(Loss) before income taxes |
|
2,397,835 |
|
|
|
(3,447,662 |
) |
|
|
15,615,671 |
|
|
|
(4,665,341 |
) |
(Provision)/Benefit for income taxes |
|
(565,219 |
) |
|
|
572,186 |
|
|
|
(3,505,715 |
) |
|
|
871,608 |
|
Net and comprehensive income/(loss) |
$ |
1,832,616 |
|
|
$ |
(2,875,476 |
) |
|
$ |
12,109,956 |
|
|
$ |
(3,793,733 |
) |
Basic income/(loss) per share |
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
$ |
0.17 |
|
|
$ |
(0.05 |
) |
Diluted income/(loss) per share |
$ |
0.03 |
|
|
$ |
(0.04 |
) |
|
$ |
0.17 |
|
|
$ |
(0.05 |
) |
Weighted average shares outstanding: basic |
|
71,152,572 |
|
|
|
71,090,642 |
|
|
|
71,123,113 |
|
|
|
71,640,784 |
|
Weighted average shares outstanding: diluted |
|
71,753,231 |
|
|
|
71,090,642 |
|
|
|
71,748,362 |
|
|
|
71,640,784 |
|
SIGA Technologies (NASDAQ:SIGA)
過去 株価チャート
から 8 2024 まで 9 2024
SIGA Technologies (NASDAQ:SIGA)
過去 株価チャート
から 9 2023 まで 9 2024