SIGA Technologies (SIGA) Q3 2024 earnings summary

Executive summary

• Secured $122 million in procurement orders in Q3 2024, including a $112.5 million order from BARDA and $9 million from the Department of Defense, outpacing prior year-to-date revenues.

• Product sales include a diverse mix, led by oral and IV TPOXX deliveries to the U.S. Strategic National Stockpile and new international customers, including the first sale in Africa.

• Outstanding procurement orders at Q3-end totaled $146 million, positioning for substantial Q4 2024 and 2025 revenues.

• Announced exclusive license to a preclinical monoclonal antibody portfolio from Vanderbilt, expanding the pipeline for orthopoxvirus therapies, with DOD funding Phase 1 development.

• Ongoing clinical trials and regulatory submissions may further expand TPOXX indications, including for mpox and post-exposure prophylaxis.

Financial highlights

• Product revenue for the nine months ended September 30, 2024, was $53.5 million, with $9 million recognized in Q3.

• Total revenues for the nine months ended September 30, 2024, were $57.3 million, up from $23.4 million year-over-year.

• Net income for the nine months was $13.5 million, with Q3 net income of $1.3 million.

• Diluted EPS was $0.02 for Q3 and $0.19 for the nine months.

• Cash and cash equivalents were $99.3 million as of September 30, 2024, with no debt.

• Paid a $0.60 per share cash dividend ($43 million total) in April 2024.

Outlook and guidance

• Outstanding order balance of $146 million as of September 30, 2024, supports expectations for strong Q4 2024 and 2025 revenues.

• Targeting issuance of a new multi-year SNS contract in 2025, expected to include an initial order.

• Planning for FDA submission of TPOXX PEP indication in Q3 2025, pending CDC reanalysis completion in H1 2025.

• Anticipates a regulatory decision in Japan for oral TPOXX by the end of Q1 2025.

• Management expects liquidity and capital resources to be sufficient for at least the next twelve months.