SIGA Technologies (SIGA) Q3 2024 earnings summary

Executive summary

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

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

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

• Strategic focus on securing a new long-term contract with the U.S. government for TPOXX supply, with anticipated issuance in 2025.

• Expanded pipeline with exclusive license to preclinical monoclonal antibodies targeting orthopoxviruses, funded through phase I by the Department of Defense.

Financial highlights

• Product revenue for the nine months ended September 30, 2024, was $57.3 million, with $9 million recognized in Q3.

• Q3 2024 included $8 million in oral TPOXX deliveries to the SNS and $1 million in international sales.

• Net income for Q3 2024 was $1.3 million; nine-month net income was $13.5 million.

• Cash and cash equivalents stood at $99.3 million as of September 30, 2024, down from $150.1 million at year-end 2023, mainly due to the special dividend.

• Diluted EPS was $0.02 for Q3 2024 and $0.19 for the nine months ended September 30, 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 a new SNS contract in 2025, expected to include an initial order.

• Planning for FDA submission of TPOXX post-exposure prophylaxis indication in Q3 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.