SIGA Reports Financial Results for Third Quarter and Nine Months Ended September 30, 2021
- Up to Approximately
- Approximately
- Corporate Update Conference Call Today at
“SIGA’s financial results for the first nine months of 2021 include approximately
Summary Financial Results
($ in millions, except per share amounts)
Third Quarter 2021 in comparison to Third Quarter 2020
Three Months Ended 2021 |
Three Months Ended 2020 |
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Total Revenues Operating (Loss)/Income (1) (Loss)/Income before Income Taxes (1) Net (Loss)/Income Diluted (Loss)/Income per Share |
( ( ( ( |
Nine Months Ended
Nine Months Ended 2021 |
Nine Months Ended 2020 |
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Total Revenues Operating (Loss)/Income (1) (Loss)/Income before Income Taxes (1) Net (Loss)/Income Diluted (Loss)/Income per Share |
( ( ( ( |
(1) Operating (Loss)/Income excludes, and (Loss)/Income before Income Taxes includes, costs in connection with the retirement of the Company’s term loan, interest expense, interest income and adjustments to the fair value of the Company’s outstanding warrant. Both line items exclude the impact of income taxes.
Key Activities for the Quarter:
- In
September 2021 , theBiomedical Advanced Research and Development Authority (“BARDA”) exercised a procurement option under the 19C BARDA contract for the delivery of oral TPOXX treatment courses valued at approximately $113 million to the U.S. government. - In
August 2021 , the Board of Directors authorized an additional share repurchase program (“New Repurchase Authorization”) under which the Company may repurchase up to$50 million of the Company’s common stock throughDecember 31, 2023 . Shares can be repurchased under the New Repurchase Authorization once the maximum amount allowed to be repurchased under the current program, which was authorized inMarch 2020 , has been repurchased, or once such program has expired. The timing and actual number of shares repurchased, if any, under the New Repurchase Authorization will depend on a variety of factors, including: exercise of procurement options under government contracts, alternative opportunities for strategic uses of cash, the stock price of the Company’s common stock, market conditions, and other corporate liquidity requirements and priorities.
Share Repurchase Activity
During the third quarter of 2021, SIGA repurchased approximately 1.1 million shares of its common stock, for approximately
Conference Call and Webcast
SIGA will host a conference call and webcast to provide a business update today,
Participants may access the call by dialing 1-877-425-9470 for domestic callers or 1-201-389-0878 for international callers. A live webcast of the call will also be available on the Company's website at www.siga.com under the 'Events & Presentations' tab in the Investor Relations section, 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: 13722063. The archived webcast will be available in the Events and Presentations section of the Company's website.
ABOUT
About Smallpox1
Smallpox is a contagious, disfiguring and often deadly disease that has affected humans for thousands of years. Naturally occurring smallpox was eradicated worldwide by 1980, the result of an unprecedented global immunization campaign. Samples of smallpox virus have been kept for research purposes. This has led to concerns that smallpox could someday be used as a biological warfare agent. A vaccine can prevent smallpox, but the risk of the current vaccine's side effects is too high to justify routine vaccination for people at low risk of exposure to the smallpox virus.
COVID-19 Pandemic
The COVID-19 pandemic has caused significant societal and economic disruption. Such disruption, and the associated risks and costs, are expected to continue for an indeterminate period of time. Given the uncertain scale, scope, and current and future impact of the pandemic, the Company is regularly reviewing business and financial risks, and seeking coordination with its government partners with respect to the performance of current and future contract timing and execution. Additionally, the Company is coordinating closely with service providers and vendors, in particular contract manufacturing organizations that constitute our supply chain, with respect to actions and risks caused by the COVID-19 pandemic. Finally, the Company has proactively provided its employees with resources and other support to help ensure continued success in remote work settings as they navigate the current pandemic environment.
The COVID-19 pandemic has not adversely affected the liquidity position of the Company, nor is it currently expected to have a material adverse effect on the financial condition of the Company. The pandemic has and may continue to delay the timing of international contract awards for oral TPOXX given the need of government officials to focus on meeting the demands of the current COVID-19 pandemic. Additionally, the pandemic could result in a slower pace of product deliveries if the pandemic results in shortages or delays in the receipt by the supply chain of raw materials and other essential items for manufacturing. Furthermore, Executive Order 14042 issued by the President of
FORWARD-LOOKING STATEMENTS
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. 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. More detailed information about SIGA and risk factors that may affect the realization of forward-looking statements, including the forward-looking statements in this press release, is set forth in SIGA's filings with the Securities and Exchange Commission, including SIGA's Annual Report on Form 10-K for the year ended December 31, 2020, and in other documents that SIGA has filed with the SEC. SIGA urges investors and security holders to read those documents free of charge at the SEC's web site at http://www.sec.gov. Interested parties may also obtain those documents free of charge from SIGA. Forward-looking statements are current only as of the date on which such statements were made, and except for our ongoing obligations under the
The information contained in this press release does not necessarily reflect the position or the policy of the
Investor Contacts:
lyonker@edisongroup.com
mcrawford@edisongroup.com
___________________
1 http://www.mayoclinic.org/diseases-conditions/smallpox/basics/definition/con-20022769
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 92,819,425 | $ | 117,890,240 | |||
Accounts receivable | 3,822,824 | 3,340,263 | |||||
Inventory | 29,673,044 | 20,265,519 | |||||
Prepaid expenses and other current assets | 2,622,254 | 2,112,069 | |||||
Total current assets | 128,937,547 | 143,608,091 | |||||
Property, plant and equipment, net | 2,468,463 | 2,103,990 | |||||
Deferred income taxes, net | 2,952,286 | 2,544,053 | |||||
898,334 | 898,334 | ||||||
Other assets | 306,722 | 676,923 | |||||
Total assets | $ | 135,563,352 | $ | 149,831,391 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities | |||||||
Accounts payable | $ | 9,962,965 | $ | 1,278,217 | |||
Accrued expenses and other current liabilities | 8,979,128 | 9,205,293 | |||||
Total current liabilities | 18,942,093 | 10,483,510 | |||||
Warrant liability | 6,344,663 | 6,639,211 | |||||
Other liabilities | 3,720,734 | 2,915,401 | |||||
Total liabilities | 29,007,490 | 20,038,122 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity | |||||||
Common stock ( |
7,431 | 7,720 | |||||
Additional paid-in capital | 225,761,819 | 224,978,430 | |||||
Accumulated deficit | (119,213,388 | ) | (95,192,881 | ) | |||
Total stockholders’ equity | 106,555,862 | 129,793,269 | |||||
Total liabilities and stockholders’ equity | $ | 135,563,352 | $ | 149,831,391 | |||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
Three Months Ended |
Nine Months Ended |
||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenues | |||||||||||||||
Product sales and supportive services | $ | 2,346,110 | $ | 41,810,192 | $ | 12,793,615 | $ | 80,547,651 | |||||||
Research and development | 2,500,062 | 2,451,215 | 5,519,591 | 6,682,298 | |||||||||||
Total revenues | 4,846,172 | 44,261,407 | 18,313,206 | 87,229,949 | |||||||||||
Operating expenses | |||||||||||||||
Cost of sales and supportive services | 83,276 | 5,559,215 | 1,330,114 | 10,465,078 | |||||||||||
Selling, general and administrative | 4,305,644 | 3,566,258 | 13,577,887 | 10,613,267 | |||||||||||
Research and development | 3,235,145 | 2,073,613 | 7,801,901 | 7,933,404 | |||||||||||
Patent expenses | 165,996 | 164,102 | 535,497 | 520,902 | |||||||||||
Total operating expenses | 7,790,061 | 11,363,188 | 23,245,399 | 29,532,651 | |||||||||||
Operating (loss)/income | (2,943,889 | ) | 32,898,219 | (4,932,193 | ) | 57,697,298 | |||||||||
(Loss)/gain from change in fair value of warrant liability | (1,066,522 | ) | (1,274,156 | ) | 294,548 | (2,909,808 | ) | ||||||||
Loss on extinguishment of Term Loan | - | - | - | (4,981,461 | ) | ||||||||||
Interest expense | - | - | - | (3,016,817 | ) | ||||||||||
Other income, net | 26,252 | 24,932 | 76,055 | 469,226 | |||||||||||
(Loss)/income before income taxes | (3,984,159 | ) | 31,648,995 | (4,561,590 | ) | 47,258,438 | |||||||||
Benefit/(provision) for income taxes | 870,801 | (7,461,038 | ) | 805,328 | (11,077,854 | ) | |||||||||
Net and comprehensive (loss)/income | $ | (3,113,358 | ) | $ | 24,187,957 | $ | (3,756,262 | ) | $ | 36,180,584 | |||||
Basic (loss)/income per share | $ | (0.04 | ) | $ | 0.31 | $ | (0.05 | ) | $ | 0.45 | |||||
Diluted (loss)/income per share | $ | (0.04 | ) | $ | 0.31 | $ | (0.05 | ) | $ | 0.45 | |||||
Weighted average shares outstanding: basic | 74,840,846 | 78,080,461 | 75,822,713 | 79,880,493 | |||||||||||
Weighted average shares outstanding: diluted | 74,840,846 | 78,168,070 | 76,634,963 | 80,051,778 |
Source: SIGA Technologies Inc.