SIGA Reports Financial Results for Three Months Ended March 31, 2021
- Corporate Update Conference Call Today at
“SIGA’s first quarter financial results reflect a positive general trend with international sales,” said
Summary Financial Results
($ in millions, except per share amounts)
Three Months Ended
Operating Loss (1)
Loss before Income Taxes (1)
Diluted Loss per Share
(1) Operating Loss excludes, and Loss 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.
Recent Key Activities:
- In April and
March 2021, the Company delivered approximately $7 millionand $3 million, respectively, of oral TPOXX® to PHAC under the contract that was awarded in January 2021(“2021 PHAC Contract”). The April delivery will be reflected in the second quarter financial results. The 2021 PHAC Contract, as well as the contract for the procurement of oral TPOXX® with the Canadian Military, were coordinated between SIGAand Meridian Medical Technologies, Inc.under the international promotion agreement (as amended) that was entered into by the parties in June 2019.
April 2021, the Company filed a new drug application ("NDA") with the U.S. Food and Drug Administration(“FDA”) for the intravenous formulation of TPOXX (“IV TPOXX®”). The approval of a second formulation of TPOXX® would increase the addressable patient population to those who are too ill to swallow oral capsules. The FDA review process will typically take 10 months for this type of submission.
March 2021, the Company announced a strategic partnership with Cipla Therapeutics to deliver sustained innovation and access to novel antibacterial drugs. The purpose of the strategic partnership is to provide BARDA, a department within the U.S.Department of Health and Human Services (“HHS”), with potential solutions for biothreat and public health needs in connection with anti-microbial resistance.
Share Repurchase Activity
During the first quarter of 2021, SIGA repurchased approximately 1 million shares of its common stock, for approximately
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 could 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. Otherwise, the pandemic is not currently expected to have a material adverse effect on the short-term financial results of the Company, although the Company cannot provide assurances as to the ultimate impact of the pandemic upon the broader macro environment or the Company’s industry.
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 1-800-891-3448 for domestic callers or 1-416-641-6700 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: 21993669. The archived webcast will be available in the Events and Presentations section of the Company's website.
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.
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 Government and no official endorsement should be inferred.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
|Cash and cash equivalents||$||106,527,495||$||117,890,240|
|Prepaid expenses and other current assets||1,950,149||2,112,069|
|Total current assets||132,889,274||143,608,091|
|Property, plant and equipment, net||1,986,888||2,103,990|
|Deferred tax assets, net||2,572,594||2,544,053|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accrued expenses and other current liabilities||7,064,722||9,205,293|
|Total current liabilities||7,511,517||10,483,510|
|Commitments and contingencies|
|Common stock (
|Additional paid-in capital||225,211,481||224,978,430|
|Total stockholders’ equity||122,684,867||129,793,269|
|Total liabilities and stockholders’ equity||$||138,766,538||$||149,831,391|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
|Three Months Ended
|Product sales and supportive services||$||3,523,343||$||113,009|
|Research and development||1,290,401||2,506,756|
|Cost of sales and supportive services||250,848||109,094|
|Selling, general and administrative||4,056,184||3,176,024|
|Research and development||2,302,785||3,150,105|
|Total operating expenses||6,803,151||6,617,820|
|Gain/(loss) from change in fair value of warrant liability||918,801||(16,065||)|
|Loss on extinguishment of Term Loan||-||(4,981,461||)|
|Other income, net||25,568||412,363|
|Loss before income taxes||(1,045,038||)||(11,600,035||)|
|Benefit for income taxes||232,933||2,702,506|
|Net and comprehensive loss||$||(812,105||)||$||(8,897,529||)|
|Basic loss per share||$||(0.01||)||$||(0.11||)|
|Diluted loss per share||$||(0.02||)||$||(0.11||)|
|Weighted average shares outstanding: basic||76,757,010||81,240,105|
|Weighted average shares outstanding: diluted||77,572,587||81,240,105|
Source: SIGA Technologies Inc.