SIGA Reports Financial Results for Three Months Ended March 31, 2023
“First quarter product revenues primarily reflect the sale of oral TPOXX to the
Summary Financial Results
($ in millions, except per share amounts)
Three Months Ended
Three Months Ended 2023 |
Three Months Ended 2022 |
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Total Revenues Operating Loss (1) Loss before Income Taxes (1) Net Loss Diluted Loss per Share |
( ( ( ( |
( ( ( ( |
(1) Operating Loss excludes, and Loss before Income Taxes includes, interest income and adjustments to the fair value of the Company’s outstanding warrant. Both line items exclude the impact of income taxes.
Capital Management Activity
Earlier today the Company announced a special cash dividend of
During the first quarter of 2023, SIGA repurchased approximately 1.1 million shares 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 1-888-999-3182 for domestic callers or 1-848-280-6330 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: 151824. The archived webcast will be available in the Events and Presentations section of the Company's website.
ABOUT
About Smallpox
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.
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 the progress of SIGA’s development programs and timelines for bringing products to market, delivering products to the Strategic Stockpile, the enforceability of our procurement contracts, such as the 19C BARDA Contract (the "BARDA Contract"), with BARDA, the impact of the COVID pandemic and responding to the global outbreak of monkeypox. The words or phrases “can be,” “expects,” “may affect,” “may depend,” “believes,” “estimate,” “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 BARDA Contract, not to exercise all, or any, of the remaining unexercised options under those contracts, (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, DoD Contract #2 or PEP Label Expansion R&D Contract are modified or canceled at the request or requirement of 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.
Contacts:
Investor Contact
lyonker@edisongroup.com
Public Relations
hstevens@berrypr.com
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
As of
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 115,680,683 | $ | 98,790,622 | ||||
Accounts receivable | 12,316,704 | 45,406,960 | ||||||
Inventory | 42,577,787 | 39,273,090 | ||||||
Prepaid expenses and other current assets | 1,958,508 | 2,315,672 | ||||||
Total current assets | 172,533,682 | 185,786,344 | ||||||
Property, plant and equipment, net | 1,717,193 | 1,848,314 | ||||||
Deferred tax asset, net | 6,733,810 | 6,250,385 | ||||||
898,334 | 898,334 | |||||||
Other assets | 2,041,240 | 252,546 | ||||||
Total assets | $ | 183,924,259 | $ | 195,035,923 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,139,853 | $ | 3,355,268 | ||||
Accrued expenses and other current liabilities | 16,001,327 | 16,852,781 | ||||||
Income tax payable | 1,335,311 | 1,309,672 | ||||||
Total current liabilities | 18,476,491 | 21,517,721 | ||||||
Other liabilities | 3,354,308 | 3,358,160 | ||||||
Total liabilities | 21,830,799 | 24,875,881 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity | ||||||||
Common stock ( |
7,154 | 7,268 | ||||||
Additional paid-in capital | 234,366,497 | 233,957,767 | ||||||
Accumulated deficit | (72,280,191 | ) | (63,804,993 | ) | ||||
Total stockholders’ equity | 162,093,460 | 170,160,042 | ||||||
Total liabilities and stockholders’ equity | $ | 183,924,259 | $ | 195,035,923 | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
Three Months Ended |
||||||||
2023 | 2022 | |||||||
Revenues | ||||||||
Product sales and supportive services | $ | 5,702,515 | $ | 7,320,872 | ||||
Research and development | 2,620,510 | 3,218,427 | ||||||
Total revenues | 8,323,025 | 10,539,299 | ||||||
Operating expenses | ||||||||
Cost of sales and supportive services | 1,150,187 | 4,720,116 | ||||||
Selling, general and administrative | 4,235,108 | 3,711,288 | ||||||
Research and development | 5,046,036 | 3,546,776 | ||||||
Total operating expenses | 10,431,331 | 11,978,180 | ||||||
Operating loss | (2,108,306 | ) | (1,438,881 | ) | ||||
Gain from change in fair value of warrant liability | — | 351,104 | ||||||
Other income, net | 890,629 | 23,322 | ||||||
Loss before income taxes | (1,217,677 | ) | (1,064,455 | ) | ||||
Benefit for income taxes | 299,422 | 703,406 | ||||||
Net and comprehensive loss | $ | (918,255 | ) | $ | (361,049 | ) | ||
Basic loss per share | $ | (0.01 | ) | $ | (0.00 | ) | ||
Diluted loss per share | $ | (0.01 | ) | $ | (0.01 | ) | ||
Weighted average shares outstanding: basic | 72,197,038 | 73,070,565 | ||||||
Weighted average shares outstanding: diluted | 72,197,038 | 73,883,058 | ||||||

Source: SIGA Technologies Inc.