SIGA Technologies, Inc. Reports Financial Results for Fiscal Year 2019
- Announces Expectations for Product Delivery to BARDA -
- Announces
- Corporate Update Conference Call Today at
Summary 2019 Financial Results
SIGA’s revenue for the year ended December 31, 2019 was approximately
Dr.
Product Delivery Expectations in Connection with 19C BARDA Contract
SIGA expects the near-term exercise of procurement options by BARDA under the 19C BARDA Contract worth a total of approximately
Authorization of
The Board of Directors authorized a share repurchase program under which the Company may repurchase up to
The timing and actual number of shares repurchased, if any, 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. The repurchase program does not obligate the Company to acquire a specific dollar amount or number of shares and may be modified, suspended or discontinued at any time. Repurchases under the program may be made from time to time at the Company’s discretion in open market transactions, through block trades, in privately negotiated transactions, and pursuant to any trading plan that may be adopted by the Company’s management in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or otherwise. Prior to executing any repurchases under this program, the Company’s current term loan would need to be amended or fully repaid.
“The Board’s authorization of this share repurchase program reflects our commitment to seeking value creation through a full range of approaches,” said
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 (877) 407-6184 for domestic callers or (201) 389-0877 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 (877) 660-6853 for domestic callers or (201) 612-7415 for international callers and using Conference ID: 13691653. 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.
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 fiscal year ended December 31, 2019, 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.
Contacts:
Investors
212-867-1768
david.carey@finnpartners.com
Media
206-713-0124
stephanie.seiler@finnpartners.com
1http://www.mayoclinic.org/diseases-conditions/smallpox/basics/definition/con-20022769
CONSOLIDATED BALANCE SHEETS
As of
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 65,249,072 | $ | 100,652,809 | |||
Restricted cash and cash equivalents, short-term | 95,737,862 | 11,452,078 | |||||
Accounts receivable | 4,167,996 | 1,959,133 | |||||
Inventory | 9,652,855 | 2,908,210 | |||||
Prepaid expenses and other current assets | 5,234,000 | 4,317,615 | |||||
Total current assets | 180,041,785 | 121,289,845 | |||||
Property, plant and equipment, net | 2,618,303 | 171,274 | |||||
Restricted cash and cash equivalents, long-term | — | 68,292,023 | |||||
Deferred tax asset, net | 14,151,002 | 11,733,385 | |||||
898,334 | 898,334 | ||||||
Other assets | 856,766 | 1,058,880 | |||||
Total assets | $ | 198,566,190 | $ | 203,443,741 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities | |||||||
Accounts payable | $ | 3,054,032 | $ | 1,688,488 | |||
Accrued expenses and other current liabilities | 8,636,911 | 9,648,917 | |||||
Term debt, current | 80,044,866 | — | |||||
Total current liabilities | 91,735,809 | 11,337,405 | |||||
Warrant liability | 6,116,882 | 12,380,939 | |||||
Other liabilities | 2,929,743 | 1,263,113 | |||||
Long-term debt | — | 75,547,597 | |||||
Total liabilities | 100,782,434 | 100,529,054 | |||||
Commitments and contingencies (Note 14) | |||||||
Stockholders' equity | |||||||
Common stock ( |
8,127 | 8,076 | |||||
Additional paid-in capital | 220,808,037 | 218,697,872 | |||||
Accumulated deficit | (123,032,408 | ) | (115,791,261 | ) | |||
Total stockholders' equity | 97,783,756 | 102,914,687 | |||||
Total liabilities and stockholders' equity | $ | 198,566,190 | $ | 203,443,741 |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
For the Years Ended
2019 | 2018 | 2017 | |||||||||
Revenues | |||||||||||
Product sales and supportive services | $ | 11,190,064 | $ | 468,918,468 | $ | — | |||||
Research and development | 15,552,021 | 8,135,314 | 12,268,960 | ||||||||
Total revenues | 26,742,085 | 477,053,782 | 12,268,960 | ||||||||
Operating expenses | |||||||||||
Cost of sales and supportive services | 1,782,838 | 95,268,974 | — | ||||||||
Selling, general and administrative | 13,252,136 | 12,879,738 | 12,303,050 | ||||||||
Research and development | 13,303,149 | 13,016,183 | 16,679,712 | ||||||||
Patent expenses | 726,105 | 789,489 | 909,946 | ||||||||
Lease termination | — | — | 1,225,421 | ||||||||
Total operating expenses | 29,064,228 | 121,954,384 | 31,118,129 | ||||||||
Operating (loss) income | (2,322,143 | ) | 355,099,398 | (18,849,169 | ) | ||||||
Gain (loss) from change in fair value of warrant liability | 5,091,256 | (6,922,624 | ) | (4,738,753 | ) | ||||||
Interest expense | (15,769,768 | ) | (15,478,203 | ) | (14,758,140 | ) | |||||
Other income, net | 2,822,232 | 78,940,985 | 16,788 | ||||||||
(Loss) income before income taxes | (10,178,423 | ) | 411,639,556 | (38,329,274 | ) | ||||||
Benefit for income taxes | 2,937,276 | 10,168,272 | 2,093,790 | ||||||||
Net and comprehensive (loss) income | $ | (7,241,147 | ) | $ | 421,807,828 | $ | (36,235,484 | ) | |||
Basic (loss) earnings per share | $ | (0.09 | ) | $ | 5.28 | $ | (0.46 | ) | |||
Diluted (loss) earnings per share | $ | (0.15 | ) | $ | 5.18 | $ | (0.46 | ) | |||
Weighted average shares outstanding: basic | 81,031,254 | 79,923,295 | 78,874,494 | ||||||||
Weighted average shares outstanding: diluted | 82,175,023 | 82,708,472 | 78,874,494 |
Source: SIGA Technologies Inc.