Delaware
|
0-23047
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13-3864870
|
(State or other jurisdiction of incorporation or organization)
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(Commission file number)
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(I.R.S. employer identification no.)
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31 East 62nd Street
New York, New York
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10065
|
|
(Address of principal executive offices)
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(Zip code)
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☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
common stock, $.0001 par value
|
SIGA
|
The Nasdaq Global Market
|
Item 2.02
|
Results of Operations and Financial Condition
|
Item 9.01.
|
Financial Statements and Exhibits
|
(d)
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The following exhibits are included in this report:
|
Exhibit
No.
|
Description
|
|
Press Release, dated August 6, 2020.
|
SIGA TECHNOLOGIES, INC.
|
|||
By:
|
/s/ Daniel J. Luckshire
|
||
Name:
|
Daniel J. Luckshire
|
||
Title:
|
Chief Financial Officer
|
||
Date: August 6, 2020
|
Three Months
Ended June 30,
2020
|
Three Months
Ended June 30,
2019
|
||||||||
|
|||||||||
Total Revenues
|
|
$40.3
|
|
$3.9
|
|||||
Operating Income (Loss) (1)
|
|
$28.8
|
|
($1.7
|
)
|
||||
Income (Loss) before Income Taxes (1)
|
|
$27.2
|
|
($4.3
|
)
|
||||
Net Income (Loss)
|
|
$20.9
|
|
($3.2
|
)
|
||||
Diluted Income (Loss) per Share
|
$0.26 per share
|
($0.05) per share
|
Six Months
Ended June 30,
2020
|
Six Months
Ended June 30,
2019
|
||||||||
Total Revenues
|
|
$43.0
|
|
$14.4
|
|||||
Operating Income (1)
|
|
$24.8
|
|
$0.5
|
|||||
Income (Loss) before Income Taxes (1)
|
|
$15.6
|
|
($2.1
|
)
|
||||
Net Income (Loss)
|
|
$12.0
|
|
($1.5
|
)
|
||||
Diluted Income (Loss) per Share
|
$0.15 per share
|
($0.06) per share
|
• |
On July 30, the Company announced that it has filed a Marketing Authorisation Application (MAA) with the European Medicines Agency (EMA) for oral tecovirimat. SIGA is targeting approval for the second half of 2021.
|
• |
On June 15, the Company announced that the United States Department of Defense (“DoD”) had increased research and development funding to approximately $23 million in connection with the DoD contract, to support work necessary to
obtain a potential label expansion from the U.S. Food and Drug Administration (FDA) for oral TPOXX to cover Post-Exposure Prophylaxis (PEP), in addition to the currently approved labeling for the treatment of smallpox.
|
June 30,
2020
|
December 31,
2019
|
|||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
53,065,833
|
$
|
65,249,072
|
||||
Restricted cash and cash equivalents, short-term
|
-
|
95,737,862
|
||||||
Accounts receivable
|
36,611,661
|
4,167,996
|
||||||
Inventory
|
14,006,986
|
9,652,855
|
||||||
Prepaid expenses and other current assets
|
1,382,499
|
5,234,000
|
||||||
Total current assets
|
105,066,979
|
180,041,785
|
||||||
Property, plant and equipment, net
|
2,366,135
|
2,618,303
|
||||||
Deferred tax assets, net
|
11,183,600
|
14,151,002
|
||||||
Goodwill
|
898,334
|
898,334
|
||||||
Other assets
|
901,906
|
856,766
|
||||||
Total assets
|
$
|
120,416,954
|
$
|
198,566,190
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
630,165
|
$
|
3,054,032
|
||||
Accrued expenses and other current liabilities
|
14,931,370
|
8,636,911
|
||||||
Total debt, current
|
-
|
80,044,866
|
||||||
Total current liabilities
|
15,561,535
|
91,735,809
|
||||||
Warrant liability
|
7,752,534
|
6,116,882
|
||||||
Other liabilities
|
2,969,867
|
2,929,743
|
||||||
Total liabilities
|
26,283,936
|
100,782,434
|
||||||
Commitments and contingencies
|
||||||||
Stockholders’ equity
|
||||||||
Common stock ($.0001 par value, 600,000,000 shares authorized, 78,618,743 and 81,269,868 issued and outstanding at June 30, 2020, and December 31,
2019, respectively)
|
7,862
|
8,127
|
||||||
Additional paid-in capital
|
221,380,828
|
220,808,037
|
||||||
Accumulated deficit
|
(127,255,672
|
)
|
(123,032,408
|
)
|
||||
Total stockholders’ equity
|
94,133,018
|
97,783,756
|
||||||
Total liabilities and stockholders’ equity
|
$
|
120,416,954
|
$
|
198,566,190
|
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Revenues
|
||||||||||||||||
Product sales and supportive services
|
$
|
38,624,450
|
$
|
-
|
$
|
38,737,459
|
$
|
7,142,400
|
||||||||
Research and development
|
1,724,327
|
3,907,611
|
4,231,083
|
7,224,295
|
||||||||||||
Total revenues
|
40,348,777
|
3,907,611
|
42,968,542
|
14,366,695
|
||||||||||||
Operating expenses
|
||||||||||||||||
Cost of sales and supportive services
|
4,796,768
|
-
|
4,905,863
|
915,367
|
||||||||||||
Selling, general and administrative
|
3,870,927
|
3,392,228
|
7,046,952
|
6,558,794
|
||||||||||||
Research and development
|
2,709,743
|
2,038,323
|
5,859,847
|
6,035,604
|
||||||||||||
Patent expenses
|
174,203
|
182,310
|
356,800
|
370,226
|
||||||||||||
Total operating expenses
|
11,551,641
|
5,612,861
|
18,169,462
|
13,879,991
|
||||||||||||
Operating income (loss)
|
28,797,136
|
(1,705,250
|
)
|
24,799,080
|
486,704
|
|||||||||||
(Loss) gain from change in fair value of warrant liability
|
(1,619,587
|
)
|
656,523
|
(1,635,652
|
)
|
3,792,788
|
||||||||||
Loss on extinguishment of Term Loan
|
-
|
-
|
(4,981,461
|
)
|
-
|
|||||||||||
Interest expense
|
-
|
(3,971,031
|
)
|
(3,016,817
|
)
|
(7,899,449
|
)
|
|||||||||
Other income, net
|
31,931
|
737,577
|
444,295
|
1,473,706
|
||||||||||||
Income (loss) before income taxes
|
27,209,480
|
(4,282,181
|
)
|
15,609,445
|
(2,146,251
|
)
|
||||||||||
(Provision) benefit for income taxes
|
(6,319,322
|
)
|
1,119,689
|
(3,616,816
|
)
|
613,536
|
||||||||||
Net and comprehensive income (loss)
|
$
|
20,890,158
|
$
|
(3,162,492
|
)
|
$
|
11,992,629
|
$
|
(1,532,715
|
)
|
||||||
Basic income (loss) per share
|
$
|
0.26
|
$
|
(0.04
|
)
|
$
|
0.15
|
$
|
(0.02
|
)
|
||||||
Diluted income (loss) per share
|
$
|
0.26
|
$
|
(0.05
|
)
|
$
|
0.15
|
$
|
(0.06
|
)
|
||||||
Weighted average shares outstanding: basic
|
80,340,695
|
80,986,524
|
80,790,400
|
80,950,124
|
||||||||||||
Weighted average shares outstanding: diluted
|
80,516,863
|
82,114,661
|
80,959,812
|
82,129,601
|