SIGA Reports Financial Results for Three and Nine Months Ended September 30, 2025

Rhea-AI Summary

SIGA (Nasdaq: SIGA) reported results for the three and nine months ended September 30, 2025, and will host a conference call on November 6, 2025 at 4:30 P.M. ET. For the first nine months of 2025 the company generated $85.8M in product sales and $90.8M total revenues, and reported $33M pre-tax operating income.

Year-to-date activity includes $53M oral TPOXX and $26M IV TPOXX deliveries to the U.S. Strategic National Stockpile, a $26M IV TPOXX procurement order from the U.S. Government, $27M of BARDA 19C funding added in 2025, regulatory approval of TEPOXX in Japan, and a $0.60 special cash dividend paid May 15, 2025.

Positive

• $85.8M product sales year-to-date
• $90.8M total revenues year-to-date
• $33M pre-tax operating income year-to-date
• $27M added BARDA 19C funding in 2025
• $26M U.S. Government IV TPOXX procurement order
• Regulatory approval of TEPOXX in Japan

Negative

• Q3 2025 product sales fell to $0.9M from $8.9M year-ago
• Q3 2025 total revenue declined to $2.6M from $10.0M
• Quarterly revenue mix change reduced operating margin versus prior year

Insights

Senior Pharmaceuticals Financial Analyst

SIGA shows material year‑to‑date revenue and operating income gains driven by government procurement and regulatory approval in Japan.

SIGA Technologies generated $85.8 million of product sales and $90.8 million of total revenues for the nine months ended September 30, 2025, with $33.2 million of operating income and $28.7 million of net income year‑to‑date. The company reports $53 million of oral TPOXX and $26 million of IV TPOXX deliveries to the U.S. Strategic National Stockpile and a $6 million international sale; it also cites regulatory approval in Japan (TEPOXX) and additional BARDA funding totaling $27 million.

The business mechanism is straightforward: recurring government procurement orders and contractual development funding drive revenue recognition and operating leverage. Reported gains versus prior year (product sales rising from $53.5 million to $85.8 million year‑to‑date) show demand and contract execution rather than one‑off marketing activity.

Key dependencies and risks remain contract renewals, timing of U.S. Government orders, and execution of the BARDA‑funded programs; revenue concentration with government customers makes near‑term results sensitive to procurement cadence. The April special cash dividend ($0.60 per share) reduces corporate cash available for other uses and should be weighed against contract receivables and working capital needs.

Concrete items to watch in the next 3–12 months include new procurement contract awards or sizable orders under the BARDA 19C framework, progress milestones and funding draws for the pediatric development program, and any announced follow‑on international procurements; the company’s conference call today, November 6, 2025, may disclose additional timing and order visibility for the remainder of 2025 and planning into 2026.

Corporate Update Conference Call Today at 4:30 PM ET

NEW YORK, Nov. 06, 2025 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (Nasdaq: SIGA), a commercial-stage pharmaceutical company, today reported financial results for the three and nine months ended September 30, 2025.

“We continue to advance SIGA's key priorities while generating $86 million in product revenues and $33 million in pre-tax operating income for the first nine months of 2025," stated Diem Nguyen, Chief Executive Officer. " As we look forward to the remainder of 2025 and prepare for 2026, we are focused on building upon our long track record as a successful partner with the U.S. Government and international governments to secure new procurement contracts and orders that will serve as the foundation of our revenues for the years to come.”

Summary Financial Results

($ in millions, except per share amounts)	Three Months Ended September 30							Nine Months Ended September 30
		2025				2024			2025			2024
Product sales (1)	$	0.9			$	8.9		$	85.8		$	53.5
Total revenues (2)	$	2.6			$	10.0		$	90.8		$	57.3
Operating (loss) / income(3) (4)	$	(10.2	)		$	0.5		$	33.2		$	12.9
(Loss) / income before income taxes(3)	$	(8.4	)		$	1.9		$	38.3		$	17.5
Net (loss) / income	$	(6.4	)		$	1.3		$	28.7		$	13.5
Diluted (loss) / income per share	$	(0.09	)		$	0.02		$	0.40		$	0.19

(1)	Includes supportive services related to product sales.
(2)	Includes research and development revenues.
(3)	Operating (loss) / income excludes, and income (loss) before income taxes includes, other income. Both line items exclude the impact of income taxes.
(4)	Differences in operating income margin between periods reflects different product mixes in those periods.

Year-to-Date Key Business and Operational Activity:

• For the first nine months of the year, the Company generated $53 million of oral TPOXX revenues and $26 million of IV TPOXX revenues in connection with deliveries to the U.S. Strategic National Stockpile, or SNS.   Additionally, the Company delivered $6 million of oral TPOXX to an international customer, representing a sale to this country in five out of the last six years.
• In June 2025, the Company’s Biomedical Advanced Research and Development Authority, or BARDA, 19C contract (with the U.S. Government) was modified to add $13 million of funding to the Company’s TPOXX pediatric development program. In combination with the $14 million of funding added in April 2025 to support manufacturing activities, $27 million of development funding was added to the BARDA 19C contract during the second quarter.
  
• In March 2025, the Company received a procurement order for $26 million of IV TPOXX from the U.S. Government under the 19C BARDA contract.
  
• In January 2025, the Company announced that TPOXX received regulatory approval in Japan (as TEPOXX) for the treatment of smallpox, mpox, cowpox, as well as complications following smallpox vaccination in adults and pediatric patients weighing at least 13 kg. TEPOXX is the first antiviral therapy approved by the Pharmaceuticals and Medical Devices Agency (PDMA), in collaboration with the Japan Ministry of Health, Labour and Welfare, for the treatment of orthopoxviruses. 
  

Capital Management Activity:

On April 8, 2025, a special cash dividend of $0.60 per share was declared. This dividend was paid on May 15, 2025 to shareholders of record at the close of business on April 29, 2025.

Conference Call and Webcast

SIGA will host a conference call and webcast to provide a business update today, Thursday, November 6, 2025, at 4:30 P.M. ET.

Participants may access the call by dialing 1-800-717-1738 for domestic callers or 1-646-307-1865 for international callers. A live webcast of the call will also be available on the Company's website at www.siga.com in the Investor Relations section of the website, 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: 1141989. The archived webcast will be available in the Investor Relations section of the Company's website.

ABOUT SIGA

SIGA is a commercial-stage pharmaceutical company and leader in global health focused on the development of innovative medicines to treat and prevent infectious diseases. With a primary focus on orthopoxviruses, we are dedicated to protecting humanity against the world’s most severe infectious diseases, including those that occur naturally, accidentally, or intentionally. Through partnerships with governments and public health agencies, we work to build a healthier and safer world by providing essential countermeasures against these global health threats. Our flagship product, TPOXX® (tecovirimat), is an antiviral medicine approved in the U.S. and Canada for the treatment of smallpox and authorized in Europe, the UK, and Japan for the treatment of smallpox, mpox (monkeypox), cowpox, and vaccinia complications. For more information about SIGA, visit www.siga.com.

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 SIGA’s future business development and plans. Forward-looking statements include statements regarding our future financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations. The words “may,” “continue,” “estimate,” “intend,” “plan,” “will,” “believe,” “project,” “expect,” “seek,” “anticipate,” “could,” “should,” “target,” “goal,” “potential” and similar expressions may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. 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 SIGA may not complete performance under the BARDA Contract on schedule or in accordance with contractual terms, (ii) the risk that the BARDA Contract is modified or canceled at the request or requirement of, or SIGA is not able to enter into new contracts to supply TPOXX® to, the U.S. Government, (iii) the risk that the nascent international biodefense market does not develop to a degree that allows SIGA to continue to successfully market TPOXX® internationally, (iv) the risk that potential products, including potential alternative uses or formulations of TPOXX® that appear promising to SIGA or its collaborators, cannot be shown to be efficacious or safe in subsequent pre-clinical or clinical trials, (v) the risk that target timing for deliveries of product to customers, and the recognition of related revenues, are delayed or adversely impacted by the actions, or inaction, of contract manufacturing organizations, or other vendors, within the supply chain, or due to coordination activities between the customer and supply chain vendors, (vi) the risk that SIGA or its collaborators will not obtain or maintain appropriate or necessary governmental approvals to market these or other potential products or uses, (vii) the risk that SIGA may not be able to secure or enforce sufficient legal rights in its products, including intellectual property protection, (viii) the risk that any challenge to SIGA’s patent and other property rights, if adversely determined, could affect SIGA’s business and, even if determined favorably, could be costly, (ix) the risk that regulatory requirements applicable to SIGA’s products may result in the need for further or additional testing or documentation that will delay or prevent SIGA from seeking, obtaining or maintaining needed approvals to market these products, (x) the risk that the volatile and competitive nature of the biotechnology industry may hamper SIGA’s efforts to develop or market its products, (xi) the risk that changes in domestic or foreign economic and market conditions may affect SIGA’s ability to advance its research or may affect its products adversely, (xii) the effect of federal, state, and foreign regulation, including drug regulation, on SIGA’s businesses, (xiii) the impacts of significant recent shifts in trade policies, including the imposition of tariffs, retaliatory tariff measures, and subsequent modifications or suspensions thereof, and market reactions to such policies and resulting trade disputes, (xiv) the risk of disruptions to SIGA’s supply chain for the manufacture of TPOXX®, causing delays in SIGA’s research and development activities, causing delays or the re-allocation of funding in connection with SIGA’s government contracts, or diverting the attention of government staff overseeing SIGA’s government contracts, (xv) risks associated with the U.S. Government shutdown, actions or uncertainties surrounding the debt ceiling, or the changes in the U.S. administration, and (xvi) the risk that the U.S. or foreign governments' responses (including inaction) to national or global economic conditions or infectious diseases, are ineffective and may adversely affect SIGA’s business, as well as the risks and uncertainties included in Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2024 and SIGA's subsequent filings with the Securities and Exchange Commission. SIGA urges investors and security holders to read those documents free of charge at the SEC's website at http://www.sec.gov. All such forward-looking statements are current only as of the date on which such statements were made. SIGA does not undertake any obligation to update publicly any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events. The information contained on any website referenced in this Form 10-Q is not incorporated by reference into this filing.

Contacts:

Investors	Media
Suzanne Harnett sharnett@siga.com	Holly Stevens, CG Life hstevens@cglife.com

SIGA TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of
		September 30, 2025				December 31, 2024
ASSETS
Current assets
Cash and cash equivalents		$	171,955,584			$	155,400,262
Accounts receivable			2,490,234				21,166,129
Inventory			48,006,005				49,563,880
Prepaid expenses and other current assets			5,293,648				4,914,613
Total current assets			227,745,471				231,044,884
Property, plant and equipment, net			1,196,803				1,298,423
Deferred tax asset, net			1,560,453				10,854,702
Goodwill			898,334				898,334
Other assets			202,015				240,683
Total assets		$	231,603,076			$	244,337,026
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	5,032,898			$	1,340,337
Accrued expenses and other current liabilities			9,472,862				5,640,110
Deferred IV TPOXX® revenue			10,240,000				10,330,800
Income tax payable			96,561				8,020,366
Total current liabilities			24,842,321				25,331,613
Other liabilities			3,281,879				3,200,650
Total liabilities			28,124,200				28,532,263
Commitments and contingencies
Stockholders’ equity
Common stock ($.0001 par value, 600,000,000 shares authorized, 71,611,302 and 71,404,669, issued and outstanding at September 30, 2025 and December 31, 2024, respectively)			7,161				7,140
Additional paid-in capital			241,112,674				238,635,635
Accumulated deficit			(37,640,959	)			(22,838,012	)
Total stockholders’ equity			203,478,876				215,804,763
Total liabilities and stockholders’ equity		$	231,603,076			$	244,337,026

SIGA TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(UNAUDITED)

		Three Months Ended September 30,								Nine Months Ended September 30,
		2025				2024				2025				2024
Revenues
Product sales and supportive services		$	889,748			$	8,942,875			$	85,835,855			$	53,496,869
Research and development			1,730,252				1,066,906				4,944,963				3,753,658
Total revenues			2,620,000				10,009,781				90,780,818				57,250,527
Operating expenses
Cost of sales and supportive services			1,002,083				1,620,510				26,714,283				17,157,508
Selling, general and administrative			4,786,511				4,822,591				15,949,749				18,228,786
Research and development			7,053,985				3,024,593				14,914,895				8,966,905
Total operating expenses			12,842,579				9,467,694				57,578,927				44,353,199
Operating (loss)/income			(10,222,579	)			542,087				33,201,891				12,897,328
Other income, net			1,866,693				1,330,505				5,143,981				4,590,935
(Loss)/Income before income taxes			(8,355,886	)			1,872,592				38,345,872				17,488,263
Benefit/(Provision) for income taxes			1,990,067				(528,647	)			(9,636,811	)			(4,034,362	)
Net and comprehensive (loss)/income		$	(6,365,819	)		$	1,343,945			$	28,709,061			$	13,453,901
Basic (loss)/income per share		$	(0.09	)		$	0.02			$	0.40			$	0.19
Diluted (loss)/income per share		$	(0.09	)		$	0.02			$	0.40			$	0.19
Weighted average shares outstanding: basic			71,604,956				71,368,585				71,499,984				71,191,019
Weighted average shares outstanding: diluted			71,604,956				71,766,503				71,801,188				71,853,341

FAQ

What were SIGA's product sales and total revenues for the nine months ended September 30, 2025?

SIGA reported $85.8M in product sales and $90.8M in total revenues for the nine months ended September 30, 2025.

How much BARDA funding did SIGA add to its contracts in 2025?

SIGA added a total of $27M to its BARDA 19C contract in 2025 ($14M for manufacturing and $13M for pediatric development).

When did SIGA receive a U.S. Government procurement order and what was its value (SIGA)?

SIGA received a procurement order in March 2025 for $26M of IV TPOXX under the BARDA 19C contract.

Did SIGA pay a dividend in 2025 and what was the amount?

Yes. A special cash dividend of $0.60 per share was declared April 8, 2025 and paid May 15, 2025.

What regulatory milestone did SIGA achieve in Japan in 2025?

TPOXX was approved in Japan as TEPOXX for treatment of smallpox, mpox, cowpox, and post-vaccination complications in adults and eligible pediatric patients.

How did SIGA's third-quarter 2025 revenues compare to Q3 2024 (SIGA)?

Q3 2025 product sales were $0.9M versus $8.9M in Q3 2024, and total Q3 revenues were $2.6M versus $10.0M in Q3 2024.