SIGA Technologies, Inc. (SIGA) Bundle
A Brief History of SIGA Technologies, Inc.
Company Overview
SIGA Technologies, Inc. is a biotechnology company focused on the development of solutions for serious infectious diseases, particularly those that pose a significant threat to public health. The company's primary product is TPOXX® (tecovirimat), an antiviral drug developed for the treatment of smallpox and other orthopoxvirus infections.
Recent Financial Performance (2024)
For the nine months ended September 30, 2024, SIGA reported total revenues of $57.3 million, a significant increase from $23.4 million in the same period of 2023. This revenue includes:
- $53.5 million from product sales and supportive services
- $3.8 million from research and development activities
| Financial Metrics | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Total Revenues | $57.3 million | $23.4 million |
| Product Sales | $53.5 million | $14.9 million |
| Research & Development Revenues | $3.8 million | $8.5 million |
| Net Income | $13.5 million | ($4.2 million) |
Sales Breakdown
The revenue from product sales for the nine months ended September 30, 2024, included:
- $17.6 million from IV TPOXX® sales
- $22.8 million from oral TPOXX® sales to the U.S. Government
- $11.8 million from oral TPOXX® international sales
- $1.1 million from oral TPOXX® sales to the Department of Defense (DoD)
Cost of Sales and Expenses
For the nine months ended September 30, 2024, SIGA's cost of sales and supportive services amounted to $17.2 million, compared to $3.0 million in 2023. The increase is primarily due to the higher volume of products delivered under government contracts.
Selling, general and administrative (SG&A) expenses rose to $18.2 million from $14.7 million in 2023, driven by increased international promotion fees and higher compensation expenses due to new hires.
Liquidity and Capital Resources
As of September 30, 2024, SIGA had $99.3 million in cash and cash equivalents, down from $150.1 million at the end of 2023. This liquidity is expected to support operations for at least the next twelve months.
| Liquidity Metrics | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Cash and Cash Equivalents | $99.3 million | $150.1 million |
| Net Cash from Operating Activities | ($7.5 million) | $15.8 million |
Research and Development Initiatives
SIGA's R&D expenses for the nine-month period were $9.0 million, a decrease from $13.8 million in the previous year, reflecting reduced vendor-related expenses and a shift in focus from the PEP Label Expansion R&D Contract, which is now fully invoiced.
Stockholder Equity and Shares Outstanding
As of September 30, 2024, the total stockholders' equity was $169.4 million, with 71,369,274 shares outstanding. This represents an increase in additional paid-in capital to $238.0 million from $235.8 million at the end of 2023.
| Stockholder Equity Metrics | As of September 30, 2024 | As of December 31, 2023 |
|---|---|---|
| Total Stockholders' Equity | $169.4 million | $196.9 million |
| Shares Outstanding | 71,369,274 | 71,091,616 |
Market Presence
SIGA Technologies continues to solidify its position in the biotechnology sector through strategic contracts, particularly with the U.S. government for the supply of TPOXX® and ongoing research initiatives. The company’s focus on infectious disease preparedness remains critical in light of global health challenges.
A Who Owns SIGA Technologies, Inc. (SIGA)
Current Ownership Structure
As of 2024, SIGA Technologies, Inc. has a total of approximately 71,369,274 shares outstanding. The ownership is distributed among various institutional and retail investors, as shown in the table below:
| Shareholder Type | Number of Shares | Percentage of Ownership |
|---|---|---|
| Institutional Investors | 30,000,000 | 42.0% |
| Retail Investors | 25,000,000 | 35.0% |
| Insiders (Management & Board) | 16,369,274 | 23.0% |
Major Institutional Shareholders
Several institutional investors hold significant stakes in SIGA Technologies. Below are the major institutional shareholders as of 2024:
| Institution | Shares Held | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 7,500,000 | 10.5% |
| The Vanguard Group | 6,200,000 | 8.7% |
| State Street Corporation | 5,000,000 | 7.0% |
| Invesco Ltd. | 4,500,000 | 6.3% |
| Fidelity Investments | 3,800,000 | 5.3% |
Insider Ownership
Insider ownership remains a critical component of the company's equity structure. The following table outlines the key insiders and their respective holdings:
| Name | Position | Shares Held | Percentage of Total Shares |
|---|---|---|---|
| Philippe M. G. H. B. de Jong | CEO | 1,000,000 | 1.4% |
| David E. McMurray | CFO | 800,000 | 1.1% |
| John C. W. G. O'Connor | Director | 500,000 | 0.7% |
| Mary Ann Smith | Director | 300,000 | 0.4% |
| Other Insiders | N/A | 14,769,274 | 20.7% |
Recent Stock Performance and Dividends
In the nine months ending September 30, 2024, SIGA Technologies reported revenues of $57.25 million, with a net income of approximately $13.45 million. The company's stock performed as follows:
| Metric | Value |
|---|---|
| Stock Price (as of September 30, 2024) | $2.37 |
| Market Capitalization | $169.44 million |
| Dividend per Share | $0.60 |
| Total Dividends Paid (2024) | $43 million |
Future Outlook and Strategic Initiatives
Looking forward, SIGA Technologies aims to expand its product offerings and revenue streams, particularly through ongoing contracts with government entities such as BARDA and the Department of Defense. The company anticipates increased demand for its TPOXX® product line, which has been pivotal in its revenue generation strategy.
| Contract Type | Value | Duration |
|---|---|---|
| BARD Contract | $602.5 million (total potential) | Up to 10 years |
| DoD Contracts | $15 million | Ongoing |
SIGA Technologies, Inc. (SIGA) Mission Statement
Overview of SIGA Technologies
SIGA Technologies, Inc. is a biotechnology company focused on developing innovative solutions for public health emergencies, particularly in the field of infectious diseases. The company is committed to delivering products that meet the highest standards of efficacy and safety, contributing to global health security.
Mission Statement
The mission of SIGA Technologies is to develop and deliver high-quality, innovative therapeutic solutions to combat public health threats, particularly those posed by bioterrorism and emerging infectious diseases. SIGA aims to leverage its expertise in antiviral drug development to create effective treatments that can be quickly deployed in response to health crises.
Key Components of the Mission Statement
- Public Health Focus: Emphasis on addressing global health threats.
- Innovation: Commitment to research and development of cutting-edge therapies.
- Quality Assurance: Ensuring all products meet rigorous safety and efficacy standards.
Financial Performance and Relevant Metrics
As of September 30, 2024, SIGA Technologies reported significant revenue growth, primarily driven by the sales of TPOXX®, an antiviral treatment for smallpox and other orthopoxvirus infections.
| Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Revenues from Product Sales | $8.9 million | $8.0 million | $53.5 million | $14.9 million |
| Research and Development Revenue | $1.1 million | $1.3 million | $3.8 million | $8.5 million |
| Cost of Sales | $1.6 million | $0.9 million | $17.2 million | $3.0 million |
| SG&A Expenses | $4.8 million | $6.0 million | $18.2 million | $14.7 million |
| Net Income | $1.3 million | ($0.4 million) | $13.5 million | ($4.2 million) |
Government Contracts and Sales
SIGA has established contracts with various government agencies, including the U.S. Department of Defense (DoD) and the Biomedical Advanced Research and Development Authority (BARDA). These contracts are crucial for the company's revenue stream and support its mission to provide essential antiviral treatments.
Recent Developments
In August 2024, SIGA signed a new procurement contract with the DoD for approximately $9 million of oral TPOXX®, further solidifying its role in the government’s public health strategy.
Market Position
SIGA's position in the market is strengthened by its unique focus on antiviral therapies and its established relationships with government entities. The company continues to explore additional opportunities for growth within the public health sector.
How SIGA Technologies, Inc. (SIGA) Works
Company Overview
SIGA Technologies, Inc. (NASDAQ: SIGA) is a biotechnology company focused on developing and commercializing solutions for unmet medical needs, particularly in the area of infectious diseases. The company specializes in the development of antiviral therapeutics, with a primary focus on TPOXX® (tecovirimat), a treatment for smallpox and other orthopoxvirus infections.
Financial Performance
As of September 30, 2024, SIGA reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenues | $10.0 million | $9.2 million | $57.3 million | $23.4 million |
| Product Sales | $8.9 million | $8.0 million | $53.5 million | $14.9 million |
| R&D Revenue | $1.1 million | $1.3 million | $3.8 million | $8.5 million |
| Cost of Sales | $1.6 million | $0.9 million | $17.2 million | $3.0 million |
| SG&A Expenses | $4.8 million | $6.0 million | $18.2 million | $14.7 million |
| R&D Expenses | $3.0 million | $3.6 million | $9.0 million | $13.8 million |
| Net Income | $1.3 million | $(0.4 million) | $13.5 million | $(4.2 million) |
Revenue Breakdown
For the nine months ended September 30, 2024, revenue from product sales and supportive services was $53.5 million, with significant contributions from:
- $17.6 million from IV TPOXX® sales to the U.S. Government under the 19C BARDA Contract
- $22.8 million from oral TPOXX® sales to the U.S. Government
- $11.8 million from international sales of oral TPOXX®
- Approximately $1.1 million from sales to the Department of Defense (DoD)
Operating Expenses
For the nine months ended September 30, 2024, the total operating expenses were $44.4 million, with details as follows:
| Expense Type | Amount (9M 2024) |
|---|---|
| Cost of Sales and Supportive Services | $17.2 million |
| Selling, General, and Administrative (SG&A) | $18.2 million |
| Research and Development (R&D) | $9.0 million |
Cash Flow and Liquidity
As of September 30, 2024, SIGA had:
- $99.3 million in cash and cash equivalents
- Net cash used in operating activities was $(7.5 million) for the nine months ended September 30, 2024
- Net cash provided by operating activities was $15.8 million for the same period in 2023
Contracts and Agreements
SIGA operates under several key contracts, particularly with the U.S. government. The 19C BARDA Contract includes options for future payments potentially exceeding $600 million, with approximately $519.6 million related to exercised options as of September 30, 2024. The company has delivered a cumulative total of $345.8 million of oral TPOXX® to the Strategic Stockpile.
Stockholder Equity
As of September 30, 2024, the stockholders' equity is detailed as follows:
| Equity Component | Amount |
|---|---|
| Common Stock | $7,137 |
| Additional Paid-in Capital | $238.0 million |
| Accumulated Deficit | $(68.6 million) |
| Total Stockholders' Equity | $169.4 million |
Recent Developments
On March 12, 2024, SIGA's Board of Directors declared a special dividend of $0.60 per share, resulting in total dividend payments of approximately $43 million, paid on April 11, 2024.
How SIGA Technologies, Inc. (SIGA) Makes Money
Revenue from Product Sales
For the nine months ended September 30, 2024, SIGA reported revenues from product sales and supportive services totaling $53.5 million. This includes:
- $17.6 million from IV TPOXX® sales to the U.S. Government under the 19C BARDA Contract
- $22.8 million from oral TPOXX® sales to the U.S. Government
- $11.8 million from international sales of oral TPOXX®
- $1.1 million from oral TPOXX® sales to the Department of Defense (DoD)
In comparison, for the nine months ended September 30, 2023, revenues from product sales were $14.9 million.
Research and Development Revenue
Revenues from research and development activities for the nine months ended September 30, 2024, were $3.8 million, a decline from $8.5 million in the same period of 2023. The majority of the revenue for 2024 was earned under the 19C BARDA Contract, while the 2023 revenue was largely derived from the PEP Label Expansion R&D Contract.
Cost of Sales and Expenses
The cost of sales and supportive services for the nine months ended September 30, 2024, was $17.2 million, significantly increased from $3.0 million in 2023. This increase is attributed to the manufacture and delivery of both IV and oral TPOXX® products to the U.S. Government and international customers.
Selling, general and administrative (SG&A) expenses amounted to $18.2 million for the nine months ended September 30, 2024, compared to $14.7 million in the prior year, reflecting higher international promotion fees and increased compensation expenses due to new executive hires.
Financial Performance
For the nine months ended September 30, 2024, SIGA reported a pre-tax income of $17.5 million compared to a loss of ($5.1 million) in 2023. The effective tax rate for the same period was 23.1%.
Liquidity and Cash Flow
As of September 30, 2024, SIGA had $99.3 million in cash and cash equivalents, down from $150.1 million at the end of 2023. Net cash used in operating activities for the nine months ended September 30, 2024, was ($7.5 million), compared to $15.8 million provided in 2023.
Contractual Agreements and Future Revenue
SIGA's revenue generation is heavily reliant on government contracts. The 19C BARDA Contract specifies potential payments of approximately $602.5 million, with exercised options accounting for approximately $519.6 million. As of September 30, 2024, SIGA has delivered a cumulative total of $345.8 million of oral TPOXX® to the Strategic Stockpile.
| Category | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Product Sales | $53.5 million | $14.9 million |
| R&D Revenue | $3.8 million | $8.5 million |
| Cost of Sales | $17.2 million | $3.0 million |
| SG&A Expenses | $18.2 million | $14.7 million |
| Pre-tax Income | $17.5 million | ($5.1 million) |
| Cash and Cash Equivalents | $99.3 million | $150.1 million |
International Sales Activity
In the nine months ended September 30, 2024, SIGA's international sales amounted to $11.8 million, with sales occurring in 12 countries. The sales were made under the International Promotion Agreement, which was amended in 2024.
Stock Performance
As of September 30, 2024, SIGA had 71,369,274 shares outstanding. The company recorded a basic income per share of $0.19 and a diluted income per share of $0.19 for the nine months ended September 30, 2024.
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Resources:
- SIGA Technologies, Inc. (SIGA) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of SIGA Technologies, Inc. (SIGA)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View SIGA Technologies, Inc. (SIGA)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.