SIGA Technologies, Inc. (SIGA)
Chart Events
Performance Outlook
| Previous Close | 7.24 |
| Open | 7.24 |
| Bid | 7.07 x 900 |
| Ask | 7.09 x 1000 |
| Day's Range | 7.03 - 7.35 |
| 52 Week Range | 3.96 - 8.10 |
| Volume | 149,135 |
| Avg. Volume | 358,362 |
| Market Cap | 553.876M |
| Beta (5Y Monthly) | 0.29 |
| PE Ratio (TTM) | 112.54 |
| EPS (TTM) | 0.06 |
| Earnings Date | Nov 03, 2020 - Nov 09, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | N/A |
| 1y Target Est | N/A |
Fair Value
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- GlobeNewswire
SIGA Technologies, Inc. Reports Financial Results for Three and Six Months Ended June 30, 2020
\- Second Quarter includes Deliveries to SNS and First International Delivery - \- Corporate Update Conference Call Today at 4:30 PM ET -NEW YORK, Aug. 06, 2020 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company focused on the health security market, today reported financial results for the three and six months ended June 30, 2020. “SIGA’s successful second quarter was highlighted by the initial deliveries of TPOXX® to the U.S. Strategic National Stockpile pursuant to the April option exercises and to the Canadian Department of Defence, as part of our first international order,” said Phil Gomez, CEO of SIGA. “In addition to our strong financial results, we are laying the groundwork for the future; We recently submitted a Marketing Authorisation Application for oral tecovirimat with the European Medicines Agency in July, and are targeting regulatory submissions within the next six months to Health Canada for oral TPOXX, as well as a New Drug Application for the IV formulation of TPOXX to the FDA. Furthermore, we are preparing clinical protocols to support the potential expansion of the oral TPOXX label in the U.S. to include Post-Exposure Prophylaxis, a program we are developing with funding from the U.S. Department of Defense.” Summary Financial Results ($ in millions, except per share amounts) Three Months Ended June 30, 2020 in comparison to Three Months Ended June 30, 2019 Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Total Revenues Operating Income (Loss) (1) Income (Loss) before Income Taxes (1) Net Income (Loss) Diluted Income (Loss) per Share $40.3 $28.8 $27.2 $20.9 $0.26 per share $3.9 ($1.7) ($4.3) ($3.2) ($0.05) per share Six Months Ended June 30, 2020 in comparison to Six Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Total Revenues Operating Income (1) Income (Loss) before Income Taxes (1) Net Income (Loss) Diluted Income (Loss) per Share $43.0 $24.8 $15.6 $12.0 $0.15 per share $14.4 $0.5 ($2.1) ($1.5) ($0.06) per share (1) Operating Income excludes, and Income (Loss) before Income Taxes includes, costs in connection with the retirement of the Company’s term loan, interest expense, interest income and adjustments to the fair value of the Company’s outstanding warrant. Both line items exclude the impact of income taxes. Recent Key Activities: * On July 30, the Company announced that it 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 25, the Company announced that approximately 117,000 courses of oral TPOXX® were delivered to the Strategic National Stockpile. SIGA has recognized $36.2 million of revenue in connection with these deliveries, of which $3.6 million relates to amounts previously received in connection with raw material procurement and recorded as deferred revenue. * On June 15, the Company announced that the United States Department of Defense (“DoD”) 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. * On June 1, the Company announced its first international delivery of TPOXX® (tecovirimat) with 2,500 courses delivered to the Canadian Department of National Defence (CDND). In connection with this delivery, SIGA recognized revenue of $2.3 million. The delivery was made as part of the contract awarded by the CDND to Meridian Medical Technologies, Inc. (“Meridian”, a Pfizer Company) (“Canadian Contract”), in which the CDND will purchase up to 15,325 courses of oral TPOXX over four years for a total value of $14.3 million. Remaining purchases of up to 12,825 courses under this contract are at the option of the CDND and are expected to occur after regulatory approval of oral TPOXX in Canada. Meridian is counterparty to the Canadian Contract and SIGA is responsible for manufacture and delivery of oral TPOXX. The contract award was coordinated between SIGA and Meridian under the international promotion agreement entered into by the parties on June 3, 2019.Share Repurchase ActivityDuring the second quarter, SIGA repurchased approximately 2.5 million shares of its common stock, for approximately $15.2 million. Product Delivery Expectations in Connection with the 19C BARDA Contract Pursuant to options already exercised under the 19C BARDA Contract, SIGA expects to deliver approximately 246,000 courses of oral TPOXX to the SNS (in addition to those courses recently delivered) by April 2021, and such deliveries may occur in their entirety in 2020. These deliveries are expected to generate revenues of approximately $76 million. In addition to the above-mentioned expectations, the 19C BARDA Contract has up to $414 million of procurement-related options remaining for future exercise by BARDA. COVID-19 Pandemic The COVID-19 pandemic has caused significant societal and economic disruption. Such disruption, and the associated risks and costs, are expected to continue for an indeterminate period of time. Given the uncertain future course of the COVID-19 pandemic, and the uncertain scale and scope of its future impact, the Company is continually reviewing business and financial risks related to the pandemic and is continually seeking coordination with its government partners with respect to the performance of current and future government contracts. Additionally, the Company is continually coordinating with service providers and vendors, in particular contract manufacturing organizations (“CMOs”) that constitute our supply chain, to review actions and risks caused by the COVID-19 pandemic.The COVID-19 pandemic has not adversely affected the liquidity position of the Company, nor is it currently expected to have a material adverse effect on the financial condition or annual financial results of the Company, although the Company cannot provide assurances as to the ultimate impact of the pandemic upon the macro environment or the Company’s industry.Conference Call and WebcastSIGA will host a conference call and webcast to provide a business update today, Thursday, August 6, 2020, at 4:30 P.M. ET.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: 13706604. The archived webcast will be available in the Events and Presentations section of the Company's website.ABOUT SIGA TECHNOLOGIES, INC. and TPOXX®SIGA Technologies, Inc. is a commercial-stage pharmaceutical company focused on the health security market. Health security comprises countermeasures for biological, chemical, radiological and nuclear attacks (biodefense market), vaccines and therapies for emerging infectious diseases, and health preparedness. Our lead product is TPOXX®, also known as tecovirimat and ST-246®, an orally administered and IV formulation antiviral drug for the treatment of human smallpox disease caused by variola virus. TPOXX® is a novel small-molecule drug and the US maintains a stockpile of 1.7 million courses in the Strategic National Stockpile under Project BioShield. The oral formulation of TPOXX® was approved by the FDA for the treatment of smallpox in 2018. The full label is here: https://dailymed.nlm.nih.gov/dailymed/drugInfo.cfm?setid=fce826ab-4d6a-4139-a2ee-a304a913a253. In September 2018, SIGA signed a contract potentially worth more than $600 million with BARDA for additional procurement and development related to both oral and intravenous formulations of TPOXX®. For more information about SIGA, please visit www.siga.com.About Smallpox1Smallpox 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 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 United States of America federal securities laws, we undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events, or otherwise.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 David Carey 212-867-1768 david.carey@finnpartners.comMedia Stephanie Seiler 206-713-0124 stephanie.seiler@finnpartners.com1 http://www.mayoclinic.org/diseases-conditions/smallpox/basics/definition/con-20022769 SIGA TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) 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 SIGA TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) 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
- GlobeNewswire
SIGA Technologies to Host Business Update Call on August 6, 2020 Following Release of Second Quarter Financial Results
NEW YORK, July 30, 2020 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company focused on the health security market, today announced that management will host a webcast and conference call to provide a business update at 4:30 P.M. ET on Thursday, August 6, 2020. Participating on the call will be Dr. Phil Gomez, Chief Executive Officer, and Daniel Luckshire, Chief Financial Officer. A live webcast of the call will 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. Participants may also access the call, by dialing 877-407-6184 for domestic callers or 201-389-0877 for international callers. 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: 13706604. The archived webcast will be available in the Events and Presentations section of the company's website.ABOUT SIGA TECHNOLOGIES, INC. and TPOXX®SIGA Technologies, Inc. is a commercial-stage pharmaceutical company focused on the health security market. Health security comprises countermeasures for biological, chemical, radiological and nuclear attacks (biodefense market), vaccines and therapies for emerging infectious diseases, and health preparedness. Our lead product is TPOXX®, also known as tecovirimat and ST-246®, an orally administered and IV formulation antiviral drug for the treatment of human smallpox disease caused by variola virus. TPOXX is a novel small-molecule drug and the US maintains a supply of TPOXX under Project BioShield. The oral formulation of TPOXX was approved by the FDA for the treatment of smallpox in 2018. The full label is available at https://www.accessdata.fda.gov/drugsatfda_docs/label/2018/208627s000lbl.pdf. In September 2018, SIGA signed a $51.6M contract with $577M in options with the Biomedical Advanced Research and Development Authority (BARDA), part of the office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services, for additional procurement and development related to both oral and intravenous formulations of TPOXX. For more information about SIGA, please visit www.siga.com.About Smallpox1Smallpox 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 STATEMENTSThis 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 United States of America federal securities laws, we undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events, or otherwise.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 David Carey 212-867-1768 david.carey@finnpartners.comMedia Stephanie Seiler 206-713-0124 stephanie.seiler@finnpartners.com1 http://www.mayoclinic.org/diseases-conditions/smallpox/basics/definition/con-20022769
- GlobeNewswire
SIGA Announces Marketing Authorization Filing for oral tecovirimat with the European Medicines Agency for Multiple Indications
\- Broader Indication to Include Smallpox, Monkeypox, Cowpox, and Vaccinia Complications - NEW YORK, July 30, 2020 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA) (NASDAQ: SIGA), a commercial-stage pharmaceutical company focused on the health security market, today announced that it has filed a Marketing Authorisation Application (MAA) with the European Medicines Agency (EMA) for oral tecovirimat, the same formulation that was approved by the U.S. Food and Drug Administration (FDA) in July 2018 under the name TPOXX®. The MAA was filed under the centralized application process, which, upon approval, and will enable sales and marketing of oral tecovirimat in all EU member states, as well as Norway, Iceland, and Liechtenstein. SIGA has filed its application for oral tecovirimat seeking a broader label indication covering the treatment of smallpox, monkeypox, cowpox, and complications from Vaccinia infection. SIGA is targeting approval for the second half of 2021. “This is our first ex-US application for oral tecovirimat regulatory approval, and we are pleased to be working with the EMA to ensure maximum access to the product throughout Europe,” said Dr. Phil Gomez, CEO of SIGA. “The ongoing COVID-19 pandemic has highlighted the importance for governments around the world to build robust stockpiles that will support effective responses to infectious disease outbreaks, including smallpox, which is a significant bioterror threat and would be an even more devastating disease than COVID-19. This is also an important step in our international strategy for tecovirimat for maximizing access to the European market.”“SIGA developed oral tecovirimat in partnership with the U.S. Government, and the combined expertise generated a robust set of data supporting the efficacy and safety of the product,” said Dr. Dennis Hruby, CSO of SIGA. “As a result of the extensive effort that went into our initial filing with the FDA, we were not required to complete any additional pre-clinical or clinical work for our EMA application. We look forward to working with the EMA on the broader indication included in the MAA, as there are active cases of monkeypox, cowpox, and vaccinia complications in patients that could potentially benefit from treatment with tecovirimat. We are committed to ensuring broad access to the product for patients throughout Europe.”On July 13, 2018, the FDA approved oral TPOXX (tecovirimat) for the treatment of smallpox to mitigate the impact of a potential outbreak or bioterror attack. TPOXX, a small-molecule antiviral treatment for smallpox, is the first therapy specifically approved for this indication, and was developed through funding and collaboration with the Biomedical Advanced Research and Development Authority at the U.S. Department of Health and Human Services, as well as early stage development supported by the National Institutes of Health, U.S. Centers for Disease Control and Prevention, and Department of Defense. The US currently maintains a stockpile of 1.7 million courses of TPOXX.In June 2019, SIGA entered into an international promotion agreement with Meridian. Under the agreement, Meridian will promote the sale of oral tecovirimat for the treatment of smallpox in all international markets, except the United States and South Korea. SIGA will continue to own all rights to the product and its related intellectual property. On June 1, 2020, SIGA announced its first international sale with 2,500 courses delivered to the Canadian Department of National Defence.ABOUT SIGA TECHNOLOGIES, INC. and TPOXX®SIGA Technologies, Inc. is a commercial-stage pharmaceutical company focused on the health security market. Health security comprises countermeasures for biological, chemical, radiological and nuclear attacks (biodefense market), vaccines and therapies for emerging infectious diseases, and health preparedness. Our lead product is TPOXX®, also known as tecovirimat and ST-246®, an orally administered and IV formulation antiviral drug for the treatment of human smallpox disease caused by variola virus. TPOXX is a novel small-molecule drug and the US maintains a supply of TPOXX under Project BioShield. The oral formulation of TPOXX was approved by the FDA for the treatment of smallpox in 2018. The full label is available by clicking here. In September 2018, SIGA signed a $51.6M contract with $577M in options with the Biomedical Advanced Research and Development Authority (BARDA), part of the office of the Assistant Secretary for Preparedness and Response within the U.S. Department of Health and Human Services, for additional procurement and development related to both oral and intravenous formulations of TPOXX. For more information about SIGA, please visit www.siga.com.ABOUT MERIDIAN MEDICAL TECHNOLOGIES, INC.Meridian Medical Technologies, Inc., a Pfizer company, has been putting emergency care treatment options into the hands of military and civilian defenders for more than 50 years. Meridian is committed to help defend against critical, time-sensitive, life-or-death situations by providing medical countermeasures to the United States Department of Defense, Emergency Medical Services, Homeland Security, and more than 30 nations around the world.Meridian holds a federal SAFETY Act designation and certification from the Department of Homeland Security for its portfolio of auto-injectors. The SAFETY Act is intended to provide critical incentives for the development and deployment of anti-terrorism technologies by providing liability protections for sellers of qualified anti-terrorism technologies.About Smallpox1Smallpox 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 STATEMENTSThis 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 United States of America federal securities laws, we undertake no obligation to update publicly any forward-looking statements whether as a result of new information, future events, or otherwise.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 David Carey 212-867-1768 david.carey@finnpartners.comMedia Stephanie Seiler 206-713-0124 stephanie.seiler@finnpartners.com1 http://www.mayoclinic.org/diseases-conditions/smallpox/basics/definition/con-20022769
