siga20250331

siga20250331_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒	Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the Quarterly Period Ended March 31, 2025
	Or
☐	Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
	For the transition period from ________ to ___________

Commission File No. 0-23047

SIGA Technologies, Inc.

(Exact name of registrant as specified in its charter)

Delaware	13-3864870
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

31 East 62nd Street	10065
New York, NY	(zip code)
(Address of principal executive offices)

Registrant’s telephone number, including area code: (212) 672-9100

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
common stock, $.0001 par value	SIGA	The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☒
Non-accelerated filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒.

As of April 17, 2025, the registrant had outstanding 71,441,083 shares of common stock, par value $.0001, per share.

		Page No.
PART I-FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (Unaudited)	2
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	21
Item 4.	Controls and Procedures	21

PART II-OTHER INFORMATION
Item 1.	Legal Proceedings	22
Item 1A.	Risk Factors	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3.	Defaults upon Senior Securities	22
Item 4.	Mine Safety Disclosures	22
Item 5.	Other Information	22
Item 6.	Exhibits	23
SIGNATURES		24

	*March 31, 2025*			*December 31, 2024*
ASSETS
Current assets
Cash and cash equivalents	$	162,271,052		$	155,400,262
Accounts receivable		7,185,485			21,166,129
Inventory		59,060,679			49,563,880
Prepaid expenses and other current assets		5,104,614			4,914,613
Total current assets		233,621,830			231,044,884

Property, plant and equipment, net		1,188,008			1,298,423
Deferred tax asset, net		11,132,552			10,854,702
Goodwill		898,334			898,334
Other assets		226,485			240,683
Total assets	$	247,067,209		$	244,337,026
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	1,230,039		$	1,340,337
Accrued expenses and other current liabilities		16,226,824			5,640,110
Deferred IV TPOXX® revenue		10,330,800			10,330,800
Income tax payable		12,687			8,020,366
Total current liabilities		27,800,350			25,331,613

Other liabilities		3,134,232			3,200,650
Total liabilities		30,934,582			28,532,263
Commitments and contingencies
Stockholders’ equity
Common stock ($.0001 par value, 600,000,000 shares authorized, 71,441,083 and 71,404,669, issued and outstanding at March 31, 2025 and December 31, 2024, respectively)		7,144			7,140
Additional paid-in capital		239,371,718			238,635,635
Accumulated deficit		(23,246,235	)		(22,838,012	)
Total stockholders’ equity		216,132,627			215,804,763
Total liabilities and stockholders’ equity	$	247,067,209		$	244,337,026

	*Three Months Ended March 31,*
	*2025*			*2024*
Revenues
Product sales and supportive services	$	5,821,247		$	23,878,677
Research and development		1,219,568			1,551,178
Total revenues		7,040,815			25,429,855

Operating expenses
Cost of sales and supportive services		157,738			3,225,314
Selling, general and administrative		5,675,662			7,875,773
Research and development		3,462,813			3,053,369
Total operating expenses		9,296,213			14,154,456
Operating (loss)/income		(2,255,398	)		11,275,399
Other income, net		1,684,983			1,942,437
(Loss)/Income before income taxes		(570,415	)		13,217,836
Benefit/(Provision) for income taxes		162,192			(2,940,496	)
Net and comprehensive (loss)/income	$	(408,223	)	$	10,277,340
Basic (loss)/income per share	$	(0.01	)	$	0.14
Diluted (loss)/income per share	$	(0.01	)	$	0.14
Weighted average shares outstanding: basic		71,427,527			71,093,653
Weighted average shares outstanding: diluted		71,427,527			71,562,996

	*As of*
	*March 31, 2025*		*December 31, 2024*
Raw materials	$	134,535	$	134,535
Work in-process		41,419,930		40,417,411
Finished goods		17,506,214		9,011,934
Inventory	$	59,060,679	$	49,563,880

				*Three Months Ended March 31,*
				*2025*
Stock options				154,653
Restricted stock units⁽¹⁾				417,190

	*Common Stock*						*Additional Paid-in*			*Accumulated*			*Other Comprehensive*		*Total Stockholders'*
	*Shares*			*Amount*			*Capital*			*Deficit*			*Income*		*Equity*
Balances at December 31, 2024		71,404,669		$	7,140		$	238,635,635		$	(22,838,012	)	$	—	$	215,804,763
Net loss		—			—			—			(408,223	)		—		(408,223	)
Payment of common stock tendered for employee stock-based compensation tax obligations		(26,408	)		(2	)		(166,191	)		—			—		(166,193	)
Issuance of common stock upon vesting of RSUs		62,822			6			(6	)		—			—		—
Stock-based compensation		—			—			902,280			—			—		902,280
Balances at March 31, 2025		71,441,083		$	7,144		$	239,371,718		$	(23,246,235	)	$	—	$	216,132,627

2025	$	456,119
2026		686,190
2027		165,916
Total undiscounted cash flows under leases		1,308,225
Less: Imputed interest		(91,515	)
Present value of lease liabilities	$	1,216,710

Exhibit No.	Description
3.1	Amended and Restated Certificate of Incorporation of SIGA Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed on June 16, 2022).
3.2	Amended and Restated By-laws of SIGA Technologies, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed on December 13, 2024).
10.1†	Amendment of Solicitation/Modification of Contract 00017, dated March 26, 2025, to Agreement, dated September 10, 2018, by and between SIGA and the Biomedical Advanced Research and Development Authority of the United States Department of Health and Human Services.
10.2†	Amendment of Solicitation/Modification of Contract 00018, dated April 8, 2025, to Agreement, dated September 10, 2018, by and between SIGA and the Biomedical Advanced Research and Development Authority of the United States Department of Health and Human Services.
31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1	Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH	Inline XBRL Taxonomy Extension Schema.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase.
104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

		SIGA TECHNOLOGIES, INC.
		(Registrant)

Date:	May 8, 2025	By:	/s/ Daniel J. Luckshire
			Daniel J. Luckshire
			Executive Vice President and Chief Financial Officer
			(Duly Authorized Officer, Principal Financial Officer and Principal Accounting Officer)

	*As of*
	*March 31, 2025*			*December 31, 2024*
Leasehold improvements	$	2,420,028		$	2,420,028
Computer equipment		463,518			450,511
Furniture and fixtures		347,045			347,045
Operating lease right-of-use assets		4,141,333			4,141,333
		7,371,924			7,358,917
Less – accumulated depreciation and amortization		(6,183,916	)		(6,060,494	)
Property, plant and equipment, net	$	1,188,008		$	1,298,423

SEC Form 10-Q filed by SIGA Technologies Inc.