siga20250630

siga20250630_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 June 30, 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 July 25, 2025, the registrant had outstanding 71,606,003 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	22
Item 4.	Controls and Procedures	23

PART II-OTHER INFORMATION
Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25
Item 3.	Defaults upon Senior Securities	25
Item 4.	Mine Safety Disclosures	25
Item 5.	Other Information	25
Item 6.	Exhibits	26
SIGNATURES		27

	*June 30, 2025*			*December 31, 2024*
ASSETS
Current assets
Cash and cash equivalents	$	182,463,084		$	155,400,262
Accounts receivable		6,486,378			21,166,129
Inventory		35,617,037			49,563,880
Prepaid expenses and other current assets		4,636,464			4,914,613
Total current assets		229,202,963			231,044,884

Property, plant and equipment, net		1,049,022			1,298,423
Deferred tax asset, net		3,967,201			10,854,702
Goodwill		898,334			898,334
Other assets		212,696			240,683
Total assets	$	235,330,216		$	244,337,026
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	1,192,161		$	1,340,337
Accrued expenses and other current liabilities		7,107,421			5,640,110
Deferred IV TPOXX® revenue		10,240,000			10,330,800
Income tax payable		4,178,260			8,020,366
Total current liabilities		22,717,842			25,331,613

Other liabilities		3,300,326			3,200,650
Total liabilities		26,018,168			28,532,263
Commitments and contingencies
Stockholders’ equity
Common stock ($.0001 par value, 600,000,000 shares authorized, 71,539,755 and 71,404,669, issued and outstanding at June 30, 2025 and December 31, 2024, respectively)		7,154			7,140
Additional paid-in capital		240,580,034			238,635,635
Accumulated deficit		(31,275,140	)		(22,838,012	)
Total stockholders’ equity		209,312,048			215,804,763
Total liabilities and stockholders’ equity	$	235,330,216		$	244,337,026

	*Three Months Ended June 30,*						*Six Months Ended June 30,*
	*2025*			*2024*			*2025*			*2024*
Revenues
Product sales and supportive services	$	79,124,860		$	20,675,317		$	84,946,107		$	44,553,994
Research and development		1,995,144			1,135,574			3,214,711			2,686,752
Total revenues		81,120,004			21,810,891			88,160,818			47,240,746

Operating expenses
Cost of sales and supportive services		25,554,462			12,311,685			25,712,200			15,536,999
Selling, general and administrative		5,487,576			5,530,423			11,163,238			13,406,196
Research and development		4,398,097			2,888,944			7,860,910			5,942,313
Total operating expenses		35,440,135			20,731,052			44,736,348			34,885,508
Operating income		45,679,869			1,079,839			43,424,470			12,355,238
Other income, net		1,592,304			1,317,996			3,277,288			3,260,433
Income before income taxes		47,272,173			2,397,835			46,701,758			15,615,671
Provision for income taxes		(11,789,070	)		(565,219	)		(11,626,878	)		(3,505,715	)
Net and comprehensive income	$	35,483,103		$	1,832,616		$	35,074,880		$	12,109,956
Basic income per share	$	0.50		$	0.03		$	0.49		$	0.17
Diluted income per share	$	0.49		$	0.03		$	0.49		$	0.17
Weighted average shares outstanding: basic		71,465,521			71,152,572			71,446,629			71,123,113
Weighted average shares outstanding: diluted		71,748,888			71,753,231			71,678,838			71,748,362

	*As of*
	*June 30, 2025*		*December 31, 2024*
Raw materials	$	934,297	$	134,535
Work in-process		29,903,264		40,417,411
Finished goods		4,779,476		9,011,934
Inventory	$	35,617,037	$	49,563,880

	*Common Stock*					*Additional Paid-in*			*Accumulated*			*Other Comprehensive*		*Total Stockholders'*
	*Shares*			*Amount*		*Capital*			*Deficit*			*Income*		*Equity*
Balances at March 31, 2025		71,441,083		$	7,144	$	239,371,718		$	(23,246,235	)	$	—	$	216,132,627
Net income		—			—		—			35,483,103			—		35,483,103
Payment of common stock tendered for employee stock-based compensation tax obligations		(4,443	)		—		(26,113	)		—			—		(26,113	)
Issuance of common stock upon vesting of RSUs		103,115			10		(10	)		—			—		—
Cash dividend ($0.60 per share)		—			—		—			(43,512,008	)		—		(43,512,008	)
Stock-based compensation		—			—		1,234,439			—			—		1,234,439
Balances at June 30, 2025		71,539,755		$	7,154	$	240,580,034		$	(31,275,140	)	$	—	$	209,312,048

2025	$	285,210
2026		686,190
2027		165,916
Total undiscounted cash flows under leases		1,137,316
Less: Imputed interest		(70,216	)
Present value of lease liabilities	$	1,067,100

	*As of*
	*June 30, 2025*			*December 31, 2024*
Leasehold improvements		2,420,028		$	2,420,028
Computer equipment		450,617			450,511
Furniture and fixtures		347,045			347,045
Operating lease right-of-use assets		4,141,333			4,141,333
		7,359,023			7,358,917
Less – accumulated depreciation and amortization		(6,310,001	)		(6,060,494	)
Property, plant and equipment, net	$	1,049,022		$	1,298,423

	*As of*
	*June 30, 2025*		*December 31, 2024*
Compensation	$	1,998,388	$	637,750
Professional fees		1,885,232		1,473,956
Other		1,162,423		2,265,452
Accrued dividends on unvested equity awards		836,962		269,720
Research and development vendor costs		653,990		446,412
Lease liability, current portion		570,426		546,820
Accrued expenses and other current liabilities	$	7,107,421	$	5,640,110

SEC Form 10-Q filed by SIGA Technologies Inc.