siga20250930

siga20250930_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 September 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 October 24, 2025, the registrant had outstanding 71,611,302 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

	*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

	*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

	*As of*
	*September 30, 2025*		*December 31, 2024*
Raw materials	$	11,251,234	$	134,535
Work in-process		29,967,286		40,417,411
Finished goods		6,787,485		9,011,934
Inventory	$	48,006,005	$	49,563,880

	As of
	September 30, 2025			December 31, 2024
Leasehold improvements	$	2,420,028		$	2,420,028
Computer equipment		445,642			450,511
Furniture and fixtures		314,434			347,045
Manufacturing equipment		289,575			—
Operating lease right-of-use assets		4,141,333			4,141,333
		7,611,012			7,358,917
Less – accumulated depreciation and amortization		(6,414,209	)		(6,060,494	)
Property, plant and equipment, net	$	1,196,803		$	1,298,423

	Three Months Ended September 30,
	*2025*
Stock options		615,703
Restricted stock units ⁽¹⁾		731,264

	*Common Stock*						*Additional Paid-in*			*Accumulated*			*Other Comprehensive*		*Total Stockholders'*
	*Shares*			*Amount*			*Capital*			*Deficit*			*Income*		*Equity*
Balances at June 30, 2025		71,539,755		$	7,154		$	240,580,034		$	(31,275,140	)	$	—	$	209,312,048
Net loss		—			—			—			(6,365,819	)		—		(6,365,819	)
Payment of common stock tendered for employee stock-based compensation tax obligations		(36,194	)		(4	)		(241,453	)		—			—		(241,457	)
Issuance of common stock upon vesting of RSUs		107,741			11			(11	)		—			—		—
Stock-based compensation		—			—			774,104			—			—		774,104
Balances at September 30, 2025		71,611,302		$	7,161		$	241,112,674		$	(37,640,959	)	$	—	$	203,478,876

2025	$	114,084
2026		686,190
2027		165,916
Total undiscounted cash flows under leases		966,190
Less: Imputed interest		(51,642	)
Present value of lease liabilities	$	914,548

	*As of*
	*September 30, 2025*		*December 31, 2024*
Compensation	$	2,742,280	$	637,750
Professional fees		2,004,639		1,473,956
Inventory		1,568,652		105,275
Other		1,126,145		2,160,177
Research and development vendor costs		773,540		446,412
Accrued dividends on unvested equity awards		674,940		269,720
Lease liability, current portion		582,666		546,820
Accrued expenses and other current liabilities	$	9,472,862	$	5,640,110

SEC Form 10-Q filed by SIGA Technologies Inc.