SIGA Technologies, Inc. reported its financial results for the third quarter of 2025, revealing a significant decline in revenue compared to the same period in 2024. For the three months ended September 30, 2025, the company generated total revenues of $2.6 million, a decrease from $10.0 million in the prior year. This decline was primarily attributed to a drop in product sales, which fell to $0.9 million from $8.9 million, largely due to the absence of oral TPOXX® sales to the U.S. Government during the quarter. In contrast, revenues from research and development activities increased to $1.7 million, up from $1.1 million, reflecting heightened billable activities under the 19C BARDA Contract.
In terms of profitability, SIGA reported a net loss of $6.4 million for the third quarter of 2025, compared to a net income of $1.3 million in the same quarter of 2024. The loss per share for the quarter was $(0.09), while the previous year showed earnings of $0.02 per share. For the nine months ended September 30, 2025, the company recorded a net income of $28.7 million, a substantial increase from $13.5 million in the prior year, driven by strong sales of TPOXX® products earlier in the year.
Operationally, SIGA's total assets decreased to $231.6 million as of September 30, 2025, down from $244.3 million at the end of 2024. The company's cash and cash equivalents increased to $172.0 million, up from $155.4 million, indicating improved liquidity. However, the accumulated deficit grew to $37.6 million from $22.8 million, reflecting ongoing investments in research and development, which totaled $14.9 million for the nine months ended September 30, 2025, compared to $9.0 million in the prior year.
Strategically, SIGA continues to focus on its lead product, TPOXX®, which has received regulatory approvals in multiple jurisdictions, including the U.S. and Europe. The company is also pursuing a potential label expansion for TPOXX® to include post-exposure prophylaxis for smallpox, with a supplemental New Drug Application targeted for submission in 2026. Additionally, SIGA has been actively involved in clinical trials for TPOXX® as a treatment for mpox, although recent studies have raised questions about its efficacy in this area.
Looking ahead, SIGA's management expressed confidence in the company's ability to navigate the current market conditions and maintain sufficient liquidity to support its operations for at least the next twelve months. The company remains focused on executing its strategic objectives, including fulfilling its obligations under the BARDA contract and expanding its product offerings in response to evolving public health needs.
About SIGA TECHNOLOGIES INC
SIGA Technologies is a pharmaceutical company specializing in antiviral drugs, notably TPOXX (tecovirimat), for smallpox and other orthopoxvirus infections. It supplies government and international markets, focusing on biodefense and pandemic preparedness. The company relies on third-party manufacturers, holds extensive patents, and navigates complex regulatory environments globally to develop and commercialize its antiviral therapies.
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