SIGA Technologies Reports Significant Revenue Decline and Net Loss in Q1 2025

SIGA Technologies, Inc. reported a significant decline in financial performance for the first quarter of 2025, with total revenues of $7.04 million, down from $25.43 million in the same period of 2024. The decrease was primarily driven by a sharp drop in product sales, which fell to $5.82 million from $23.88 million year-over-year. The company recorded a net loss of $408,223, compared to a net income of $10.28 million in the prior year, resulting in a basic loss per share of $0.01, compared to earnings of $0.14 per share in the first quarter of 2024.

The financial results reflect a notable shift in revenue sources, with the company attributing the decline to reduced sales to the U.S. Government and international customers. In particular, SIGA's sales of oral TPOXX® to the U.S. Government under the 19C BARDA Contract, which had previously contributed significantly to revenue, were absent in the current quarter. Additionally, international sales decreased to $5.8 million from $8.0 million, indicating a contraction in market reach. The company also reported a decrease in research and development revenue, which fell to $1.22 million from $1.55 million, primarily due to reduced billable activities under the BARDA Contract.

Operationally, SIGA has made strategic adjustments, including a focus on enhancing its research and development capabilities. The company reported an increase in R&D expenses to $3.46 million from $3.05 million, reflecting investments in technology and personnel. As of March 31, 2025, SIGA had cash and cash equivalents of $162.27 million, an increase from $155.4 million at the end of 2024, indicating a stable liquidity position despite the operational challenges.

Looking ahead, SIGA Technologies is targeting a Supplemental New Drug Application submission for oral TPOXX® for smallpox post-exposure prophylaxis within the next twelve months, contingent on ongoing trial results. The company remains committed to its long-term contracts with the U.S. government, including the BARDA contract, which has been modified to include additional funding for manufacturing activities. The outlook remains cautious, with management acknowledging potential macroeconomic volatility and its impact on operations, while emphasizing the importance of maintaining a robust supply chain to mitigate risks associated with external market conditions.