SIGA Technologies Reports Decline in Revenue and Increased Losses in Q1 2026

SIGA Technologies, Inc. reported a decline in financial performance for the first quarter of 2026, with total revenues of $6.24 million, down from $7.04 million in the same period last year. The decrease was primarily driven by a significant drop in product sales, which fell to $3.54 million from $5.82 million, reflecting the absence of international sales in the current quarter compared to $5.8 million in the previous year. Research and development revenues increased to $2.70 million, up from $1.22 million, largely due to heightened billable activities under the 19C BARDA Contract.

The company's operating expenses rose to $11.56 million, compared to $9.30 million in the prior year, leading to an operating loss of $5.32 million, up from a loss of $2.26 million. The net loss for the quarter was $3.45 million, or $0.05 per share, compared to a loss of $0.41 million, or $0.01 per share, in the first quarter of 2025. The increase in losses was attributed to higher costs associated with supportive services and research and development activities, as well as a rise in selling, general, and administrative expenses.

In terms of strategic developments, SIGA entered into an exclusive license and distribution agreement with Hikma MENA FZE in March 2026, allowing Hikma to register and commercialize oral TPOXX® in the Middle East and North Africa. This agreement positions SIGA to expand its market reach in these regions. Additionally, the company continues to fulfill its obligations under the 19C BARDA Contract, which has been modified to include increased funding for various activities, including the development of a pediatric formulation of TPOXX®.

Operationally, SIGA's cash and cash equivalents decreased to $145.56 million as of March 31, 2026, from $154.97 million at the end of 2025. The company reported a significant increase in accounts payable, which rose to $6.31 million from $0.82 million, reflecting increased operational activities. The total stockholders' equity also declined to $151.62 million from $198.82 million, primarily due to the net loss and the payment of a special cash dividend of $0.60 per share, which was declared on March 26, 2026.

Looking ahead, SIGA anticipates that its liquidity and capital resources will be sufficient to meet its operational needs for at least the next twelve months. The company is targeting a Supplemental New Drug Application submission for oral TPOXX® for smallpox post-exposure prophylaxis within the next year, contingent on ongoing trial results. However, SIGA remains cautious about potential macroeconomic volatility and its impact on operating costs, particularly concerning tariffs and trade policies that could affect its supply chain and manufacturing expenses.