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SIGA - SIGA Technologies Inc News Story

$7.18 -0.1  -1.1%

Last Trade - 19/04/21

Mid Cap
Market Cap £394.1m
Enterprise Value £309.8m
Revenue £89.4m
Position in Universe 3403rd / 6849

SIGA Reports Financial Results for Three and Twelve Months Ended December 31, 2020

Thu 4th March, 2021 9:05pm
For best results when printing this announcement, please click on link below:

-  Approximately 363,000 Courses of Oral TPOXX® Delivered to U.S. Government
in 2020 –

- International Contracts for the Purchase of up to Approximately $47 Million
of Oral TPOXX® Since April 2020 –

- Corporate Update Conference Call Today at 4:30 PM ET -

NEW YORK, March 04, 2021 (GLOBE NEWSWIRE) -- SIGA Technologies, Inc. (SIGA)
(NASDAQ: SIGA), a commercial-stage pharmaceutical company, today reported
financial results for the three and twelve months ended December 31, 2020.

“SIGA’s fourth quarter and annual financial results are highlighted by the
delivery of approximately 112,000 and 363,000 courses, respectively, of oral
TPOXX® to the U.S. strategic national stockpile (SNS), generating revenue
from these deliveries of approximately $35 million and $113 million,
respectively,” said Phil Gomez, CEO of SIGA. “Additionally, 2020 marked
the announcement of the first international contract for oral TPOXX® with the
contract award by the Canadian Military for its procurement, which was
followed by an oral TPOXX® procurement award in January 2021 by the Public
Health Agency of Canada. These combine, including options, to additional
cumulative potential revenues of up to approximately $45 million of oral
TPOXX® over the next five years ($2 million of oral TPOXX® was delivered to
the Canadian Military in 2020). We look forward to further expansion in the
international procurement of oral TPOXX® in the coming years.”

Summary Financial Results
 ($ in millions, except per share amounts) 

Three Months Ended December 31, 2020 in comparison to Three Months Ended 
 December 31, 2019

                                                                                                                                     Three Months                     Three Months                       
                                                                                                                                     Ended                            Ended                              
                                                                                                                                     December 31, 2020                December 31, 2019                  
 Total Revenues Operating Income (Loss) (1) Income (Loss) before Income Taxes (1) Net Income (Loss) Diluted Income (Loss) per Share  $37.8 $26.8 $26.2 $20.1 $0.26    $4.2 ($3.4) ($6.5) ($4.5) ($0.06)  

Fiscal Year Ended December 31, 2020 in comparison to Fiscal Year Ended
December 31, 2019

                                                                                                                                     Year                              Year                                 
                                                                                                                                     Ended                             Ended                                
                                                                                                                                     December 31, 2020                 December 31, 2019                    
 Total Revenues Operating Income (Loss) (1) Income (Loss) before Income Taxes (1) Net Income (Loss) Diluted Income (Loss) per Share  $125.0 $84.5 $73.5 $56.3 $0.71    $26.7 ($2.3) ($10.2) ($7.2) ($0.15)  

(1) Operating Income excludes, and Income (Loss) before Income Taxes includes,
costs in connection with the retirement of the Company’s term loan, interest
expense, interest income and adjustments to the fair value of the Company’s
outstanding warrant. Both line items exclude the impact of income taxes. 

Recent Key Activities:
* In January 2021, the Public Health Agency of Canada (PHAC) issued a contract
(the Contract) for the purchase up to approximately $33 million of oral
TPOXX® (tecovirimat) within five years. The Contract specifies firm
commitments for the cumulative purchase of approximately $17 million of oral
TPOXX® by March 31, 2023; the remaining courses under the Contract are
scheduled to be purchased after March 31, 2023 and are subject to option
exercise by PHAC. The Contract award follows, but is separate and incremental
to, the issuance in April 2020 of a contract by the Canadian Department of
National Defence (CDND) for the delivery of up to approximately $14
million of oral TPOXX®. Both contracts awarded by Canada were coordinated
between SIGA and Meridian Medical Technologies, Inc. under the international
promotion agreement (as amended) that was entered into by the parties in June

* In the fourth quarter of 2020, the Company delivered approximately 112,000
courses of oral TPOXX® to the SNS. SIGA has recognized approximately $35
million of revenue in connection with this delivery, of which $3.5 million
relates to amounts previously received in connection with raw material
procurement and which had been recorded as deferred revenue. 
Recap for 2020
* For the year, the Company delivered approximately 363,000 courses of oral
TPOXX® to the SNS, generating revenues of approximately $113 million.
* In the third and fourth quarters of 2020, respectively, the Company filed
submissions for regulatory approval of oral TPOXX® in Europe and Canada, and
such submissions are seeking a broad label indication covering the treatment
of smallpox, monkeypox, cowpox, and complications from Vaccinia infection.
* In the second quarter of 2020, the Company made its first international
delivery of oral TPOXX®.
* In the first quarter of 2020, the Company voluntarily prepaid its Term Loan
and accrued interest in an approximate aggregate amount of $87.2 million.
Upon such prepayment, the Term Loan was extinguished.
Share Repurchase Activity

During the fourth quarter of 2020, SIGA repurchased approximately 1 million
shares of its common stock, for approximately $6.7 million.  For the full
year, the Company cumulatively repurchased approximately 4.6 million shares of
its common stock for approximately $28.5 million, which amounts to more than
5% of shares outstanding as of the date that share repurchases commenced. 

COVID-19 Pandemic

The COVID-19 pandemic has caused significant societal and economic disruption.
Such disruption, and the associated risks and costs, are expected to continue
for an indeterminate period of time. Given the uncertain scale, scope, and
current and future impact of the pandemic, the Company is regularly reviewing
business and financial risks, and seeking coordination with its government
partners with respect to the performance of current and future contract timing
and execution. Additionally, the Company is coordinating closely with service
providers and vendors, in particular contract manufacturing organizations that
constitute our supply chain, to review actions and risks caused by the
COVID-19 pandemic. Finally, the Company has proactively provided its employees
with resources and other support to help ensure continued success in remote
work settings as they navigate the current pandemic environment.

The COVID-19 pandemic has not adversely affected the liquidity position of the
Company, nor is it currently expected to have a material adverse effect on the
financial condition of the Company. The pandemic could delay the timing of
international contract awards for oral TPOXX® given the need of government
officials to focus on meeting the demands of the current COVID-19 pandemic.
Otherwise, the pandemic is not currently expected to have a material adverse
effect on the short-term financial results of the Company, although the
Company cannot provide assurances as to the ultimate impact of the pandemic
upon the broader macro environment or the Company’s industry.

Conference Call and Webcast

SIGA will host a conference call and webcast to provide a business update
today, Thursday, March 4, 2021, at 4:30 P.M. ET.

Participants may access the call by dialing 877-407-6184 for domestic callers
or 201-389-0877 for international callers. A live webcast of the call will
also be available on the Company's website at under the 'Events &
Presentations' tab in the Investor Relations section, or by clicking here
Please log in approximately 5-10 minutes prior to the scheduled start time.

A replay of the call will be available for two weeks by dialing 877-660-6853
for domestic callers or 201-612-7415 for international callers and using
Conference ID: 13715918. The archived webcast will be available in the Events
and Presentations section of the Company's website


SIGA Technologies, Inc. is a commercial-stage pharmaceutical company focused
on the health security market. Health security comprises countermeasures for
biological, chemical, radiological and nuclear attacks (biodefense market),
vaccines and therapies for emerging infectious diseases, and health
preparedness. Our lead product is TPOXX(®), also known as tecovirimat and
ST-246®, an orally administered and IV formulation antiviral drug for the
treatment of human smallpox disease caused by variola virus. TPOXX(®) is a
novel small-molecule drug and the US maintains a stockpile of 1.7 million
courses in the Strategic National Stockpile under Project BioShield. The oral
formulation of TPOXX(®) was approved by the FDA for the treatment of smallpox
in 2018. The full label is here:
In September 2018, SIGA signed a contract potentially worth more than $600
million with BARDA for additional procurement and development related to both
oral and intravenous formulations of TPOXX(®). For more information about
SIGA, please visit

About Smallpox(1)

Smallpox is a contagious, disfiguring and often deadly disease that has
affected humans for thousands of years. Naturally occurring smallpox was
eradicated worldwide by 1980, the result of an unprecedented global
immunization campaign. Samples of smallpox virus have been kept for research
purposes. This has led to concerns that smallpox could someday be used as a
biological warfare agent. A vaccine can prevent smallpox, but the risk of the
current vaccine's side effects is too high to justify routine vaccination for
people at low risk of exposure to the smallpox virus.


This press release contains certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, as amended.
Such forward-looking statements are subject to various known and unknown risks
and uncertainties, and SIGA cautions you that any forward-looking
information provided by or on behalf of SIGA is not a guarantee of future
performance. More detailed information about SIGA and risk factors that may
affect the realization of forward-looking statements, including the
forward-looking statements in this press release, is set forth
in SIGA's filings with the Securities and Exchange Commission,
including SIGA's Annual Report on Form 10-K for the year ended December 31,
2020, and in other documents that SIGA has filed with the SEC. SIGA urges
investors and security holders to read those documents free of charge at
the SEC's web site at Interested parties may also
obtain those documents free of charge from SIGA. Forward-looking statements
are current only as of the date on which such statements were made, and except
for our ongoing obligations under the United States of America federal
securities laws, we undertake no obligation to update publicly any
forward-looking statements whether as a result of new information, future
events, or otherwise.

The information contained in this press release does not necessarily reflect
the position or the policy of the Government and no official endorsement
should be inferred.

Investor Contacts:
Laine Yonker, Edison Group

Michael Crawford, Edison Group  


As of

                                                                                                                                                                              December 31, 2020                 December 31, 2019           
 Current assets                                                                                                                                                                                                                             
 Cash and cash equivalents                                                                                                                                                    $               117,890,240       $          65,249,072       
 Restricted cash and cash equivalents, short-term                                                                                                                                             —                            95,737,862       
 Accounts receivable                                                                                                                                                                          3,340,263                    4,167,996        
 Inventory                                                                                                                                                                                    20,265,519                   9,652,855        
 Prepaid expenses and other current assets                                                                                                                                                    2,112,069                    5,234,000        
 Total current assets                                                                                                                                                                         143,608,091                  180,041,785      
 Property, plant and equipment, net                                                                                                                                                           2,103,990                    2,618,303        
 Deferred tax asset, net                                                                                                                                                                      2,544,053                    14,151,002       
 Goodwill                                                                                                                                                                                     898,334                      898,334          
 Other assets                                                                                                                                                                                 676,923                      856,766          
 Total assets                                                                                                                                                                 $               149,831,391       $          198,566,190      
 LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                                                                       
 Current liabilities                                                                                                                                                                                                                        
 Accounts payable                                                                                                                                                             $               1,278,217         $          3,054,032        
 Accrued expenses and other current liabilities                                                                                                                                               9,205,293                    8,636,911        
 Term debt, current                                                                                                                                                                           —                            80,044,866       
 Total current liabilities                                                                                                                                                                    10,483,510                   91,735,809       
 Warrant liability                                                                                                                                                                            6,639,211                    6,116,882        
 Other liabilities                                                                                                                                                                    2,915,401                            2,929,743        
 Total liabilities                                                                                                                                                                            20,038,122                   100,782,434      
 Commitments and contingencies (Note 14)                                                                                                                                                                                                    
 Stockholders' equity                                                                                                                                                                                                                       
 Common stock ($.0001 par value, 600,000,000 shares authorized, 77,195,704 and 81,269,868 issued and outstanding at December 31, 2020 and December 31, 2019, respectively)                    7,720                        8,127            
 Additional paid-in capital                                                                                                                                                                   224,978,430                  220,808,037      
 Accumulated deficit                                                                                                                                                                          (95,192,881  )               (123,032,408  )  
 Total stockholders' equity                                                                                                                                                                   129,793,269                  97,783,756       
 Total liabilities and stockholders' equity                                                                                                                                   $               149,831,391       $          198,566,190      

For the Years Ended December 31

                                                               2020                   2019                   2018                 
 Product sales and supportive services                         $    115,471,071       $    11,190,064        $    468,918,468     
 Research and development                                           9,488,233              15,552,021             8,135,314       
 Total revenues                                                     124,959,304            26,742,085             477,053,782     
 Operating expenses                                                                                                               
 Cost of sales and supportive services                              14,797,419             1,782,838              95,268,974      
 Selling, general and administrative                                14,003,184             13,252,136             12,879,738      
 Research and development                                           10,938,930             13,303,149             13,016,183      
 Patent expenses                                                    719,141                726,105                789,489         
 Total operating expenses                                           40,458,674             29,064,228             121,954,384     
 Operating income (loss)                                            84,500,630             (2,322,143   )         355,099,398     
 (Loss) gain from change in fair value of warrant liability         (3,525,846   )         5,091,256              (6,922,624   )  
 Loss on extinguishment of Term Loan                                (4,981,461   )         —                      —               
 Interest expense                                                   (3,016,817   )         (15,769,768  )         (15,478,203  )  
 Other income, net                                                  532,085                2,822,232              78,940,985      
 Income (loss) before income taxes                                  73,508,591             (10,178,423  )         411,639,556     
 (Provision) benefit for income taxes                               (17,166,581  )         2,937,276              10,168,272      
 Net and comprehensive income (loss)                           $    56,342,010        $    (7,241,147   )    $    421,807,828     
 Basic earnings (loss) per share                               $    0.71              $    (0.09        )    $    5.28            
 Diluted earnings (loss) per share                             $    0.71              $    (0.15        )    $    5.18            
 Weighted average shares outstanding: basic                         79,259,000             81,031,254             79,923,295      
 Weighted average shares outstanding: diluted                       79,437,306             82,175,023             82,708,472      


GlobeNewswire, Inc. 2021
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