Siga Technologies Inc. Files 10-Q for Q1 2024

TL;DR

<b>Siga Technologies Inc. filed its Q1 2024 10-Q, detailing financial performance and operational aspects, including BARDA contract information.</b>

AI Summary

SIGA TECHNOLOGIES INC (SIGA) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Siga Technologies Inc. reported financial results for the first quarter ended March 31, 2024. The filing details various financial metrics and operational updates for the period. Key segments include Product Sales and Supportive Services, and Research and Development. The company references contracts with BARDA, including The 19C BARDA Contract. Specific financial data points such as shares, liabilities, and contract values are provided.

Why It Matters

For investors and stakeholders tracking SIGA TECHNOLOGIES INC, this filing contains several important signals. This 10-Q provides investors with a quarterly update on Siga's financial health and business progress, crucial for assessing investment value. Understanding the details of BARDA contracts and product sales is key to evaluating the company's revenue streams and future growth potential.

Risk Assessment

Risk Level: medium — SIGA TECHNOLOGIES INC shows moderate risk based on this filing. The company's reliance on government contracts, such as those with BARDA, introduces a degree of regulatory and funding risk, as evidenced by the detailed contract information provided.

Analyst Insight

Monitor future BARDA contract awards and performance metrics to gauge revenue sustainability and growth.

Financial Highlights

total Assets

600,000,000

total Debt

71,091,616

Revenue Breakdown

Key Numbers

• 600,000,000 — Total Assets (As of March 31, 2024)
• 71,122,516 — Total Liabilities (As of March 31, 2024)
• 71,091,616 — Total Debt (As of March 31, 2024)
• 30,702 — Units Settled in Cash (For the three months ended March 31, 2023)

Key Players & Entities

• SIGA TECHNOLOGIES INC (company) — Filer
• BARDA (company) — Contracting entity
• The 19C BARDA Contract (company) — Specific contract mentioned
• 2024-03-31 (date) — Reporting period end date
• 2023-03-31 (date) — Prior period comparison date

FAQ

Risk Factors

• Government Contract Dependence [medium — regulatory]: The company's significant reliance on contracts with government entities like BARDA exposes it to regulatory changes and funding uncertainties.
• Revenue Concentration [medium — financial]: Revenue may be concentrated from a limited number of government contracts, posing a risk if these contracts are altered or terminated.

Key Dates

• 2024-03-31: Quarterly Period End — End of the first quarter of 2024.
• 2024-05-07: Filing Date — Date the 10-Q was filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive overview of a company's financial performance during the quarter.)

BARDA

Biomedical Advanced Research and Development Authority, part of the U.S. Department of Health and Human Services. (Indicates a significant government partnership and potential revenue source for Siga Technologies.)

Filing Documents

• siga20240331_10q.htm (10-Q) — 577KB
• ex_654007.htm (EX-10.2) — 166KB
• ex_660603.htm (EX-10.3) — 17KB
• ex_654662.htm (EX-10.4) — 13KB
• ex_654661.htm (EX-10.5) — 13KB
• ex_654663.htm (EX-10.6) — 38KB
• ex_618556.htm (EX-31.1) — 15KB
• ex_618557.htm (EX-31.2) — 15KB
• ex_618558.htm (EX-32.1) — 6KB
• ex_618559.htm (EX-32.2) — 6KB
• 0001437749-24-015124.txt (&nbsp;) — 4374KB
• siga-20240331.xsd (EX-101.SCH) — 51KB
• siga-20240331_cal.xml (EX-101.CAL) — 31KB
• siga-20240331_def.xml (EX-101.DEF) — 285KB
• siga-20240331_lab.xml (EX-101.LAB) — 264KB
• siga-20240331_pre.xml (EX-101.PRE) — 315KB
• siga20240331_10q_htm.xml (XML) — 517KB

-FINANCIAL INFORMATION

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

-OTHER INFORMATION

PART II-OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23 Item 3. Defaults upon Senior Securities 23 Item 4. Mine Safety Disclosures 23 Item 5. Other Information 23 Item 6. Exhibits 24

SIGNATURES

SIGNATURES 25 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

- Condensed Consolidated Financial Statements

Item 1 - Condensed Consolidated Financial Statements SIGA TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 143,868,648 $ 150,145,844 Accounts receivable 18,127,180 21,130,951 Inventory 63,721,788 64,218,337 Prepaid expenses and other current assets 2,174,993 3,496,028 Total current assets 227,892,609 238,991,160 Property, plant and equipment, net 1,193,237 1,331,708 Deferred tax asset, net 11,011,668 11,048,118 Goodwill 898,334 898,334 Other assets 2,149,482 2,083,535 Total assets $ 243,145,330 $ 254,352,855 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 2,523,350 $ 1,456,316 Accrued expenses and other current liabilities 6,122,929 10,181,810 Dividend Payable 42,673,509 — Deferred IV TPOXX revenue 20,788,720 20,788,720 Income tax payable 2,703,690 21,690,899 Total current liabilities 74,812,198 54,117,745 Other liabilities 3,342,927 3,376,203 Total liabilities 78,155,125 57,493,948 Commitments and contingencies Stockholders' equity Common stock ($ .0001 par value, 600,000,000 shares authorized, 71,122,516 and 71,091,616 , issued and outstanding at March 31, 2024 and December 31, 2023, respectively) 7,112 7,109 Additional paid-in capital 236,766,447 235,795,420 Accumulated deficit ( 71,783,354 ) ( 38,943,622 ) Total stockholders' equity 164,990,205 196,858,907 Total liabilities and stockholders' equity $ 243,145,330 $ 254,352,855 The accompanying notes are an integral part of these financial statements. 2 Table of Contents SIGA TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS) (UNAUDITED) Three Months Ended March 31, 2024 2023 Revenues Product sales and supportive services $ 23,878,677 $ 5,702,515 Research and development 1,551,178 2,620,510 Total revenues 25,429,85

View Full Filing

View this 10-Q filing on SEC EDGAR