SIGA Technologies' Q2 2025: Navigating Contradictions in RFP Timelines, Dividend Policies, and Product Delivery

RFP timeline and process, PEP program and FDA NDA submission timeline, special dividend policy, monoclonal antibody program status, IV TPOXX delivery timeline are the key contradictions discussed in SIGA Technologies' latest 2025Q2 earnings call.



Strong Product Sales and Government Support:
- SIGA reported product revenues of approximately $79 million for the second quarter of 2025, comprising $53 million in oral TPOXX and $26 million in IV TPOXX.
- The U.S. government provided an additional $27 million in development funding, allocated to manufacturing activities and the pediatric program.
- The growth in sales and government support reflects the United States' commitment to national health preparedness and the critical role antivirals play in combating bioterrorism threats.

International Market Expansion:
- SIGA has sold $135 million of oral TPOXX to 30 countries since 2020.
- The company is actively building relationships with potential customers worldwide to expand its international business, despite geopolitical instability.
- The focus on international markets is driven by the need for countries to be prepared in case of a smallpox outbreak and the potential for international orders to continue to be lumpy.

Regulatory Challenges and Pipeline Progress:
- The EMA's CHMP raised questions about the efficacy of tecovirimat in treating mpox following a review of recent clinical trials.
- SIGA is advancing its TPOXX post-exposure prophylaxis program, with an FDA submission targeted for 2026, and preparing for a pediatric trial later this year.
- The company is prioritizing regulatory approvals in new indications as part of its strategic focus on expanding global access to TPOXX and leveraging its capabilities in complementary therapeutic areas.

Financial Strength and Strategic Partnerships:
- SIGA ended the second quarter with a cash balance of approximately $182 million and no debt.
- The company's focus remains on sustaining a strong financial foundation and executing strategic priorities, including partnerships with the U.S. government and international stakeholders.
- Financial discipline and strategic partnerships are key to SIGA's ongoing success and its role in supporting global preparedness and driving shareholder returns.