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- **Revenue Resilience**: $86 million in product revenue year-to-date, with $26 million in U.S. government orders pending delivery in 2026.
- **Pipeline Momentum**: Targeting FDA submission for TPOXX PEP in 2026 and pediatric IND submission by year-end.
- **EMA Review**: CHMP decision on Mpox efficacy expected soon; SIGA confident in TPOXX’s safety profile.
- **Financial Strength**: $172 million cash balance and no debt provide buffer against government shutdown delays.
- **International Expansion**: Anticipating multiple international sales in 2026 amid global biodefense spending growth.

**【CEO Summary Section】**
- SIGA reported $86 million in product revenue for the first nine months of 2025, including $53 million for oral TPOXX and $26 million for IV TPOXX under the U.S. government contract. International sales contributed $6 million.
- $26 million of IV TPOXX orders remain outstanding, expected to be delivered in 2026. Management anticipates multiple international sales in 2026.
- The European Medicines Agency (EMA) is reviewing TPOXX’s efficacy in treating Mpox, with a CHMP opinion or additional information request expected soon.
- Late-stage pipeline progress includes the TPOXX post-exposure prophylaxis (PEP) program for smallpox, targeting an FDA submission in 2026, and a pediatric formulation IND submission by year-end.
- SIGA maintains a strong financial position with $172 million in cash and no debt, having returned $230 million to shareholders since 2020.

**【CFO Financial Commentary】**
- Nine-month pre-tax operating income was $33 million, with a $10 million operating loss in Q3 due to lower product deliveries. Net income for the period was $29 million, or $0.40 per share.
- Q3 product revenue of $0.9 million related to IV tech transfer activities, with higher COGS driven by fixed storage and security costs.
- Research and development revenue totaled $5 million for the nine months, supporting government contracts and pipeline development.

**【Q&A Key Highlights】**
- **Government Shutdown Impact**: SIGA expects potential delays in CDC analysis for the PEP program but notes core government contracts remain unaffected. Strong cash reserves ($172 million) provide flexibility.
- **EMA Update**: Management is confident in TPOXX’s safety and efficacy, awaiting CHMP decision on Mpox efficacy review.
- **Financial Mitigation**: SIGA’s cash position exceeds four times annual operating expenses, enabling adaptation to government delays.
- **Pipeline Clarity**: PEP submission timeline may shift slightly due to CDC delays, but 2026 target remains unchanged.

SIGA Technologies, Inc. (SIGA) Q3 2025 Earnings Call Transcript

Revenue

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Financing Services Revenue

Other Revenue

Cost of Revenue

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Cost of Financing Services

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Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

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Loss on Disposal of Assets

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Operating Income

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Net Income

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SIGA

SIGA fundamentals

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