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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

Sales and Services Revenue

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

Loss on Bad Debts

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Loss on Disposal of Assets

Other Operating Expenses

Operating Income

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Net Income

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SIGA

SIGA fundamentals

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