Siga Technologies Q1 Earnings Call Highlights

Key Points

• Siga Technologies posted a Q1 loss with limited product deliveries, reporting about a $3 million net loss and $0.05 diluted EPS. The company ended the quarter with roughly $146 million in cash and no debt, and it also paid a special $0.60 per share dividend.
• Management expects a meaningful Q2 pickup, including about $13 million of oral TPOXX for an Asia-Pacific customer and additional IV TPOXX deliveries to the U.S. Strategic National Stockpile. Siga said government ordering remains lumpy, but it continues negotiations on a new U.S. contract.
• The company is expanding TPOXX internationally through a Hikma MENA distribution agreement covering the Middle East and North Africa. Siga also said it is advancing pediatric and post-exposure prophylaxis programs, while the European CHMP recommended removing TPOXX’s mpox indication but reaffirmed its smallpox benefit-risk profile.

Siga Technologies NASDAQ: SIGA reported a first-quarter loss as product deliveries remained minimal, but management said it expects a pickup in the second quarter tied to an international order and additional deliveries to the U.S. Strategic National Stockpile.

Chief Executive Officer Diem Nguyen said the company’s core strategy remains focused on partnering with governments and nongovernmental organizations to support preparedness against biological threats, particularly smallpox. Nguyen said Siga continues to position TPOXX, its smallpox antiviral treatment, for rapid, large-scale deployment in emergency situations.

“The case for preparedness has never been stronger,” Nguyen said, citing geopolitical tensions, technological risks, including those enabled by artificial intelligence tools, and broader biological threats as reasons governments should continue investing in medical countermeasures.

Quarter Reflects Lumpy Delivery Schedule

Nguyen said Siga’s first-quarter results reflected the “variable rhythm” of its business, with limited product deliveries during the period. She said the company expects to deliver approximately $13 million of oral TPOXX to an international customer in the second quarter, along with additional IV TPOXX deliveries to the U.S. Strategic National Stockpile.

Chief Financial Officer Dan Luckshire said first-quarter product revenues included approximately $1 million of IV TPOXX deliveries to the Strategic National Stockpile and approximately $2 million of reimbursement revenues tied to manufacturing technology transfer. The company also recorded approximately $3 million of research and development revenue during the quarter.

Siga reported a pre-tax operating loss of approximately $5 million, excluding interest income and taxes, and a net loss of approximately $3 million. Fully diluted loss per share for the three months ended March 31, 2026, was $0.05.

Luckshire said the company ended the quarter with approximately $146 million in cash and no debt. Siga declared a special cash dividend of $0.60 per share on March 26 for shareholders of record as of April 7, which was paid on April 23.

U.S. Government Contract Discussions Continue

Nguyen said Siga continues to engage with the U.S. government, including stakeholders at the Department of Health and Human Services, as it works toward a new contract. She said the pace of progress has been slower than in prior contract processes, but pointed to $27 million in funding secured in 2025 for pediatric formulation development and IV TPOXX technology transfer efforts, as well as a 2025 IV TPOXX order, as signs of TPOXX’s continued role in U.S. preparedness planning.

Nguyen added that Siga’s operating model aligns with U.S. government priorities, noting that the government receives the company’s lowest price for oral TPOXX and that its active pharmaceutical ingredient and finished drug products are manufactured domestically.

International Efforts Include Asia-Pacific Order, Hikma Agreement

Outside the United States, Nguyen said Siga remains in discussions with governments and other stakeholders reviewing preparedness strategies and funding. Strategic stockpiling remains central to those discussions, she said, while noting that government procurement is typically a deliberate process.

The company expects to fulfill a $13 million order from a country in the Asia-Pacific region during the second quarter. Nguyen said Siga is active with other potential customers and will provide updates if additional orders occur.

Siga also recently entered into an exclusive license and distribution agreement with Hikma MENA FZE, giving Hikma the right to register and commercialize TPOXX across the Middle East and North Africa. Under the agreement, Siga will serve as the exclusive manufacturer and supplier of finished product for Hikma.

Nguyen said the agreement is intended to broaden global access to TPOXX in a region where Siga has historically been underrepresented. She said Hikma’s regional presence and experience with complex procurement processes make it a strategic partner.

Asked about the deal economics, Nguyen said Siga will supply finished product to Hikma, which will manage customer relationships in the region. TPOXX will be sold at a price set in the agreement, and Siga may be entitled to additional payments under certain conditions. She said the financial terms are confidential.

Regulatory and Pipeline Updates

During the question-and-answer portion of the call, Edison Group analyst Jyoti Prakash asked about the Committee for Medicinal Products for Human Use’s recommendation that TPOXX not be used for mpox treatment. Nguyen said CHMP reaffirmed the positive benefit-risk balance of Tecovirimat SIGA, known as TPOXX in Europe, for smallpox, cowpox and vaccinia complications. She said the committee recommended that the European Commission withdraw the mpox indication.

Nguyen said the company is taking regulatory steps to inform relevant stakeholders and implement the recommendation following adoption by the European Commission. She emphasized that TPOXX was developed as a treatment for smallpox and that “saving lives of patients suffering from smallpox has been and will continue to be SIGA’s focus.”

On the pipeline, Nguyen said Siga continues to advance its post-exposure prophylaxis and pediatric programs. The company has filed its investigational new drug application for the pediatric program and initiated a Phase 1 study, with results expected in the second half of the year. For the post-exposure prophylaxis program, Nguyen said the Centers for Disease Control and Prevention continues analyzing immunogenicity samples, and Siga is targeting an FDA submission for a PEP indication within the next 12 months.

Capital Allocation Remains Under Review

Asked whether the company is comfortable returning capital to shareholders given the uneven timing of government orders, Luckshire said Siga considered its variable business model when declaring the 2026 dividend. He said that after accounting for the dividend on a pro forma basis, the company would still have more than $100 million in cash and no debt.

Luckshire said Siga believes it remains well-positioned to navigate potential near-term gaps in government ordering. He added that the company continues to evaluate ways to deploy capital, including dividends, acquisitions, in-licensing and other options intended to create shareholder value.

Nguyen closed the call by saying Siga remains focused on financial and operational discipline, government partnerships and the long-term need for biological preparedness.

About Siga Technologies NASDAQ: SIGA

Siga Technologies, Inc NASDAQ: SIGA is a specialty pharmaceutical company focused on the development, manufacturing and commercialization of medical countermeasures for public health emergencies and biological threats. The company's flagship product, TPOXX® (tecovirimat), is the first and only antiviral approved by the U.S. Food and Drug Administration for the treatment of smallpox. Siga has entered into procurement and development contracts with U.S. government agencies, including the Biomedical Advanced Research and Development Authority (BARDA) and the Department of Defense, to supply TPOXX® for the Strategic National Stockpile.

Founded in 2002, Siga has built a pipeline of therapies targeting high-consequence pathogens such as smallpox, plague and other potential biothreat agents.

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