0001437749-26-015646
SEC filingQ1 results showed revenue decline and sharp gross profit drop due to elevated manufacturing costs under BARDA contract, driving wider operating and net losses as R&D rose on EMA mpox efforts while cash burn accelerated from inventory and operations.
Net loss deepened to -$3.5 million (-746.2% YoY), with diluted EPS at -$0.05 versus -$0.01, capturing the full impact of these operational headwinds. SIGA has advanced regulatory efforts, completing an immunogenicity trial and expanded safety trial for potential FDA label expansion of oral TPOXX to smallpox post-exposure prophylaxis (PEP), positioning for future U.S. market expansion.
Cash flow from operations swung to -$8.7 million used from +$7.1 million provided, primarily relating to cash for customary operating activities and inventory builds, net of research and development revenues. Outstanding purchase orders for manufacturing obligations stood at approximately $3.5 million as of March 31, 2026, signaling ongoing commitments. Management affirms liquidity suffices for at least the next twelve months, though macroeconomic volatility like tariffs could elevate IV TPOXX costs, with domestic supply chains providing some mitigation. No international sales this quarter highlights reliance on BARDA, while EMA mpox developments and PEP progress offer strategic pathways forward.