SIGA TECHNOLOGIES INC Q4 FY2024 earnings call

• 2024 was a year of impactful execution with $133M product sales, second consecutive year of growth.
• Continued partnership with U.S. government, advanced TPOXX regulatory approvals, and cultivated strategic partnerships.
• In Q4 2024, $80M in sales included deliveries to SNS, DoD, and international markets (e.g., $11M sale in East Asia).
• Assumed international promotion of TPOXX from Meridian, built international sales/marketing infrastructure. Japan approved TPOXX, expanding access.
• Secured exclusive license from Vanderbilt for monoclonal antibodies targeting orthopoxviruses. PEP program for smallpox targets FDA submission in early 2026.
• Addressed mpox trial results by noting trials enrolled late-stage patients, but TPOXX effective early in smallpox.

In 2024, SIGA's product sales totaled $133 million, a ~2% increase from 2023. Of this, $80 million was generated in the fourth quarter. Revenue sources included deliveries of oral and IV TPOXX to the U.S. strategic national stockpile ($51M oral, $9M IV in Q4), deliveries to the U.S. Department of Defense ($9M), and international sales, with a notable $11M sale of oral TPOXX in East Asia. For the full year, product sales breakdown was: $74M oral TPOXX to SNS, $26M IV TPOXX to SNS, $10M oral and IV TPOXX to DoD, and $23M oral TPOXX to international markets.

• $70M in outstanding orders at year-end 2024, expected delivered in 2025, starting in Q2.
• Capital management strategy is dynamic; anticipate second quarter decision on special dividend.
• Continued conversations with BARDA on TPOXX volume and manufacturing, with smallpox threat increasing driving volume discussions.

• Uncertainty from administration changes potentially impacting RFP timing for TPOXX contracts.
• Mpox trials enrolling late-stage patients, which may not reflect optimal use of TPOXX based on its mechanism of action.

Q: Regarding oral TPOXX deliveries, any additional deliveries in 2025 to-date and RFP timeline?

A: $70M outstanding orders mostly consist of remaining deliveries to SNS under existing orders. Deliveries expected to start in Q2 2025. RFP process is separate from delivery process and not impacted by delivery timing.

Q: Can we expect another special dividend this year?

A: Capital management is dynamic; factors like cash flow, capital allocation, and market conditions are reviewed. Anticipate a second quarter decision on special dividend.

Q: Details on Japan distribution agreement and $11M int'l sale?

A: Distribution terms with Japan Biotechno Pharma not disclosed; $11M int'l sale in East Asia is to an unspecified customer.

Q: Plans for mpox trial design adjustment?

A: Working with NIAID to analyze clinical data, including subgroups, to determine optimal treatment path for mpox.

Q: RFP for TPOXX contract and inventory?

A: Continued talks with BARDA on TPOXX volume; inventory includes product for $70M orders and API for future responsiveness.

Q: Fallout from Dr. Varma on TPOXX sales?

A: No significant fallout; long-standing relationship with BARDA and SNS.

Q: Portfolio diversification?

A: Pursuing portfolio diversification, including the Vanderbilt license for monoclonal antibodies.