SIGA Technologies, Inc. reported significant financial performance improvements in its third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $10.0 million, up from $9.2 million in Q3 2023. For the nine months ended September 30, 2024, revenues surged to $57.3 million, a substantial increase from $23.4 million in the prior year. This growth was primarily driven by product sales, particularly from the antiviral drug TPOXX®, which generated $53.5 million in sales for the nine-month period, compared to $14.9 million in 2023.

The company reported an operating income of $542,087 for Q3 2024, a turnaround from an operating loss of $1.3 million in Q3 2023. For the nine months, operating income was $12.9 million, compared to an operating loss of $8.1 million in the same period last year. Net income for Q3 2024 was $1.3 million, compared to a net loss of $393,066 in Q3 2023. For the nine months, net income reached $13.5 million, a significant recovery from a net loss of $4.2 million in 2023.

Total operating expenses for Q3 2024 decreased to $9.5 million from $10.5 million in Q3 2023, while expenses for the nine months increased to $44.4 million from $31.5 million in the previous year. The increase in nine-month expenses was attributed to higher costs associated with the manufacture and delivery of TPOXX®.

Cash and cash equivalents as of September 30, 2024, were $99.3 million, down from $150.1 million at the end of 2023. The company reported net cash used in operating activities of $7.5 million for the nine months, contrasting with net cash provided of $15.8 million in the same period in 2023. The decrease in cash was influenced by a special cash dividend of approximately $42.7 million paid during the period.

Strategically, SIGA continues to fulfill its contract with the U.S. Biomedical Advanced Research and Development Authority (BARDA), which includes potential payments of approximately $602.5 million for TPOXX® deliveries. As of September 30, 2024, the company had active contractual performance obligations totaling $174.2 million, with revenue from product manufacture expected to be recognized within the next 12 months.

Overall, SIGA Technologies has demonstrated a strong recovery in profitability and revenue growth, primarily driven by its TPOXX® product line, while managing its operational expenses effectively.