SIGAHIGH SIGNALFINANCIAL10-K

SIGA experienced a severe financial deterioration with revenue declining 47% while operating income plummeted 66% and net income fell 61%, indicating significant business contraction.

The dramatic decline in operating income (-66%) far exceeding the revenue drop (-47%) suggests deteriorating operational efficiency and margin compression. Despite reducing debt by 50% and maintaining a strong balance sheet position, the company's core earnings power has been substantially impaired, raising concerns about future profitability and business sustainability.

Comparing 2026-03-10 vs 2025-03-11View on EDGAR →
FINANCIAL ANALYSIS

SIGA's financial performance deteriorated significantly with revenue falling 47% to $4.3M while operating income collapsed 66% to $23.7M, indicating severe margin compression. The company increased R&D spending by 62% to $20M while reducing SG&A expenses by 16%, suggesting a strategic pivot toward development activities amid declining commercial performance. Despite the operational challenges, SIGA strengthened its balance sheet by reducing total debt 50% and cutting current liabilities 29%, while maintaining adequate liquidity with accounts receivable normalizing from an elevated $21.2M to $3.3M.

FINANCIAL STATEMENT CHANGES
Accounts Receivable
Balance Sheet
-84.6%
$21.2M→$3.3M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Capital Expenditure
Cash Flow
-71.6%
$102K→$29K

Capex reduced 71.6% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Income
P&L
-66.1%
$70.0M→$23.7M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

R&D Expense
P&L
+62.1%
$12.3M→$20.0M

R&D investment increased 62.1% — signals commitment to future product development, though near-term margin impact.

Net Income
P&L
-60.7%
$59.2M→$23.3M

Net income declined 60.7% — review whether driven by operations, interest costs, or non-recurring items.

Total Debt
Balance Sheet
-49.7%
$4.0M→$2.0M

Debt reduced 49.7% — deleveraging strengthens balance sheet and reduces financial risk.

Revenue
P&L
-47.4%
$8.1M→$4.3M

Revenue declined 47.4% — significant demand weakness or market share loss warrants investigation.

Current Liabilities
Balance Sheet
-29%
$25.3M→$18.0M

Current liabilities reduced — improved short-term financial position and working capital health.

Total Liabilities
Balance Sheet
-27.6%
$28.5M→$20.6M

Liabilities reduced 27.6% — deleveraging improves balance sheet strength and financial flexibility.

SG&A Expense
P&L
-15.6%
$25.1M→$21.2M

SG&A reduced 15.6% — improved cost efficiency or headcount reduction improving operating margins.

LANGUAGE CHANGES
NEW — 2026-03-10
PRIOR — 2025-03-11
ADDED
siga20251231_10k.htm 0001010086 Siga Technologies INC false --12-31 FY 2025 true true true false The full Board receives updates periodically or as needed during the year from the Company s Chief Information Officer and actively participates in discussions with management and amongst themselves regarding cybersecurity risks.
Updates delivered to the full Board typically include discussion of management s actions to identify and detect threats, as well as planned actions in the event of a response or recovery situation.
These updates also typically include a review of any recent enhancements to the Company s defenses and management s progress on its cybersecurity, as well as reports on key performance indicators, test results and related remediation, and recent threats and how the Company is managing those threats.
The full Board receives updates periodically or as needed during the year from the Company s Chief Information Officer and actively participates in discussions with management and amongst themselves regarding cybersecurity risks.
Updates delivered to the full Board typically include discussion of management s actions to identify and detect threats, as well as planned actions in the event of a response or recovery situation.
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REMOVED
siga20241231_10k.htm 0001010086 Siga Technologies INC false --12-31 FY 2024 true true true false true true 0.0001 0.0001 600,000,000 600,000,000 71,404,669 71,404,669 71,091,616 71,091,616 0.45 0.45 0.60 2 0 5 3 7 4 1 1 0 0 0 0 10 2 3 3 0.5 0.5 http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2024#AccruedLiabilitiesCurrent 0 0 0 0 10 0 1 3 1 0.2 1 1 2 2 3 10 0.6 0.7 http://fasb.org/us-gaap/2024#OtherLiabilities 20,000 0 0 63 5 0 false false false false includes 59,312 awards which were settled in cash.
includes 40,075 awards which were expected to be settled in cash.
As of February 14, 2025, the registrant had outstanding 71,436,927 shares of common stock.
Department of Defense contracts are modified or canceled at the request or requirement of, or SIGA is not able to enter into new contracts to supply TPOXX to, the U.S.
As of December 31, 2024, the contract with BARDA (as amended, modified, or supplemented from time to time, the "19C BARDA Contract") contemplates up to approximately $602.5 million of payments, of which approximately $51.7 million of payments are included within the base period of performance, approximately $519.6 million of payments are related to exercised options and up to approximately $31.2 million of payments are currently specified as unexercised options.
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