SIGA Technologies(SIGA) - 2024 Q4 - Annual Report

Financial Performance - The company's revenue for the year ended December 31, 2024, was $138.7 million, reflecting the recognition of performance obligations related to product delivery and supportive services [271]. - Total revenues for 2024 were$138.72 million, a slight decrease of 0.9% compared to $139.92 million in 2023 [279]. - Product sales and supportive services increased to$133.33 million in 2024, up from $130.67 million in 2023, reflecting a growth of 2.0$69.98 million, down 16.3% from $83.62 million in 2023 [279]. - Net income for 2024 was$59.21 million, a decrease of 13.0% compared to $68.07 million in 2023 [279]. - Basic earnings per share for 2024 were$0.83, down from $0.95 in 2023, representing a decline of 12.6$115.74 million in 2024, a decrease from $118.65 million in 2023 [385]. - International revenues totaled$22.98 million in 2024, slightly up from $21.27 million in 2023 [385]. Cash and Assets - Cash and cash equivalents increased to$155.4 million in 2024 from $150.1 million in 2023, while total assets decreased to$244.3 million from $254.4 million [276]. - Cash and cash equivalents at the end of 2024 increased to$155.40 million, up from $150.15 million at the end of 2023 [284]. - Net cash provided by operating activities for 2024 was$48.76 million, a decrease of 48.6% compared to $94.80 million in 2023 [284]. - The company had approximately$53.5 million of cash equivalents classified as Level 1 financial instruments as of December 31, 2024 [327]. - The Company has not experienced any losses on its cash accounts, indicating a low concentration of credit risk [296]. Liabilities and Equity - Total current liabilities significantly decreased from $54.1 million in 2023 to$25.3 million in 2024, primarily due to a reduction in deferred IV TPOXX® revenue from $20.8 million to$10.3 million [276]. - The accumulated deficit improved from $(38.9) million in 2023 to$(22.8) million in 2024, indicating a reduction in losses [276]. - The company’s additional paid-in capital increased from $235.8 million in 2023 to$238.6 million in 2024, reflecting ongoing investment activities [276]. - As of December 31, 2024, accrued expenses and other current liabilities decreased to $5,640,110 from$10,181,810 in 2023, a reduction of approximately 44.5% [355]. Research and Development - Research and development expenses for 2024 were $12.31 million, down from$16.43 million in 2023, a reduction of 25.4% [279]. - Research and development expenses include costs related to employee-related costs, materials, and services provided by outside contractors, all of which are expensed as incurred [318]. Contracts and Revenue Recognition - The company faces risks related to the BARDA Contract, including the potential for unexercised options and delays in performance [17]. - The Company has a contract with BARDA for up to approximately $602.5 million in payments, with$51.7 million in the base period and $519.6 million related to exercised options [334]. - The Company recognized revenue of$10.8 million during the year ended December 31, 2024, that was included in deferred revenue at the beginning of the period [312]. - The aggregate amount of transaction price allocated to remaining performance obligations was $92.8 million as of December 31, 2024 [313]. - The Company recognized$100.1 million and $97.9 million in revenue from product delivery for the years ended December 31, 2024 and 2023, respectively [340]. - The Company recognized revenues of$5.4 million and $3.0 million for the years ended December 31, 2024 and 2023, respectively, on an over time basis under the BARDA contract [340]. Market Presence and Sales - The company continues to expand its market presence with TPOXX® approved in multiple international markets, including recent approval in Japan in December 2024 [290]. - The Company had sales of approximately$10 million with the U.S. Department of Defense in 2024, primarily from oral TPOXX® [341]. - International sales for the year ended December 31, 2024, amounted to $23.0 million, an increase from$21.3 million in 2023 [344][346]. - Cumulative total of $396.9 million of oral TPOXX® has been delivered to the Strategic Stockpile as of December 31, 2024 [336]. Dividends and Stock Compensation - The company declared a cash dividend of$0.60 per share in 2024, compared to $0.45 per share in 2023 [281]. - A special dividend of$0.60 per share was declared on March 12, 2024, resulting in an overall payment of approximately $43 million [361]. - The company recorded stock-based compensation expense of approximately$3.6 million for the year ended December 31, 2024, an increase of 71.4% from $2.1 million in 2023 [364]. - The total fair value of restricted stock and restricted stock units vested during 2024 was approximately$2.6 million, compared to $1.9 million in 2023, indicating a 36.8$16.66 million for 2024, down from $24.51 million in 2023 [375]. - Deferred income tax assets, net of valuation allowance, were$11.36 million as of December 31, 2024, compared to $11.53 million in 2023 [376].