10-K · March 10, 2026
SIGA’s 10-K emphasizes a government‑contract driven commercial strategy centered on TPOXX® with a 19C BARDA contract that contemplates up to approximately $630 million of payments and cumulative oral deliveries of…
Earnings analysis · 10-Q
SIGA earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
SIGA Technologies reported a challenging Q1 2026 with revenues of $6.2 million, below estimates of $7.0 million, and a diluted EPS loss of $0.05. The operational metrics indicate declining revenues from product sales…
Read full summary
SIGA Technologies reported a challenging Q1 2026 with revenues of $6.2 million, below estimates of $7.0 million, and a diluted EPS loss of $0.05. The operational metrics indicate declining revenues from product sales compared to the same period last year, alongside significant ongoing expenses related to research and development and contract fulfillment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.05
What stood out
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Revenue Decrease
Q1 2026 revenue was $6.2 million, down from $7.0 million in Q1 2025.
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Loss per Share
Reported diluted EPS loss of $0.05, compared to a loss of $0.01 in Q1 2025.
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Increased R&D Expenses
R&D expenses increased to $3.9 million from $3.5 million year-over-year.
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Cash Position
Cash and cash equivalents decreased to $145.6 million from $155.0 million as of December 31, 2025.
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Government Contracts
SIGA expects to deliver over $35 million of TPOXX to the U.S. Government in upcoming quarters.
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Higher Operating Loss
Pre-tax loss increased to $4.0 million from a loss of $0.6 million in Q1 2025.
What to watch
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Regulatory Challenges
FDA referral procedure reflects ongoing regulatory scrutiny over TPOXX, particularly related to mpox treatment.
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Market Development Uncertainty
Risks remain due to a potentially undeveloped international market for TPOXX and competition.
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Supply Chain Vulnerability
Tariff-related cost increases could materially affect manufacturing costs for IV TPOXX.
Management's outlook
SIGA anticipates delivering over $35 million of TPOXX in upcoming quarters.
Earlier filings 4
10-Q · November 6, 2025
SIGA reported a weak Q3 2025 operational quarter: total revenue fell to $2,620,000 and GAAP diluted loss per share was $(0.09), driven by an operating loss of $(10,222,579). Offsetting the quarterly weakness, the…
10-Q · November 7, 2024
SIGA reported Q3 revenue of $10,009,781, up from $9,235,171 in Q3 2023, producing gross margin of 83.8% and operating income of $542,087 (versus an operating loss of $1,309,244 a year ago). Diluted EPS was $0.02…
10-Q · August 1, 2024
SIGA reported Q2 revenue of $21,810,891 and diluted EPS of $0.03, a large year-over-year recovery from revenue of $5,878,166 and EPS of $(0.04) in Q2 2023 but a decline versus the prior quarter (Q1 2024 revenue ~$25M;…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.