Summary by Futu AI
SIGA Technologies reported strong financial results for Q2 2024, with revenues from product sales and supportive services reaching $20.7 million, up from $1.3 million in Q2 2023. The increase was primarily driven by $17.6 million in IV TPOXX sales to the U.S. Government and $3.1 million in international oral TPOXX sales. However, research and development revenues decreased to $1.1 million from $4.6 million year-over-year.The company recorded a pre-tax income of $2.4 million for Q2 2024, compared to a $3.4 million loss in Q2 2023. Cost of sales increased to $12.3 million from $1.0 million, while SG&A expenses rose to $5.5 million from $4.4 million. R&D expenses decreased to $2.9 million from $5.1 million. The effective tax rate for Q2 2024 was 23.6%.As of June 30, 2024, SIGA had $106.9 million in cash and cash equivalents, down from $150.1 million at the end of 2023. The company believes its liquidity is sufficient to meet anticipated requirements for at least the next twelve months. SIGA continues to fulfill contracts with the U.S. Government and expand its international presence, with ongoing clinical trials for potential label expansions of TPOXX.