SIGA Technologies Inc (SIGA) 2025 Q1 法說會逐字稿

Good afternoon. Welcome to SIGA Technology (sic – see press release, "SIGA Technologies") business update call.

午安.歡迎參加 SIGA Technology（原文如此 - 請參閱新聞稿「SIGA Technologies」）業務更新電話會議。

Before we turn the call over to SIGA management, please note that any forward-looking statements made during this call are based on management's current expectations and observations and are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements. SIGA does not undertake any obligation to update publicly any forward-looking statement to reflect events or changed circumstances after this call.

在我們將電話轉交給 SIGA 管理層之前，請注意，本次電話會議中做出的任何前瞻性陳述均基於管理層當前的預期和觀察，並受可能導致實際結果與前瞻性陳述不同的風險和不確定性的影響。SIGA 不承擔任何義務公開更新任何前瞻性聲明以反映本次電話會議後的事件或情況變更。

For a discussion of factors that could cause results to differ, please see the company's filings with the Securities and Exchange Commission, including, without limitation, the company's annual report on Form 10-K for the year ended December 31, 2024, and subsequent reports on Form 10-Q and Form 8-K.

有關可能導致結果不同的因素的討論，請參閱本公司向美國證券交易委員會提交的文件，包括但不限於本公司截至 2024 年 12 月 31 日的 10-K 表年度報告以及後續的 10-Q 表和 8-K 表報告。

With that, I will now turn the call over to Diem Nguyen, Chief Executive Officer of SIGA. Diem?

現在，我將把電話轉給 SIGA 執行長 Diem Nguyen。迪姆？

Good afternoon, everyone, and thank you for joining today's call and review of our business results for the first quarter of 2025. I am joined by Dan Luckshire, our Chief Financial Officer, and we appreciate this opportunity to provide an update on our company. After the update, we'll be happy to answer your questions.

大家下午好，感謝大家參加今天的電話會議並回顧我們 2025 年第一季的業務業績。我們的財務長 Dan Luckshire 也與我們一同出席，我們很高興有機會向大家介紹公司的最新動態。更新後，我們將很樂意回答您的問題。

I'm pleased to share that SIGA has continued its momentum from 2024 into 2025, and we expect many bright spots ahead. SIGA has made steady progress on its key initiatives, taking thoughtful and proactive steps to reinforce our position as a leader in global health security and to deliver long-term value to our shareholders. While we are encouraged by this progress, we remain focused on navigating the evolving landscape and staying disciplined in our approach to drive sustained performance.

我很高興地告訴大家，SIGA 從 2024 年到 2025 年一直保持著良好的發展勢頭，我們期待未來會有很多亮點。SIGA 在其關鍵舉措上取得了穩步進展，採取了深思熟慮和積極主動的措施來鞏固我們在全球衛生安全領域的領導地位，並為我們的股東帶來長期價值。雖然我們對這一進展感到鼓舞，但我們仍將專注於應對不斷變化的形勢，並堅持嚴謹的作風，以推動持續的業績。

In the first quarter, product revenues were approximately $6 million, which is attributable to a sale to a repeat international customer in a different geographical region from where we made an $11 million sale in the fourth quarter. This highlights the broadened scope of our international business. Since we assumed responsibility for international marketing for Meridian Medical Technologies in June 2024, we have been strengthening our relationships with existing and prospective customers and engaging in productive discussions on health security and stockpiling.

第一季的產品收入約為 600 萬美元，這歸因於向不同地理區域的回頭國際客戶的銷售，而我們在第四季度對該地理區域的銷售額為 1100 萬美元。這凸顯了我們國際業務範圍的擴大。自 2024 年 6 月承擔 Meridian Medical Technologies 國際行銷責任以來，我們一直在加強與現有和潛在客戶的關係，並就健康安全和儲備問題進行富有成效的討論。

For those keeping track, we now have regulatory approvals for TPOXX in the US, Canada, Europe, the UK and most recently in Japan. We expect the $6 million international sale in the first quarter to be the start of substantial product sales over the next few months.

對於那些關注的人來說，我們現在已經獲得了美國、加拿大、歐洲、英國以及最近日本對 TPOXX 的監管批准。我們預計第一季 600 萬美元的國際銷售額將成為未來幾個月大量產品銷售的開始。

On the US side of our business, as of the end of 2024, we had about $70 million of outstanding TPOXX orders for delivery to the US Strategic National Stockpile, or SNS, of which approximately $53 million of oral TPOXX and approximately $9 million of IV TPOXX were delivered in April. Additional amounts of IV TPOXX are expected to be delivered by the end of third quarter this year.

在我們業務的美國方面，截至 2024 年底，我們有約 7,000 萬美元的未完成 TPOXX 訂單需要交付給美國國家戰略儲備庫 (SNS)，其中約 5,300 萬美元的口服 TPOXX 和約 900 萬美元的靜脈注射 TPOXX 已於 4 月交付。預計今年第三季末將交付更多 IV TPOXX。

Notably, in March, the US government exercised its option under the current 19C contract to procure an additional $26 million of IV TPOXX, which we expect to be delivered in 2026. Also, the government modified our current agreement to add $14 million of funding to support manufacturing activities, which will occur over the next two to three years. We believe the US government's decision to exercise the IV procurement option and to provide funding support for IV manufacturing activities underscores the critical importance of maintaining a full complement of TPOXX formulations in the stockpile as treatment options for smallpox.

值得注意的是，今年 3 月，美國政府根據目前的 19C 合約行使了選擇權，額外採購價值 2,600 萬美元的 IV TPOXX，我們預計將於 2026 年交付。此外，政府修改了我們目前的協議，增加 1,400 萬美元的資金來支持製造業活動，這將在未來兩到三年內完成。我們認為，美國政府決定行使 IV 採購選擇權並為 IV 製造活動提供資金支持，凸顯了在庫存中維持全套 TPOXX 製劑作為天花治療選擇的關鍵性。

The IV formulation is an important alternative for those who are unable to swallow capsules. Given the severity of this disease, we are encouraged by the US government's ongoing recognition of the critical role of antivirals play in safeguarding national security, and we are proud to support its commitment in strengthening preparedness.

對於無法吞嚥膠囊的人來說，靜脈注射劑型是一種重要的替代方法。鑑於這種疾病的嚴重性，我們對美國政府不斷認識到抗病毒藥物在維護國家安全方面的關鍵作用感到鼓舞，並且我們自豪地支持其加強防範的承諾。

Looking forward, as we look beyond our current 19C contract, we remain committed to working alongside the US government to establish a new comprehensive long-term agreement that reflects the value of TPOXX both today and in the future, and importantly, one that would further reinforce the nation's preparedness against bioterrorism and advance our shared objective of enhancing global health security and public health.

展望未來，當我們著眼於當前 19C 合約之外時，我們仍將致力於與美國政府合作，建立一項新的全面長期協議，該協議將反映 TPOXX 現在和未來的價值，更重要的是，該協議將進一步加強國家對生物恐怖主義的防範，並推進我們加強全球衛生安全和公共衛生的共同目標。

Switching gears, we continue to advance our late-stage pipeline with TPOXX postexposure prophylaxis program for smallpox or PEP. We continue to collaborate with the CDC in consultation with FDA to complete the analysis of samples collected to support the study's immunogenicity objective. The FDA has actually engaged with us in this program, providing real-time guidance in support of our ongoing efforts. We believe the agency's valuable feedback has strengthened our plan and will help facilitate the regulatory process.

換個角度，我們繼續推進我們的後期研發管線，採用針對天花或 PEP 的 TPOXX 暴露後預防計畫。我們繼續與 CDC 合作並與 FDA 協商，完成對所收集樣本的分析，以支持研究的免疫原性目標。FDA 實際上已經與我們合作開展了這個項目，並提供即時指導以支持我們正在進行的努力。我們相信該機構的寶貴回饋加強了我們的計劃，並將有助於促進監管進程。

The CDC is now finalizing its approach and preparing to analyze our samples with the work expected to be completed during the fourth quarter. We are now targeting an FDA submission of PEP indication for the first half of 2026. At an early stage in our pipeline with PEP, our pediatric program is also progressing well. This effort, in partnership with BARDA, is important as it will address critical unmet need for children too small for the current oral formulation of TPOXX. We have manufactured the clinical trial material and preparing to submit an IND in the second half of this year with clinical trial target to begin shortly thereafter.

疾病預防控制中心目前正在最終確定其方法並準備分析我們的樣本，預計這項工作將在第四季度完成。我們現在的目標是在 2026 年上半年向 FDA 提交 PEP 適應症。在我們 PEP 研發的早期階段，我們的兒科計畫也進展順利。與 BARDA 合作的舉措意義重大，因為它將解決體型太小而無法服用目前口服 TPOXX 藥物的兒童的關鍵未滿足需求。我們已經生產了臨床試驗材料，並準備在今年下半年提交 IND，目標是隨後不久開始臨床試驗。

As we continue advancing in our strategic initiatives, we remain focused on delivering value to our shareholders. In that spirit, our Board of Directors recently declared a special cash dividend of $0.60 per share to be paid on May 15. This is our fourth consecutive year of paying special cash dividend and reflects the strength of the balance sheet and the confidence that our Board and management have in the future of the company.

隨著我們繼續推進策略舉措，我們仍然專注於為股東創造價值。本著這項精神，我們的董事會最近宣布將於 5 月 15 日支付每股 0.60 美元的特別現金股利。這是我們連續第四年派發特別現金股息，反映了資產負債表的強勁以及董事會和管理層對公司未來的信心。

As we look ahead to the remainder of the year, we remain committed to maintaining a strong financial foundation and executing on our strategic priorities with discipline. We continue to focus on key areas that have proven successful for us: one, continuing our partnership with the US government; two, advancing regulatory approvals of TPOXX in new indications; three, cultivating strategic partnerships to expand global access to TPOXX; and four, leveraging our capabilities to move into complementary therapeutic areas.

展望今年剩餘時間，我們將繼續致力於維持強勁的財務基礎，並嚴格執行我們的策略重點。我們將繼續專注於已證明對我們成功的關鍵領域：一、繼續與美國政府合作；二、推進 TPOXX 新適應症的監管批准；三、建立戰略合作夥伴關係，擴大 TPOXX 的全球覆蓋範圍；四、利用我們的能力進入互補治療領域。

Antivirals play a vital role together with vaccines by treating patients who have not been vaccinated or who did not benefit from vaccination. As the risk of emerging infectious disease and bioterrorism threats grow, the dual-pronged approach comprised of vaccines and antivirals become is increasingly important. In a comprehensive preparedness plan, strategic stockpiling of antivirals along vaccines is critical to ensuring rapid coordinated response in times of crisis. Importantly, given our long-standing partnership and history of collaboration between SIGA and the US government as well as the government's demonstrated commitment to a proactive and robust biodefense strategy, we remain focused on addressing an RFP when issued and subsequently finalizing an agreement.

抗病毒藥物與疫苗一起發揮至關重要的作用，可以治療未接種疫苗或未從疫苗接種中受益的患者。隨著新興傳染病和生物恐怖主義威脅的風險不斷增加，疫苗和抗病毒藥物雙管齊下的措施變得越來越重要。在全面的緊急應變計畫中，策略性地儲備抗病毒藥物和疫苗對於確保在危機時刻迅速協調應對至關重要。重要的是，鑑於 SIGA 與美國政府之間的長期夥伴關係和合作歷史，以及政府對積極主動和強有力的生物防禦戰略的承諾，我們仍然專注於在發布 RFP 時進行處理並隨後達成協議。

In summary, SIGA has a clear vision for the future. With a sound strategy, disciplined capital management, a valuable TPOXX franchise and a proven track record, we are well positioned to drive progress. We are resolute in executing our plans with precision and urgency while staying committed to making impactful contributions to global health security and creating value for our shareholders.

總而言之，SIGA 對未來有著清晰的願景。憑藉完善的策略、嚴謹的資本管理、寶貴的 TPOXX 特許經營權和良好的業績記錄，我們已準備好推動進步。我們堅定不移、精準而緊迫地執行我們的計劃，同時致力於為全球衛生安全做出有影響力的貢獻並為我們的股東創造價值。

With that, I'll turn it over to Dan to review the financial results in more detail.

說完這些，我將把責任交給丹，讓他更詳細地審查財務結果。

Thanks, Diem. As noted earlier in the call, SIGA had product sales of $6 million for the three months ended March 31, 2025. This amount reflects an international sale to a repeat customer. Importantly, we believe this sale represents the start of substantial sales to come in the next years and months.

謝謝，Diem。正如電話會議早些時候提到的，截至 2025 年 3 月 31 日的三個月，SIGA 的產品銷售額為 600 萬美元。此金額反映了對回頭客的國際銷售。重要的是，我們相信此次銷售代表著未來幾年和幾個月大量銷售的開始。

On this point, I would like to highlight that approximately $53 million of oral TPOXX and approximately $9 million of IV TPOXX were delivered to the Strategic National Stockpile in April. These April deliveries are expected to be included in the revenue numbers for the second quarter. Additionally, the April deliveries, in combination with incremental IV TPOXX deliveries targeted for the next years and months as well as the minor international sale amount, cumulatively represent the expected full delivery by the end of the third quarter of this year of the approximately $70 million of orders that were outstanding as of December 31, 2024.

在這一點上，我想強調的是，4 月已向國家戰略儲備庫運送了價值約 5300 萬美元的口服 TPOXX 和價值約 900 萬美元的靜脈注射 TPOXX。預計四月的交付量將計入第二季的收入數字。此外，4 月份的交付​​量，加上未來幾年和幾個月計劃增加的 IV TPOXX 交付量以及少量國際銷售額，累計相當於預計在今年第三季度末完全交付截至 2024 年 12 月 31 日未完成的約 7000 萬美元的訂單。

As a supplemental note, the $26 million IV TPOXX order received in the first quarter of this year is targeted for delivery in 2026. In addition to product-related revenues in the first quarter, the company also had research and development revenues of approximately $1 million. Pretax operating loss for the quarter, which excludes interest income and taxes, was approximately $2 million, and net loss for this period was approximately $1 million. In turn, fully diluted loss per share for the three months ended March 31, 2025, was $0.01.

補充說明一下，今年第一季收到的價值 2,600 萬美元的 IV TPOXX 訂單計劃於 2026 年交付。第一季除了產品相關收入外，公司還有約100萬美元的研發收入。本季稅前營業虧損（不含利息收入及稅金）約 200 萬美元，本期淨虧損約 100 萬美元。相應地，截至 2025 年 3 月 31 日的三個月每股完全稀釋虧損為 0.01 美元。

The company continues to maintain a strong balance sheet through an abiding commitment to financial discipline. At March 31, 2025, the company had a cash balance of approximately $162 million and no debt. In recognition of the strength of our balance sheet as well as the continued confidence in the future of our business, a special cash dividend of $0.60 per share was declared on April 8 for shareholders of record as of April 29. The special cash dividend will be paid on May 15.

公司透過嚴格遵守財務紀律繼續保持強勁的資產負債表。截至 2025 年 3 月 31 日，該公司的現金餘額約為 1.62 億美元，且沒有債務。為了表彰我們資產負債表的強勁實力以及對我們業務未來的持續信心，我們於 4 月 8 日宣布向 4 月 29 日登記在冊的股東派發每股 0.60 美元的特別現金股息。特別現金股利將於5月15日發放。

This concludes the financial update. At this point, I will turn the call back to Diem.

財務更新到此結束。現在，我將把電話轉回給 Diem。

Thank you, Dan. With that, we'd like to open the call up for questions.

謝謝你，丹。現在，我們開始回答問題。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指示）

Jyoti Prakash, Edison Group.

喬迪‧普拉卡許 (Jyoti Prakash)，愛迪生集團。

Hi, good evening and thank you for taking my question. It was good to see the progress made in international sales in the quarter. My first question actually relates to the expected RSP timelines for people. We know that there's been increased uncertainty around the recent policies of the Trump government, but we would appreciate your view on this.

大家好，晚上好，感謝您回答我的問題。很高興看到本季國際銷售取得進展。我的第一個問題實際上與人們預期的 RSP 時間表有關。我們知道川普政府最近的政策的不確定性增加了，但我們希望聽到您對此的看法。

Hey. Hi, Jyoti. This is Diem and thank you for your thoughtful questions. It's really nice to hear your voice.

嘿。你好，喬蒂。我是 Diem，感謝您提出深思熟慮的問題。聽到你的聲音真是太好了。

I would first like to start with that we've been extremely active with the US government as they have recently taken delivery of the $62 million of TPOXX during April. We've also exercised a computer they have exercised a procurement option valued at $26 million for the IV TPOXX and committed to $14 million of funding to support manufacturing activities.

首先我想說的是，我們一直與美國政府保持著密切的聯繫，美國政府最近在 4 月接收了價值 6,200 萬美元的 TPOXX。我們還行使了一項電腦權利，他們行使了價值 2600 萬美元的 IV TPOXX 採購選擇權，並承諾提供 1400 萬美元的資金來支持製造活動。

Jyoti, we view these actions as very positive signals for the value of the administration places on national security and antiviral therapies like TPOXX. SIGA regularly engages with leaders at the US health and security agencies, and we will continue to do so as permitted. When NASA is ready, we will engage with them as well as with other senior officials on the RFP for the new TPOXX contract.

喬蒂，我們認為這些行動是非常積極的信號，表明政府重視國家安全和 TPOXX 等抗病毒療法。SIGA 定期與美國衛生和安全機構的領導人接觸，並且我們將在允許的情況下繼續這樣做。當 NASA 準備好時，我們將與他們以及其他高級官員就新的 TPOXX 合約的 RFP 進行接觸。

Just as background, SIGA has dedicated efforts for over a decade to support the US government. We have a long history of collaboration with the government agencies. This includes over -- this includes under four administrations, including President Trump. We believe our close and successful collaboration with BARDA on developing an innovative medicine for a deadly disease, and the US onshore manufactured TPOXX is consistent with America's strategy for prioritizing national security for the country.

如背景所示，SIGA 十多年來一直致力於支持美國政府。我們與政府機構有著長期的合作。這包括四屆政府，包括川普總統。我們相信，我們與BARDA在開發一種治療致命疾病的創新藥物方面的密切和成功合作，以及美國本土生產的TPOXX，符合美國優先考慮國家安全的戰略。

Our focus on maintaining our strong partnerships play such an important role in supporting the US national security, and we really look forward to working with our leadership.

我們致力於維持強大的夥伴關係，這對支持美國國家安全發揮著重要作用，我們非常期待與我們的領導層合作。

Thank you. That was quite helpful. My second question relates to the PEP label expansion program. We understand that the sample analysis by the CDC is going well. Do you have any interim insights or takeaways for us from the analysis to date?

謝謝。這非常有幫助。我的第二個問題與 PEP 標籤擴展計劃有關。我們了解到，疾病預防控制中心的樣本分析進展順利。從迄今為止的分析來看，您對我們有什麼中期見解或總結嗎？

Sure, Jyoti. We continue to advance our PEP program. We believe TPOXX has a potential benefit of smallpox patients and a prophylactic situation, very consistent to our mechanism action of the product. As we said previously, we completed FDA's requirement to obtain extended safety data in humans for treatment for 28 days, and we have found the data consistent with prior safety studies.

當然，喬蒂。我們繼續推進我們的 PEP 計劃。我們相信TPOXX對天花患者有潛在的好處和預防作用，這與我們產品的機製作用非常一致。正如我們之前所說，我們完成了 FDA 的要求，獲得了為期 28 天的人體治療延長安全數據，並且我們發現這些數據與先前的安全性研究一致。

We continue to work on getting the entire set of samples reanalyzed for the Jynneos TPOXX immunogenicity results. As we mentioned in our prepared remarks, the FDA has actively engaged with us on this program. They have provided real-time guidance which we believe has strengthened our plan and will help facilitate the regulatory process.

我們將繼續致力於對整套樣本進行重新分析，以獲得 Jynneos TPOXX 免疫原性結果。正如我們在準備好的發言中提到的那樣，FDA 積極與我們合作這個計畫。他們提供了即時指導，我們相信這加強了我們的計劃，並將有助於促進監管進程。

The CDC is now finalizing its approach and preparing to analyze their samples with the work expected to be completed during the fourth quarter. From a timing perspective, we will continue to work toward a supplemental NDA submission, and we are targeting a submission in the first half of 2026.

疾病預防控制中心目前正在最終確定其方法並準備分析他們的樣本，預計這項工作將在第四季度完成。從時間角度來看，我們將繼續努力提交補充 NDA，目標是在 2026 年上半年提交。

Great, and moving on to the next question, and it was good to see the dividend announcement, particularly given the current macro environment. My question is that SIGA in the past has also undertaken share buybacks. Can we expect something similar in the near term from the company to help support investor sentiment?

很好，繼續下一個問題，很高興看到股息公告，特別是在當前的宏觀環境下。我的問題是，SIGA 過去也進行過股票回購。我們是否可以期待該公司在短期內採取類似措施來幫助支撐投資人情緒？

Jyoti, maybe I'll pass that on to Dan.

喬蒂，也許我會把它傳給丹。

Thanks, Diem. So I think the way to think about this is that, as a starting point, we continue to be committed to deploying our capital in ways that we believe will drive the most value, whether that be through dividends, share repurchases. We're investing in the growth and innovation that will move our company forward.

謝謝，Diem。因此，我認為思考這個問題的方式是，作為起點，我們繼續致力於以我們認為能夠帶來最大價值的方式部署我們的資本，無論是透過股利還是股票回購。我們正在投資能夠推動公司前進的成長和創新。

We do view the special cash dividend of $0.60 per share to be significant in substantial capital management. And we do want to highlight that it does reflect a high degree of confidence in the future of our business. So the broad stroke is that when we think about capital management broadly, dividends, again, share repurchases or investments, we take a broad range of considerations into effect and we'll continue to do that. That's been our historical practice, and we'll continue to do that.

我們確實認為每股 0.60 美元的特別現金股利對於大量資本管理具有重要意義。我們確實想強調的是，這確實反映了我們對業務未來的高度信心。因此，總體而言，當我們廣泛考慮資本管理、股利、股票回購或投資時，我們會考慮多種因素，並且我們會繼續這樣做。這是我們的歷史做法，我們將繼續這樣做。

Great. And have you seen any impact on your international growth efforts from the tariffs announced by the US government as well as potential reciprocal tariffs?

偉大的。您是否認為美國政府宣布的關稅以及潛在的互惠關稅對您的國際成長努力有任何影響？

Yeah, I'll take that one too. The short answer is no. Today the announced tariffs both in the US and the reciprocal have not had an impact on any aspect of our business, including international growth efforts.

是的，我也要那個。簡短的回答是「否」。今天，美國和其他國家宣布的關稅並未對我們業務的任何方面產生影響，包括國際成長努力。

Having said that, the macro tariff environment is unpredictable across all industries and so we will continue to monitor the environment. Currently based on what is known right now, we don't expect there will be a significant impact on our business. I do want to highlight that, we believe the importance of our US-based supply chain for our lead product is magnified in this environment. And we do believe we are well positioned to navigate any potential challenges.

話雖如此，所有產業的宏觀關稅環境都是不可預測的，因此我們將繼續監測環境。目前根據目前已知的情況，我們預計這不會對我們的業務產生重大影響。我確實想強調的是，我們相信在這種環境下，我們位於美國的供應鏈對於我們的主要產品的重要性被放大了。我們確實相信我們有能力應對任何潛在的挑戰。

Okay, that's great, and I have just one more question, and this is related to the modification to the 19C contract to include additional $14 million in funding over the next two, three years. Can you provide some more details on this new modification?

好的，太好了，我還有一個問題，這與 19C 合約的修改有關，其中包括在未來兩三年內額外增加 1400 萬美元的資金。您能否提供有關此新修改的更多細節？

Sure, Jyoti, I'll take that question. I want to first start by saying the beginning of this year has been a positive and productive year for SIGA. As I mentioned in the prior remarks, we've had active engagement for product delivery of our orals as well as IV. We've had a new exercise option for our IV, and the third piece is this $14 million-contract modification.

當然，喬蒂，我會回答這個問題。首先我想說的是，今年年初對 SIGA 來說是個積極而富有成效的一年。正如我在先前的評論中提到的，我們積極參與口服和靜脈注射產品的交付。我們的 IV 有了新的行使選擇權，第三部分是這份價值 1400 萬美元的合約修改。

This to me is a great sign. These are great signs that the current administration believes in the importance of TPOXX. They believe in the importance of TPOXX so much that they are funding a contract modification to provide greater long-term supply chain resiliency. It will allow us to complete a tech transfer of our IV formulation to a new third-party contract manufacturer, and we believe this support underscores the importance of TPOXX in the stockpile for Americans for the long term.

對我來說這是一個好兆頭。這些都是目前政府相信 TPOXX 重要性的良好跡象。他們非常相信 TPOXX 的重要性，因此他們正在資助合約修改，以提供更強的長期供應鏈彈性。它將使我們能夠完成將我們的 IV 配方技術轉移給新的第三方合約製造商，我們相信這種支持強調了 TPOXX 對美國人長期儲備的重要性。

Thank you. That was very helpful. No further questions for me. Thank you again.

謝謝。這非常有幫助。我沒有其他問題了。再次感謝您。

(Operator Instructions)

（操作員指示）

There are no further questions at this time. I would now hand the call back to Diem Nguyen for any closing remarks.

目前沒有其他問題。現在我將把電話轉回給 Diem Nguyen，請他做最後發言。

Thank you, Rina. I'd like to thank everybody for making time to join us on today's call and for your ongoing interest in SIGA. We look forward to speaking to you again on our second quarter call. Have a great evening.

謝謝你，麗娜。我要感謝大家抽出時間參加今天的電話會議，並感謝大家對 SIGA 的持續關注。我們期待在第二季電話會議上再次與您交談。祝您有個愉快的夜晚。

Thank you. And this concludes today's call. Thank you for participating. You may all disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。