SIGA Technologies Inc (SIGA) 2025 Q3 法說會逐字稿

Welcome to the SIGA business update call. 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.

歡迎參加SIGA業務更新電話會議。在我們將電話會議交給 SIGA 管理層之前，請注意，本次電話會議中作出的任何前瞻性陳述均基於管理層當前的預期和觀察，並受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與前瞻性陳述存在差異。

SIGA does not undertake any obligation to update publicly any forward-looking statement to reflect events or change circumstances after this call. 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 its subsequent reports on Form 10-Q and Form 8-K.

SIGA不承擔任何義務在本次電話會議之後公開更新任何前瞻性聲明以反映事件或情況變化。有關可能導致結果差異的因素的討論，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 日止年度的 10-K 表格年度報告，以及隨後的 10-Q 表格和 8-K 表格報告。

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

接下來，我將把電話交給SIGA執行長阮迪姆先生。戴姆？

Good afternoon, everyone, and thank you for joining today's call and review of our business results for the third quarter of 2025.

各位下午好，感謝各位參加今天的電話會議，共同回顧我們 2025 年第三季的業務表現。

I'm 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.

今天與我們的財務長丹·拉克希爾一起，我們非常感謝這個機會向大家介紹我們公司的最新情況。更新完成後，我們將很樂意回答您的問題。

With nine months of the year behind us, we've continued to make progress across several key initiatives aligned with our mission to support governments in building and maintaining robust preparedness plans in the event of a potential smallpox outbreak, whether accidental, deliberate or naturally occurring. Our work is focused on helping to ensure that in an event of such a crisis, rapid and large-scale deployment of antiviral treatments can be accomplished to save lives.

今年九個月過去了，我們在支持各國政府建立和維護強有力的準備計劃以應對可能發生的天花疫情（無論是意外、蓄意還是自然發生）的幾個關鍵舉措方面繼續取得進展。我們的工作重點是幫助確保在發生此類危機時，能夠迅速、大規模地部署抗病毒治療，以挽救生命。

Having prepared the strategies, particularly for Category A threats like smallpox, with provisions for stockpiling medical countermeasures can enable immediate action. In today's dynamic and increasingly complex global landscape, bioterrorism continues to be a significant concern, underscoring the importance of proactive preparedness.

制定好策略，特別是針對天花等 A 類威脅的策略，並儲備醫療對策，可以立即採取行動。在當今瞬息萬變、日益複雜的全球情勢下，生物恐怖主義仍是一個令人擔憂的重大問題，凸顯了積極防範的重要性。

TPOXX' strong safety profile makes it an ideal choice for mass distribution under emergency conditions. The third quarter was relatively quiet as SIGA's financial strength was demonstrated in our strong second-quarter performance, which included $79 million of product revenues. These quarterly fluctuations are consistent with the nature of SIGA's business model where our financial performance should be assessed beyond quarters.

TPOXX 具有極高的安全性能，使其成為緊急情況下大規模分發的理想選擇。第三季相對平靜，因為 SIGA 的財務實力已在第二季強勁的業績中得到體現，其中包括 7,900 萬美元的產品收入。這些季度波動與 SIGA 的商業模式的性質相符，我們的財務表現應該超越季度來評估。

For the nine months ended September 30, 2025, product revenue totaled approximately $86 million, including $53 million of oral TPOXX and $26 million of IV TPOXX sales under the 19C BARDA contract, with the delivery of US Strategic National Stockpile, or SNS, and the $6 million of oral TPOXX sales to the international customer.

截至 2025 年 9 月 30 日的九個月內，產品收入總計約 8600 萬美元，其中包括根據 19C BARDA 合約銷售的 5300 萬美元口服 TPOXX 和 2600 萬美元靜脈注射 TPOXX，以及向美國戰略國家儲備 (SNS) 交付的 600 萬美元靜脈注射 TPOXX，以及向美國戰略國家儲備 (SNS) 交付的 600 萬美元口服 TPOXX 客戶銷售的 60 萬美元。

As of the end of third quarter, there was approximately $26 million of outstanding orders remaining from the US government. This outstanding balance relates to the March 2025 US government order of IV TPOXX, which we expect to deliver in 2026. Importantly, we continue to be engaged with the US government regarding future TPOXX development, manufacturing, and procurement.

截至第三季末，美國政府仍有約 2,600 萬美元的未完成訂單。這筆未結餘額與美國政府 2025 年 3 月訂購的 IV TPOXX 有關，我們預計將於 2026 年交付。重要的是，我們將繼續與美國政府就 TPOXX 的未來開發、製造和採購進行溝通。

As a reminder, year-to-date, SIGA has been awarded $27 million for pediatric formulation development and IV tech transfer activities. Since September, SIGA has been actively engaged with the US government regarding the future procurement of TPOXX.

提醒一下，截至目前，SIGA 已獲得 2,700 萬美元用於兒科製劑開發和靜脈輸液技術轉移活動。自 9 月以來，SIGA 一直積極與美國政府就 TPOXX 的未來採購事宜進行溝通。

While the details of our conversation with government officials remain confidential, we're encouraged by their continued interest in maintaining access to TPOXX as a critical medical countermeasure for smallpox, particularly amidst the disruption and uncertainty of the ongoing government shutdown. Antivirals remain essential for bioterrorism preparedness and play a vital role in any comprehensive plan, enabling quick action when it matters most.

雖然我們與政府官員的談話細節仍屬保密，但我們對他們繼續保持對TPOXX的關注感到鼓舞，因為TPOXX是治療天花的重要醫療對策，尤其是在當前政府停擺造成的混亂和不確定性中。抗病毒藥物對於生物恐怖主義防範仍然至關重要，並在任何全面的計劃中發揮至關重要的作用，能夠在最關鍵的時刻迅速採取行動。

I'd also like to highlight an additional point of interest. Our approach to pricing and manufacturing has historically been well aligned with administration's priorities. The US government has always received our lowest price for TPOXX compared to international purchasers. And all of our active pharmaceutical ingredients or API and finished drug product are produced in facilities located in the US.

我還想強調一點值得關注的地方。從歷史上看，我們在定價和生產方面的做法一直與政府的優先事項高度一致。與國際買家相比，美國政府一直以來都能以最低價格從我們這裡獲得TPOXX。我們所有的活性藥物成分（API）和成品藥均在美國境內的工廠生產。

On the international side of our business, we continue to have discussions with key stakeholders on critical role biodefense plays in shaping resilient global health security frameworks. Our goal is to help ensure that countries around the world are equipped to respond swiftly should a smallpox outbreak occur. Given the growing risk of bioterrorism, many countries and regions have developed preparedness strategies and have allocated larger budgets to executing those strategies where others are working to do so.

在國際業務方面，我們繼續與主要利益相關者討論生物防禦在建立具有韌性的全球衛生安全框架中發揮的關鍵作用。我們的目標是協助確保世界各國做好充分準備，以便在天花疫情爆發時迅速做出反應。鑑於生物恐怖主義風險日益增加，許多國家和地區已經制定了防範策略，並撥出更多預算來執行這些策略，而其他國家和地區也在努力這樣做。

In our view, strategic stockpiling supported by sustained investment in crisis preparedness is critical to global health security. Discussions around potential contracts with both existing as well as new customers are ongoing as we maintain current relationships and look to expand our customer base. Based on our engagements this year and interest from key stakeholders across strategic markets, we expect multiple international sales in 2026.

我們認為，戰略儲備加上對危機防範的持續投資，對全球衛生安全至關重要。我們正與現有客戶和新客戶就潛在合約進行討論，以維護現有關係並尋求擴大客戶群。根據我們今年的合作情況以及戰略市場主要利益相關者的興趣，我們預計 2026 年將有多筆國際銷售。

I'd also like to share a brief update on the referral procedure for TPOXX, known as Tecovirimat-SIGA in Europe, commenced by the European Medicines Agency or EMA in July. As we previously explained, the EMA raised questions about our product's efficacy in treating mpox following a review of the data from mpox clinical trials, including PALM007 and STOMP. We have submitted comprehensive science-based responses to questions posed by the EMA, which were focused primarily on mpox.

我還想簡要介紹一下歐洲藥品管理局（EMA）於 7 月啟動的 TPOXX（在歐洲被稱為 Tecovirimat-SIGA）轉診程序的最新進展。正如我們之前解釋的那樣，EMA 在審查了包括 PALM007 和 STOMP 在內的 mpox 臨床試驗數據後，對我們的產品在治療 mpox 方面的療效提出了質疑。我們已針對歐洲藥品管理局提出的問題提交了全面的、基於科學的答复，這些問題主要集中在痢疾痘上。

The EMA's Committee for Medicinal Products for Human Use or CHMP will meet next week, and we expect it will either issue an opinion or request for additional information. While we will not speculate on what the CHMP will do, we are confident in the responses we put forth and believe TPOXX is a safe and effective drug for its approved indications. We remain ready to address any additional questions and provide greater clarity as needed from the CHMP.

歐洲藥品管理局人用藥品委員會（CHMP）將於下週召開會議，我們預計委員會將發布意見或要求提供更多資訊。雖然我們不會猜測人用藥品委員會 (CHMP) 會採取什麼行動，但我們對我們提出的回應充滿信心，並相信 TPOXX 對其獲批的適應症來說是一種安全有效的藥物。我們隨時準備好回答任何其他問題，並根據人用藥品委員會 (CHMP) 的需要提供更清晰的說明。

As always, we encourage stakeholders to view TPOXX through the lens of the comprehensive data and gravity of the disease it's designed to treat, namely smallpox. As a reminder, TPOXX is highly targeted and was developed as a smallpox treatment with the goal of reducing mortality.

一如既往，我們鼓勵利害關係人從全面數據和它所要治療的疾病（即天花）的嚴重性的角度來看待 TPOXX。提醒大家，TPOXX 是一種標靶性很強的藥物，最初是作為天花治療藥物開發的，目的是降低死亡率。

In preclinical trials, Tecovirimat significantly reduced mortality and viral load across four pivotal studies in non-human primates and two in rabbits. Safety has been demonstrated in about 10,000 TPOXX recipients across more than 20 clinical trials, which is critical when we need it for mass distribution.

在臨床前試驗中，Tecovirimat 在四項非人靈長類動物關鍵研究和兩項兔子關鍵研究中均顯著降低了死亡率和病毒量。在超過 20 項臨床試驗中，約 10,000 名 TPOXX 受試者已證實其安全性，這對於我們需要大規模分發該藥物的情況至關重要。

Turning to our late-stage pipeline. We continue to advance TPOXX post-exposure prophylaxis program, or PEP, for smallpox. Collaboration with CDC continues. As a reminder, the CDC is analyzing samples collected to support the study's immunogenicity objective. Based on TPOXX mechanism of action, we believe TPOXX will not have any impact to JYNNEOS immune response when administered concomitantly with JYNNEOS.

接下來，我們來看看後期研發管線。我們繼續推動天花暴露後預防計畫（PEP）的TPOXX。與美國疾病管制與預防中心的合作仍在繼續。再次提醒，美國疾病管制與預防中心正在分析為支持研究的免疫原性目標而收集的樣本。根據 TPOXX 的作用機制，我們認為 TPOXX 與 JYNNEOS 同時給藥時不會對 JYNNEOS 的免疫反應產生任何影響。

Therefore, we continue to move forward toward an FDA submission. While the government shutdown does impact near-term timelines for this project, based on current expectations, we continue to target the FDA submission for the PEP indication in 2026.

因此，我們將繼續推進向FDA提交申請的工作。雖然政府停擺確實影響了該計畫的近期時間表，但根據目前的預期，我們仍計劃在 2026 年向 FDA 提交 PEP 適應症的申請。

Also in our pipeline, our pediatric program continues to move forward in partnership with the Biomedical Advanced Research and Development Authority, or BARDA, within the U.S. Department of Health and Human Services under the Administration for Strategic Preparedness & Response, or ASPR.

此外，我們的兒科計畫也在與美國衛生與公眾服務部下屬的策略準備與響應管理局 (ASPR) 旗下的生物醫學高級研究與發展局 (BARDA) 合作，繼續推進。

This initiative is designed to address an important unmet need, providing a treatment option for children too small for the current oral formulation of TPOXX. We're targeting to submit a IND as soon as the end of the year with Phase I trial targeted to begin shortly thereafter. As we approach year-end, our key priorities remain unchanged, sustaining financial strength and executing our strategic initiatives with discipline and focus.

這項措施旨在解決一個重要的未滿足需求，為目前服用 TPOXX 口服製劑的兒童提供治療選擇，因為這些兒童的體型太小，無法服用目前的 TPOXX 口服製劑。我們的目標是在年底前提交IND申請，並計劃在此之後不久開始I期臨床試驗。隨著年末臨近，我們的主要優先事項仍然不變，即保持財務實力，並以嚴謹和專注的態度執行我們的策略性舉措。

Despite the expected lumpiness of our financial results quarter to quarter, our company continues its track record of generating substantial cash flow. Since 2020, we've returned approximately $230 million to shareholders in the form of dividends and share buybacks, all while incurring net 0 debt. We believe our approach continues to position us well for long-term success where our core areas of focus has delivered meaningful long-term value for our shareholders.

儘管我們的財務表現預計會逐季出現波動，但我們公司仍然保持著產生大量現金流的良好記錄。自 2020 年以來，我們以股息和股票回購的形式向股東返還了約 2.3 億美元，同時淨負債為 0。我們相信，我們採取的策略將繼續使我們處於長期成功的有利地位，我們的核心關注領域已經為我們的股東帶來了有意義的長期價值。

In closing, we believe SIGA continues to build on its strong foundation of strategic focus, financial discipline and strength and long-term government partnerships. Our differentiated TPOXX franchise and history of performance reinforce our path forward, one that supports global health security and creates long-term shareholder value.

最後，我們相信SIGA將繼續鞏固其強大的策略重點、財務紀律和實力以及與政府的長期合作關係。我們獨特的 TPOXX 產品線和過往業績鞏固了我們前進的道路，這條道路支持全球健康安全並創造長期股東價值。

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

接下來，我將把工作交給丹，讓他更詳細地分析財務結果。擔？

Thanks, Diem. As noted earlier in the call, SIGA's product sales for the nine months ended September 30, 2025, are approximately $86 million, including $53 million of oral TPOXX and $26 million of IV TPOXX sales under the 19C BARDA contract and $6 million of oral TPOXX sales to an international customer. The sales under the 19C BARDA contract relate to TPOXX deliveries to the US Strategic National Stockpile, or SNS. Product sales for this time period outpaced sales over the comparable period last year of $54 million.

謝謝你，迪姆。如同先前在電話會議中所提到的，SIGA 截至 2025 年 9 月 30 日的九個月的產品銷售額約為 8,600 萬美元，其中包括根據 19C BARDA 合約銷售的 5,300 萬美元口服 TPOXX 和 2,600 萬美元靜脈注射 TPOXX，以及向國際客戶銷售的 600 萬美元口服 TPOXX。根據 19C BARDA 合約進行的銷售涉及向美國戰略國家儲備 (SNS) 交付 TPOXX。本年度產品銷售額超過了去年同期5,400萬美元的銷售額。

In addition to product sales, the company has research and development revenues of approximately $5 million for the nine months ended September 30, 2025. With respect to the three months ended September 30, 2025, as Diem mentioned, it was a relatively quiet quarter, which follows a strong second quarter in which the company had $79 million of product revenues.

除了產品銷售外，該公司截至 2025 年 9 月 30 日的九個月內，研發收入約為 500 萬美元。就截至 2025 年 9 月 30 日的三個月而言，正如 Diem 所提到的，這是一個相對平靜的季度，此前該公司經歷了強勁的第二季度，該季度產品收入為 7900 萬美元。

As previously noted, given the nature of the business model of SIGA, fluctuations in revenue amounts between quarters is not unusual. As a supplemental note, there are $26 million of remaining outstanding orders as of September 30. This amount reflects the $26 million of IV TPOXX order received in the first quarter of this year under the 19C BARDA contract, which is targeted for delivery in 2026.

如前所述，鑑於 SIGA 的商業模式，季度間收入波動並不罕見。補充說明一下，截至 9 月 30 日，還有 2,600 萬美元的未完成訂單。該金額反映了今年第一季根據 19C BARDA 合約收到的價值 2,600 萬美元的 IV TPOXX 訂單，預計將於 2026 年交付。

Pre-tax operating income for the nine months ended September 30, 2025, which excludes interest income and taxes, is approximately $33 million. For the three months ended September 30, 2025, pre-tax operating loss is approximately $10 million. Net income for the nine months ended September 30, 2025, is approximately $29 million. In turn, fully diluted income per share for this period is $0.40 per share. For the three months ended September 30, 2025, net loss is approximately $6 million and net loss per share is $0.09.

截至 2025 年 9 月 30 日的九個月，稅前營業收入（不含利息收入和稅金）約為 3,300 萬美元。截至 2025 年 9 月 30 日止三個月，稅前營業虧損約 1,000 萬美元。截至 2025 年 9 月 30 日的九個月淨收入約為 2,900 萬美元。相應地，該期間的完全稀釋後每股收益為 0.40 美元。截至 2025 年 9 月 30 日止三個月，淨虧損約 600 萬美元，每股淨虧損 0.09 美元。

The company continues to maintain a strong balance sheet. At September 30, 2025, the company had a cash balance of approximately $172 million and no debt. This concludes the financial update.

公司資產負債表持續保持穩健。截至 2025 年 9 月 30 日，該公司擁有約 1.72 億美元的現金餘額，且無任何債務。財務更新到此結束。

At this point, I will turn the call back to Diem.

此時，我將把電話轉回給迪姆。

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

謝謝你，丹。接下來，我們歡迎大家提問。

(Operator Instructions) Jyoti Prakash, Edison Group.

（操作說明）Jyoti Prakash，愛迪生集團。

My first question is related to the US RFP process for TPOXX. You mentioned disruptions with the US government and the recent shutdowns. What kind of potential impact, if any, do you see on the ongoing RFP process and the timelines for TPOXX Stockpiling?

我的第一個問題與 TPOXX 的美國 RFP 流程有關。你提到了美國政府的混亂局面以及最近的政府停擺。您認為這會對正在進行的 RFP 流程和 TPOXX 儲備時間表產生什麼樣的潛在影響（如果有的話）？

Sure, Jyoti. It's nice to hear from you. We are fortunate at this time that the headcount reductions at the world's furloughs has not materially impacted operational activities or performance of our existing government contracts. Many of the people we work with continue to engage given the nature of what they do as well as importance of national security.

當然可以，喬蒂。很高興收到你的來信。我們很幸運，目前全球範圍內的裁員並未對我們的營運活動或現有政府合約的履行造成實質影響。鑑於工作性質以及國家安全的重要性，與我們合作的許多人都會繼續參與其中。

There are some instances in which activities with the government employees outside BARDA have been impacted. In these cases, the impact has not been material to our operations to date.

在某些情況下，與 BARDA 以外的政府員工的活動受到了影響。到目前為止，這些情況對我們的營運尚未造成實質影響。

The one area that we would like to highlight that we do see some impact is with the CDC. There is a possibility of delays in the CDC completing the analysis of our samples from the trial supporting our PEP program. The CDC was originally targeting to complete analysis later this year, and that could potentially slip given the timelines of the government shutdown.

我們想重點強調的是，我們看到一些影響的領域是疾管中心。美國疾病管制與預防中心 (CDC) 完成對我們試驗樣本的分析可能會有所延誤，該試驗旨在支持我們的 PEP 計畫。美國疾管中心原計劃在今年稍後完成分析，但鑑於政府停擺的時間安排，這一目標可能會推遲。

I mean, regarding the new procurement contract for TPOXX, as we noted in our prepared remarks, we continue to engage with the government officials regarding TPOXX development, manufacturing and procurement.

我的意思是，關於TPOXX的新採購合同，正如我們在準備好的發言稿中提到的，我們將繼續與政府官員就TPOXX的開發、製造和採購進行溝通。

While the headcount reductions for furloughs do expose contractors to some potential delays and occasional choppiness in terms of customary interactions, we believe the key drivers of the procurement activity will be ultimately driven by the views and actions of leadership within the US government. And this includes ASPR, HHS, DoD as well as Administration as well as Congress over the long term. And we are encouraged by their continued interest in maintaining access to TPOXX as we believe and they do too, that it's a critical countermeasure for smallpox.

雖然因強制休假而減少人員數量確實會使承包商在日常互動方面面臨一些潛在的延誤和偶爾的不便，但我們相信，採購活動的關鍵驅動因素最終將取決於美國政府領導層的觀點和行動。從長遠來看，這包括美國助理部長辦公室、衛生與公眾服務部、國防部以及行政部門和國會。我們對他們持續關注並努力維持對 TPOXX 的獲取感到鼓舞，因為我們和他們一樣認為，這是對抗天花的重要措施。

Thank you and to continue to be in active dialogue with the US government. But if you just hypothize that the RFP may be slightly delayed. Are there any mitigation strategies or operational steps that SIGA is looking to implement or can implement to secure the longer-term outlook? Obviously, your cash position remains strong, so nearer term may not be as much of a concern.

謝謝，並將繼續與美國政府保持積極對話。但如果你只是假設 RFP 可能會稍有延遲的話。SIGA 是否有任何緩解策略或操作措施正在考慮或可以實施，以確保長期前景？顯然，您的現金狀況仍然強勁，因此短期內可能無需過度擔憂。

This is Dan. I'll take that question. You're right in that. You mentioned that we have a strong cash position. And just to reiterate, it's $172 million at September 30, and there's no debt. So we are in a very strong position.

這是丹。我來回答這個問題。你說得對。您提到我們現金流充裕。再次重申一下，截至 9 月 30 日，公司資產為 1.72 億美元，且無債務。所以我們處於非常有利的地位。

Just to give you a frame of reference, that cash balance is more than four times the current annual rate or annual run rate for operating expenses. So, that affords us a lot of flexibility. And so, what I would say generally is given this position, I would just generally say that over the past decade, SIGA has been consistently adapted to different environments and we'll continue to be adaptive with an eye toward finding the best mix of pursuing opportunities and managing risks.

為了讓你們有個概念，該現金餘額是當年度營運費用率或年運行率的四倍以上。因此，這給了我們很大的靈活性。因此，總的來說，鑑於我所處的位置，我想說的是，在過去的十年裡，SIGA 一直在不斷適應不同的環境，我們將繼續保持這種適應性，著眼於尋找追求機會和管理風險的最佳組合。

And I just have another couple of questions on the financials. We appreciate that Q3 was a slightly quieter quarter for the company, but you did record $0.9 million of products revenue. Can you elaborate on what these revenues came from? And are they related to the CD&D, for instance?

我還有幾個關於財務方面的問題。我們理解該公司第三季業績相對平淡，但你們的產品收入仍達到了 90 萬美元。能否詳細說明一下這些收入的來源？例如，它們與CD&D有關嗎？

And secondly, we saw that the cost of goods as a percentage of sales was relatively higher in this quarter versus what we've seen in the previous quarters. Can you just explain what could be the reasons for this?

其次，我們發現本季商品成本佔銷售額的百分比比前幾季高。你能解釋一下造成這種情況的原因嗎？

Right, right. So, in a quiet quarter like this, you do -- then you sort of have, sort of, some technical outcomes that don't necessarily reflect any type of trend. What you're seeing on the revenue side is really the way the accounting works is certain -- in limited circumstances and certain types of reimbursement activities are treated as product revenues, and that really ties into the -- for example, the IV tech transfer. So that's what you see on the product revenue side.

對，對。所以，在像這樣的平靜季度裡，你會看到一些技術性結果，這些結果不一定會反映任何類型的趨勢。您在收入方面看到的，實際上是會計運作方式的必然結果——在有限的情況下，某些類型的報銷活動被視為產品收入，這與例如靜脈輸液技術轉移密切相關。這就是產品收入方面的情況。

And then, on the corresponding cost of goods sold, you see the expenses related to it. What you also see is that, a lot of cost of goods, as you would expect, are variable costs related to production costs for inventory. But there is a small amount percentage-wise that's attributable to, sort of, semi-fixed costs, such costs or expenses such as stability, storage, security.

然後，在相應的銷售成本中，您可以看到與之相關的費用。你還會看到，正如你所預料的那樣，許多商品成本都是與庫存生產成本相關的可變成本。但其中一小部分百分比是由於半固定成本造成的，例如穩定性、儲存、安全等成本或費用。

And even when we don't -- it's a quiet quarter, we don't really have much in the way of product deliveries. We still have those expenses show up each quarter. So that's what you also see coming through the cost of goods sold. So that's why you sort of see -- when you look at it on a margin basis, the margin is very different than what you normally see. But again, I would highlight that this is more of a technical outcome and that it does not reflect any type of trend.

即使我們沒有——這是一個淡季，我們實際上也沒有太多產品交付。這些費用每季仍然會出現。所以，這也是你在銷售成本中看到的部分。所以這就是為什麼你會發現——當你從利潤率的角度來看待它時，利潤率與你通常看到的利潤率非常不同。但我再次強調，這更多的是一個技術性的結果，並不反映任何類型的趨勢。

(Operator Instructions) There are no further questions at this time. I'm pleased to turn the call back over to Diem.

（操作說明）目前沒有其他問題。我很高興把電話轉回給迪姆。

Thanks, Marissa. I'd like to thank everyone for making the time to join today's call and for your ongoing interest in SIGA. We look forward to speaking to you again in our fourth quarter call. Have a great evening.

謝謝你，瑪麗莎。感謝各位抽空參加今天的電話會議，也感謝大家一直以來對SIGA的關注。我們期待在第四季電話會議上再次與您交流。祝你有個美好的夜晚。

This concludes today's conference call. Thank you so much for your participation. You may now disconnect.

今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線了。