SIGA TECHNOLOGIES INC
SIGA evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for SIGA—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · SIGA
SIGA Technologies Inc. is a commercial-stage biopharmaceutical company focused on the development and commercialization of TPOXX (tecovirimat), an antiviral treatment for orthopoxvirus infections, including smallpox and mpox. The company derives substantially all of its revenue from U.S. government contracts, primarily with BARDA and the Strategic National Stockpile, and is expanding international sales and developing a pediatric formulation.
Key risk: Government contract concentration
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 3 clinical trials · 1 catalyst · 2 FDA decisions for SIGA TECHNOLOGIES INC.
SIGA Technologies Inc. is a commercial-stage biopharmaceutical company focused on the development and commercialization of TPOXX (tecovirimat), an antiviral treatment for orthopoxvirus infections, including smallpox and mpox. The company derives substantially all of its revenue from U.S. government contracts, primarily with BARDA and the Strategic National Stockpile, and is expanding international sales and developing a pediatric formulation.
- As of June 30, 2026, SIGA reported cash & equivalents of $117.6M, total revenue of $41.0M, and net income of $12.5M [sec].
- The 19C BARDA Contract contemplates up to approximately $630 million of payments as of March 31, 2026, covering development, manufacturing, and procurement activities [sec_mda · as of 2026-05-07].
- Exercised options under the BARDA contract as of March 31, 2026 provide for payments up to $545.2 million, including up to $450.2 million for oral TPOXX and $76.8 million for IV FDP [sec_mda · as of 2026-05-07].
- The company is targeting a Supplemental NDA submission in 2026 for a smallpox post-exposure prophylaxis (PEP) indication for oral TPOXX [sec_mda · as of 2025-11-06].
- SIGA has a U.S. domestic supply chain for API and oral TPOXX, designed to lessen the impact of macroeconomic volatility such as tariffs [sec_mda · as of 2025-11-06].
What works
- SIGA has a long-term, multi-hundred-million-dollar contract with BARDA (up to ~$630M) that provides a stable revenue base for TPOXX development and procurement [sec_mda · as of 2026-05-07].
- The company maintains a strong cash position ($117.6M as of June 30, 2026) and has been consistently profitable, with net income of $12.5M in the latest reported period [sec].
- SIGA has built a U.S. domestic supply chain for its key products, reducing exposure to foreign tariff and trade policy risks [sec_mda · as of 2025-11-06].
- Multiple mpox clinical trials (STOMP, PALM007, UNITY, Platinum-CAN, EPOXI) have closed or are expected to yield similar results, potentially supporting label expansion and international adoption [sec_mda · as of 2026-08-06].
What to weigh
- SIGA's revenue is heavily concentrated on U.S. government contracts, making it vulnerable to changes in government procurement priorities or budget cuts [sec_mda · as of 2026-05-07].
- The company's cash balance declined from $155.0M at December 31, 2025 to $117.6M at June 30, 2026, reflecting cash used in operations [sec_mda · as of 2026-08-06].
- Tariff activity involving the U.S. and Europe may materially increase raw material costs for IV TPOXX, which relies on ex-U.S. components [sec_mda · as of 2025-11-06].
- The company's effective tax rate is affected by currently forecasted losses for the full year, indicating potential variability in profitability [sec_mda · as of 2026-08-06].
From the filings
Quoted directly from source documents.
SIGA's BARDA contract contemplates up to ~$630 million in payments.
“As of March 31, 2026, the contract with BARDA (as amended, modified, or supplemented from time to time, the "19C BARDA Contract") contemplates up to approximately $630 million of payments”
SEC MD&A · May 7, 2026
Exercised options under the BARDA contract provide for payments up to $545.2 million.
“The options that have been exercised as of March 31, 2026, provide for payments up to approximately $545.2 million.”
SEC MD&A · May 7, 2026
SIGA is targeting a Supplemental NDA submission in 2026 for smallpox PEP.
“the Company is currently targeting a Supplemental NDA submission in 2026.”
SEC MD&A · November 6, 2025
SIGA has a U.S. domestic supply chain to mitigate tariff risks.
“The Company's supply chain was designed to lessen the impact of macroeconomic volatility such as through development of a U.S. domestic supply chain including U.S. production of API and finished product, and minimal reliance on ex-U.S. components for API and oral TPOXX®.”
SEC MD&A · November 6, 2025
Catalyst timeline
- 2032-08-08 · Patent_Expiry · TPOXX — Patent/Exclusivity Expiry: TPOXX — The TPOXX patent is set to expire, which could allow generic competition to enter the market.
Risks & what to watch (4)›
Key risks
- Government contract concentration — Revenue is almost entirely dependent on U.S. government contracts (BARDA, DoD), making SIGA vulnerable to procurement changes or budget cuts [sec_mda · as of 2026-05-07].
- Cash burn and declining reserves — Cash decreased from $155.0M (Dec 2025) to $117.6M (Jun 2026), indicating ongoing cash consumption [sec_mda · as of 2026-08-06].
- Tariff exposure for IV TPOXX — Tariff activity involving the U.S. and Europe may materially increase raw material costs for IV TPOXX [sec_mda · as of 2025-11-06].
- Patent expiry — TPOXX patent/exclusivity is set to expire on 2032-08-08, which could open the door to generic competition [catalyst].
What to watch
- Supplemental NDA submission for smallpox PEP indication, targeted for 2026 [sec_mda · as of 2025-11-06].
- Results from ongoing mpox clinical trials (Platinum-CAN, EPOXI) expected to yield similar results to prior trials [sec_mda · as of 2026-08-06].
- New procurement contract with the U.S. government under the BARDA agreement [sec · filed 2026-04-28].
- Progress on the TPOXX pediatric formulation and IND submission [sec · filed 2026-04-28].
Sources: SEC filings · SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 0.06 · 0% dilution
Lead: Approved
1 candidate
1 upcoming, next in ~2170d
No insider transactions in the last 180 days
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
181
Total value held
$175.2M
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 3,494,193 | $18.7M |
| vanguard capital management llc | 3,428,760 | $18.3M |
| dimensional fund advisors lp | 2,702,724 | $14.5M |
| arrowstreet capital, limited partnership | 1,525,960 | $8.2M |
| american century companies inc | 1,317,784 | $7.1M |
| geode capital management, llc | 1,315,545 | $7.0M |
| aqr capital management llc | 1,219,677 | $6.5M |
| state street corp | 1,011,938 | $5.4M |
| first wilshire securities management inc | 890,498 | $4.8M |
| hotchkis & wiley capital management llc | 827,047 | $4.4M |
Showing top 10 of 181 institutional holders of SIGA TECHNOLOGIES INC. Open the full 13F history after sign-in.
Short Interest
as of Apr 20, 2026- % of float
- 7.5%
- Days to cover
- 4.6
- Shares short
- 3,481,817
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
SIGA short interestGovernance
Frequently asked questions
What is the AI investment thesis for SIGA TECHNOLOGIES INC?
SIGA Technologies Inc. is a commercial-stage biopharmaceutical company focused on the development and commercialization of TPOXX (tecovirimat), an antiviral treatment for orthopoxvirus infections, including smallpox and mpox. The company derives substantially all of its revenue from U.S. government contracts, primarily with BARDA and the Strategic National Stockpile, and is expanding international sales and developing a pediatric formulation.
What is SIGA TECHNOLOGIES INC's lead drug candidate?
SIGA TECHNOLOGIES INC's most advanced tracked candidate is tpoxx (Approved) for Smallpox.
What is SIGA TECHNOLOGIES INC's next catalyst?
SIGA TECHNOLOGIES INC's next tracked catalyst is a Patent_Expiry event — "Patent/Exclusivity Expiry: TPOXX" — expected August 8, 2032.
Who is the CEO of SIGA TECHNOLOGIES INC?
Dr. Diem Nguyen M.B.A., Ph.D. is the chief executive officer of SIGA TECHNOLOGIES INC (SIGA).
Where is SIGA TECHNOLOGIES INC headquartered?
SIGA TECHNOLOGIES INC (SIGA) is headquartered in New York, NY, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.