SIGA Technologies

What SIGA Technologies does

SIGA Technologies is a publicly traded (NASDAQ: SIGA) specialty pharmaceutical company developing antiviral therapeutics for orthopoxvirus infections, with TPOXX (tecovirimat) as its sole commercial asset. TPOXX is a small-molecule antiviral that inhibits the VP37 envelope protein found on all orthopoxviruses, preventing viral particles from exiting infected cells and allowing the immune system to clear the virus. The drug was developed under the FDA's Animal Rule pathway because human efficacy trials are ethically impossible for eradicated diseases, and received Orphan Drug and Fast Track Designation; TPOXX was the first FDA-approved antiviral for smallpox (2018) and is approved across the U.S., Canada, EU/UK, and Japan under the brands TPOXX, Tecovirimat SIGA, and TEPOXX. Pipeline extensions include a post-exposure prophylaxis indication (DoD-funded) and a pediatric liquid suspension (BARDA-funded).

SIGA operates as a biodefense and public health company with a direct-to-government go-to-market model. Revenue is generated almost entirely through negotiated procurement contracts with national governments and their biodefense agencies, principally BARDA and the U.S. Strategic National Stockpile under Project BioShield, the U.S. Department of Defense, and international government customers across more than 30 countries. FY2025 revenue was approximately $95 million (down from ~$139M in 2024), with $88M in product sales, $23.3M in net income, and a $155M cash position with no debt; product launches are regulatory events rather than commercial marketing efforts. The company's economics are driven by multi-year procurement cycles, special cash dividends, and incremental development funding, with corporate operations in New York and R&D in Corvallis, Oregon, and a lean headcount of approximately 50 employees.

Name

SIGA Technologies

Legal name

SIGA Technologies, Inc.

Website

https://siga.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

51–100 employees

Short description

SIGA Technologies is a publicly traded pharmaceutical company that develops TPOXX (tecovirimat), the first FDA-approved antiviral for smallpox, and sells it primarily through government procurement contracts with BARDA, the U.S. Department of Defense, and biodefense agencies in 30+ countries.

Ownership category

akta.pro rank

Product category

Specialty Pharmaceuticals (Antiviral Therapeutics)

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (32541), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Vaccine Technology Platforms (mRNA, viral vector, protein subunit, inactivated/live-attenuated, VLP, DNA) (HLAAAEAD)

akta.pro secondary industries

Clinical Development & Regulatory for Vaccines (trials, pharmacovigilance, lot release) (HLAAAEAK), Immunization & Vaccine Delivery Programs (BPADAIAB), Funding, Reimbursement & Vaccines-for-Children (VFC)/Public Purchase Programs (HLAJAHAK)

Keywords

• Smallpox antiviral treatment
• Biodefense medical countermeasures
• Orthopoxvirus therapeutics
• Government pharmaceutical procurement
• Antiviral drug development

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. U.S. Government Procurement: Primary revenue source from U.S. government contracts, particularly BARDA. The company delivered remaining BARDA orders worth $26 million in 2026, with development funding of $27 million added during 2025.
2. International Government Sales: Product sales to international governments and NGOs across 30+ countries. In January 2026, the company received a $13 million procurement order from an Asia Pacific customer under a multi-year contract.
3. Special Cash Dividends: The company distributes special cash dividends to shareholders, having declared $0.60 per share dividend payable in April 2026, consistent with prior year distributions.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

SIGA Technologies develops and commercializes TPOXX (tecovirimat), the first FDA-approved antiviral for the treatment of smallpox, available in oral capsule and intravenous formulations. The company also develops pipeline indications including post-exposure prophylaxis (PEP) and a pediatric liquid suspension formulation, with development funded by U.S. government agencies such as BARDA and the Department of Defense.

Product overview

SIGA Technologies operates a single commercial product franchise: TPOXX (tecovirimat), a highly targeted antiviral that prevents orthopoxvirus particles from exiting infected cells. The franchise includes two approved formulations—Oral TPOXX capsules (FDA approved 2018) and TPOXX Injection IV (FDA approved 2018)—marketed under regional brand names: Tecovirimat SIGA in the EU/UK and TEPOXX in Japan. SIGA is advancing pipeline development for post-exposure prophylaxis (PEP) indication and a pediatric liquid suspension formulation for children weighing under 13 kg, both funded in partnership with U.S. government agencies (DoD and BARDA).

Differentiator

Problem solved

Functional benefit

Brands

• TPOXX® (tecovirimat): First FDA-approved antiviral treatment for smallpox; available in oral and IV formulations. Treats smallpox, mpox, cowpox, and vaccinia complications in approved markets.

Products and services

• TPOXX (Oral Tecovirimat Capsules) First FDA-approved oral antiviral for the treatment of smallpox and related orthopoxvirus infections in adults and pediatric patients weighing at least 13 kg. Marketed under regional brand names Tecovirimat SIGA in the EU and TEPOXX in Japan.
• TPOXX Injection (IV) Intravenous formulation of tecovirimat approved by the FDA for the treatment of smallpox in patients weighing at least 3 kg who cannot swallow oral capsules.
• TPOXX Post-Exposure Prophylaxis (PEP) Investigational use of TPOXX as a post-exposure prophylaxis for adults exposed to smallpox, in development with U.S. Department of Defense funding and support.
• TPOXX Pediatric Liquid Suspension Oral liquid suspension formulation of TPOXX being developed for the treatment of smallpox in pediatric patients weighing less than 13 kg, funded in collaboration with BARDA.

Quantifiable outcome

• Over $1 billion in cumulative government procurement orders
• +3 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• BARDA (Biomedical Advanced Research and Development Authority)coreStrategic or Co-development PartnerPrimary strategic partner providing funding and support for TPOXX development. BARDA has supported advanced development of TPOXX under the U.S. Department of Health and Human Services. In 2025, the BARDA contract was modified to add $27 million in development funding. Remaining orders worth $26 million expected to be delivered in 2026.
• U.S. Department of DefensecoreStrategic or Co-development PartnerPartner funding and supporting the post-exposure prophylaxis (PEP) development program for TPOXX. The DoD collaboration focuses on developing TPOXX as a treatment for adults exposed to smallpox.
• Healthcare Professionals and GovernmentscoreStrategic or Co-development PartnerSIGA collaborates with healthcare professionals, governments, and communities to minimize the spread and impact of infectious disease outbreaks. The company has established partnerships with over 30 countries and numerous organizations for smallpox outbreak response.
• FDA (U.S. Food and Drug Administration)coreStrategic or Co-development PartnerRegulatory partnership for TPOXX development under the FDA's Animal Rule pathway. FDA granted TPOXX Fast Track Designation and Orphan Drug Designation. TPOXX was the first FDA-approved antiviral for smallpox treatment.
• Strategic National Stockpile (SNS)coreStrategic or Co-development PartnerThe U.S. government has relied on TPOXX treatment for over a decade to equip the Strategic National Stockpile against potential smallpox outbreaks under Project BioShield.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Sanofi: Sanofi operates a global vaccines franchise and has biodefense and public health partnerships across multiple governments, addressing overlapping stockpiling customers in smallpox, mpox, and broader infectious-disease preparedness alongside SIGA.
• GSK: GSK is a global vaccines leader with extensive biodefense and pandemic preparedness partnerships with governments and multilateral organizations, addressing overlapping infectious-disease stockpiling customers and competing for similar procurement budgets.
• Merck & Co. Merck supplies ACAM2000's manufacturing infrastructure partner and operates a major vaccines/biodefense business, including government stockpiling relationships. It represents the large-pharma incumbent competing for the same biodefense procurement budgets.
• Moderna: Moderna's mRNA platform has been applied to orthopoxvirus vaccine candidates (mRNA-1769 for mpox/smallpox). It is a broad incumbent with the platform scale to enter the same biodefense vaccine/antiviral preparedness market that SIGA serves.
• Emergent BioSolutions: Emergent BioSolutions is a broad biodefense incumbent supplying the Strategic National Stockpile with anthrax and smallpox vaccines (ACAM2000) and other medical countermeasures. It competes with SIGA for BARDA funding across the same U.S. stockpiling budget envelope.

Emerging players

• Chimerix: Chimerix is developing temovex (another smallpox antiviral) and previously pivoted from broader antivirals to focus on orthopoxvirus countermeasures, positioning it as a future direct competitor to TPOXX in government stockpiles and treatment indications.
• Tonix Pharmaceuticals: Tonix is developing TNX-801, a live-virus smallpox-prevention vaccine, and pursuing government biodefense contracts. It overlaps with SIGA in serving the same U.S. and allied smallpox preparedness procurement market with a vaccine-based alternative.
• BioCryst Pharmaceuticals: BioCryst develops small-molecule antivirals (e.g., oral antivirals for influenza) and has explored biodefense-adjacent indications, making it a comparable specialty antiviral developer pursuing government and public health customers with similar regulatory pathways.

Direct peers

• Bavarian Nordic: Bavarian Nordic is the leading smallpox/mpox vaccine manufacturer (JYNNEOS/Imvanex/Imvamune) and a direct counterpart to SIGA in global smallpox preparedness, often procured together by the same government stockpilers. Both companies compete for the same biodefense budget pool across U.S. and allied stockpiles.

Others

• Pharmaceutical Product Development (PPD / Thermo Fisher): PPD (now part of Thermo Fisher) is a contract research organization supporting antiviral and vaccine clinical development. SIGA's CEO previously led its biopharma business, and PPD provides adjacent services in the regulatory and clinical pathway SIGA used (FDA Animal Rule) to develop TPOXX.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/SigaTech
• LinkedInlinkedin.com/company/siga-technologies

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds7 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SIGA Technologies