SIGA Technologies, Inc.
- Open
- 2.96
- Day high
- 3.04
- Day low
- 2.96
- Prev close
- 2.94
- Volume
- 101K
- Mkt cap
- $217M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.3
- P/S
- 4.0
- Yield
- 19.86%
- Per share
- $0.60
SIGA Technologies, Inc. (SIGA) is a Healthcare company listed on NASDAQ. The stock is down 66% over the past year. Drillr has 1 published research article covering SIGA.
SIGA Technologies, Inc. (SIGA) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SIGA earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | — | $0.17 | — | $41M | — |
| May 7, 2026 | — | $-0.05 | — | $6M | — |
| Mar 10, 2026 | — | $-0.08 | — | $4M | — |
| Nov 6, 2025 | — | $-0.09 | — | $3M | — |
| May 8, 2025 | — | $-0.01 | — | $7M | — |
| Mar 11, 2025 | — | $0.63 | — | $81M | — |
| Nov 7, 2024 | — | $0.02 | — | $10M | — |
| Aug 1, 2024 | — | $0.03 | — | $22M | — |
| Mar 12, 2024 | — | $1.01 | — | $116M | -38.9% |
| May 4, 2023 | — | $-0.01 | — | $8M | — |
| Mar 2, 2023 | — | $-0.01 | — | $11M | — |
| Nov 3, 2022 | — | $0.45 | — | $72M | — |
SIGA insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 10, 2026 | Phillips Holly L.director | Grant | 34,169 | — |
| Jun 10, 2026 | Phillips Holly L.director | Option | 24,116 | — |
| Jun 10, 2026 | Marshall Joseph W IIIdirector | Grant | 34,169 | — |
| Jun 10, 2026 | Nemirovsky Juliandirector | Option | 24,116 | — |
| Jun 10, 2026 | DURNAN JAYMIE Adirector | Option | 24,116 | — |
| Jun 10, 2026 | Ford Harold Eugene Jr.director | Grant | 34,169 | — |
| Jun 10, 2026 | Nemirovsky Juliandirector | Grant | 34,169 | — |
| Jun 10, 2026 | KEANE JOHN Mdirector | Grant | 34,169 | — |
| Jun 10, 2026 | Marshall Joseph W IIIdirector | Option | 24,116 | — |
| Jun 10, 2026 | Nabel Gary J.director | Grant | 34,169 | — |
| Jun 10, 2026 | KEANE JOHN Mdirector | Option | 24,116 | — |
| Jun 10, 2026 | Ford Harold Eugene Jr.director | Option | 24,116 | — |
| Jun 10, 2026 | DURNAN JAYMIE Adirector | Grant | 34,169 | — |
| Jun 10, 2026 | Nabel Gary J.director | Option | 24,116 | — |
| Mar 26, 2026 | Miller Larry R.officer: General Counsel | Option | 6,920 | — |
Source: SIGA SEC Form 4 filings, latest Jun 10, 2026. For informational purposes only — not investment advice.
See the full SIGA insider & 13F page →SIGA Technologies, Inc. company profile
Overview
SIGA Technologies, Inc. (NASDAQ:SIGA) is a commercial-stage pharmaceutical company founded in 1995 and incorporated in New York. The company specializes in developing and commercializing medical countermeasures for biological threats and infectious diseases, with a primary focus on national security and health preparedness markets. SIGA went public in 1997 and has evolved from a research-stage biotech into a profitable commercial enterprise, primarily through its flagship antiviral drug TPOXX, which treats smallpox and related orthopoxvirus infections. The company maintains strong relationships with the U.S. government and has expanded internationally, serving customers across multiple continents while maintaining a debt-free balance sheet with substantial cash reserves.
Business
SIGA operates in the specialized pharmaceutical sector focused on biodefense and infectious disease countermeasures. The company's core business revolves around developing, manufacturing, and commercializing treatments for biological threats that could be used in bioterrorism or naturally occurring disease outbreaks. The company's primary product is TPOXX (tecovirimat), an oral and intravenous antiviral medication specifically designed to treat human smallpox disease caused by the variola virus. TPOXX works by inhibiting a specific viral protein that orthopoxviruses need to spread from cell to cell, effectively containing the infection within the body. Smallpox was eradicated as a natural disease in 1980, but the virus still exists in laboratory settings and poses a potential bioterrorism threat, making TPOXX a critical component of national security preparedness. Beyond smallpox, TPOXX has demonstrated efficacy against other orthopoxviruses, including monkeypox (mpox), which gained global attention during the 2022 outbreak. The drug has been used to treat thousands of mpox patients and is currently undergoing clinical trials to expand its approved indications. SIGA's business consists of two main revenue streams: 1) Product sales (approximately 95% of revenue) primarily to government stockpiles and international customers, and 2) Research and development revenues (approximately 5%) from government-funded development programs. The company also holds licensing agreements for preclinical monoclonal antibodies and is exploring complementary therapeutic areas in the biodefense space.
Revenue model
SIGA generates revenue through direct product sales of TPOXX to government and institutional customers, operating on a traditional pharmaceutical sales model. The company's primary customers include the U.S. Strategic National Stockpile, the U.S. Department of Defense, and international government agencies seeking to build their own biodefense stockpiles. The U.S. government represents the largest customer segment, typically purchasing TPOXX through multi-year procurement contracts worth tens of millions of dollars. These contracts often include options for additional purchases, providing revenue visibility. International sales have grown significantly, with TPOXX now sold in over 25 countries across 13 international markets, including recent expansions into Africa and Asia through partnerships with organizations like ASEAN member states. SIGA's business model benefits from several favorable factors that support margins. The company operates in a niche market with limited competition, as developing biodefense countermeasures requires specialized expertise and significant regulatory hurdles. Government customers prioritize efficacy and security of supply over price sensitivity, allowing for premium pricing. The company's manufacturing is outsourced, reducing fixed costs, while maintaining control over the supply chain through tech transfer agreements. However, several factors could pressure margins. Government budget constraints or changing threat assessments could reduce procurement volumes. The concentration of revenue among a few large government customers creates dependency risk. International expansion requires investment in regulatory approvals and market development. Additionally, patent expiration could eventually allow generic competition, though the specialized nature of biodefense markets may limit this threat. Manufacturing complexity, particularly for the IV formulation, can create supply chain challenges that impact delivery timelines and costs.
Competitive moat
SIGA possesses a strong but narrow moat built primarily around regulatory barriers, specialized expertise, and government relationships. The company's competitive advantages stem from the highly regulated and specialized nature of biodefense countermeasures, where few companies have the technical capability and regulatory experience to develop and commercialize treatments for biological threats. The regulatory moat is substantial, as TPOXX required years of development and approval processes with the FDA, CDC, and international regulatory bodies. The drug's approval relied on the FDA's "Animal Rule," which allows approval based on animal studies when human trials are not ethical or feasible - a complex regulatory pathway that few companies can navigate successfully. SIGA has established relationships with key government agencies including BARDA, the CDC, and international health authorities, creating switching costs for customers who have invested in TPOXX stockpiles and training. The company's manufacturing and supply chain expertise for specialized antiviral compounds creates additional barriers to entry. SIGA has developed tech transfer capabilities and quality systems that meet stringent government requirements, while maintaining security clearances necessary for biodefense work. However, the moat faces potential threats from several directions. Large pharmaceutical companies with greater resources could enter the biodefense space, particularly if market opportunities expand. Advances in antiviral research or alternative treatment modalities could create competing solutions. Changes in government policy or threat assessments could shift procurement priorities. The narrow focus on orthopoxviruses, while providing expertise depth, also creates vulnerability if new threats emerge in different pathogen categories. Additionally, the eventual expiration of TPOXX patents could allow biosimilar competition, though the specialized manufacturing and regulatory requirements may limit this risk in the near term.
Risks & safety
SIGA demonstrates a strong margin of safety from a financial stability perspective, though valuation metrics present mixed signals. **Financial Strength:** - Cash position of $162 million with zero debt provides substantial financial cushion - Current ratio of 8.4x indicates strong liquidity position - Positive free cash flow of $7 million in Q1 2025, with historically strong cash generation - No solvency risk given debt-free balance sheet and government contract revenue visibility **Valuation Metrics:** - Trading at 1.8x book value, reasonable for a profitable specialty pharma - Graham Net-Net ratio of 2.3x suggests potential undervaluation relative to liquid assets - Forward-looking valuation challenging due to lumpy government contract revenue - Enterprise value appears reasonable given cash-rich balance sheet **Other Considerations:** - Revenue concentration risk with government customers, though contracts provide some visibility - $70 million outstanding order balance provides near-term revenue foundation - History of returning capital through special dividends demonstrates shareholder-friendly management - Binary risk from government contract renewals, though strong track record suggests continuity
Recent development
Over the past few years, SIGA has executed several strategic initiatives to diversify its revenue base and expand TPOXX's market reach. The company has significantly expanded its international presence, taking over marketing responsibilities from partner Meridian Medical Technologies and establishing direct relationships with customers across 25+ countries. Notable achievements include regulatory approval in Japan, first sales to Africa (Morocco), and strategic agreements with ASEAN member states. The company has been actively pursuing label expansion opportunities for TPOXX, particularly in post-exposure prophylaxis (PEP) and mpox treatment. SIGA is targeting FDA submission for PEP indication in the first half of 2026, which could potentially double the U.S. stockpile requirements. Multiple mpox clinical trials are ongoing, including PALM 007 and STOMP studies, though initial results have not shown statistical significance for the primary endpoints. SIGA has also begun exploring complementary therapeutic areas through strategic partnerships. The company secured an exclusive license for preclinical monoclonal antibodies from Vanderbilt University, funded by the Department of Defense, which could serve as standalone or combination therapy with TPOXX. This represents the company's first significant expansion beyond its core TPOXX franchise. On the operational front, SIGA has invested in manufacturing resilience through tech transfer agreements with new contract manufacturers, particularly for the IV formulation. The company has also strengthened its balance sheet management, consistently returning capital to shareholders through special dividends while maintaining substantial cash reserves for strategic investments and operational flexibility.
SIGA company profile · for informational purposes only — not investment advice.
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