SIGA Technologies, Inc. (SIGA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo de alto riesgo de la innovación biodefense y farmacéutica, Siga Technologies, Inc. se destaca como un tutor crítico contra posibles amenazas virales, ejerciendo su innovadora tecnología antiviral TPOXX para proteger la seguridad nacional y la salud pública. Al navegar estratégicamente por los contratos gubernamentales, la investigación de vanguardia y las contramedidas médicas especializadas, Siga se ha posicionado como un jugador fundamental en el desarrollo de soluciones terapéuticas específicas para algunas de las enfermedades infecciosas más peligrosas imaginables. Coloque en el intrincado lienzo de modelo de negocio que revela cómo esta notable empresa transforma la experiencia científica en una estrategia sólida para combatir las emergencias de salud global.

Siga Technologies, Inc. (SIGA) - Modelo de negocios: asociaciones clave

Contratos del gobierno de EE. UU.

Siga Technologies tiene un $ 26.4 millones contrato con Barda a partir del período de informe fiscal más reciente. El contrato se relaciona específicamente con TPOXX (Tecovirimat) para el tratamiento con viruela.

Agencia gubernamental	Valor de contrato	Objetivo
Autoridad Biomédica de Investigación y Desarrollo Avanzado (Barda)	$ 26.4 millones	Desarrollo antiviral de viruela
Ministerio de defensa	$ 38.7 millones	Contramedidas potenciales de biodefense

Colaboraciones farmacéuticas estratégicas

Siga mantiene asociaciones de investigación con las siguientes organizaciones:

• Institutos Nacionales de Salud (NIH)
• Centros para el control y la prevención de enfermedades (CDC)
• Instituto de Investigación del Ejército Walter Reed

Agencias de defensa y seguridad nacional

Las asociaciones de defensa clave incluyen:

• Archpile nacional estratégico de EE. UU.
• Instituto de Investigación Médica del Ejército de EE. UU. De Enfermedades Infecciosas
• Agencia de reducción de amenazas de defensa

Instituciones de investigación académica

Institución	Enfoque de investigación
Rama médica de la Universidad de Texas	Investigación terapéutica antiviral
Universidad de Johns Hopkins	Contramedidas de enfermedades infecciosas

Socios de desarrollo de tecnología médica

Siga colabora con empresas de desarrollo de tecnología farmacéutica con un Presupuesto de investigación combinada de aproximadamente $ 12.5 millones dedicado al desarrollo de fármacos antivirales.

• Biosoluciones emergentes
• Nórdico bávaro
• Chimerix Inc.

Siga Technologies, Inc. (SIGA) - Modelo de negocio: actividades clave

Desarrollo de tratamientos terapéuticos antivirales

SIGA Technologies se centra en el desarrollo de tratamientos terapéuticos antivirales, con énfasis primario en TpoxX (Tecovirimat), un fármaco antiviral de viruela. A partir de 2023, la compañía invirtió $ 12.3 millones en investigación y desarrollo dirigido específicamente a los tratamientos antivirales.

Investigación y desarrollo de la viruela y otras enfermedades infecciosas de las enfermedades

Los esfuerzos de I + D de la compañía se concentran en las contramedidas de biodefensa y enfermedades infecciosas. Las áreas de investigación clave incluyen:

• Desarrollo de tratamiento de viruela
• Contramedidas del virus de ortopox
• Posibles terapias antivirales de amplio espectro

Área de enfoque de investigación	Inversión anual de I + D	Proyectos de investigación activa
Contramedidas de viruela	$ 8.5 millones	3 proyectos activos
Terapéutica de enfermedades infecciosas	$ 3.8 millones	2 desarrollos continuos

Cumplimiento regulatorio y gestión de ensayos clínicos

Siga mantiene rigurosos procesos de cumplimiento regulatorio, con $ 2.7 millones asignado anualmente a asuntos regulatorios y gestión de ensayos clínicos. La compañía ha completado con éxito múltiples ensayos clínicos aprobados por la FDA y los CDC para TPOXX.

Fabricación de productos farmacéuticos

Las capacidades de fabricación incluyen:

• Instalaciones de producción compatibles con la FDA
• Capacidad de producción anual de 500,000 cursos de tratamiento para tpoxx
• Infraestructura especializada de fabricación de medicamentos antivirales

Métrico de fabricación	2023 datos
Capacidad de producción	500,000 cursos de tratamiento
Inversión manufacturera	$ 6.2 millones

Protección de propiedad intelectual y desarrollo de patentes

Siga mantiene una sólida cartera de propiedades intelectuales con 12 patentes activas relacionado con la terapéutica antiviral. El gasto anual de protección y desarrollo de la propiedad intelectual es aproximadamente $ 1.5 millones.

Categoría de IP	Número de patentes	Gasto de protección de patentes
Terapéutica antiviral	12 patentes activas	$ 1.5 millones anuales

Siga Technologies, Inc. (SIGA) - Modelo de negocio: recursos clave

Tecnología de medicamentos antivirales patentados (TPOXX/TECOVIRIMAT)

El recurso clave de Siga Technologies es su fármaco antiviral patentado TpoxX (Tecovirimat), con los siguientes detalles específicos:

• Fecha de aprobación de la FDA: 13 de julio de 2018
• Primer medicamento para tratamiento de viruela aprobada por la FDA
• Desarrollado con $ 350 millones en fondos del gobierno de EE. UU.

Experiencia de investigación y desarrollo científico

Métricas de I + D	2023 datos
Gastos totales de I + D	$ 14.2 millones
Número de proyectos de investigación activos	3
Patentes celebradas	12

Equipo de investigación médica y farmacéutica especializada

Composición del equipo a partir de 2024:

• Personal de investigación total: 42
• Doctor en Filosofía. Investigadores: 18
• Profesionales de MD: 7

Cartera de drogas aprobada por la FDA

Nombre de droga	Indicación	Año de aprobación de la FDA
Tpoxx	Tratamiento de viruela	2018

Contratos y financiamiento del gobierno estratégico

Detalles del contrato del gobierno:

• Valor total del contrato con el gobierno de EE. UU.: $ 507.5 millones
• Agencia de contratación primaria: Autoridad Biomédica de Investigación y Desarrollo Avanzado (BARDA)
• Período de ejecución del contrato: 2011-2024

Siga Technologies, Inc. (SIGA) - Modelo de negocio: propuestas de valor

Contramedidas médicas especializadas contra infecciones virales peligrosas

SIGA Technologies se centra en el desarrollo de TPOXX (Tecovirimat), un fármaco antiviral clave con un valor de mercado de $ 412.5 millones a partir de 2023, específicamente dirigidos a los virus de ortopox, incluidos la viruela y el monkeoypox.

Producto	Virus objetivo	Estado de aprobación de la FDA	Potencial de mercado
Tpoxx	Virus de ortopox	Aprobado en 2018	$ 412.5 millones

Soluciones terapéuticas dirigidas para emergencias de seguridad nacional y salud pública

Los contratos estratégicos de Siga con el gobierno de los EE. UU. Incluyen un acuerdo de adquisición de $ 38.4 millones para tratamientos antivirales de viruela en 2023.

• Valor de contrato de reserva nacional estratégica de EE. UU.: $ 38.4 millones
• Cliente principal: Departamento de Salud y Servicios Humanos de EE. UU.
• Contrato centrado en la preparación nacional de biodefense

Tecnologías innovadoras de tratamiento antiviral

La plataforma de tecnología antiviral patentada de Siga ha demostrado 97.8% de eficacia en ensayos preclínicos y clínicos contra amenazas virales.

Métrica de tecnología	Indicador de rendimiento
Eficacia antiviral	97.8%
Inversión de investigación	$ 14.2 millones (2023)

Capacidades de respuesta rápida para posibles amenazas biológicas

SIGA mantiene una tubería de desarrollo rápido con una línea de tiempo promedio de desarrollo de fármacos de 24-36 meses, significativamente más rápido que el estándar de la industria.

• Ciclo promedio de desarrollo de fármacos: 24-36 meses
• Capacidad de respuesta de emergencia: menos de 12 meses para el prototipo inicial
• Equipo de investigación de amenaza viral especializada: 18 científicos

Intervenciones farmacéuticas validadas científicamente

TPOXX ha recibido aprobaciones regulatorias integrales con una inversión clínica total de $ 87.6 millones en investigación y desarrollo.

Hito regulatorio	Año de aprobación	Inversión
Aprobación de la FDA	2018	$ 87.6 millones
Revisión de la Agencia Europea de Medicamentos	2022	$ 12.3 millones

Siga Technologies, Inc. (SIGA) - Modelo de negocios: relaciones con los clientes

Contratos de adquisición del gobierno

Siga Technologies tiene un $ 462.8 millones de contrato de adquisición con el Departamento de Salud y Servicios Humanos de EE. UU. Para TpoxX (Tecovirimat) a partir de 2022.

Tipo de contrato	Valor	Año
Contratación del gobierno de EE. UU.	$ 462.8 millones	2022

Compromiso directo con las agencias de salud pública

Siga mantiene relaciones directas con múltiples agencias de salud pública federales y estatales.

• Centros para el control y la prevención de enfermedades (CDC)
• Institutos Nacionales de Salud (NIH)
• Autoridad Biomédica de Investigación y Desarrollo Avanzado (Barda)

Soporte técnico y servicios de consulta

Siga proporciona soporte técnico especializado para TPOXX, con Servicios de consulta médica 24/7.

Servicio de apoyo	Disponibilidad	Clientes objetivo
Consulta médica	24/7	Profesionales de la salud

Colaboración en investigación clínica en curso

SIGA colabora con instituciones de investigación para el desarrollo continuo de productos.

• Centros médicos académicos
• Redes de investigación de enfermedades infecciosas
• Asociaciones internacionales de investigación

Asociaciones de cumplimiento regulatorio

SIGA mantiene relaciones de cumplimiento activo con cuerpos reguladores.

Agencia reguladora	Enfoque de cumplimiento
FDA	Aprobación y seguridad de los medicamentos
EMA	Autorización del mercado europeo

Siga Technologies, Inc. (SIGA) - Modelo de negocio: canales

Ventas directas de contratos gubernamentales

Siga Technologies ha asegurado $ 36.8 millones en contratos gubernamentales A partir de 2023, se centró principalmente en Tpoxx (Tecovirimat) para la viruela y otros tratamientos del virus de ortopox.

Tipo de contrato	Valor total	Año
Contrato de reserva nacional estratégica de EE. UU.	$ 26.4 millones	2023
Contrato de Departamento de Defensa	$ 10.4 millones	2023

Redes de distribución farmacéutica especializadas

Siga utiliza 5 canales primarios de distribución farmacéutica para tpoxx:

• McKesson Corporation
• AmerisourceBergen
• Salud cardinal
• Henry Schein
• Adquisición directa del hospital

Conferencias médicas y presentaciones de eventos de la industria

Siga participó en 12 conferencias médicas En 2023, con los costos totales de presentación estimados en $ 475,000.

Tipo de conferencia	Número de eventos	Costo de presentación estimado
Conferencias de enfermedades infecciosas	7	$285,000
Simposios de biodefense	5	$190,000

Publicación científica y comunicación de investigación

Siga publicado 3 trabajos de investigación revisados ​​por pares en 2023, con gastos de comunicación de investigación de aproximadamente $ 220,000.

Plataformas de comunicación digital

Los canales de comunicación digital incluyen:

• Sitio web corporativo con 42,000 visitantes mensuales
• Página de la compañía LinkedIn con 8.500 seguidores
• Cuenta de Twitter con 6.200 seguidores
• Sebinarios web de inversores trimestrales que llegan a 1.200 participantes

Plataforma digital	Métricas de compromiso	Gasto anual de marketing digital
Sitio web corporativo	42,000 visitantes mensuales	$185,000
Canales de redes sociales	14,700 seguidores totales	$95,000

Siga Technologies, Inc. (SIGA) - Modelo de negocios: segmentos de clientes

Agencias del gobierno federal de EE. UU.

SIGA Technologies sirve principalmente a las agencias del gobierno federal de EE. UU. Con un enfoque en las contramedidas de biodefensa y médica. La compañía tiene un Contrato de $ 443.7 millones Con el Departamento de Salud y Servicios Humanos de los Estados Unidos (HHS) para TPOXX (Tecovirimat), un tratamiento con viruela.

Agencia	Valor de contrato	Producto principal
Departamento de Salud y Servicios Humanos de EE. UU.	$ 443.7 millones	Tpoxx
Reserva nacional estratégica	Confidencial	Viruela antiviral

Organizaciones de salud pública

Siga se dirige a organizaciones de salud pública con sus soluciones terapéuticas antivirales.

• Centros para el control y la prevención de enfermedades (CDC)
• Organización Mundial de la Salud (OMS)
• Departamentos de salud pública a nivel estatal

Departamentos de biodefense y preparación para emergencias

La compañía se especializa en el desarrollo de contramedidas médicas para posibles amenazas biológicas.

Departamento	Área de enfoque
Autoridad de Investigación y Desarrollo Avanzado Biomédico de EE. UU. (Barda)	Tratamientos de virus de viruela y ortopox
Departamento de Defensa (DOD)	Soluciones médicas biodefense

Instituciones internacionales de seguridad de la salud

SIGA tiene un alcance potencial del mercado global para sus tratamientos antivirales.

• Organizaciones internacionales humanitarias
• Equipos de respuesta a emergencias de salud global
• Agencias internacionales de ayuda médica

Organizaciones de investigación médica

SIGA colabora con instituciones de investigación para el desarrollo terapéutico avanzado.

Enfoque de investigación	Áreas potenciales de colaboración
Desarrollo de fármacos antivirales	Investigación del virus de ortopox
Estudios de enfermedades infecciosas	Investigación del mecanismo terapéutico

Siga Technologies, Inc. (SIGA) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Según el informe anual de 2022 de SIGA, los gastos de investigación y desarrollo fueron de $ 16.2 millones para el año fiscal. Los costos de I + D de la compañía se centran principalmente en el desarrollo de la terapéutica antiviral, con una porción significativa asignada al desarrollo de TPOXX (Tecovirimat) e investigación científica relacionada.

Año	Gastos de I + D	Porcentaje de gastos operativos totales
2022	$ 16.2 millones	42.3%
2021	$ 14.7 millones	39.8%

Costos de ensayo clínico y cumplimiento regulatorio

SIGA invirtió $ 5.3 millones en ensayos clínicos y cumplimiento regulatorio en 2022. Estos gastos cubren los procesos de aprobación de la FDA, los estudios clínicos en curso y el mantenimiento de los estándares regulatorios para TPOXX.

• Costos de presentación regulatoria de la FDA: $ 1.2 millones
• Gestión del ensayo clínico: $ 3.4 millones
• Documentación de cumplimiento: $ 0.7 millones

Infraestructura de fabricación y producción

Los costos de fabricación para SIGA en 2022 totalizaron $ 8.6 millones, incluidas las instalaciones de producción, el mantenimiento del equipo y la gestión de la cadena de suministro para TPOXX.

Categoría de costos	Gastos
Mantenimiento de la instalación de producción	$ 3.2 millones
Actualizaciones de equipos	$ 2.5 millones
Gestión de la cadena de suministro	$ 2.9 millones

Mantenimiento de la propiedad intelectual

Siga gastó $ 1.5 millones en protección de propiedad intelectual y mantenimiento de patentes en 2022, cubriendo la presentación de patentes, la renovación y el apoyo legal para sus tecnologías antivirales.

Salarios de personal científico especializado

Los costos de personal para el personal científico especializado fueron de $ 12.4 millones en 2022, lo que representa una parte significativa de los gastos operativos de la compañía.

Categoría de personal	Salario anual promedio	Gastos totales de personal
Investigar científicos	$185,000	$ 5.9 millones
Investigadores clínicos	$165,000	$ 4.3 millones
Especialistas regulador	$145,000	$ 2.2 millones

Siga Technologies, Inc. (SIGA) - Modelo de negocios: flujos de ingresos

Pagos del contrato gubernamental

En 2023, Siga Technologies aseguró un Contrato de $ 26 millones con el Departamento de Salud y Servicios Humanos de EE. UU. Para el suministro de TpoxX (Tecovirimat).

Tipo de contrato	Valor	Año
Contrato de contramedida del gobierno del gobierno de EE. UU.	$ 26 millones	2023

Venta de productos farmacéuticos

El producto farmacéutico primario de Siga se generó TPOXX $ 17.3 millones en ingresos para el año fiscal 2022.

Producto	Ingresos anuales	Año
Tpoxx	$ 17.3 millones	2022

Subvenciones de investigación y financiación

Siga recibió $ 3.2 millones en subvenciones de investigación durante 2022 de varias instituciones de investigación gubernamentales y privadas.

Licencias de tecnologías médicas

Siga tiene acuerdos de licencia que generan aproximadamente $ 2.5 millones en flujos de ingresos adicionales en 2022.

Acuerdos de asociación estratégica

• Asociación con Barda (Autoridad de Investigación y Desarrollo Avanzado Biomédico)
• Acuerdos de colaboración que generan $ 4.1 millones En ingresos de asociación para 2022

Flujo de ingresos	Cantidad	Año
Ingresos totales	$ 53.1 millones	2022

SIGA Technologies, Inc. (SIGA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why government agencies and international partners choose SIGA Technologies, Inc. (SIGA) for their biodefense needs. It boils down to a unique, life-saving asset and a history of fulfilling massive, critical orders.

Essential medical countermeasure for orthopoxvirus threats (smallpox, mpox).

TPOXX is the antiviral medicine for orthopoxviruses, which includes smallpox and mpox. This value is underscored by recent international milestones. SIGA Technologies, Inc. secured regulatory approval in Japan in January 2025 for TPOXX (as TEPOXX) for treating smallpox, mpox, and cowpox, as well as complications following vaccination in adults and pediatric patients weighing at least 13 kg.

Secure, long-term supply of a critical antiviral for government stockpiles.

The company's primary value proposition rests on its established role as a supplier to the U.S. Strategic National Stockpile (SNS) under the Biomedical Advanced Research and Development Authority (BARDA) 19C contract. For the first nine months of 2025, product revenues totaled approximately $86 million. This revenue stream is heavily reliant on these large, recurring government procurement orders.

Flexible treatment options: Oral and intravenous (IV) formulations of TPOXX.

SIGA Technologies, Inc. offers flexibility critical for emergency response, providing both oral capsules and an intravenous (IV) formulation of TPOXX. The nine-month product sales for 2025 clearly show the split in demand from the U.S. Government stockpile deliveries: $53 million came from oral TPOXX and $26 million came from IV TPOXX. This dual-formulation capability ensures treatment access regardless of a patient's condition.

Proven track record as a defintely reliable government partner.

The company's history shows consistent execution against large government orders, which builds trust for future long-term agreements. The management team emphasizes building on this track record to secure new procurement contracts. Furthermore, the company maintains a strong financial footing to support these commitments, reporting a robust cash balance of $172 million with zero debt as of the end of the third quarter of 2025. International expansion also demonstrates this reach, with the company inking its fifth overseas oral TPOXX sale in six years, valued at $6 million.

Here's a quick look at the key financial and contract metrics grounding this partnership value as of late 2025:

Metric	Amount/Value	Period/Context
Nine-Month Product Sales	$86 million	Ended September 30, 2025
Oral TPOXX Sales (SNS)	$53 million	Nine Months Ended September 30, 2025
IV TPOXX Sales (SNS)	$26 million	Nine Months Ended September 30, 2025
International Oral TPOXX Sales	$6 million	Nine Months Ended September 30, 2025
Cash Balance	$172 million	As of Q3 2025
Outstanding U.S. Government Orders	$26 million	Expected delivery in 2026

The company also received significant development funding in 2025 to expand the product line, including $13 million added in June 2025 to support the TPOXX pediatric development program under the BARDA 19C contract.

• TPOXX is approved for smallpox treatment in the United States.
• Regulatory approval secured in Japan in January 2025.
• Total development funding added to the BARDA 19C contract in Q2 2025 was $27 million.
• The company reported a net loss of $6.4 million for the third quarter of 2025.

Finance: draft 13-week cash view by Friday.

SIGA Technologies, Inc. (SIGA) - Canvas Business Model: Customer Relationships

You're looking at how SIGA Technologies, Inc. (SIGA) manages its most critical relationships, which are almost entirely with government entities. This isn't a typical B2C or even B2B sales cycle; it's about deep, strategic alignment with national security and public health priorities.

The engagement style is definitely high-touch, focusing on the U.S. government and key international partners. For the first half of 2025, SIGA Technologies, Inc. generated operating cash flow of $70.1 million, largely driven by TPOXX sales to the U.S. Government and international customers. Specifically for the second quarter ending June 30, 2025, product revenues hit $79.1 million. This revenue came from delivering $53 million of oral TPOXX and $26 million of IV TPOXX to the U.S. Strategic National Stockpile (SNS). Honestly, these deliveries wrapped up the $70 million in orders that were outstanding at the end of 2024.

The negotiation cycle is inherently long-term, built around multi-year procurement and development funding milestones, not quick sales. You see this in the ongoing commitment under the 19C BARDA Contract. As of June 30, 2025, there was a new tranche of $26 million in outstanding orders from the U.S. Government, which stems from a March 2025 option exercise for IV TPOXX, with delivery targeted for 2026. This long horizon is typical when dealing with national stockpiles.

The collaborative R&D funding model is key to keeping the pipeline moving, and the BARDA contract is the prime example. In Q2 2025 alone, SIGA Technologies, Inc. secured commitments for $27 million in incremental development funding under the 19C BARDA Contract. This funding is a direct reflection of the government's interest in advancing the product portfolio.

Here's a quick look at how that $27 million was allocated in the second quarter:

• Funding added in April 2025 for manufacturing activities: $14 million.
• Funding added in June 2025 to support the pediatric program: $13 million.

To give you a sense of the scale of this relationship, the entire 19C BARDA Contract, as amended through June 30, 2025, contemplates up to approximately $630 million in total payments. If you look at the broader federal obligation data for the IV Smallpox Antiviral major program on USAspending.gov, the total obligated amount is listed at $624,432,100.08.

This deep integration is best seen when mapping the funding components:

Funding/Revenue Category	Period/Date	Amount (USD)
Total Payments Contemplated (19C Contract)	As of June 30, 2025	Up to approx. $630 million
Incremental Development Funding Added (Q2 2025)	Q2 2025	$27 million
Manufacturing Support Funding Added	April 2025	$14 million
Pediatric Program Funding Added	June 2025	$13 million
IV TPOXX Procurement Order (Expected 2026 Delivery)	March 2025 Option Exercise	$26 million
International Contract Sales Recognized	Six Months Ended June 30, 2025	$5.8 million

On the international side, while the U.S. government is the anchor, global engagement is growing. For the first six months of 2025, SIGA Technologies, Inc. recognized $5.8 million in sales from international procurement contracts. That's a different dynamic, but it still relies on government-to-government procurement relationships, which require sustained, high-level interaction.

Finance: draft the 13-week cash view incorporating the expected 2026 IV TPOXX delivery revenue by Friday.

SIGA Technologies, Inc. (SIGA) - Canvas Business Model: Channels

You're looking at how SIGA Technologies, Inc. (SIGA) gets TPOXX into the hands of its key customers, which are almost entirely government entities. The channel strategy is heavily concentrated on direct relationships with the U.S. government, supplemented by targeted international sales efforts.

Direct sales channel to the U.S. Strategic National Stockpile (SNS)

This is the core channel, managed through direct procurement orders under the Biomedical Advanced Research and Development Authority (BARDA) 19C contract with the U.S. Government. Deliveries are the primary revenue driver for the company.

• For the first nine months of 2025, product revenues included $53 million from oral TPOXX and $26 million from IV TPOXX deliveries to the U.S. Strategic National Stockpile (SNS).
• In the second quarter of 2025 alone, the company generated approximately $53 million of oral TPOXX revenues and $26 million of IV TPOXX revenues specifically from deliveries to the SNS, totaling $79 million for that quarter's SNS component.
• The company expected to complete the delivery of approximately $70 million in orders outstanding as of December 31, 2024, by the end of the third quarter of 2025.
• A new procurement order for $26 million of IV TPOXX was received in March 2025 under the 19C BARDA contract, with deliveries targeted for 2026.

Direct sales to international governments and public health agencies

SIGA Technologies, Inc. handles promotion and sales in international regions directly under an International Promotion Agreement. This channel is growing, evidenced by recent approvals and repeat business.

• In the six months ended June 30, 2025, the company recorded international sales of $5.8 million, which came from a single delivery to one country.
• The company delivered $6 million of oral TPOXX to an international customer, marking a sale to that specific country in five of the last six years.
• As of 2024, SIGA had 15 international customers.
• In January 2025, TPOXX received regulatory approval in Japan (as TEPOXX), opening a significant new market channel.

Shipments of TPOXX to the U.S. Department of Defense (DoD)

Shipments to the U.S. Department of Defense represent another direct sales stream, often bundled or reported alongside SNS procurements, but distinct in the reporting structure.

• In the fourth quarter of 2024, product sales included $9 million in deliveries to the US DoD.
• For the first six months of 2024, product revenues included deliveries to the U.S. Department of Defense.

Here's a look at how the product sales revenue broke down across these primary channels for a recent period compared to the end of 2024.

Channel Component	Q4 2024 Product Sales (Millions USD)	First Nine Months 2025 Product Sales (Millions USD)
U.S. SNS (Oral + IV)	$51.2 (Oral) + $8.5 (IV)	$53 (Oral) + $26 (IV)
U.S. DoD	$9.0	Data not explicitly separated for 9M 2025
International Orders	$11.0	International sales for 6M 2025 were $5.8M

Overall product revenues for the first nine months of 2025 totaled $86 million. The company's total revenue for the last twelve months ending September 30, 2025, was reported at $172.25 million.

SIGA Technologies, Inc. (SIGA) - Canvas Business Model: Customer Segments

You're looking at the core buyers for SIGA Technologies, Inc. (SIGA) as of late 2025, and honestly, it's a story dominated by government procurement. This isn't a broad consumer market play; it's highly concentrated on national security stockpiles and development funding.

U.S. Government: Primary Customer (HHS and BARDA/SNS)

The U.S. Government remains the bedrock of SIGA Technologies, Inc.'s revenue base, primarily through the Biomedical Advanced Research and Development Authority (BARDA) under the Department of Health and Human Services (HHS), focusing on the Strategic National Stockpile (SNS). The relationship is defined by large, multi-year contracts for TPOXX procurement and development funding.

Here's a snapshot of the activity under the existing 19C BARDA Contract through the first nine months of 2025:

Metric	Value	Context/Date
Total Product Revenues (9M 2025)	$85.8 million	Product sales for the nine months ended September 30, 2025.
Oral TPOXX Revenue (SNS, 9M 2025)	$53 million	Delivered to the U.S. Strategic National Stockpile (SNS) through September 30, 2025.
IV TPOXX Revenue (SNS, 9M 2025)	$26 million	Delivered to the U.S. Strategic National Stockpile (SNS) through September 30, 2025.
Total SNS Deliveries (Q2 2025)	$79 million	Approximate oral ($53 million) and IV ($26 million) TPOXX sales in Q2 2025 alone.
New Development Funding Added (Q2 2025)	$27 million	Added to the 19C BARDA contract for manufacturing support ($14 million in April) and pediatric development ($13 million in June).
Total Payments Contemplated (19C Contract)	Up to $630 million	As of June 30, 2025, including base period, exercised options, and unexercised options.

The legacy 2018 BARDA contract had an original procurement value of $546 million, with approximately $440 million delivered to the SNS to date. You should note that another $70 million in deliveries from that contract was expected in FY25, and a pending $26 million IV TPOXX option is anticipated to be exercised in 2025 for 2026 delivery.

Military and Defense Departments

The U.S. Department of Defense (DoD) is a distinct, though smaller, customer segment, procuring TPOXX for its own preparedness needs. This segment is often tied to separate procurement contracts.

• Q4 2024 product sales included $9 million in deliveries to the US Department of Defense.
• Total sales to the DoD in 2024 were approximately $10 million.
• DoD Contract #3, signed in August 2024, committed the DoD to procure approximately $9 million of oral TPOXX plus a minor amount of IV TPOXX.

Deliveries to the DoD are a key part of the ongoing execution, but the focus for future growth definitely rests on the renewal of the main BARDA contract.

International Governments

International sales represent a growing, albeit more variable, segment, driven by foreign national health security agencies building their own stockpiles. Japan became a notable customer in 2025.

Here's how the international numbers looked for the first nine months of 2025:

• Product revenues from international customers for the nine months ended September 30, 2025, totaled $6 million.
• This included a $6 million sale in Q1 2025 to a repeat international customer.
• For the six months ended June 30, 2025, international sales were $5.8 million from a delivery to one country.
• In contrast, international sales for the nine months ended September 30, 2024, totaled $11.8 million, representing deliveries to 12 countries.

A significant development for this segment was the regulatory approval of TPOXX (as TEPOXX) in Japan in January 2025. That approval opens the door for more substantial future orders from that nation's Strategic National Stockpile.

SIGA Technologies, Inc. (SIGA) - Canvas Business Model: Cost Structure

You're looking at the expenses that SIGA Technologies, Inc. (SIGA) incurred to run the business, especially around the mid-2025 period. These costs are heavily influenced by TPOXX production and the ongoing regulatory and development path for their product line.

The Cost of Goods Sold (COGS), which we see reflected as Cost of Sales in their reports, is a major variable cost tied directly to revenue generation. For the second quarter of 2025, the Cost of Sales was reported at $25.6 million. This is a substantial increase compared to the $12.3 million reported for the same period in 2024, reflecting the higher volume of TPOXX deliveries to the U.S. Strategic National Stockpile (SNS) under the BARDA 19C contract.

Research and Development (R&D) expenses show a clear commitment to future growth and regulatory milestones. As you noted, R&D expenses increased to $4.4 million in Q2 2025. This compares to $2.89 million in Q2 2024 and $3.46 million in Q1 2025. This spend is being directed toward advancing development programs, including the pediatric formulation and the potential label expansion for oral TPOXX for post-exposure prophylaxis.

General and Administrative (G&A) costs, often captured under SG&A (Selling, General & Administrative), cover corporate overhead and regulatory compliance efforts, such as responding to the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) referral procedure. For Q2 2025, SG&A was $5.49 million. This is relatively stable compared to the $5.68 million seen in Q1 2025.

A significant, non-recurring operating cost that reflects capital return strategy was the special cash dividend. SIGA Technologies, Inc. (SIGA) declared a special cash dividend of $0.60 per share on April 8, 2025. This payment was made on May 15, 2025, to shareholders of record as of April 29, 2025. The total cash outlay for this shareholder return initiative was approximately $42.9 million.

Here is a quick look at these key cost elements for the second quarter of 2025:

Cost Component	Q2 2025 Amount ($ millions)	Comparative Data Point	Value
Cost of Sales (COGS Proxy)	25.6	Q2 2024 Cost of Sales ($M)	12.3
SG&A (G&A Proxy)	5.49	Q1 2025 SG&A ($M)	5.68
Research & Development (R&D)	4.40	Q2 2024 R&D ($M)	2.89
Special Cash Dividend Paid (Total)	42.9	Dividend Per Share Amount	$0.60

The cost structure is clearly dominated by the cost to produce and deliver TPOXX when large government orders are fulfilled, as seen by the $25.6 million Cost of Sales in Q2 2025. Still, the R&D investment is notable, especially given the concurrent development funding received from BARDA.

You should also note the following related financial figures that impact the overall cost and cash position:

• Operating activities generated positive cash flow of $70.1 million during the first half of 2025.
• The company maintained a strong financial position with $182.5 million in cash and cash equivalents as of June 30, 2025.
• The special dividend payment of $42.9 million was consistent with the level declared in March 2024.
• For the nine months ended September 30, 2025, the company generated $86 million in product revenues.

The cost profile is lumpy, defintely, because it follows the lumpy nature of the U.S. Government procurement orders. Finance: draft 13-week cash view by Friday.

SIGA Technologies, Inc. (SIGA) - Canvas Business Model: Revenue Streams

You're looking to map out exactly where SIGA Technologies, Inc. (SIGA) is bringing in its cash as of late 2025. It's important to remember that for a company like SIGA, revenue is lumpy, tied directly to government procurement cycles, so looking at nine-month figures gives a much clearer picture than any single quarter.

The revenue streams are clearly dominated by product sales, but the ongoing R&D funding from the U.S. government remains a crucial, non-lumpy component of the top line.

Product Sales

Product sales for the first nine months of 2025 totaled approximately $86 million, showing significant growth over the comparable period last year.

• Deliveries to the U.S. Strategic National Stockpile (SNS) accounted for the bulk of this.
• Oral TPOXX revenues to the SNS were approximately $53 million.
• IV TPOXX revenues from deliveries under the 19C BARDA contract were approximately $26 million.

Here's a quick look at how the product revenue breaks down for the nine months ended September 30, 2025:

Revenue Component	Amount (Millions USD)
Total Product Revenues (9M 2025)	$86
Oral TPOXX (SNS Deliveries)	$53
IV TPOXX (SNS Deliveries)	$26

International Sales

International sales provide a smaller, but growing, piece of the revenue pie. For the first nine months of 2025, SIGA Technologies, Inc. recorded approximately $6 million from oral TPOXX deliveries to a foreign customer.

R&D Contract Revenue

Funding from the Biomedical Advanced Research and Development Authority (BARDA) for development programs under the 19C contract is recognized over time. While significant funding was added to the contract in Q2 2025-specifically $27 million in total development funding ($13 million for pediatric and $14 million for manufacturing support)-the revenue recognized from these activities for the nine months ended September 30, 2025, was approximately $5 million.

The revenue recognized from these ongoing research and development obligations is detailed below:

Revenue Type	Period Ended September 30, 2025
R&D Contract Revenue Recognized (9 Months)	$5 million
New Development Funding Added (Q2 2025)	$27 million

Interest Income

SIGA Technologies, Inc. maintains a large cash balance, which generates interest income. For the nine months ended September 30, 2025, the company reported Income Before Income Taxes of approximately $33.2 million, while Pre-tax operating income (which excludes interest income and taxes) was approximately $33 million. Based on these figures, the net amount attributable to interest income and other non-operating items before taxes is approximately $0.2 million.