SIGA Technologies, Inc. (SIGA): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the financial DNA of SIGA Technologies, Inc., and the picture is clear: this is a highly focused government-contracting machine powered by TPOXX, the sole FDA-approved oral antiviral for smallpox. As a seasoned analyst, I see a model that thrives on long-term defense procurement, evidenced by their $86 million in product sales through the first nine months of 2025, all while sitting on a $172 million cash pile as of September 30, 2025. We've distilled their entire operation-from key partnerships with BARDA to their unique revenue streams-into the nine essential blocks of their Business Model Canvas; keep reading to see the precise blueprint driving their valuation.

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

You're looking at the core relationships that keep SIGA Technologies, Inc. running, especially how they manage the complex manufacturing and government supply chain for TPOXX. Honestly, for a company like SIGA, these partnerships aren't just helpful; they are the business model itself, particularly with the U.S. Government.

U.S. Government: Biomedical Advanced Research and Development Authority (BARDA) and Strategic National Stockpile (SNS)

The relationship with the U.S. Government, primarily through BARDA and the SNS, forms the financial bedrock for SIGA Technologies, Inc. This partnership is governed by the 19C BARDA Contract, which as of June 30, 2025, contemplates up to approximately $630 million of total payments, with exercised options providing for payments up to approximately $545.2 million. You should note that this contract is dynamic, with funding additions continuing into 2025.

For instance, during the second quarter of 2025, SIGA Technologies, Inc. was awarded an additional $27 million in development funding under this contract: $14 million to support manufacturing activities and $13 million for the TPOXX pediatric development program. Furthermore, a procurement order for $26 million of IV TPOXX was received in March 2025 under the 19C BARDA contract. The revenue recognition from these government sales is lumpy, tied directly to delivery schedules.

Here's a look at the recent delivery performance against the SNS stockpile requirements:

Product	Period	Revenue/Delivery Amount	Context
Oral TPOXX Sales (to SNS)	Three Months Ended June 30, 2025	$53 million	Q2 2025 Product Revenue
IV TPOXX Sales (to SNS)	Three Months Ended June 30, 2025	$26 million	Q2 2025 Product Revenue
Oral TPOXX Revenues (YTD)	Nine Months Ended September 30, 2025	$53 million	In connection with SNS deliveries
IV TPOXX Revenues (YTD)	Nine Months Ended September 30, 2025	$26 million	In connection with SNS deliveries

The 2018 contract had an initial procurement value of $546 million, with approximately $440 million delivered to the SNS as of early 2025. SIGA Technologies, Inc. management is focused on securing a new, potentially higher-value contract in late 2025.

Contract Manufacturing Organizations (CMOs): Grace, Catalent, and PCI for API production and packaging

SIGA Technologies, Inc. does not maintain its own manufacturing infrastructure, relying entirely on a network of Contract Manufacturing Organizations (CMOs) to conform to current good manufacturing practices (cGMP). As of June 30, 2025, the company had approximately $19.3 million in purchase commitments tied to these manufacturing obligations. You need to know who is responsible for what component.

• W.R. Grace and Company (Grace): Manufactures, tests, and supplies the Active Pharmaceutical Ingredient (API) for TPOXX®.
• Catalent Pharma Solutions LLC (Catalent): Is contracted to manufacture the bulk product for oral TPOXX® until June 28, 2027, under the 19C BARDA Contract.
• Packaging Coordinators, LLC (PCI): Provides essential packaging services for both the oral and intravenous formulations of TPOXX®.

To be defintely clear, the agreement with Grace required SIGA Technologies, Inc. to purchase 100% of its API requirements until 12 metric tons were purchased, a threshold that has since been met or superseded by subsequent agreements.

International Governments: Direct procurement contracts with public health agencies globally

Beyond the U.S. government, SIGA Technologies, Inc. actively pursues direct procurement contracts globally. The strategy here is to build a foundation for revenues outside the primary U.S. contract. For the first six months of 2025, international sales totaled $5.8 million, a decrease from the $11.0 million recognized in the first six months of 2024. However, management estimates $38 million in international orders for the full year 2025.

These international sales are often secured through partnerships, but SIGA Technologies, Inc. is taking more direct control. For example, in June 2024, an agreement was signed to expand TPOXX access to the Association of Southeast Asian Nations (ASEAN) member states, which includes ten countries.

Meridian Medical Technologies: Partner for international promotion and sales in specific territories

Meridian Medical Technologies, Inc. has been a long-standing partner for international promotion, though the structure shifted recently. An amendment effective June 1, 2024, gave SIGA Technologies, Inc. primary responsibility for international promotion activities for oral TPOXX®, while keeping Meridian involved for continuity with key customer relationships. Meridian, which is a subsidiary of Kindeva Drug Delivery, is compensated via a fee based on a percentage of net sales of oral TPOXX®.

The partnership structure is key for specific existing contracts; for example, Meridian's contract with the European Commission's DG Health Emergency Preparedness and Response Authority (HERA) remains in effect despite SIGA Technologies, Inc. taking the lead role elsewhere. The international sales recognized in the first half of 2025, totaling $5.8 million, were coordinated by SIGA Technologies, Inc. and Meridian.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of SIGA Technologies, Inc. (SIGA) right now, which is all about getting TPOXX (tecovirimat) into government hands, both at home and abroad, and pushing for those next-generation approvals. The key activities here are heavily weighted toward contract execution and regulatory milestones, which drive the lumpy revenue you see in the financials.

Securing new, high-value government procurement contracts for TPOXX.

This is the lifeblood of SIGA Technologies, Inc. The focus remains on building upon the long track record with the U.S. Government, aiming to secure a new, comprehensive long-term agreement beyond the current 19C BARDA contract. The market is definitely watching the timing of any new Request for Proposal (RFP) process, as that will set the revenue foundation for 2026 and beyond. For context, the prior 2018 BARDA contract had a total value of $546 million.

The company's success in this area is reflected in its year-to-date financial performance, which is heavily influenced by these large procurement deliveries:

Metric (9 Months Ended Sept 30, 2025)	Amount
Total Product Revenues (YTD)	$86 million
Pre-tax Operating Income (YTD)	$33 million
Oral TPOXX Revenues (YTD)	$53 million
IV TPOXX Revenues (YTD, from SNS deliveries)	$26 million

It's important to note the quarterly volatility; for instance, Q3 2025 saw a sharp drop in quarterly revenue to $2.62 million and a net loss of $6.37 million, which highlights the dependence on the timing of these large government orders.

Manufacturing and delivering oral and IV TPOXX to national stockpiles.

The actual delivery of product against existing orders is a critical, immediate activity. You saw significant activity in the first half of 2025, which cleared out the backlog from the prior year. Specifically, product sales for the three months ended June 30, 2025, hit $79 million, which included $53 million in oral TPOXX and $26 million in IV TPOXX deliveries to the U.S. Strategic National Stockpile (SNS). These deliveries completed the fulfillment of approximately $70 million in outstanding orders as of the end of 2024.

The pipeline for future deliveries is also being built:

• Anticipated delivery of $26 million of IV TPOXX under a March 2025 exercised option is targeted for 2026.
• The company delivered $6 million of oral TPOXX to an international customer in the first nine months of 2025.
• SIGA Technologies has sold $135 million of oral TPOXX to 30 countries since 2020.

Manufacturing resiliency is also being enhanced; the U.S. Government added $14.3 million in funding in April 2025 to support manufacturing activities, specifically for a tech transfer of the IV formulation to a third-party contract manufacturer.

Advanced R&D for label expansion, including Post-Exposure Prophylaxis (PEP) and pediatric formulation.

This activity is about future-proofing the TPOXX franchise by expanding its utility beyond the current smallpox treatment indication. These programs are substantially funded by the Biomedical Advanced Research and Development Authority (BARDA) under the 19C contract. You can see the direct financial commitment to this:

• $13 million in incremental development funding was added to the BARDA 19C contract in June 2025 specifically for the TPOXX pediatric development program.
• An Investigational New Drug (IND) submission for the pediatric formulation is planned for the second half of 2025.
• The company is targeting an FDA submission for the PEP indication in the first half of 2026.

The PEP indication is significant because it requires a 28-day regimen, which holds double the market potential compared to the current 14-day treatment indication.

Navigating global regulatory approvals, like the January 2025 approval in Japan.

Securing international regulatory approvals is a key activity that unlocks new government procurement opportunities. The most recent major success was the regulatory approval of TEPOXX in Japan by the Pharmaceuticals and Medical Devices Agency (PMDA) on January 2, 2025.

This approval is a big deal because:

• It was the first antiviral therapy approved in Japan for the treatment of orthopoxviruses.
• It covers smallpox, mpox, cowpox, and complications following smallpox vaccination in adults and pediatric patients weighing at least 13 kg.
• Following approval, SIGA Technologies delivered an order of TEPOXX to help build Japan's strategic national stockpile.
• The approval was based on data from 15 clinical trials involving over 800 healthy volunteers.

Still, navigating global agencies presents risks; for example, the EMA's Committee of Medicinal Products for Human Use (CHMP) commenced a referral procedure with questions about tecovirimat's efficacy in treating mpox.

Finance: review the cash burn rate against the current cash balance of $182 million (as of June 30, 2025) by end of next week.

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

The core assets underpinning SIGA Technologies, Inc. (SIGA)'s business model center on its proprietary antiviral and its financial stability.

TPOXX (tecovirimat): The only FDA-approved oral antiviral for smallpox treatment.

• FDA approval for oral TPOXX for smallpox treatment: July 13, 2018.
• Regulatory approval in Japan (as TEPOXX) for orthopoxviruses: January 2025.
• Regulatory approvals in the European Union and United Kingdom (as Tecovirimat-SIGA) for smallpox, mpox, and cowpox.

Strong cash position: Approximately $172 million in cash as of September 30, 2025.

This financial strength is supported by recent operational performance, which you should review carefully, as quarterly results can vary based on large government deliveries.

Metric	Period Ended September 30, 2025	Notes
Cash Balance	$172 million	As of September 30, 2025, with no debt.
Product Revenues (Nine Months)	$86 million	Total product sales year-to-date.
Oral TPOXX Revenues (Nine Months)	$53 million	Includes deliveries to the U.S. Strategic National Stockpile (SNS) and international sales.
IV TPOXX Revenues (Nine Months)	$26 million	Related to deliveries to the U.S. SNS under the BARDA 19C contract.
Pre-Tax Operating Income (Nine Months)	$33 million	Income before interest income and taxes for the first nine months of 2025.
Outstanding U.S. Government Orders	$26 million	Targeted for delivery in 2026.

Intellectual Property: Exclusive rights and regulatory approvals for TPOXX in key markets.

The intellectual property portfolio secures market exclusivity, which is critical for a product reliant on government procurement cycles. You'll want to track the progress of the pediatric program, which has an IND submission made to the FDA to start clinical studies in children, targeting an FDA submission in 2026 for post-exposure prophylaxis (PEP).

• International oral TPOXX sales since 2020: Over $135 million.
• Number of international customers: Over 30.
• Development funding added under BARDA 19C contract in Q2 2025: $27 million.

Integrated U.S.-based operational supply chain for oral TPOXX.

This capability supports the fulfillment of U.S. government contracts, like the deliveries to the Strategic National Stockpile. The company has a demonstrated track record of fulfilling large government contracts, with approximately $451 million delivered under the 2018 TPOXX contract as of December 31, 2024.

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.