SIGA · CIK 0001010086
What SIGA Technologies, Inc. told the SEC could break it.
SIGA's business is almost entirely one product sold to one buyer: revenue is dominated by sales of TPOXX to the U.S. Government under the 19C BARDA contract and the Strategic National Stockpile (oral and IV TPOXX sales of $53.3 million and $25.8 million in 2025), so any change in U.S. Government procurement would hit it hard. It also makes none of that product itself — it owns no manufacturing infrastructure and relies entirely on contract manufacturers to source raw materials and produce, package, test and ship TPOXX, plus third parties for storage and delivery, concentrating production outside its control. A narrower regulatory thread is its UK approval: Tecovirimat-SIGA is under an ongoing annual MHRA reassessment that, like the EMA's, could yield an adverse outcome for its European standing.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- dependence on U.S. Government (BARDA Strategic National Stockpile) for a single product (TPOXX)high
SIGA's revenue is dominated by sales of its single product, TPOXX, to the U.S. Government under the 19C BARDA Contract and the Strategic National Stockpile, so changes in U.S. Government procurement would materially affect the business.
“Such revenues for the year ended December 31, 2025 include $53.3 million of oral TPOXX® sales and $25.8 million of IV TPOXX® sales to the U.S. Government under the 19C BARDA Contract; $5.8 million of oral TPOXX® sales to one international country and $3.1 million of supportive services.”
SEC filing →As of 2026
Regulatory & policy
- ongoing UK MHRA annual reassessment of Tecovirimat-SIGAmedium
Tecovirimat-SIGA is undergoing an ongoing annual MHRA reassessment in the UK (similar to the EMA process); an adverse outcome could affect SIGA's UK/European approvals for TPOXX.
“In the UK, Tecovirimat-SIGA is undergoing an annual reassessment by the MHRA. This reassessment, which is ongoing, is substantially similar to the EMA's annual reassessment process and could result in a similar outcome.”
SEC filing →As of 2026
Supplier concentration
- no in-house manufacturing; full reliance on CMOs for raw materials and TPOXX productionmedium
SIGA owns no manufacturing infrastructure and depends entirely on third-party CMOs to procure raw materials and manufacture, package, test and ship TPOXX, plus third parties for storage and delivery — concentrating production risk outside its control.
“SIGA does not have a manufacturing infrastructure and does not intend to develop one for the manufacture of TPOXX®. SIGA relies on and uses third parties known as Contract Manufacturing Organizations (“CMOs”) to procure commercial raw materials and supplies, and to manufacture TPOXX®.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
U.S. Government — BARDA (HHS/ASPR Strategic National Stockpile)
“Such revenues for the year ended December 31, 2025 include $53.3 million of oral TPOXX® sales and $25.8 million of IV TPOXX® sales to the U.S. Government under the 19C BARDA Contract;”
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