debt_leverage_profile
0.01x Total Debt / Equity (Conservative)
High
SEC-XBRL
interest_rate_sensitivity
Low sensitivity; SIGA holds minimal long-term debt (~$10M), with cash-rich balance sheet; 200bps rate rise has negligible P&L impact
Inferred
Agent_Inference
geopolitical_supply_exposure
Low intensity; China and India supply >60% of global API inputs, creating concentration risk.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
1) Single-source active pharmaceutical ingredient (tecovirimat API) from limited CMOs; 2) U.S.-based fill-finish contractors with limited redundancy
Inferred
Agent_Inference
international_expansion_readiness
Minimal international revenue exposure; ~95% revenue from U.S. government contracts; negligible sovereign currency devaluation risk in foreign markets
Inferred
Agent_Inference
geographic_footprint
Predominantly U.S.-based revenue (~95% from BARDA/DoD contracts); small international sales to allied governments; near-zero FX devaluation exposure
Inferred
Agent_Inference
commodity_exposure_profile
Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
Yes; single CMO for tecovirimat API synthesis represents likely >50% of COGS input; non-substitutable in short term without FDA re-approval
Inferred
Agent_Inference
business_model_type_primary
Cloud infrastructure termination would cause minimal operational disruption; core IP is drug formulation and FDA approval, not cloud-dependent SaaS
Inferred
Agent_Inference
business_model_type_secondary
Secondary administrative/IT systems on cloud; 30-day termination manageable via migration; no revenue-critical cloud dependency identified
Inferred
Agent_Inference
switching_cost_profile
No meaningful API coupling risk; SIGA is a pharmaceutical company, not a software firm; customer switching costs are regulatory (alternative FDA-approved smallpox antivirals near-nonexistent)
Inferred
Agent_Inference
howey_test_risk_index
Not applicable; SIGA's revenue model is government drug procurement contracts, not an investment scheme; Howey Test risk index effectively zero
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Low GDPR/CCPA exposure; primary customers are government agencies; limited consumer personal data collected; clinical trial data governed by FDA/ICH frameworks
Inferred
Agent_Inference
antitrust_exposure_flag
Low traditional antitrust risk; operates in niche biodefense monopoly sanctioned by government procurement; no predatory pricing concerns in competitive consumer market
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~90%+ revenue from multi-year U.S. government procurement contracts (BARDA stockpiling); highly recurring/contract-based, minimal transactional spot revenue
Inferred
Agent_Inference
monetization_vector
Government stockpile replenishment contracts; unit-based drug delivery milestones; occasional international allied-nation sales; no subscription or SaaS component
Inferred
Agent_Inference
pricing_architecture
Cost-plus negotiated pricing with BARDA; limited dynamic pricing power; contract prices set at award; inflation pass-through partially embedded in multi-year deals
Inferred
Agent_Inference
pricing_power_rating
Moderate; sole-source FDA-approved oral smallpox antiviral grants pricing leverage, but monopsony buyer (U.S. government) caps upside; rated 6/10
Inferred
Agent_Inference
target_gross_margin_bracket
Gross margins typically 60-75%; drug product sales carry high margins post-development cost amortization; COGS dominated by CMO manufacturing fees
Inferred
Agent_Inference
churn_vulnerability_index
No free-rider leakage; product is a controlled biodefense drug requiring government authorization; zero consumer free-rider risk
Inferred
Agent_Inference
headcount_cost_structure
Sublinear; revenue growth via larger procurement contracts does not require proportional headcount increase; ~150 employees can support 2-3x revenue
Inferred
Agent_Inference
marginal_cost_of_growth
Marginal cost of growth is predominantly CMO manufacturing capacity, not headcount; highly scalable revenue model with fixed corporate cost base
Inferred
Agent_Inference
franchise_compliance_risk
Not applicable; SIGA is not a franchise business model
Inferred
Agent_Inference
customer_acquisition_metric
At 10x scale, CAC remains near-zero (government contract renewals); but single-customer concentration risk intensifies; BARDA relationship becomes existential
Inferred
Agent_Inference
network_effect_present
No network effects present; biodefense drug stockpiling is not a network-effect business; value derives from regulatory exclusivity, not user adoption
Inferred
Agent_Inference
asset_efficiency_ratio
13.8% Return on Assets (Excellent)
High
SEC-XBRL
recession_resistance_tier
Tier 1 recession-resistant; U.S. biodefense budget is non-discretionary national security spending; demand largely immune to economic cycles
Inferred
Agent_Inference
customer_segment_primary
U.S. federal government (BARDA/HHS/DoD) represents ~85-90% of revenue; extreme customer concentration risk with single procurement agency
Inferred
Agent_Inference
customer_segment_secondary
Allied foreign governments (Canada, EU member states) represent secondary segment; individually small contracts; growing but <10% of total revenue
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.32 (HIL — ~32% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
0.0% CapEx / Revenue (Low-CapEx Asset-Light)
High
SEC-XBRL
sec_cik
0001010086
High
SEC-EDGAR
ticker
SIGA
High
SEC-EDGAR