{"url_path":"/sec/siga/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-03-10","source_url":"https://www.sec.gov/Archives/edgar/data/1010086/0001437749-26-007557-index.html","accession_number":"0001437749-26-007557","cik":"0001010086","ticker":"SIGA","issuer_name":"SIGA TECHNOLOGIES INC","edgar_url":"https://www.sec.gov/Archives/edgar/data/1010086/0001437749-26-007557-index.html","primary_entity_key":"0001010086","primary_entity_name":"SIGA TECHNOLOGIES INC"},"word_count":2578,"has_tables":true,"body_markdown":"siga20251231_10k.htm\n\n0001010086\nSiga Technologies INC\nfalse\n--12-31\nFY\n2025\ntrue\ntrue\ntrue\nfalse\nThe full Board receives updates periodically or as needed during the year from the Company’s Chief Information Officer and actively participates in discussions with management and amongst themselves regarding cybersecurity risks. Updates delivered to the full Board typically include discussion of management’s actions to identify and detect threats, as well as planned actions in the event of a response or recovery situation. These updates also typically include a review of any recent enhancements to the Company’s defenses and management’s progress on its cybersecurity, as well as reports on key performance indicators, test results and related remediation, and recent threats and how the Company is managing those threats.\nThe full Board receives updates periodically or as needed during the year from the Company’s Chief Information Officer and actively participates in discussions with management and amongst themselves regarding cybersecurity risks. Updates delivered to the full Board typically include discussion of management’s actions to identify and detect threats, as well as planned actions in the event of a response or recovery situation. These updates also typically include a review of any recent enhancements to the Company’s defenses and management’s progress on its cybersecurity, as well as reports on key performance indicators, test results and related remediation, and recent threats and how the Company is managing those threats.\nThe full Board receives updates periodically or as needed during the year from the Company’s Chief Information Officer and actively participates in discussions with management and amongst themselves regarding cybersecurity risks. Updates delivered to the full Board typically include discussion of management’s actions to identify and detect threats, as well as planned actions in the event of a response or recovery situation. These updates also typically include a review of any recent enhancements to the Company’s defenses and management’s progress on its cybersecurity, as well as reports on key performance indicators, test results and related remediation, and recent threats and how the Company is managing those threats.\nThe full Board receives updates periodically or as needed during the year from the Company’s Chief Information Officer and actively participates in discussions with management and amongst themselves regarding cybersecurity risks. Updates delivered to the full Board typically include discussion of management’s actions to identify and detect threats, as well as planned actions in the event of a response or recovery situation. These updates also typically include a review of any recent enhancements to the Company’s defenses and management’s progress on its cybersecurity, as well as reports on key performance indicators, test results and related remediation, and recent threats and how the Company is managing those threats.\nThe full Board receives updates periodically or as needed during the year from the Company’s Chief Information Officer and actively participates in discussions with management and amongst themselves regarding cybersecurity risks. Updates delivered to the full Board typically include discussion of management’s actions to identify and detect threats, as well as planned actions in the event of a response or recovery situation. These updates also typically include a review of any recent enhancements to the Company’s defenses and management’s progress on its cybersecurity, as well as reports on key performance indicators, test results and related remediation, and recent threats and how the Company is managing those threats.\ntrue\ntrue\n\n0.0001\n0.0001\n600,000,000\n600,000,000\n71,611,302\n71,611,302\n71,404,669\n71,404,669\n0.45\n0.60\n0.60\n0\n5\n3\n7\n3\n1\n1\n1\n0\n0\n0\n10\n2\n3\n3\n0\n0.5\nhttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent\nhttp://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent\n0\n0\n0\n10\n0\n1\n3\n1\n3\n1\n3\n0.2\n0.4\n0.6\n0.0\n0.1\n2022 2023 2025\n2021 2022 2023 2024 2025\n1\n1\n2\n2\n3\n10\n0.6\n0.7\nhttp://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent\n20,000\n20,000\n63\n5\n0\nfalse\nfalse\nfalse\nfalse\ntrue\ntrue\nincludes 40,075 awards which were settled in cash.\nBalances as of January 1, 2023 differ from those as of December 31, 2022 presented in the Company's 2022 Form 10-K due to the special dividend paid during 2023. In connection with the dividend, the number of options and the weighted average exercise price were adjusted pursuant to the terms of the Company's 2010 Plan.\nOther segment items include insurance, business development costs, regulatory and consultant expenses, as well as various general corporate costs.\nincludes 50,645 awards which were expected to be settled in cash.\nexcludes 258,508 awards which were not considered granted as the performance condition is not 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of Contents](#toc)\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n**WASHINGTON, D.C. 20549**\n\n \n\n**FORM 10-K**\n\n** **\n\n(Mark One)\n\n☒\n\n**Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n \nFor the fiscal year ended December 31, 2025\n\n \nOr\n\n☐\n\n**Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n \nFor the transition period from ________ to ___________\n\n \n\n**Commission File No. 0-23047**\n\n**SIGA Technologies, Inc.**\n(Exact name of registrant as specified in its charter)\n\n \n\n**Delaware**\n\n**13-3864870**\n\n(State or other jurisdiction of\n\n(IRS Employer Identification. No.)\n\nincorporation or organization)\n \n\n  \n\n**31 East 62nd Street**\n\n**10065**\n\n**New York, NY**\n\n(zip code)\n\n(Address of principal executive offices)\n \n\n \n\nRegistrant’s telephone number, including area code: (212) 672-9100\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\ncommon stock, $.0001 par value\n\nSIGA\n\nThe Nasdaq Global Market\n\n \n\nSecurities registered pursuant to Section 12(g) of the Act:\n\n**None**\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒.\n\n \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☒.\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐.\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐.\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐.\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒\n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\n \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒.\n\n \n\nThe aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant, based upon the closing sale price of the common stock on June 30, 2025 as reported on The Nasdaq Global Market was approximately $302,150,075.\n\n \n\nAs of February 13, 2026, the registrant had outstanding 71,644,400 shares of common stock.\n\n \n\n**DOCUMENTS INCORPORATED BY REFERENCE**\n\n** **\n\nThe following document is incorporated herein by reference:\n\n \n\n**Document**\n\n**Parts Into Which Incorporated**\n\nProxy Statement for the Company’s 2026 Annual\n\nPart III\n\nMeeting of Stockholders\n \n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\n**SIGA TECHNOLOGIES, INC. FORM 10-K**\n\n** **\n\nTable of Contents\n\n \n\n \n \n\n**Page No.**\n\n[**PART I**](#Part_1)\n\n \n \n\n[Item 1.](#Item1_Business)\n\n[Business](#Item1_Business)\n\n[2](#Item1_Business)\n\n[Item 1A.](#Item1A_Risk)\n\n[Risk Factors](#Item1A_Risk)\n\n[18](#Item1A_Risk)\n\n[Item 1B.](#Item1B_Unresolved)\n\n[Unresolved Staff Comments](#Item1B_Unresolved)\n\n[31](#Item1B_Unresolved)\n\n[Item 1C.](#Item_1C)\n[Cybersecurity](#Item_1C)\n[31](#Item_1C)\n\n[Item 2.](#Item2_Properties)\n\n[Properties](#Item2_Properties)\n\n[31](#Item2_Properties)\n\n[Item 3.](#Item3_Legal)\n\n[Legal Proceedings](#Item3_Legal)\n\n[31](#Item3_Legal)\n\n[Item 4.](#Item4_Mine)\n\n[Mine Safety Disclosures](#Item4_Mine)\n\n[31](#Item4_Mine)\n\n \n \n \n\n[**PART II**](#Part_2)\n\n \n \n\n[Item 5.](#Item5_Market)\n\n[Market For Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#Item5_Market)\n\n[32](#Item5_Market)\n\n[Item 6.](#Item6_Selected)\n\n[[Reserved]](#Item6_Selected)\n\n[34](#Item6_Selected)\n\n[Item 7.](#Item7_MDA)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#Item7_MDA)\n\n[35](#Item7_MDA)\n\n[Item 7A.](#Item7A_QQ)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#Item7A_QQ)\n\n[43](#Item7A_QQ)\n\n[Item 8.](#Item8_Financial)\n\n[Financial Statements and Supplementary Data](#Item8_Financial)\n\n[44](#Item8_Financial)\n\n[Item 9.](#Item9_changes)\n\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#Item9_changes)\n\n[70](#Item9_changes)\n\n[Item 9A.](#Item9A_Controls)\n\n[Controls and Procedures](#Item9A_Controls)\n\n[70](#Item9A_Controls)\n\n[Item 9B.](#Item9B_Other)\n\n[Other Information](#Item9B_Other)\n\n[71](#Item9B_Other)\n\n[Item 9C.](#Item_9C)\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#Item_9C)\n[71](#Item_9C)\n\n \n \n \n\n[**PART III**](#Part_3)\n\n \n \n\n[Item 10.](#Item10_Directors)\n\n[Directors, Executive Officers and Corporate Governance](#Item10_Directors)\n\n[72](#Item10_Directors)\n\n[Item 11.](#Item11_Executive)\n\n[Executive Compensation](#Item11_Executive)\n\n[72](#Item11_Executive)\n\n[Item 12.](#Item12_Security)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#Item12_Security)\n\n[72](#Item12_Security)\n\n[Item 13.](#Item13_Certain)\n\n[Certain Relationships and Related Transactions, and Director Independence](#Item13_Certain)\n\n[72](#Item13_Certain)\n\n[Item 14.](#Item14_Principal)\n\n[Principal Accounting Fees and Services](#Item14_Principal)\n\n[72](#Item14_Principal)\n\n \n \n \n\n[**PART IV**](#Part_4)\n\n \n \n\n[Item 15.](#Item15_Exhibits)\n\n[Exhibits, Financial Statement Schedules](#Item15_Exhibits)\n\n[73](#Item15_Exhibits)\n\n[Item 16.](#Item16_Form_)\n\n[Form 10-K Summary](#Item16_Form_)\n\n[78](#Item16_Form_)\n\n \n \n \n\n[SIGNATURES](#Signatures)\n\n \n\n[79](#Signatures)\n\n \n\n \n\n[Table of Contents](#toc)\n\n \n\n \n\n \n\n**Part I**\n\n \n\n**Forward-Looking Statements**\n\n \n\nCertain statements in this Annual Report on Form 10-K, including certain statements contained in “Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the \"Securities Act\"), and Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"), including statements regarding our future financial position, business strategy, budgets, projected costs, plans and objectives of management for future operations and statements relating to the progress of SIGA’s development programs and timelines for bringing products to market, delivering products to domestic and international customers, and the enforceability of our procurement contracts, such as the 19C BARDA Contract (the \"BARDA Contract\"), with the U.S. Biomedical Advanced Research and Development Authority (\"BARDA\"). The words “may,” “continue,” “estimate,” “intend,” “plan,” “will,” “believe,” “project,” “expect,” “seek,” “anticipate,” “could,” “should,” “target,” “goal,” “potential” and similar expressions may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Such forward-looking statements are subject to various known and unknown risks and uncertainties, and SIGA cautions you that any forward-looking information provided by or on behalf of SIGA is not a guarantee of future performance. SIGA’s actual results could differ materially from those anticipated by such forward-looking statements due to a number of factors, some of which are beyond SIGA’s control, including, but not limited to, (i) the risk that SIGA may not complete performance under the BARDA Contract on schedule or in accordance with contractual terms, (ii) the risk that SIGA is not able to enter into new contracts to supply TPOXX® to the U.S. Government, (iii) the risk that the nascent international biodefense market does not develop to a degree that allows SIGA to continue to successfully market TPOXX® internationally, (iv) the risk that potential products, including potential alternative uses or formulations of TPOXX® that appear promising to SIGA or its collaborators, cannot be shown to be efficacious or safe in subsequent pre-clinical or clinical trials, (v) the risk that target timing for deliveries of product to customers, and the recognition of related revenues, are delayed or adversely impacted by the actions, or inaction, of contract manufacturing organizations, or other vendors, within the supply chain, or due to coordination activities between the customer and supply chain vendors, (vi) the risk that SIGA or its collaborators will not obtain or maintain appropriate or necessary governmental approvals to market these or other potential products or uses, (vii) the risk that SIGA may not be able to secure or enforce sufficient legal rights in its products, including intellectual property protection, (viii) the risk that any challenge to SIGA’s patent and other property rights, if adversely determined, could affect SIGA’s business and, even if determined favorably, could be costly, (ix) the risk that regulatory requirements applicable to SIGA’s products may result in the need for further or additional testing or documentation that will delay or prevent SIGA from seeking, obtaining, or maintaining needed approvals to market these products, (x) the risk that the volatile and competitive nature of the biotechnology industry may hamper SIGA’s efforts to develop or market its products, (xi) the risk that changes in domestic or foreign economic and market conditions may affect SIGA’s ability to advance its research or may affect its products adversely, (xii) the effect of federal, state, and foreign regulation, including drug regulation, on SIGA’s businesses, (xiii) the impacts of significant recent shifts in trade policies, including the imposition of tariffs, retaliatory tariff measures, and subsequent modifications or suspensions thereof, and market reactions to such policies and resulting trade disputes, (xiv) the risk of disruptions to SIGA’s supply chain for the manufacture of TPOXX®, causing delays in SIGA’s research and development activities, causing delays or the re-allocation of funding in connection with SIGA’s government contracts, or diverting the attention of government staff overseeing SIGA’s government contracts, (xv) risks associated with actions or uncertainties surrounding the debt ceiling or the changes in the U.S. administration, and (xvi) the risk that the U.S. or foreign governments' responses (including inaction) to national or global economic conditions or infectious diseases, are ineffective and may adversely affect SIGA’s business, as well as the risks and uncertainties included in Item 1A “Risk Factors” of this Form 10-K. All such forward-looking statements are current only as of the date on which such statements were made. SIGA does not undertake any obligation to update publicly any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events. The information contained on any website referenced in this Form 10-K is not incorporated by reference into this filing."}