SIGA Technologies is a commercial-stage pharmaceutical company built almost entirely around a single product: TPOXX (tecovirimat), the only FDA-approved antiviral for smallpox. SIGA sells TPOXX in oral and IV formulations almost exclusively to governments for stockpiling as a biodefense countermeasure. Smallpox was eradicated decades ago, but routine vaccination ended at the same time, leaving large portions of the global population unvaccinated. The threat of bioterrorism drives government demand to stockpile TPOXX as a mass-distribution treatment. SIGA's primary customer is the U.S. government via BARDA and the Strategic National Stockpile, though SIGA also sells to 30+ foreign governments. The cornerstone contract is a BARDA agreement worth up to ~$630M, covering oral and IV TPOXX deliveries, manufacturing, and post-marketing development. SIGA recognizes revenue on delivery, making results lumpy by nature. SIGA does not manufacture TPOXX itself, relying on contract manufacturers, which keeps its cost base light. Oral TPOXX carries higher margins than IV TPOXX, and SIGA's fixed cost base makes high-delivery quarters disproportionately profitable. Beyond product sales, SIGA earns R&D reimbursement from BARDA for development activities. Pipeline efforts include a label expansion for post-exposure prophylaxis, a pediatric oral formulation, and early-stage monoclonal antibodies licensed from Vanderbilt University targeting orthopoxviruses. The single biggest uncertainty is whether BARDA issues a new long-term procurement contract as the current contract winds down on deliveries.