SIGA is a commercial-stage company focused on the treatment of smallpox and other orthopoxviruses. Lead drug TPOXX was approved by the FDA in 2018 for the treatment of smallpox and in the EU and UK under the broad label including all orthopox pathogens in 2022. SIGA reported a strong top-line performance in Q224, including product revenues of $20.7m, although gross margins dipped slightly to 40.5% due to a higher contribution from IV TPOXX. The order book continued to strengthen in H224, with an additional $9m contract win with the US Department of Defense. We view the PEP label expansion as a key future value driver, with an upside opportunity from potential US approval in mpox, in light of the World Health Organization recently declaring mpox a global health emergency.