Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-10

Siga Technologies (SIGA)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$3,244,492
Diem Nguyen total, FY2025
33rd
CEO pay percentile vs peers
25:1
CEO-to-median pay ratio
95.3%
Say-on-pay support, latest vote
Companies that benchmark against SIGA
3 companies name SIGA as a compensation peer

Each company listed discloses SIGA in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SIGA in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Diem Nguyen$927,000$463,500$1,853,992$0$0$0$0$3,244,492
Chief Executive Officer and Director
Daniel Luckshire752,252564,189250,77600001,567,217
Executive Vice President and Chief Financial Officer
Dennis Hruby748,527561,395249,50600001,559,428
Executive Vice President and Chief Scientific Officer
Larry Miller695,250347,625463,49532,6120001,538,982
General Counsel and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Diem Nguyen$3,244,492$4,449,790−1,205,298
Daniel Luckshire1,567,2171,460,6841,718,140+106,533
Dennis Hruby1,559,4281,453,4501,811,114+105,978
Larry Miller1,538,9822,188,014−649,032

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Diem NguyenRSU2025-03-13340,182$1,853,992
Dennis HrubyRSU2025-03-1345,781249,506
Daniel LuckshireRSU2025-03-1346,014250,776
Larry MillerOPTION2025-04-187,04932,612
Larry MillerRSU2025-03-1385,045463,495
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Diem Nguyen$1,853,992$0$00.0%
Dennis Hruby249,506000.0%
Daniel Luckshire250,776000.0%
Larry Miller463,495032,6120.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Diem NguyenRSU366,942$2,529,262
Diem NguyenPSU118,577866,798
Diem NguyenPSU85,045570,652
Larry MillerRSU77,625529,244
Daniel LuckshireRSU34,511231,569
Dennis HrubyRSU34,336230,395
Larry MillerPSU21,261142,661
Larry MillerPSU13,841101,178
Daniel LuckshirePSU11,50377,185
Dennis HrubyPSU11,44576,796
05

Incentive-plan design — the Compensation Discussion & Analysis

The Company's executive compensation program is designed to attract and retain top executive talent, motivate executives to achieve strategic business objectives, and recognize individual performance and overall business performance, with the goal of aligning executive compensation with stockholder interests. The program links a substantial portion of executive compensation to performance outcomes, considering both short-term performance based on the most recent fiscal year and long-term performance reflecting sustained stockholder value creation.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantPay Governance LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0948,744,0422,404,45686,13695.3%Passed
20232023-06-1346,319,4324,966,38779,25090.32%Passed
20202020-06-1650,890,5493,847,87596,76092.97%Passed
20172017-05-2541,287,9384,130,494148,45590.91%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0995.3%a
20232023-06-1390.32%b
20202020-06-1692.97%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)25 : 1
CEO total compensation$3,244,492
Median employee compensation$128,097
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
General John M. “Jack” Keane (Ret.)Independent · Newly elected$45,000$150,000$113,843$0$0$308,843
Joseph W. Marshall IIIIndependent · Audit (Chair) · Nominating and Corporate Governance70,000150,0000011,450231,450
Julian NemirovskyIndependent · Audit · Compensation (Chair)70,000150,0000011,450231,450
Holly L. Phillips, M.DIndependent · Compensation · Nominating and Corporate Governance57,500150,0000011,450218,950
Harold E. Ford JrIndependent · Audit55,000150,0000011,450216,450
Jaymie A. DurnanIndependent · Nominating and Corporate Governance (Chair)55,000150,0000011,450216,450
Gary J. Nabel, M.D., Ph.DIndependent · Compensation52,500150,0000011,450213,950
Evan A. KniselyIndependent · Departed during FY000040,00040,000
Diem Nguyen, Ph.DEmployee director0
09

Board fee structure and ownership guideline

Annual cash retainer$45,000
Annual equity retainer$150,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$405,000
Equity awards (grant-date value)$1,050,000
All other compensation$108,700
Total cost of the board$1,563,700

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Siga Technologies names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Siga Technologies.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Ligand Pharmaceuticals2025Todd Davis$724,500$5,520,493$4,441,120$764,400$11,472,095
2Harmony Biosciences Holdings, Inc.2025Jeffrey Dayno743,6001,976,5204,599,000558,0007,899,535
3CorMedix Inc.2025Joseph Todisco684,3534,492,5000865,0726,101,176
4Akebia Therapeutics, Inc.2025John Butler864,0102,164,3382,024,798580,9735,652,339
5Innoviva Specialty Therapeutics, Inc.2025Pavel Raifeld600,0002,649,9821,748,88205,400,197
6Emergent BioSolutions, Inc.2025Joseph Papa1,037,3851,638,5001,191,5001,446,6405,321,147
7Rigel Pharmaceuticals, Inc.2025Raul Rodriguez787,405951,3272,241,570634,6494,658,805
8UroGen Pharma Ltd.2025Elizabeth Barrett855,5902,122,2110516,2634,310,624
9Vanda Pharmaceuticals, Inc.2025Mihael Polymeropoulos965,6552,007,0000834,3263,851,468
10Esperion Therapeutics, Inc.2025Sheldon Koenig770,8331,260,000847,929639,3753,535,512
11Heron Therapeutics, Inc.2025Craig Collard689,431946,2541,352,917517,1893,516,291
12Aquestive Therapeutics2025Daniel Barber659,8851,547,342877,200409,1323,493,559
13Siga Technologies2025Diem Nguyen927,0001,853,992003,244,492
14Eton Pharmaceuticals, Inc.2025Sean Brynjelsen712,433936,052893,712354,7922,914,489
15Invivyd, Inc.2025William Duke485,000483,000905,44502,141,222
16Ironwood Pharmaceuticals, Inc.2025Thomas McCourt867,568411,6960650,6761,948,390
17Fennec Pharmaceuticals, Inc.2025Jeffrey Hackman586,343887,100202,87801,722,154
18Collegium Pharmaceutical, Inc.2025Vikram Karnani875,00000835,4061,715,846
19Theravance Biopharma, Inc.2025Rick Winningham1,047,43100419,1821,472,019

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Siga Technologiesnot disclosedRSU 50 · PSU 50not disclosedPay Governance LLC
Akebia Therapeutics, Inc.90%Options 50 · RSU 25 · MSU 25NoPearl Meyer
Aquestive Therapeuticsnot disclosedOptions 42 · PSU 30 · RSU 28NoAon
Collegium Pharmaceutical, Inc.127.3%RSU 70 · PSU 30Yes — relative ranking of the total shareholder return (TSR) of the Company's common stock in 2025, 2026, 2027 and the cumulative three-year performance period (2025-2027) return relative to the TSR of peer companies within the S&P Pharmaceutical Select Industry IndexAlpine Rewards, LLC
CorMedix Inc.not disclosednot disclosednot disclosedFrederic W. Cook & Co.
Emergent BioSolutions, Inc.107%Options 50 · PSU 50NoWillis Towers Watson
Esperion Therapeutics, Inc.110%not disclosednot disclosednot disclosed
Eton Pharmaceuticals, Inc.not disclosednot disclosednot disclosedRadford, an Aon company
Fennec Pharmaceuticals, Inc.not disclosednot disclosednot disclosednot disclosed
Harmony Biosciences Holdings, Inc.100%not disclosednot disclosedPay Governance
Heron Therapeutics, Inc.100%Options 67 · RSU 33not disclosedCompensia, Inc.
Innoviva Specialty Therapeutics, Inc.105%not disclosednot disclosedMeridian
Invivyd, Inc.132%not disclosednot disclosedAlpine Rewards
Ironwood Pharmaceuticals, Inc.100%PSU 50 · RSU 50Yes — relative total stockholder return (rTSR)Alpine Rewards LLC
Ligand Pharmaceuticals150%Options 44 · PSU 31 · RSU 25NoAon (Talent Solutions practice)
Rigel Pharmaceuticals, Inc.124%Options 75 · RSU 25NoPearl Meyer
Theravance Biopharma, Inc.not disclosedRSU 100not disclosedFrederic W. Cook & Co. (FW Cook)
UroGen Pharma Ltd.80%RSU 50 · PSU 50NoCompensia, Inc.
Vanda Pharmaceuticals, Inc.108%not disclosedYes — Relative TSRWillis Towers Watson

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Diem NguyenDEF 14A2026-04-280001140361-26-017421Section “Summary Compensation Table” · page 26. As printed: 3,244,492. Filing ↗machine: r2 · c24 · span 426609–426618
2Section 01, Daniel LuckshireDEF 14A2026-04-280001140361-26-017421Section “Summary Compensation Table” · page 26. As printed: 1,567,217. Filing ↗machine: r5 · c24 · span 440336–440345
3Section 01, Dennis HrubyDEF 14A2026-04-280001140361-26-017421Section “Summary Compensation Table” · page 26. As printed: 1,559,428. Filing ↗machine: r8 · c24 · span 453437–453446
4Section 01, Larry MillerDEF 14A2026-04-280001140361-26-017421Section “Summary Compensation Table” · page 26. As printed: 1,538,982. Filing ↗machine: r11 · c24 · span 467099–467108
5Section 03, Diem Nguyen RSUDEF 14A2026-04-280001140361-26-017421Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 492822–492831
6Section 03, Dennis Hruby RSUDEF 14A2026-04-280001140361-26-017421Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 498969–498976
7Section 03, Daniel Luckshire RSUDEF 14A2026-04-280001140361-26-017421Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 495675–495682
8Section 03, Larry Miller OPTIONDEF 14A2026-04-280001140361-26-017421Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 504197–504203
9Section 03, Larry Miller RSUDEF 14A2026-04-280001140361-26-017421Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: span 501922–501929
10Section 07, pay ratioDEF 14A2026-04-280001140361-26-017421Section “CEO Pay Ratio”. As printed: 25 : 1. Filing ↗
11Section 08, General John M. “Jack” Keane (Ret.)DEF 14A2026-04-280001140361-26-017421Section “Director Compensation”. As printed: 308,843. Filing ↗machine: span 197647–197826
12Section 08, Joseph W. Marshall IIIDEF 14A2026-04-280001140361-26-017421Section “Director Compensation”. As printed: 231,450. Filing ↗machine: span 205765–205944
13Section 08, Julian NemirovskyDEF 14A2026-04-280001140361-26-017421Section “Director Compensation”. As printed: 231,450. Filing ↗machine: span 213790–213969
14Section 08, Holly L. Phillips, M.DDEF 14A2026-04-280001140361-26-017421Section “Director Compensation”. As printed: 218,950. Filing ↗machine: span 217315–217493
15Section 08, Harold E. Ford JrDEF 14A2026-04-280001140361-26-017421Section “Director Compensation”. As printed: 216,450. Filing ↗machine: span 193333–193512
16Section 08, Jaymie A. DurnanDEF 14A2026-04-280001140361-26-017421Section “Director Compensation”. As printed: 216,450. Filing ↗machine: span 189620–189799
17Section 08, Gary J. Nabel, M.D., Ph.DDEF 14A2026-04-280001140361-26-017421Section “Director Compensation”. As printed: 213,950. Filing ↗machine: span 209485–209664
18Section 08, Evan A. KniselyDEF 14A2026-04-280001140361-26-017421Section “Director Compensation”. As printed: 40,000. Filing ↗machine: span 200929–201125
19Section 08, Diem Nguyen, Ph.DDEF 14A2026-04-280001140361-26-017421Section “Director Compensation”. As printed: 0. Filing ↗
20Section 06, 2026 voteForm 8-K2026-06-100001140361-26-024780Item 5.07 · say-on-pay result. As reported: 95.3% (votes for as printed: 48,744,042). Filing ↗
21Section 06, 2023 voteForm 8-K2023-06-150001140361-23-030049Item 5.07 · say-on-pay result. As reported: 90.32% (votes for as printed: 46,319,432). Filing ↗
22Section 06, 2020 voteForm 8-K2020-06-180001140361-20-014182Item 5.07 · say-on-pay result. As reported: 92.97% (votes for as printed: 50,890,549). Filing ↗
23Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
24Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
25Section 09b board cost (computed)ComputedcomputedCash 405,000 + equity 1,050,000 + all other 108,700 = 1,563,700, summed across the director compensation table rows.machine: formula: Σ = 1,563,700
26Ligand Pharmaceuticals, Section 10b CEO totalDEF 14A2026-04-210000886163-26-000021CEO total compensation as printed in Ligand Pharmaceuticals's own proxy. As printed: 11,472,095. Filing ↗machine: span 722741–722751
27Harmony Biosciences Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-030001104659-26-039449CEO total compensation as printed in Harmony Biosciences Holdings, Inc.'s own proxy. As printed: 7,899,535. Filing ↗machine: t108 · r5 · c16 · span 580355–580364
28CorMedix Inc., Section 10b CEO totalDEF 14A2026-04-290001213900-26-049311CEO total compensation as printed in CorMedix Inc.'s own proxy. As printed: 6,101,176. Filing ↗machine: r1 · c14 · span 823005–823014
29Akebia Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-280001517022-26-000034CEO total compensation as printed in Akebia Therapeutics, Inc.'s own proxy. As printed: 5,652,339. Filing ↗machine: r3 · c39 · span 516847–516856
30Innoviva Specialty Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-03-240001140361-26-010912CEO total compensation as printed in Innoviva Specialty Therapeutics, Inc.'s own proxy. As printed: 5,400,197. Filing ↗machine: t108 · r1 · c25 · span 555478–555487
31Emergent BioSolutions, Inc., Section 10b CEO totalDEF 14A2026-03-200001367644-26-000033CEO total compensation as printed in Emergent BioSolutions, Inc.'s own proxy. As printed: 5,321,147. Filing ↗machine: t155 · r3 · c15 · span 906918–906927
32Rigel Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-030001034842-26-000023CEO total compensation as printed in Rigel Pharmaceuticals, Inc.'s own proxy. As printed: 4,658,805. Filing ↗machine: t120 · r3 · c22 · span 886059–886068
33UroGen Pharma Ltd., Section 10b CEO totalDEF 14A2026-04-300001437749-26-014237CEO total compensation as printed in UroGen Pharma Ltd.'s own proxy. As printed: 4,310,624. Filing ↗machine: r1 · c29 · span 562926–562935
34Vanda Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-230001628280-26-026893CEO total compensation as printed in Vanda Pharmaceuticals, Inc.'s own proxy. As printed: 3,851,468. Filing ↗machine: span 563696–563705
35Esperion Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-160001628280-26-025499CEO total compensation as printed in Esperion Therapeutics, Inc.'s own proxy. As printed: 3,535,512. Filing ↗machine: span 423838–423847
36Heron Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-196306CEO total compensation as printed in Heron Therapeutics, Inc.'s own proxy. As printed: 3,516,291. Filing ↗machine: span 728212–728221
37Aquestive Therapeutics, Section 10b CEO totalDEF 14A2026-04-240001140361-26-016757CEO total compensation as printed in Aquestive Therapeutics's own proxy. As printed: 3,493,559. Filing ↗machine: r2 · c21 · span 397882–397891
38Siga Technologies (subject), Section 10b CEO totalDEF 14A2026-04-280001140361-26-017421CEO total compensation as printed in Siga Technologies's own proxy. As printed: 3,244,492. Filing ↗machine: r2 · c24 · span 426609–426618
39Eton Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-240001437749-26-013313CEO total compensation as printed in Eton Pharmaceuticals, Inc.'s own proxy. As printed: 2,914,489. Filing ↗machine: r2 · c25 · span 259102–259111
40Invivyd, Inc., Section 10b CEO totalDEF 14A2026-04-060001193125-26-143783CEO total compensation as printed in Invivyd, Inc.'s own proxy. As printed: 2,141,222. Filing ↗machine: t9 · r2 · c20 · span 501097–501106
41Ironwood Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050325CEO total compensation as printed in Ironwood Pharmaceuticals, Inc.'s own proxy. As printed: 1,948,390. Filing ↗machine: t29 · r1 · c48 · span 584182–584191
42Fennec Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050339CEO total compensation as printed in Fennec Pharmaceuticals, Inc.'s own proxy. As printed: 1,722,154. Filing ↗
43Collegium Pharmaceutical, Inc., Section 10b CEO totalDEF 14A2026-04-070001628280-26-024063CEO total compensation as printed in Collegium Pharmaceutical, Inc.'s own proxy. As printed: 1,715,846. Filing ↗machine: r2 · c48 · span 779394–779403
44Theravance Biopharma, Inc., Section 10b CEO totalDEF 14A2026-04-280001104659-26-050454CEO total compensation as printed in Theravance Biopharma, Inc.'s own proxy. As printed: 1,472,019. Filing ↗machine: r1 · c41 · span 475558–475567
45Section 10a, Rigel Pharmaceuticals, Inc. reciprocityDEF 14A0001034842-26-000023Rigel Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Siga Technologies. Filing ↗
46Section 10a, Collegium Pharmaceutical, Inc. reciprocityDEF 14A0001628280-26-024063Collegium Pharmaceutical, Inc.'s most recent proxy was read; its disclosed peer group does not include Siga Technologies. Filing ↗
47Section 10a, Harmony Biosciences Holdings, Inc. reciprocityDEF 14A0001104659-26-039449Harmony Biosciences Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Siga Technologies. Filing ↗
48Section 10a, Heron Therapeutics, Inc. reciprocityDEF 14A0001193125-26-196306Heron Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Siga Technologies. Filing ↗
49Section 10a, Akebia Therapeutics, Inc. reciprocityDEF 14A0001517022-26-000034Akebia Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Siga Technologies. Filing ↗
50Section 10a, Innoviva Specialty Therapeutics, Inc. reciprocityDEF 14A0001140361-26-010912Innoviva Specialty Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Siga Technologies. Filing ↗
51Section 10a, Emergent BioSolutions, Inc. reciprocityDEF 14A0001367644-26-000033Emergent BioSolutions, Inc.'s most recent proxy was read; its disclosed peer group does not include Siga Technologies. Filing ↗
52Section 10a, UroGen Pharma Ltd. reciprocityDEF 14A0001437749-26-014237UroGen Pharma Ltd.'s most recent proxy was read; its disclosed peer group does not include Siga Technologies. Filing ↗
53Section 10a, Vanda Pharmaceuticals, Inc. reciprocityDEF 14A0001628280-26-026893Vanda Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Siga Technologies. Filing ↗
54Section 10a, Ligand Pharmaceuticals reciprocityDEF 14A0000886163-26-000021Ligand Pharmaceuticals names Siga Technologies in its own disclosed peer group (read from its most recent proxy). Filing ↗