All HHS Contracts — May 21, 2026

Leidos Holdings subsidiary wins $432.5M cost-plus-fixed-fee delivery order to operate NIH R&D facility through May 2026. Only $1.15M outlayed, indicating early-stage execution with low pricing risk and predictable margins.

Peraton (Veritas Capital) awarded $95.1M time-and-materials delivery order for custom programming to support CMS fraud prevention through June 2026 (options to June 2027). Full-and-open competition signals merit-based win in a high-budget, politically resilient area.

SOFTRAMS LLC's $80.7M firm-fixed-price HUBZone set-aside contract with CMS ends August 3, 2024, with no options. $52.5M already outlayed (65% executed), creating a potential revenue cliff if not renewed or recompeted.

Chimerix's 2011 BARDA contract for biotech R&D had a $77.1M ceiling but only $52,775 was actually outlaid, representing 0.07% utilization. Contract expired in 2021, signaling limited current government revenue for Chimerix.

Leidos Biomedical's $432.5M NIH GOCO contract has only $1.15M outlayed (0.3%) despite being awarded in 2019. Slow ramp-up could indicate scope delays or funding constraints, potentially reducing annual revenue expectations.

SOFTRAMS LLC's entire $80.7M CMS contract expires August 2024 with no options. As a small HUBZone firm, this represents a material revenue concentration risk if not renewed or recompeted.

Chimerix's $77.1M BARDA contract was 99.93% unfunded, suggesting that large contract ceilings do not guarantee revenue. Investors should scrutinize outlay rates on similar BARDA contracts for other biotech firms.

Peraton's $95.1M CMS Fraud Prevention System 2 contract positions the company for follow-on task orders as CMS expands fraud detection capabilities. Time-and-materials pricing allows for scope growth without margin compression.

Leidos Biomedical's $432.5M NIH GOCO facility contract provides a stable base for potential scope expansions or extensions beyond May 2026, given NIH's consistent R&D funding and the facility's critical mission.

SOFTRAMS LLC's HUBZone set-aside contract with CMS demonstrates policy-driven opportunities for small businesses in healthcare IT. If recompeted as a set-aside, SOFTRAMS could retain the work or other HUBZone firms could compete.

Two of four contracts ($175.7M combined) are with CMS for IT services: Peraton's fraud prevention system and SOFTRAMS's IT operations. This reflects sustained CMS investment in digital infrastructure and fraud detection, a bipartisan priority.

The $432.5M Leidos Biomedical GOCO contract represents 63% of total digest value, highlighting NIH's reliance on contractor-operated R&D facilities. Cost-plus pricing provides margin stability for large primes.

Chimerix's $77.1M BARDA contract with only $52,775 outlayed illustrates that large BARDA contract ceilings often go unfunded. This pattern is common in biotech R&D contracts where options are not exercised.

{"entity"=>"SOFTRAMS LLC", "reason"=>"$80.7M CMS IT contract expires August 2024 with no options, creating a potential revenue cliff.", "trigger"=>"CMS re-compete solicitation release or contract extension announcement"}

{"entity"=>"Leidos Holdings (LDOS)", "reason"=>"$432.5M NIH GOCO contract has only $1.15M outlayed; slow ramp-up could signal execution delays.", "trigger"=>"Quarterly outlay acceleration or contract modification/extension beyond May 2026"}

{"entity"=>"Peraton Inc. (Veritas Capital)", "reason"=>"$95.1M CMS fraud prevention contract with $23.7M in options; option exercise signals growth.", "trigger"=>"Option exercise announcement or new task orders under FPS2"}

{"entity"=>"Chimerix Inc. (CMRX)", "reason"=>"Expired $77.1M BARDA contract with negligible outlay; new BARDA awards would signal renewed government confidence.", "trigger"=>"New BARDA contract award or modification to expired contract"}