Segment Reporting

6 Months Ended

Jun. 30, 2025

9. Segment Reporting

The Company has one reportable segment, which is related to the research and development of its product candidates focused on complement-mediated diseases of the body, brain and eye for which there is significant unmet medical need. The accounting policies of the one reportable segment are the same as those described in the summary of significant accounting policies. See Note 2—Basis of Presentation and Significant Accounting Policies.

The segment is managed on a consolidated basis and the chief operating decision maker, or CODM, uses total operating expenses and consolidated net loss to assess financial performance, forecast future financial results and allocate resources. In assessing the Company’s financial performance and making strategic decisions, the CODM regularly reviews operating expenses by function. This includes a review of budget versus actual expenses and direct program spend, which includes clinical costs, consultant fees, manufacturing expenses, and other direct external costs.

The following table presents the operations for the reportable segment for the three and six months ended June 30, 2025 and 2024 (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Research and development - external expenses(1)	$	31,278		$	15,678		$	65,776		$	27,369
Research and development - personnel		8,376			5,479			17,422			11,103
General and administrative - personnel		2,153			1,561			4,493			3,057
Other general and administrative expenses(2)		5,174			5,383			11,080			9,946
Depreciation expense		540			537			1,077			1,075
Stock-based compensation		4,205			4,942			9,283			9,602
Total operating expense		51,726			33,580			109,131			62,152
Loss from operations		(51,726	)		(33,580	)		(109,131	)		(62,152	)
Interest and other income, net		2,570			3,970			5,619			7,366
Consolidated segment net loss	$	(49,156	)	$	(29,610	)	$	(103,512	)	$	(54,786	)

__________________

(1) Research and development - external expenses include program expenses, other non-program specific expenses and other research expenses.

(2) Other general and administrative expenses include consulting and professional services fees for legal, accounting, tax, and facilities costs.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Annexon, Inc. 10-Q