13. Segment Reporting

Operating segments are defined as components of an enterprise for which separate financial information is available and provided to the chief operating decision maker (“CODM”). The Company has one operating and reporting segment, the development of EFX for the treatment of MASH. The Company’s CODM is its Chief Executive Officer. The measure of segment profit and loss is reported on the condensed consolidated statements of operations and comprehensive loss as net loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total assets.

The Company has not generated any product revenue to date. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances EFX through clinical development and, ultimately, seek regulatory approval.

The following table provides information related to the EFX operating segment based upon the Company’s net loss for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Operating expenses:
Direct third-party EFX expenses (1)	$	70,213		$	65,186		$	192,068		$	156,648
Indirect third-party EFX expenses (2)		3,599			3,012			11,880			10,615
Personnel and related expenses		7,163			6,037			20,943			17,613
Stock-based compensation		9,261			7,468			27,100			22,522
Non-operating income and expense:
Interest expense		1,092			1,246			3,418			3,468
Loss on Extinguishment of Loan Payable		1,557			—			1,557			—
Interest and other income, net		(11,319	)		(10,244	)		(34,170	)		(28,830	)
Net loss	$	81,566		$	72,705		$	222,796		$	182,036

Reconciliation of Net loss
Adjustments and reconciling items		—			—			—			—
Net loss	$	81,566		$	72,705		$	222,796		$	182,036

(1) Includes clinical research, contract manufacturing, technical consulting, product licensing and other expenses that are directly related to the development of EFX.

(2) Includes professional services, insurance and other expenses, both R&D and general and administrative, that indirectly support the development of EFX.

- 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.

+ References

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+ Details

Akero Therapeutics, Inc. 10-Q