Segment Information

9 Months Ended

Sep. 30, 2025

Note 10. Segment Information

The Company operates in one segment, which is GPCR oral small molecule drug discovery. The Company’s Chief Operating Decision Maker (“CODM”) is its Chief Executive Officer. The measure of segment profit or loss is net income (loss), which is also reported on the condensed statements of operations and comprehensive income (loss) as net income (loss).

The measure of segment assets is reported on the balance sheet as total assets. The CODM uses segment net loss to monitor spending, assess performance for the Company and management, evaluate the progress of completing corporate goals, decide how to allocate resources among the Company’s clinical and pre-clinical portfolios, and make strategic decisions about business development opportunities.

The CODM is regularly provided with the following significant segment expenses:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue	$	21,495		$	176		$	21,833		$	863
Employee-related expenses, excluding stock-based compensation		8,939			5,384			23,339			14,967
Stock-based compensation		2,532			683			5,820			1,888
External research and development expenses		12,160			9,701			34,286			23,328
External general and administrative expenses		2,016			2,436			7,160			4,753
Other segment expenses1		5,734			4,522			16,002			12,032
Gain on sale of non-financial asset		(12,500	)		—			(12,500	)		—
Total operating expenses		18,881			22,726			74,107			56,968
Income (loss) from operations		2,614			(22,550	)		(52,274	)		(56,105	)
Other income, net		5,559			1,891			14,133			4,637
Income (loss) before benefit for income taxes		8,173			(20,659	)		(38,141	)		(51,468	)
Benefit for income taxes		—			136			—			338
Net income (loss)	$	8,173		$	(20,523	)	$	(38,141	)	$	(51,130	)

_____________________

(1)

Other segment expenses include facility-related and office-related costs, information technology costs, general laboratory costs, and other operating expenses.

As of September 30, 2025 and December 31, 2024, all of the Company’s property and equipment was maintained in the U.S. For the three and nine months ended September 30, 2025 and 2024, the Company’s revenue was generated from providing research services and was earned in the U.S.

- 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

Septerna, Inc. 10-Q