Akari Therapeutics Plc Segments Disclosure
Note 13. Segment Information
The Company manages its operations as a single operating segment for the purpose of assessing performance, making operating decisions and allocating resources, resulting in a single reportable segment. The Company has determined that its CODM is its Chief Executive Officer. The Company’s CODM reviews the Company’s financial information on a consolidated basis for the purpose of allocating resources and assessing financial performance.
The Company has assembled a portfolio of preclinical product candidates that aim to develop next-generation precision bi-functional ADCs for the treatment of cancer. The Company has not generated any revenue since its inception and does not expect to generate any revenue from the sale of products in the near future. The Company primarily incurs expenses in connection with the research and development of its product candidates as well as general and administrative costs consisting of salaries and related costs for personnel in executive, finance and administrative functions, as well as consulting, restructuring and merger-related expenses.
The key measure of segment profit or loss that the CODM uses to allocate resources and assess performance is the Company’s consolidated net loss, as reported on the consolidated statements of operations and comprehensive loss. In addition, the CODM is regularly provided the following significant segment expense categories which are reviewed against budgeted expectations to assist in resource allocation decision-making:
| Year Ended December 31, | ||||||||
| (In thousands) | 2025 | 2024 | ||||||
| ADC preclinical development | $ | (1,285 | ) | $ | (47 | ) | ||
| HSCT-TMA (AK901) program expense | (79 | ) | (1,896 | ) | ||||
| Chemistry, manufacturing and control | (216 | ) | (3,497 | ) | ||||
| Other external development expense | (160 | ) | (837 | ) | ||||
| Internal and other research and development expense | (1,182 | ) | (1,411 | ) | ||||
| Tax credits | 551 | 1,282 | ||||||
| General and administrative expense | (6,834 | ) | (8,281 | ) | ||||
| Impairment loss on other intangible assets | (5,180 | ) | ||||||
| Merger-related expense | (3,273 | ) | ||||||
| Restructuring and other expense | (1,438 | ) | ||||||
| Stock-based compensation expense | (2,890 | ) | (2,245 | ) | ||||
| Gain on settlement of current liabilities | 2,984 | |||||||
| Loss on debt extinguishment | (3,164 | ) | ||||||
| Other segment items (1) | (846 | ) | 1,852 | |||||
| Income tax benefit | 1,003 | |||||||
| Net loss | $ | (17,298 | ) | $ | (19,791 | ) | ||
| (1) | Other segment items include interest income, interest expense, change in fair value of warrant liabilities, net foreign currency exchange gains (losses), loss on derivative liability, and other expense, net as reported on the consolidated statements of operations and comprehensive loss. |
Assets regularly provided to the CODM are consistent with those reported on the consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash and restricted cash.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 30, 2026 | Showing above |
| 2024 | Apr 15, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.