ALUMIS INC. Segments Disclosure
16.Segment Reporting
For purposes of evaluating performance and allocating resources, the Company’s CODM, its Chief Executive Officer, regularly reviews consolidated net loss as reported in the Company’s consolidated statements of operations and comprehensive loss as compared to budget. The measure of segment assets is reported in the consolidated balance sheets as total consolidated assets.
In addition to the significant expense categories included within consolidated net loss presented in the Company’s consolidated statements of operations and comprehensive loss, see below for disaggregated amounts that comprise research and development expenses for the years ended December 31, 2025 and 2024 (in thousands):
| Year Ended December 31, | ||||||
| 2025 | | 2024 |
| |||
Revenue: | |||||||
License revenue | $ | 17,389 | $ | — | |||
Collaboration revenue | 6,661 | — | |||||
Total revenue | 24,050 | — | |||||
Operating expenses: | |||||||
Research and development expenses | |||||||
External costs | |||||||
Milestones related to previously acquired IPR&D assets | — | 23,000 | |||||
CROs, CMOs and clinical trials | 231,118 | 151,422 | |||||
Professional consulting services | 30,157 | 19,154 | |||||
Other research and development costs | 9,096 | 10,258 | |||||
Internal costs | |||||||
Personnel-related costs | 92,702 | 46,774 | |||||
Facilities and overhead costs | 22,925 | 14,946 | |||||
Total research and development expense | 385,998 | 265,554 | |||||
General and administrative expenses | 91,856 | 35,200 | |||||
Total operating expenses |
| 477,854 |
| 300,754 | |||
Loss from operations |
| (453,804) |
| (300,754) | |||
Total other income (expense), net |
| 201,918 |
| 6,521 | |||
Net loss before income taxes | (251,886) | (294,233) | |||||
Income tax benefit | 8,561 | — | |||||
Net loss | $ | (243,325) | $ | (294,233) | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 19, 2026 | Showing above |
| 2024 | Mar 19, 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.