Amylyx Pharmaceuticals, Inc. Segments Disclosure
15. Segments
The Company views its operations and manages its business as one operating segment and reporting unit. Our operating segments are determined based on how our , who collectively serve as our chief operating decision makers, or CODM, manage our business, regularly access discrete financial information, and evaluate performance for operating decision-making purposes, including allocation of resources or capital to specific compounds or projects in line with the Company’s overall strategies and goals. The Company’s entire business is managed by a single management team, which reports to the CODM. The accounting policies of the Company's segment are the same as those described in Note 2 Significant Accounting Policies.
The CODM assess segment performance and decide how to allocate resources based on consolidated net loss. The CODM use net loss to monitor budget and forecast versus actual results in assessing segment performance and to determine how to allocate resources. The measure of segment assets used in determining how to manage and allocate resources is reported on the consolidated balance sheets as total assets. For the years ended December 31, 2025 and 2024, all of the Company's long-lived assets were held within the U.S.
The following table reconciles segment revenue and expenses to consolidated net loss (income) for the years ended December 31, 2025 and 2024 (in thousands):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Product revenue, net |
|
$ |
— |
|
|
$ |
87,371 |
|
|
|
|
|
|
|
|
||
Less1,5: |
|
|
|
|
|
|
||
Cost of sales2 |
|
|
— |
|
|
|
124,633 |
|
Direct research and development expenses by program: |
|
|
|
|
|
|
||
Avexitide |
|
|
24,100 |
|
|
|
2,766 |
|
AMX0035 - PSP |
|
|
17,260 |
|
|
|
16,917 |
|
AMX0035 - ALS |
|
|
1,756 |
|
|
|
36,727 |
|
Other programs |
|
|
15,004 |
|
|
|
8,698 |
|
Acquired in-process research and development |
|
|
— |
|
|
|
36,203 |
|
Personnel-related research and development3 |
|
|
32,284 |
|
|
|
38,976 |
|
Selling, general and administrative |
|
|
62,887 |
|
|
|
114,331 |
|
Restructuring expenses |
|
|
— |
|
|
|
22,851 |
|
(Benefit) provision for income taxes |
|
|
46 |
|
|
|
(393 |
) |
Interest income |
|
|
(9,302 |
) |
|
|
(13,809 |
) |
Other segment items4 |
|
|
700 |
|
|
|
1,214 |
|
Net loss |
|
$ |
(144,735 |
) |
|
$ |
(301,743 |
) |
1. The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. As the Company has one reportable segment, there were no intersegment eliminations for the years ended December 31, 2025 and 2024.
2. Includes inventory impairment and loss on firm purchase commitments of zero and $118.7 million during years ended December 31, 2025 and 2024, respectively.
3. The Company does not allocate personnel and other similar costs to specific programs because these costs are deployed across multiple programs.
4. Other segment items primarily consists of net realized and unrealized losses on foreign exchange transactions
5. Depreciation and amortization expense of $0.5 million and $0.9 million during the years ended years ended December 31, 2025 and 2024, respectively, are allocated across the significant expense captions.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 3, 2026 | Showing above |
| 2024 | Mar 4, 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.