Annexon, Inc. Segments Disclosure
10. Segment Reporting
The Company has one reportable segment, which is related to the research and development of its product candidates focused on complement-mediated diseases of the body, brain and eye for which there is significant unmet medical need. The accounting policies of the one reportable segment are the same as those described in the summary of significant accounting policies. See Note 2—Basis of Presentation and Significant Accounting Policies.
The segment is managed on a consolidated basis and the CODM uses total operating expenses and consolidated net loss to assess performance, forecast future financial results and allocate resources. In assessing the Company's financial performance and making strategic decisions, the CODM regularly reviews operating expenses by function. This includes a review of budget versus actual expenses and direct program spend, which includes clinical costs, consultant fees, manufacturing expenses, and other direct external costs.
The following table presents the operations for the reportable segment during the years ended December 31, 2025 and 2024 (in thousands):
|
|
Year Ended |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Research and development - external expenses(1) |
|
$ |
134,193 |
|
|
$ |
79,548 |
|
Research and development - personnel |
|
|
32,981 |
|
|
|
24,291 |
|
General and administrative - personnel |
|
|
8,661 |
|
|
|
6,578 |
|
Other general and administrative expenses(2) |
|
|
21,983 |
|
|
|
22,073 |
|
Depreciation expense |
|
|
2,166 |
|
|
|
2,150 |
|
Stock-based compensation |
|
|
16,423 |
|
|
|
19,433 |
|
Total operating expense |
|
|
216,407 |
|
|
|
154,073 |
|
Loss from operations |
|
|
(216,407 |
) |
|
|
(154,073 |
) |
Interest and other income, net |
|
|
9,717 |
|
|
|
15,873 |
|
Consolidated segment net loss |
|
$ |
(206,690 |
) |
|
$ |
(138,200 |
) |
__________________
(1) Research and development - program expenses include other non-program specific expenses and other research expenses.
(2) Other general and administrative expenses include consulting and professional services fees for legal, accounting, tax, and facilities costs.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 30, 2026 | Showing above |
| 2024 | Mar 3, 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.