AN2 Therapeutics, Inc. Segments Disclosure
Note 13. Segment Reporting
The Company operates and manages its business as one reportable and operating segment. The determination of a single operating segment is consistent with the financial information regularly provided to the Company’s chief operating decision maker (the “CODM”). The Company's , who is the CODM, assesses performance for the single segment and decides how to allocate resources based on net loss that also is reported on the statements of operations and comprehensive loss. The monitoring of budgeted versus actual results are used in assessing performance of the segment, and making operating decisions, allocating resources, and planning and forecasting for future periods. The measure of segment assets is reported on the balance sheets as total assets.
In addition to the significant expense categories included within net loss presented on the statements of operations and comprehensive loss, see below for disaggregated amounts that comprise research and development expenses:
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Year Ended December 31, |
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2025 |
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2024 |
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External research and development expenses: |
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Other external research and development (1) |
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$ |
10,615 |
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$ |
6,911 |
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Clinical trials expenses |
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2,783 |
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15,626 |
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Consulting and outside services |
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2,400 |
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|
4,707 |
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Total external research and development expenses |
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15,798 |
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27,244 |
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Internal research and development expenses: |
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Personnel-related expenses |
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8,971 |
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13,244 |
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Total research and development expenses |
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$ |
24,769 |
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|
$ |
40,488 |
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(1) Chemistry manufacturing controls, research and preclinical studies and other miscellaneous expenses.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 17, 2026 | Showing above |
| 2024 | Mar 25, 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.