Annovis Bio, Inc. Segments Disclosure
(11) Segment Information
The Company is a clinical-stage biopharmaceutical company and has not generated any revenue since commencing significant operations in 2008. The Company’s operations are organized and reported as a reportable segment, which includes all activities related to the discovery, development, and commercialization of our lead product candidate, buntanetap, which is designed to address AD, PD, and potentially other chronic neurodegenerative diseases. This presentation is consistent with how the Company’s CODM, its Chief Executive Officer, assesses the performance of the Company and makes operating decisions. The accounting policies of the segment are the same as those described in the summary of significant accounting policies (see Note 2). The CODM assesses performance and decides how to allocate resources based on net loss as reported on the statements of operations. The CODM uses net loss to monitor actual operating results, assess cash runway, and benchmark against the Company’s competitors. The measure of segment assets is reported on the balance sheets as total assets. The Company’s assets are held in the United States.
When evaluating the Company’s financial performance, the CODM regularly reviews the following expense categories that comprise net loss. The table below sets forth the Company’s segment information as reviewed by the CODM:
Year Ended | |||||
December 31, | |||||
2025 | | 2024 | |||
Program expenses related to clinical-stage product candidates | $ | (19,454,384) | $ | (13,817,021) | |
Program expenses related to preclinical and discovery programs | (504,013) | (884,049) | |||
Program expenses related to clinical manufacturing candidates | (2,493,101) | (2,589,833) | |||
Personnel-related expenses (including stock-based compensation) | (4,857,879) | (6,560,070) | |||
General and administrative professional and consultant fees | (1,649,327) | (1,667,063) | |||
Other segment items1 | (736,554) | (1,176,892) | |||
Interest income | 699,061 | 331,849 | |||
Other non-cash income (expense) items2 | 142,000 | 1,772,704 | |||
Net Loss | $ | (28,854,197) | $ | (24,590,375) | |
¹ Other segment items included in net loss include insurance expense, rent expense, information technology expenses, listing/printing fees, warrant commissions and other miscellaneous expenses.
² Other non-cash income (expense) items include financing costs from our ELOC and change in fair value of our liability classified warrants.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 13, 2026 | Showing above |
| 2024 | Mar 21, 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.