ASSEMBLY BIOSCIENCES, INC. Segments Disclosure
Note 13 - Segment Reporting
The Company operates as a operating segment focusing on developing innovative therapeutics targeting serious viral diseases. The Company's and President, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources.
The measure of segment profit or loss used by the CODM to evaluate performance and allocate resources is consolidated net loss as reported in the Company's consolidated statements of operations. This measure is used by the CODM to assess its cash runway and make strategic decisions about resource allocation. The CODM does not use asset measures to evaluate segment performance or make resource allocation decisions.
Operating expenses include all costs necessary to operate the Company's business, primarily consisting of research and development and general and administrative expenses directly related to advancing the Company's programs. These expenses are reviewed by the CODM on a consolidated basis as part of evaluating the Company's overall financial performance. During the years ended December 31, 2024 and 2023, the Company generated all of its collaboration revenue from two customers, one of which is a related party (see Notes 3 - Related Party and 8 - Collaboration Agreements). For the years ended December 31, 2024 and 2023, all of the Company's revenue and long-lived assets were in the United States.
The following table presents the significant segment expenses and other segment items regularly reviewed by the Company's CODM:
|
|
Years Ended December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Collaboration revenue ($28,520 and $4,430 from a related party) |
|
$ |
28,520 |
|
|
$ |
7,163 |
|
Less: |
|
|
|
|
|
|
||
External program expenses: |
|
|
|
|
|
|
||
Research and discovery |
|
|
8,985 |
|
|
|
9,741 |
|
ABI-6250 |
|
|
6,396 |
|
|
|
421 |
|
ABI-5366 |
|
|
6,215 |
|
|
|
2,869 |
|
ABI-1179 |
|
|
4,239 |
|
|
|
|
|
ABI-4334 |
|
|
2,646 |
|
|
|
1,947 |
|
Vebicorvir |
|
|
(43 |
) |
(1) |
|
1,755 |
|
ABI-H3733 |
|
|
|
|
|
3,383 |
|
|
ABI-H2158 |
|
|
|
|
|
226 |
|
|
Total external program expenses |
|
|
28,438 |
|
|
|
20,342 |
|
Employee and contractor-related expenses (2) |
|
|
23,819 |
|
|
|
22,956 |
|
Facility and other expenses |
|
|
3,676 |
|
|
|
5,602 |
|
Total research and development |
|
|
55,933 |
|
|
|
48,900 |
|
General and administrative (2) |
|
|
18,007 |
|
|
|
22,909 |
|
Other segment items (3) |
|
|
(5,243 |
) |
|
|
(3,418 |
) |
Net loss |
|
$ |
(40,177 |
) |
|
$ |
(61,228 |
) |
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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.