Biomea Fusion, Inc. Segments Disclosure
Note 10. Segment Reporting
The Company operates and manages its business as one reportable and operating segment, which is the business of developing small molecule drugs to treat patients with metabolic diseases. The Company’s interim , who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All long-lived assets are maintained in, and all losses are attributable to, the United States of America.
Below is the breakdown of the Company’s research and development and general and administrative expenses for the years ended December 31, 2025, 2024 and 2023 (in thousands):
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
External costs |
|
|
|
|
|
|
|
|
|
|||
Clinical research organization expenses |
|
|
|
|
|
|
|
|
|
|||
COVALENT - 101 |
|
$ |
2,162 |
|
|
$ |
2,386 |
|
|
$ |
7,380 |
|
COVALENT - 102 |
|
|
1,140 |
|
|
|
205 |
|
|
|
3,415 |
|
COVALENT - 103 |
|
|
3,561 |
|
|
|
3,710 |
|
|
|
2,007 |
|
COVALENT - 111 |
|
|
4,345 |
|
|
|
22,489 |
|
|
|
14,670 |
|
COVALENT - 112 |
|
|
1,131 |
|
|
|
5,048 |
|
|
|
1,306 |
|
COVALENT - 211 |
|
|
87 |
|
|
|
— |
|
|
|
— |
|
COVALENT - 212 |
|
|
67 |
|
|
|
— |
|
|
|
— |
|
GLP - 131 |
|
|
774 |
|
|
|
— |
|
|
|
— |
|
Other clinical related expenses |
|
|
6,331 |
|
|
|
14,262 |
|
|
|
7,320 |
|
Preclinical activities related expenses |
|
|
6,037 |
|
|
|
11,815 |
|
|
|
10,165 |
|
Expenses related to manufacturing of clinical and research material |
|
|
2,848 |
|
|
|
7,262 |
|
|
|
13,237 |
|
Other external costs |
|
|
6,935 |
|
|
|
10,948 |
|
|
|
5,528 |
|
Internal costs: |
|
|
|
|
|
|
|
|
|
|||
Personnel-related expenses (including |
|
|
20,563 |
|
|
|
31,856 |
|
|
|
28,838 |
|
Facilities and other allocated expenses |
|
|
5,998 |
|
|
|
8,104 |
|
|
|
8,680 |
|
Total research and development expenses |
|
$ |
61,979 |
|
|
$ |
118,085 |
|
|
$ |
102,546 |
|
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
External costs |
|
$ |
5,814 |
|
|
$ |
6,488 |
|
|
$ |
5,007 |
|
Internal costs: |
|
|
|
|
|
|
|
|
|
|||
Personnel-related expenses (including |
|
|
11,902 |
|
|
|
17,768 |
|
|
|
16,466 |
|
Facilities and other allocated expenses |
|
|
1,612 |
|
|
|
1,729 |
|
|
|
2,116 |
|
Total general and administrative expenses |
|
$ |
19,328 |
|
|
$ |
25,985 |
|
|
$ |
23,589 |
|
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Impairment of long-lived assets |
|
$ |
2,205 |
|
|
$ |
— |
|
|
$ |
— |
|
Reconciliation of segment loss from operations to net loss:
|
|
Year Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Loss from operations of reportable segments |
|
$ |
(83,512 |
) |
|
$ |
(144,070 |
) |
|
$ |
(126,135 |
) |
Change in fair value of common warrant liability |
|
|
19,857 |
|
|
|
— |
|
|
|
— |
|
Interest income |
|
|
1,858 |
|
|
|
5,644 |
|
|
|
8,880 |
|
Net loss |
|
$ |
(61,797 |
) |
|
$ |
(138,426 |
) |
|
$ |
(117,255 |
) |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 24, 2026 | Showing above |
| 2024 | Mar 31, 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.