Clene Inc. Segments Disclosure
Note 16. Geographic and Segment Information
Geographic Information
All of our long-lived assets, composed of property and equipment, net by location, were held in the U.S. and all of our revenues from external customers were generated in the U.S.
Segment Information
Our Products segment measures of profit and loss is consolidated loss from operations, and its measure of total assets is consolidated total assets. Our CODM uses loss from operations predominantly in the annual budget and forecasting process to monitor variances in budget versus actual results along with consolidated total assets to determine resource allocation. Segment revenues from external customers, significant segment non-cash items, and other significant segment expense categories included within the measure of profit and loss and provided to our CODM were all based on their consolidated amounts. During the years ended December 31, 2025 and 2024, these items were as follows:
| Year Ended December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Segment revenue from external customers | $ | 200 | $ | 342 | ||||
| Segment operating expenses: | ||||||||
| Cost of revenue | 43 | 70 | ||||||
| Research and development: | ||||||||
| CNM-Au8: | ||||||||
| Amyotrophic lateral sclerosis | 5,936 | 3,400 | ||||||
| Multiple sclerosis | 295 | 239 | ||||||
| Parkinsonʼs disease | — | (18 | ) | |||||
| Regulatory activities | 484 | 928 | ||||||
| General/preclinical/nonclinical | 95 | 375 | ||||||
| CNM-ZnAg | — | 17 | ||||||
| Facilities | 1,662 | 1,560 | ||||||
| Depreciation | 1,351 | 1,379 | ||||||
| Manufacturing | 805 | 1,130 | ||||||
| Research | 11 | 48 | ||||||
| Equipment | 98 | 116 | ||||||
| Maintenance | 144 | 264 | ||||||
| Information technology | 324 | 160 | ||||||
| Personnel | 8,210 | 10,114 | ||||||
| Stock-based compensation | 2,987 | 3,546 | ||||||
| Grant revenue as a reduction of research and development expense | (8,523 | ) | (3,285 | ) | ||||
| Other segment items ‒ Research and development(1) | 132 | 85 | ||||||
| General and administrative: | ||||||||
| Insurance | 725 | 822 | ||||||
| Legal | 504 | 822 | ||||||
| Finance and accounting | 1,013 | 761 | ||||||
| Public and investor relations | 343 | 662 | ||||||
| Facilities | 119 | 119 | ||||||
| Depreciation | 144 | 266 | ||||||
| Information technology | 152 | 300 | ||||||
| Personnel | 2,874 | 4,177 | ||||||
| Stock-based compensation | 3,395 | 4,407 | ||||||
| Grant revenue as a reduction of general and administrative expense | (358 | ) | (147 | ) | ||||
| Other segment items ‒ General and administrative(2) | 318 | 1,118 | ||||||
| Segment loss from operations | (23,083 | ) | (33,093 | ) | ||||
| Reconciliation of segment loss from operations: | ||||||||
| Adjustments and reconciling items | — | — | ||||||
| Consolidated loss from operations | $ | (23,083 | ) | $ | (33,093 | ) | ||
| (1) | Includes expenses for travel, meals, dues, subscriptions, continuing education, and other miscellaneous expenses. |
| (2) | Includes expenses for travel, meals, dues, subscriptions, continuing education, lobbying, banking fees, postage, and other office and miscellaneous expenses. |
Our revenues during the years ended December 31, 2025 and 2024 were predominantly with a single customer, 4Life, through our Amended 4Life Agreements (see Note 15). A reconciliation of the total of the Products segment loss from operations to consolidated net loss before income taxes for the years ended December 31, 2025 and 2024 was as follows:
| Year Ended December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Segment loss from operations | $ | (23,083 | ) | $ | (33,093 | ) | ||
| Total other income (expense), net(1) | (3,090 | ) | (6,307 | ) | ||||
| Net loss before income taxes | $ | (26,173 | ) | $ | (39,400 | ) | ||
| (1) | Represents consolidated total other income (expense), net, as reported on the consolidated statements of operations and comprehensive loss. |
Products segment assets exclude corporate assets, such as cash, restricted cash, and corporate facilities. Total assets as of December 31, 2025 and 2024 were as follows:
| December 31, | December 31, | |||||||
| (in thousands) | 2025 | 2024 | ||||||
| Total assets: | ||||||||
| Products | $ | 12,828 | $ | 15,001 | ||||
| Corporate | 5,303 | 12,336 | ||||||
| Consolidated | $ | 18,131 | $ | 27,337 | ||||
Additions to long-lived assets during the years ended December 31, 2025 and 2024 were as follows:
| Year Ended December 31, | ||||||||
| (in thousands) | 2025 | 2024 | ||||||
| Products | $ | 39 | $ | 15 | ||||
| Corporate | — | — | ||||||
| Consolidated | $ | 39 | $ | 15 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 17, 2026 | Showing above |
| 2024 | Mar 24, 2025 | |
| 2022 | Mar 13, 2023 | |
| 2021 | Mar 11, 2022 | |
| 2020 | Mar 29, 2021 | |
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.