15. Segment Information

We have one reportable segment which focuses on the discovery and development of cancer therapeutics. The segment derives its revenues from the Collaboration Agreement with Jazz (see Note 3, Jazz Collaboration and License Agreement).

Our CODM manages our operations on an integrated basis for the purpose of allocating resources. When evaluating our financial performance, our CODM regularly reviews total expenses and expenses by function and makes decisions using this information based on the performance of the enterprise as a whole. Our CODM primarily evaluates the performance of the

enterprise based on results that have a direct impact on our available cash and cash equivalents and accordingly places less significance on non-cash expenses such as stock-based compensation and depreciation expenses in determining how to allocate resources.

Segment assets regularly reviewed by our CODM include measures of liquidity, primarily available cash and cash equivalents, and are consistent with the presentation of cash and cash equivalents reported in our consolidated balance sheets.

The following is a summary of our segment and consolidated net loss, including significant segment expenses:


	Year Ended December 31,
	2024		2023
	(in thousands)
Collaboration revenue	$	1,885	$	19,943
Less:
Manufacturing	19,759		10,521
Clinical development	16,361		9,335
Research and discovery	14,389		16,673
General and administrative support	14,330		14,145
Other segment expenses(a)	10,640		9,772



Interest income	6,673		7,416
Interest expense	(4,656)		(3,139)
Loss on extinguishment of debt	(553)		—
Other income (expense), net	1,615		(1,142)
Segment and consolidated net loss	$	(70,515)	$	(37,368)

(a) Other segment expenses includes non-cash expenses for stock-based compensation and depreciation expenses.

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.

Werewolf Therapeutics, Inc. Segments Disclosure

About Segments Disclosures

Other Available Disclosures