Indaptus Therapeutics, Inc. Segments Disclosure
NOTE 9: SEGMENT INFORMATION
Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker in deciding how to allocate resources in assessing performance. The Company operates as a reporting segment, focusing on the development of a novel and patented systemically administered anti-cancer and anti-viral immunotherapy. The Company’s chief operating decision maker (“CODM”) is the chief executive officer.
The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the segment based on operating expenses as reported in the accompanying consolidated statement of operations. The Company expects to continue to incur significant expenses and operating losses for the foreseeable future as it advances the development of its product candidates through pre-clinical and clinical trials. In addition, the measure of segment assets is reported on the accompanying consolidated balance sheet as total assets.
As such, the CODM uses cash forecast models in deciding how to invest into the segment. Such cash forecast models are reviewed to assess the entity-wide operating results and performance. Net loss is used to monitor budget versus actual results. Monitoring budgeted versus actual results is used in assessing performance of the segment.
The following table presents reportable segment loss, including significant expenses regularly provided to the CODM, attributable to the Company’s reportable segment for the years ended December 31, 2024 and 2023:
| Year ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Research and development: | ||||||||
| External research and development | $ | 4,355,449 | $ | 4,683,828 | ||||
| Internal personnel costs | 2,895,648 | 2,937,879 | ||||||
| Total research and development | 7,251,097 | 7,621,707 | ||||||
| General and administrative | 8,114,654 | 8,756,767 | ||||||
| Other income, net | (343,724 | ) | (955,003 | ) | ||||
| Net loss | $ | 15,022,027 | $ | 15,423,471 | ||||
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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.