Kalaris Therapeutics, Inc. Segments Disclosure
18. Segment Reporting
The Company operates and manages its business as one reportable and operating segment. The CODM regularly reviews and evaluates net loss, as reported in the consolidated statements of operations and comprehensive loss, for purposes of assessing performance, making operating decisions, allocating resources, and planning and forecasting for future periods on an aggregate basis. The CODM does not review assets at a different level or category than the amounts disclosed in the consolidated balance sheets as total assets. All of the Company’s long-lived assets are located in the United States.
The following is the Company’s summary of segment loss, including significant segment expenses for the years ended December 31, 2025 and 2024 (in thousands):
|
|
Year Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
External research and development expenses: |
|
|
|
|
|
|
||
CDMO, CRO and other third-party preclinical studies, clinical trials and consulting costs |
|
$ |
25,108 |
|
|
$ |
10,324 |
|
License fees, milestone payments, and annual maintenance fees related to acquired technologies |
|
|
10 |
|
|
|
32,099 |
|
Internal research and development personnel expenses |
|
|
5,244 |
|
|
|
2,490 |
|
Other research and development costs |
|
|
391 |
|
|
|
129 |
|
General and administrative personnel expenses |
|
|
4,447 |
|
|
|
1,940 |
|
Other general and administrative expenses |
|
|
10,952 |
|
|
|
4,750 |
|
Interest expense |
|
|
1,443 |
|
|
|
2,701 |
|
Other segment items1 |
|
|
(4,157 |
) |
|
|
14,734 |
|
Net loss |
|
$ |
(43,438 |
) |
|
$ |
(69,167 |
) |
1 Other segment items include change in fair value of tranche liability, change in fair value of derivative liabilities, loss on extinguishment and on issuance of convertible promissory notes and other income, net.
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.