Segment Information

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the CODMs in deciding how to allocate resources and in assessing performance. The Company’s CODMs are (i) the Chief Executive Officer and (ii) the President and Chief Financial Officer. The Company is a clinical stage biotechnology company that operates as a single operating segment and has one reportable segment. In addition to reviewing the expenses in the consolidated statement of operations, the CODMs are provided with research and development costs for Rett syndrome, Batten disease, Early Discovery and Discontinued Programs, as well as categorized general and administrative expenses. The research and development programs are considered significant by the Company. The CODM assesses the financial performance of the segment and decides how to allocate resources based on net loss on a consolidated basis. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets. The CODMs also assess performance of the segment according to preclinical and clinical data, the stage of development of the research and development programs, along with program specific expenses and market conditions in the pharmaceutical and biotechnology sectors.

As of December 31, 2025 and 2024, the Company did not have any significant long-lived assets located outside of the United States. Information on the segment and reconciliation to net loss is as follows (in thousands):


	Year Ended December 31,
	2025		2024
Revenue under licensing agreements	$	—	$	925

Program specific expenses:
Rett syndrome	25,841		12,104
Batten disease	1,513		5,869
Early Discovery	3,223		5,401
Unallocated internal expenses:
Personnel-related	21,493		18,476
Stock-based compensation	6,472		4,506
Manufacturing	13,018		12,098
Other (a)	3,451		2,463
Total research and development expenses	$	75,011	$	60,917

General and administrative specific expenses:
Personnel-related	$	9,257	$	8,098
Stock-based compensation	7,711		3,813
Professional and consultant fees	4,586		4,558
Office-related	2,465		2,534
Other (b)	4,298		3,610
Total general and administrative expenses	$	28,317	$	22,613

Other income (c)	12,977		7,461
Net loss	$	(90,351)	$	(75,144)
(a) The Other expense segment items category within research and development expense is mainly comprised of: Consultant fees for programs not specified above, IT Software and network support and rent expenses. (b) The Other expense segment items category within general and administrative expense is mainly comprised of: Insurance, IT software and network support, market research, and tax expenses. (c) Other income (expense) included in net loss includes interest income, interest expense, other income and other expense.

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.

Neurogene Inc. Segments Disclosure

About Segments Disclosures

Other Available Disclosures