Septerna, Inc. Segments Disclosure
15. Segment Information
The CODM assesses performance for the Company’s operating segment and decides how to allocate resources based on the Company’s available cash resources. Total operating expenses and net loss of the Company’s operating segment are used to monitor budget versus actual results. The measure of segment assets is reported as total assets on the Company’s balance sheet.
The CODM is regularly provided with the following significant segment expenses:
|
|
Years Ended December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Revenue |
|
$ |
45,951 |
|
|
$ |
1,075 |
|
Employee-related expenses, excluding stock-based compensation |
|
|
33,468 |
|
|
|
22,233 |
|
Stock-based compensation |
|
|
8,476 |
|
|
|
3,152 |
|
External research and development expenses |
|
|
53,519 |
|
|
|
32,786 |
|
External general and administrative expenses |
|
|
8,856 |
|
|
|
6,511 |
|
Gain on sale of non-financial asset |
|
|
(12,500 |
) |
|
|
— |
|
Other segment expenses* |
|
|
22,429 |
|
|
|
17,216 |
|
Total operating expenses |
|
|
114,248 |
|
|
|
81,898 |
|
Loss from operations |
|
|
(68,297 |
) |
|
|
(80,823 |
) |
Other income, net |
|
|
19,430 |
|
|
|
8,527 |
|
Loss before provision (benefit) for income taxes |
|
|
(48,867 |
) |
|
|
(72,296 |
) |
Provision (benefit) for income taxes |
|
|
12 |
|
|
|
(498 |
) |
Net loss |
|
$ |
(48,879 |
) |
|
$ |
(71,798 |
) |
(*) Other segment expenses include facility related and office costs, information technology costs, general laboratory costs, and other operating expenses.
As of December 31, 2025 and 2024, all of the Company’s property and equipment was maintained in the U.S. For each of the years ended December 31, 2025 and 2024, the Company’s revenue was generated from providing research services and was earned in the U.S.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 9, 2026 | Showing above |
| 2024 | Mar 27, 2025 | |
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.