Stoke Therapeutics, Inc. Segments Disclosure
13. Segment Information
The Company comprises of one reportable segment, Stoke. As of December 31, 2024, this segment has not generated any product revenue since inception, as it does not yet have approved products for sale.
The Company primarily generates revenue in North America, with its long-lived assets also concentrated in this region, and manages its business activities on a consolidated basis. Decisions concerning the allocation of the Company’s resources are made by the Company’s Chief Operating Decision Maker (“CODM”), which is the Company’s (“CEO”). The CODM views the Company’s operations as a single operating segment which is the business of discovering and developing RNA-based medicines, using the Targeted Augmentation of Nuclear Gene Output (“TANGO”) approach and developing antisense oligonucleotides (“ASOs”) to selectively restore protein levels.
The CODM assesses performance for the Stoke operations segment and decides how to allocate resources based on net income or loss that is also reported on the income statement as consolidated net income or loss and the measure of segment assets as reported on the balance sheet as total consolidated assets. is used to monitor budget vs actual results as well as assess the general performance of the segment in a given period.
The following table reconciles segment direct profit or loss to the Company’s consolidated results:
|
|
Year Ended December 31, |
|
|||||
|
|
2024 |
|
|
2023 |
|
||
Revenue |
|
$ |
36,555 |
|
|
$ |
8,780 |
|
|
|
|
|
|
|
|
||
Zorevunersen(1) |
|
|
31,991 |
|
|
|
27,985 |
|
ADOA(1) |
|
|
6,254 |
|
|
|
8,140 |
|
SYNGAP1(1) |
|
|
1,319 |
|
|
|
554 |
|
MECP2(1) |
|
|
1,066 |
|
|
|
991 |
|
Other external program costs |
|
|
8,772 |
|
|
|
9,854 |
|
Payroll and other personnel costs - R&D (2) |
|
|
37,449 |
|
|
|
32,265 |
|
Payroll and other personnel costs - G&A (2) |
|
|
32,318 |
|
|
|
27,479 |
|
Other non-program costs - R&D (3) |
|
|
5,325 |
|
|
|
3,744 |
|
Other non-program costs - G&A (3) |
|
|
13,433 |
|
|
|
12,541 |
|
Subtotal |
|
|
(137,927 |
) |
|
|
(123,553 |
) |
Other segment items |
|
|
|
|
|
|
||
Interest expense |
|
|
(26 |
) |
|
|
(49 |
) |
Interest income |
|
|
12,664 |
|
|
|
9,957 |
|
Other (expense) income |
|
|
(247 |
) |
|
|
166 |
|
Total other segment items |
|
|
12,391 |
|
|
|
10,074 |
|
Segment net loss |
|
$ |
(88,981 |
) |
|
$ |
(104,699 |
) |
(1) Includes external research and development and general and administrative expenses associated with programs.
(2) Includes salaries, benefits and other personnel related expenses, including stock based compensation expense, of relevant personnel.
(3) Includes costs incurred for conducting non-program activities related to Company activities.
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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.