VivoSim Labs, INC. Segments Disclosure
Note 13. Business Segment Information
Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated on a regular basis by the CODM in deciding how to allocate resources to an individual segment and in assessing performance. The Company identified one operating segment in fiscal 2026, named the R&D segment, which did not impact prior periods. During fiscal 2026, the Company's operating segment was as follows:
Research & Development
The R&D segment focuses on providing testing of drugs and drug candidates in 3D human tissue models of liver and intestine, offering partners liver and intestinal toxicology insights using its NAM models. The Company plans to work with pharmaceutical and biotech companies at all stages of drug development to reduce the significant risk and cost of bringing therapeutics to market through the regulatory process and offer bespoke services in the areas of investigational toxicology, mechanism of drug action elucidation, and other applications of these complex human tissue models.
For purposes of evaluating performance and allocating resources, the Company’s CODM, its , regularly reviews Consolidated Net Loss as reported in the Company’s Consolidated Statements of Operations and Comprehensive Loss as compared to budget. The measure of segment assets is reported in the Consolidated Balance Sheets as Total Consolidated Assets.
In addition to the significant expense categories included within Consolidated Net Loss presented in the Company’s Consolidated Statements of Operations and Other Comprehensive Loss, see below for disaggregated expense amounts for the years ended March 31, 2026 and 2025 (in thousands):
|
Year Ended |
|
|
Year Ended |
|
||
|
March 31, 2026 |
|
|
March 31, 2025 |
|
||
Revenue |
|
|
|
|
|
||
Royalty revenue |
$ |
131 |
|
|
$ |
119 |
|
Product revenue |
|
— |
|
|
|
25 |
|
Total revenue |
|
131 |
|
|
|
144 |
|
Operating expenses |
|
|
|
|
|
||
Cost of revenues |
|
— |
|
|
|
5 |
|
Research and development (a) (b) |
|
3,934 |
|
|
|
4,712 |
|
Selling, general, and administrative expenses (a)(b) |
|
7,166 |
|
|
|
7,245 |
|
Non-cash stock-based compensation (see Note 6) |
|
303 |
|
|
|
532 |
|
Depreciation and amortization (see Note 3) |
|
215 |
|
|
|
266 |
|
Total operating expenses |
$ |
11,618 |
|
|
$ |
12,760 |
|
Consolidated operating loss |
$ |
(11,487 |
) |
|
$ |
(12,616 |
) |
(a) Stock-based compensation expense of $56,000 and $86,000 related to research and development and $247,000 and $446,000, related to selling, general, and administration have been excluded for the years ended March 31, 2026 and 2025, respectively.
(b) Depreciation and amortization expense of $199,000 and $227,000 related to research and development and $16,000 and $39,000 related to selling, general, and administration have been excluded for the years ended March 31, 2026 and 2025, respectively.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Jul 14, 2026 | Showing above |
| 2025 | Jun 5, 2025 | |
| 2024 | May 31, 2024 | |
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.