Segment Information
The Company operates as a single operating segment that is engaged in discovering, developing, and commercializing products that address medical conditions with significant unmet needs in the areas of oncology, immunology, neuroscience, and infectious disease. A global research and development organization and a supply chain organization discover, develop, manufacture, and supply our products. A global commercial organization markets, distributes, and sells the products. The business is also supported by global corporate staff functions. The Company’s CODM is the Chief Executive Officer, who assesses performance and allocates resources based on significant expenses and net income on a consolidated basis. The significant expenses that are regularly provided to the CODM include those amounts that are also reported on the consolidated statement of operations as well as below additional disaggregated measures. The CODM also reviews cash position (which are cash and cash equivalents, current restricted cash, and short-term investments) that are also reported on the consolidated balance sheets when making operating decisions. In accordance with ASC 280, the Company has only one reportable segment.
The following tables present disaggregated expenses that are regularly provided to the CODM:
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2025 | | 2024 | | 2023 |
| Personnel compensation and related costs | | 87,894 | | | 106,154 | | | 115,749 | |
| Licensing fees | | 30,597 | | | 30,997 | | | 19,291 | |
| CROs/CMOs/Investigators expenses | | 73,763 | | | 69,870 | | | 103,333 | |
| Other costs | | 28,650 | | | 27,483 | | | 27,495 | |
| Total research and development expenses | | 220,904 | | | 234,504 | | | 265,868 | |
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2025 | | 2024 | | 2023 |
| Clinical programs | | 86,934 | | | 86,126 | | | 112,158 | |
| Pre-Clinical programs | | 24,293 | | | 31,913 | | | 17,356 | |
| Unallocated research and development expenses | | 109,677 | | | 116,465 | | | 136,354 | |
| Total research and development expenses | | 220,904 | | | 234,504 | | | 265,868 | |
| | | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2025 | | 2024 | | 2023 |
| Personnel compensation and related costs | | 165,005 | | | 174,958 | | | 173,389 | |
| Other costs | | 112,600 | | | 123,783 | | | 108,219 | |
| Total selling, general, and administrative expenses | | 277,605 | | | 298,741 | | | 281,608 | |
| | | | | | | | | | | | | | | | | | | | |
| | Twelve months ended December 31 |
| | 2025 | | 2024 | | 2023 |
| Selling and marketing expenses | | 187,562 | | | 190,367 | | | 169,555 | |
| General and administrative expenses | | 90,043 | | | 108,374 | | | 112,053 | |
| Total selling, general, and administrative expenses | | 277,605 | | | 298,741 | | | 281,608 | |
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.