Quarterly report pursuant to Section 13 or 15(d)

Segments

v3.7.0.1
Segments
3 Months Ended
Mar. 31, 2017
Segment Reporting [Abstract]  
Segments

We report information about our operating segments using the “management approach” in accordance with current accounting standards. This information is based on the way management organizes and reports the segments within the enterprise for making operating decisions and assessing performance. Our reportable segments are identified based on differences in products, services and markets served. There were no inter-segment sales. We manage our business based on two primary types of drug products: (i) diagnostic substances, including Tc 99m tilmanocept and other diagnostic applications of our Manocept platform, our R-NAV joint venture (terminated on May 31, 2016), NAV4694 and NAV5001 (license terminated in April 2015), and (ii) therapeutic development programs, including therapeutic applications of our Manocept platform and all development programs undertaken by Macrophage Therapeutics, Inc.

 

The information in the following tables is derived directly from each reportable segment’s financial reporting.

 

Three Months Ended March 31, 2017   Diagnostics     Therapeutics     Corporate     Total  
Tc 99m tilmanocept sales revenue:                        
United States   $     $     $     $  
International                        
Tc 99m tilmanocept license revenue                        
Grant and other revenue     571,362       8,668             580,030  
Total revenue     571,362       8,668             580,030  
Cost of goods sold, excluding depreciation and amortization                        

Research and development expenses,

   excluding depreciation and amortization

    413,202       292,072             705,274  

Selling, general and administrative expenses,

   excluding depreciation and amortization (1)

          2,521       2,943,123       2,945,644  
Depreciation and amortization (2)                 76,790       76,790  
Income (loss) from operations (3)     158,160       (285,925 )     (3,019,913 )     (3,147,678 )
Other expense                 (1,171,109 )     (1,171,109 )
Income tax (expense) benefit     (53,254 )     96,273       1,411,153       1,454,172  
Net income (loss) from continuing operations     104,906       (189,652 )     (2,779,869 )     (2,864,615 )
Loss from discontinued operations, net of tax     (255,861 )                 (255,861 )
Gain on sale of discontinued operations, net of tax     88,701,501                   88,701,501  
Net income (loss)     88,550,546       (189,652 )     (2,779,869 )     85,581,025  
Total assets, net of depreciation and amortization:                                
United States     9,692,007       897       23,116,511       32,809,415  
International     115,279             893       116,172  
Capital expenditures                        

 

Three Months Ended March 31, 2016   Diagnostics     Therapeutics     Corporate     Total  
Tc 99m tilmanocept sales revenue:                        
United States   $     $     $     $  
International     8,800                   8,800  
Tc 99m tilmanocept license revenue     254,050                   254,050  
Grant and other revenue     685,635                   685,635  
Total revenue     948,485                   948,485  
Cost of goods sold, excluding depreciation and amortization     1,489                   1,489  

Research and development expenses,

   excluding depreciation and amortization

    1,830,471       241,800             2,072,271  

Selling, general and administrative expenses,

   excluding depreciation and amortization (1)

          (598 )     2,558,758       2,558,160  
Depreciation and amortization (2)                 74,966       74,966  
Loss from operations (3)     (883,475 )     (241,202 )     (2,633,724 )     (3,758,401 )

Other income (expense), excluding

   equity in loss of R-NAV, LLC (4)

                1,088,824       1,088,824  
Equity in loss of R-NAV, LLC                 (12,239 )     (12,239 )
Net income (loss) from continuing operations     (883,475 )     (241,202 )     (1,557,139 )     (2,681,816 )
Loss from discontinued operations, net of tax     (1,004,433 )                 (1,004,433 )
Net loss     (1,887,908 )     (241,202 )     (1,557,139 )     (3,686,249 )
Total assets, net of depreciation and amortization:                                
United States     4,273,762       16,515       7,610,817       11,901,094  
International     380,982             1,605       382,587  
Capital expenditures                 1,847       1,847  

 

(1)  General and administrative expenses, excluding depreciation and amortization, represent costs that relate to the general administration of the Company and as such are not currently allocated to our individual reportable segments.
(2)  Depreciation and amortization is reflected in selling, general and administrative expenses ($76,790 and $74,966 for the three-month periods ended March 31, 2017 and 2016).

(3)  Loss from operations does not reflect the allocation of certain selling, general and administrative expenses, excluding depreciation and amortization, to our individual reportable segments.
(4)  Amounts consist primarily of changes in fair value of financial instruments and losses on debt extinguishment, which are not currently allocated to our individual reportable segments.