Segment Reporting Disclosure [Text Block] |
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
Tc99m 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. Certain revenue and expense amounts in the years ended December 31, 2017,
2016 and 2015 have been reclassified to discontinued operations. See Note 3.
Year Ended December 31, 2017 | | | | | | | | | | | | | Tc99m tilmanocept sales revenue: | | | | | | | | | | | | | | | | | United States | | $ | — | | | $ | — | | | $ | — | | | $ | — | | International | | | — | | | | — | | | | — | | | | — | | Tc99m tilmanocept license revenue | | | 100,000 | | | | — | | | | — | | | | 100,000 | | Tc99m tilmanocept royalty revenue | | | 9,126 | | | | — | | | | — | | | | 9,126 | | Grant and other revenue | | | 1,506,232 | | | | 195,079 | | | | — | | | | 1,701,311 | | Total revenue | | | 1,615,358 | | | | 195,079 | | | | — | | | | 1,810,437 | | Cost of goods sold | | | 3,651 | | | | — | | | | — | | | | 3,651 | | Research and development expenses, excluding depreciation and amortization | | | 3,784,255 | | | | 729,587 | | | | — | | | | 4,513,842 | | Selling, general and administrative expenses, excluding depreciation and amortization
| | | — | | | | 34,484 | | | | 10,895,301 | | | | 10,929,785 | | Depreciation and amortization
| | | — | | | | — | | | | 240,166 | | | | 240,166 | | | | | (2,172,548 | ) | | | (568,992 | ) | | | (11,135,467 | ) | | | (13,877,007 | ) | | | | — | | | | — | | | | (3,912,679 | ) | | | (3,912,679 | ) | Benefit from income taxes | | | 496,127 | | | | 129,936 | | | | 3,436,426 | | | | 4,062,489 | | L oss from continuing operations
| | | (1,676,421 | ) | | | (439,056 | ) | | | (11,611,720 | ) | | | (13,727,197 | ) | Income from discontinued operations, net of tax effect
| | | 88,673,053 | | | | — | | | | — | | | | 88,673,053 | | Net income (loss) | | | 86,996,632 | | | | (439,056 | ) | | | (11,611,720 | ) | | | 74,945,856 | | Total assets, net of depreciation and amortization: | | | | | | | | | | | | | | | | | United States | | $ | 13,065,871 | | | $ | 49,001 | | | $ | 7,634,237 | | | $ | 20,749,109 | | International | | | 30,476 | | | | — | | | | 1,851 | | | | 32,327 | | Capital expenditures | | | — | | | | — | | | | 33,690 | | | | 33,690 | | Year Ended December 31, 2016 | | | | | | | | | | | | | Tc99m tilmanocept sales revenue: | | | | | | | | | | | | | | | | | United States | | $ | — | | | $ | — | | | $ | — | | | $ | — | | International | | | 39,601 | | | | — | | | | — | | | | 39,601 | | Tc99m tilmanocept license revenue | | | 1,795,625 | | | | — | | | | — | | | | 1,795,625 | | Grant and other revenue | | | 3,011,642 | | | | 124,766 | | | | — | | | | 3,136,408 | | Total revenue | | | 4,846,868 | | | | 124,766 | | | | — | | | | 4,971,634 | | Cost of goods sold, excluding depreciation and amortization | | | 62,260 | | | | — | | | | — | | | | 62,260 | | Research and development expenses, excluding depreciation and amortization | | | 6,375,929 | | | | 762,151 | | | | — | | | | 7,138,080 | | Selling, general and administrative expenses, excluding depreciation and amortization
| | | — | | | | 63,158 | | | | 7,403,329 | | | | 7,466,487 | | Depreciation and amortization
| | | 56,317 | | | | — | | | | 397,232 | | | | 453,549 | | | | | (1,647,638 | ) | | | (700,543 | ) | | | (7,800,561 | ) | | | (10,148,742 | ) | Other income (expense), excluding equity in the loss of R-NAV, LLC
| | | — | | | | — | | | | 2,786,007 | | | | 2,786,007 | | Equity in the loss of R-NAV, LLC | | | — | | | | — | | | | (15,159 | ) | | | (15,159 | ) | L oss from continuing operations
| | | (1,647,638 | ) | | | (700,543 | ) | | | (5,029,713 | ) | | | (7,377,894 | ) | Loss from discontinued operations, net of tax effect | | | (6,931,137 | ) | | | — | | | | — | | | | (6,931,137 | ) | Net loss | | | (8,578,775 | ) | | | (700,543 | ) | | | (5,029,713 | ) | | | (14,309,031 | ) | Total assets, net of depreciation and amortization: | | | | | | | | | | | | | | | | | United States | | $ | 3,815,271 | | | $ | 15,075 | | | $ | 8,498,797 | | | $ | 12,329,143 | | International | | | 131,752 | | | | — | | | | 781 | | | | 132,533 | | Capital expenditures | | | — | | | | — | | | | 1,847 | | | | 1,847 | | Year Ended December 31, 2015 | | | | | | | | | | | | | Tc99m tilmanocept sales revenue: | | | | | | | | | | | | | | | | | United States | | $ | — | | | $ | — | | | $ | — | | | $ | — | | International | | | 19,075 | | | | — | | | | — | | | | 19,075 | | Tc99m tilmanocept license revenue | | | 1,133,333 | | | | — | | | | — | | | | 1,133,333 | | Grant and other revenue | | | 1,860,953 | | | | — | | | | — | | | | 1,860,953 | | Total revenue | | | 3,013,361 | | | | — | | | | — | | | | 3,013,361 | | Cost of goods sold, excluding depreciation and amortization | | | 3,226 | | | | — | | | | — | | | | 3,226 | | Research and development expenses, excluding depreciation and amortization | | | 9,831,834 | | | | 730,895 | | | | — | | | | 10,562,729 | | Selling, general and administrative expenses, excluding depreciation and amortization
| | | — | | | | 123,884 | | | | 10,242,066 | | | | 10,365,950 | | Depreciation and amortization
| | | 232,091 | | | | — | | | | 290,105 | | | | 522,196 | | | | | (7,053,790 | ) | | | (854,779 | ) | | | (10,532,171 | ) | | | (18,440,740 | ) | Other income (expense), excluding equity in the loss of R-NAV, LLC
| | | — | | | | — | | | | (4,298,604 | ) | | | (4,298,604 | ) | Equity in the loss of R-NAV, LLC | | | — | | | | — | | | | (305,253 | ) | | | (305,253 | ) | L oss from continuing operations
| | | (7,053,790 | ) | | | (854,779 | ) | | | (15,136,028 | ) | | | (23,044,597 | ) | Income (loss) from discontinued operations,
| | | (5,713,598 | ) | | | — | | | | 1,194,660 | | | | (4,518,938 | ) | Net loss | | | (12,767,388 | ) | | | (854,779 | ) | | | (13,941,368 | ) | | | (27,563,535 | ) | Total assets, net of depreciation and amortization: | | | | | | | | | | | | | | | | | United States | | $ | 4,161,029 | | | $ | — | | | $ | 10,391,805 | | | $ | 14,552,834 | | International | | | 410,666 | | | | — | | | | 1,013 | | | | 411,679 | | Capital expenditures | | | 26,589 | | | | — | | | | 12,412 | | | | 39,001 | | | | 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. Marketing and selling expenses are allocated to our individual reportable segments. | | | Depreciation and amortization is reflected in research and development ( $0, $0 and $10,617 for the years ended December 31, 2017,
2016 and 2015, respectively), and selling, general and administrative expenses ( $240,166, $397,232 and $460,839 for the years ended December 31, 2017,
2016 and 2015, respectively). | | | Loss from operations does not reflect the allocation of certain selling, general and administrative expenses, excluding depreciation and amortization, to our individual reportable segments. | | | Amounts consist primarily of interest income, interest expense, changes in fair value of financial instruments, and losses on debt extinguishment, which are not currently allocated to our individual reportable segments. | | | Amount not allocated to a reportable segment represents contingent consideration recognized related to 2015 GDS Business revenue royalties pursuant to the 2011 sale of the GDS Business to Devicor, net of tax effect. See Note 1 (a). |
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