Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Segments

v3.20.2
Note 14 - Segments
 6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
1
4
.
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
Tc99m
tilmanocept and other diagnostic applications of our Manocept platform, and
NAV4694
(sublicensed in
April 2018),
and (ii) therapeutic development programs, including therapeutic applications of our Manocept platform.
 
 
 
The information in the following tables is derived directly from each reportable segment's financial reporting.
 
T
hree Months Ended
June 30
, 2020
  
Diagnostics
    
Therapeutics
    
Corporate
    
Total
  
Royalty revenue
   $
8,920
     $
—
     $
—
     $
8,920
  
Grant and other revenue
    
215,458
      
46,723
      
—
      
262,181
  
Total revenue
    
224,378
      
46,723
      
—
      
271,101
  
Cost of revenue
    
357
      
—
      
—
      
357
  
Research and development expenses
    
1,193,151
      
88,628
      
—
      
1,281,779
  
Selling, general and administrative expenses, excluding depreciation and amortization
(1)
    
—
      
972
      
1,309,363
      
1,310,335
  
Depreciation and amortization
(2)
    
—
      
—
      
19,256
      
19,256
  
Loss from operations
(3)
    
(969,130
)
    
(42,877
)
    
(1,328,619
)
    
(2,340,626
)
Other income
(4)
    
—
      
—
      
15,007
      
15,007
  
Net loss
    
(969,130
)
    
(42,877
)
    
(1,313,612
)
    
(2,325,619
)
Total assets, net of depreciation and amortization:
                                
United States
   $
107,185
     $
36,483
     $
6,463,015
     $
6,606,683
  
Capital expenditures
    
—
      
—
      
1,947
      
1,947
  
 
T
hree Months Ended June 30, 2019
  
Diagnostics
    
Therapeutics
    
Corporate
    
Total
  
Royalty revenue
   $
5,940
     $
—
     $
—
     $
5,940
  
License revenue
    
9,953
      
—
      
—
      
9,953
  
Grant and other revenue
    
196,630
      
47,569
      
—
      
244,199
  
Total revenue
    
212,523
      
47,569
      
—
      
260,092
  
Cost of revenue
    
238
      
—
      
—
      
238
  
Research and development expenses
    
775,462
      
295,180
      
—
      
1,070,642
  
Selling, general and administrative expenses, excluding depreciation and amortization
(1)
    
—
      
3,062
      
1,821,812
      
1,824,874
  
Depreciation and amortization
(2)
    
—
      
—
      
36,726
      
36,726
  
Loss from operations
(3)
    
(563,177
)
    
(250,673
)
    
(1,858,538
)
    
(2,672,388
)
Other expense
(4)
    
—
      
—
      
(1,590
)
    
(1,590
)
Income tax benefit
    
35
      
16
      
117
      
168
  
Net loss from continuing operations
    
(563,142
)
    
(250,657
)
    
(1,860,011
)
    
(2,673,810
)
Income from discontinued operations, net of tax
    
632
      
—
      
—
      
632
  
Net loss
    
(562,510
)
    
(250,657
)
    
(1,860,011
)
    
(2,673,178
)
Total assets, net of depreciation and amortization:
                                
United States
   $
220,334
     $
11,235
     $
7,892,312
     $
8,123,881
  
International
    
6,514
      
—
      
—
      
6,514
  
 
 
Six Months Ended June 30, 2020
  
Diagnostics
    
Therapeutics
    
Corporate
    
Total
  
Royalty revenue
   $
24,141
     $
—
     $
—
     $
24,141
  
Grant and other revenue
    
274,374
      
128,858
      
—
      
403,232
  
Total revenue
    
298,515
      
128,858
      
—
      
427,373
  
Cost of revenue
    
966
      
—
      
—
      
966
  
Research and development expenses
    
2,150,777
      
130,271
      
—
      
2,281,048
  
Selling, general and administrative expenses, excluding depreciation and amortization
(1)
    
—
      
(550
)
    
3,121,796
      
3,121,246
  
Depreciation and amortization
(2)
    
—
      
—
      
36,099
      
36,099
  
Loss from operations
(3)
    
(1,853,228
)
    
(863
)
    
(3,157,895
)
    
(5,011,986
)
Other income
(4)
    
—
      
—
      
12,759
      
12,759
  
Net loss
    
(1,853,228
)
    
(863
)
    
(3,145,136
)
    
(4,999,227
)
Total assets, net of depreciation and amortization:
                                
United States
   $
107,185
     $
36,483
     $
6,463,015
     $
6,606,683
  
Capital expenditures
    
—
      
—
      
8,406
      
8,406
  
 
Six
Months Ended June 30, 2019
  
Diagnostics
    
Therapeutics
    
Corporate
    
Total
  
Royalty revenue
   $
9,090
     $
—
     $
—
     $
9,090
  
License revenue
    
9,953
      
—
      
—
      
9,953
  
Grant and other revenue
    
232,621
      
50,052
      
—
      
282,673
  
Total revenue
    
251,664
      
50,052
      
—
      
301,716
  
Cost of revenue
    
6,364
      
—
      
—
      
6,364
  
Research and development expenses
    
1,516,045
      
295,180
      
—
      
1,811,225
  
Selling, general and administrative expenses, excluding depreciation and amortization
(1)
    
—
      
14,776
      
3,501,835
      
3,516,611
  
Depreciation and amortization
(2)
    
—
      
—
      
73,505
      
73,505
  
Loss from operations
(3)
    
(1,270,745
)
    
(259,904
)
    
(3,575,340
)
    
(5,105,989
)
Other income
(4)
    
—
      
—
      
7,122
      
7,122
  
Provision for income tax
    
(177
)
    
(36
)
    
(495
)
    
(708
)
Net loss from continuing operations
    
(1,270,922
)
    
(259,940
)
    
(3,568,713
)
    
(5,099,575
)
Loss from discontinued operations, net of tax
    
(2,665
)
    
—
      
—
      
(2,665
)
Net loss
    
(1,273,587
)
    
(259,940
)
    
(3,568,713
)
    
(5,102,240
)
Total assets, net of depreciation and amortization:
                                
United States
   $
220,334
     $
11,235
     $
7,892,312
     $
8,123,881
  
International
    
6,514
      
—
      
—
      
6,514
  
 
 
(
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, other than those expenses directly incurred by MT.
 
(
2
)
Depreciation and amortization is reflected in selling, general and administrative expenses (
$19,256
and
$36,726
for the
three
-month periods ended
June 30, 2020
and
2019,
and
$36,099
and
$73,505
for the
six
-month periods ended
June 30, 2020
and
2019,
respectively).
 
(
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, other than those expenses directly incurred by MT.
 
(
4
)
Amounts consist primarily of interest income and interest expense, which are
not
currently allocated to our individual reportable segments.