Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Segments

v3.20.2
Note 14 - Segments
 9 Months Ended
Sep. 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
September
30
, 2020
  
Diagnostics
    
Therapeutics
    
Corporate
    
Total
  
Royalty revenue
   $
2,047
     $
—
     $
—
     $
2,047
  
License revenue
    
4,726
      
—
      
—
      
4,726
  
Grant and other revenue
    
106,729
      
154,887
      
—
      
261,616
  
Total revenue
    
113,502
      
154,887
      
—
      
268,389
  
Cost of revenue
    
82
      
—
      
—
      
82
  
Research and development expenses
    
1,251,383
      
126,615
      
—
      
1,377,998
  
Selling, general and administrative expenses, excluding depreciation and amortization
(1)
    
—
      
—
      
1,773,532
      
1,773,532
  
Depreciation and amortization
(2)
    
4,027
      
—
      
11,375
      
15,402
  
(Loss) income from operations
(3)
    
(1,268,605
)
    
28,272
      
(1,784,907
)
    
(2,898,625
)
Other expense
(4)
    
—
      
—
      
(713
)
    
(713
)
Net (loss) income
    
(1,141,990
)
    
28,272
      
(1,785,620
)
    
(2,899,338
)
Total assets, net of depreciation and amortization:
                                
United States
   $
1,000
     $
38,320
     $
5,839,733
     $
5,879,053
  
International
    
116,782
      
—
      
—
      
116,782
  
Capital expenditures
    
120,810
      
—
      
—
      
120,810
  
 
T
hree Months Ended
September
30, 2019
  
Diagnostics
    
Therapeutics
    
Corporate
    
Total
  
Royalty revenue
   $
4,895
     $
—
     $
—
     $
4,895
  
Grant and other revenue
    
77,049
      
154,867
      
—
      
231,916
  
Total revenue
    
81,944
      
154,867
      
—
      
236,811
  
Cost of revenue
    
195
      
—
      
—
      
195
  
Research and development expenses
    
1,678,423
      
123,135
      
—
      
1,801,558
  
Selling, general and administrative expenses, excluding depreciation and amortization
(1)
    
—
      
1,052
      
1,484,155
      
1,485,207
  
Depreciation and amortization
(2)
    
—
      
—
      
34,289
      
34,289
  
(Loss) income from operations
(3)
    
(1,596,674
)
    
30,680
      
(1,518,444
)
    
(3,084,438
)
Other income
(4)
    
—
      
—
      
10,334
      
10,334
  
Income tax (expense) benefit
    
(72
)
    
16
      
55
      
—
  
Net (loss) income
    
(1,596,746
)
    
30,696
      
(1,508,055
)
    
(3,074,104
)
Total assets, net of depreciation and amortization:
                                
United States
   $
36,811
     $
93,860
     $
4,688,379
     $
4,819,050
  
International
    
2,606
      
—
      
—
      
2,606
  
 
Nine Months Ended September 30, 2020
  
Diagnostics
    
Therapeutics
    
Corporate
    
Total
  
Royalty revenue
   $
26,188
     $
—
     $
—
     $
26,188
  
License revenue
    
4,726
      
—
      
—
      
4,726
  
Grant and other revenue
    
381,103
      
283,745
      
—
      
664,848
  
Total revenue
    
412,017
      
283,745
      
—
      
695,762
  
Cost of revenue
    
1,048
      
—
      
—
      
1,048
  
Research and development expenses
    
3,402,160
      
256,886
      
—
      
3,659,046
  
Selling, general and administrative expenses, excluding depreciation and amortization
(1)
    
—
      
(550
)
    
4,895,328
      
4,894,778
  
Depreciation and amortization
(2)
    
4,027
      
—
      
47,474
      
51,501
  
(Loss) income from operations
(3)
    
(2,995,218
)
    
27,409
      
(4,942,802
)
    
(7,910,611
)
Other income
(4)
    
—
      
—
      
12,045
      
12,045
  
Net (loss) income
    
(2,995,218
)
    
27,409
      
(4,930,757
)
    
(7,898,566
)
Total assets, net of depreciation and amortization:
                                
United States
   $
1,000
     $
38,320
     $
5,839,733
     $
5,879,053
  
International
    
116,782
      
—
      
—
      
116,782
  
Capital expenditures
    
120,810
      
—
      
8,406
      
129,216
  
 
Nine
Months Ended
September
30, 2019
  
Diagnostics
    
Therapeutics
    
Corporate
    
Total
  
Royalty revenue
   $
13,985
     $
—
     $
—
     $
13,985
  
License revenue
    
9,953
      
—
      
—
      
9,953
  
Grant and other revenue
    
309,670
      
204,919
      
—
      
514,589
  
Total revenue
    
333,608
      
204,919
      
—
      
538,527
  
Cost of revenue
    
6,559
      
—
      
—
      
6,559
  
Research and development expenses
    
3,194,468
      
418,315
      
—
      
3,612,783
  
Selling, general and administrative expenses, excluding depreciation and amortization
(1)
    
—
      
15,828
      
4,985,990
      
5,001,818
  
Depreciation and amortization
(2)
    
—
      
—
      
107,794
      
107,794
  
Loss from operations
(3)
    
(2,867,419
)
    
(229,224
)
    
(5,093,784
)
    
(8,190,427
)
Other income
(4)
    
—
      
—
      
17,456
      
17,456
  
Provision for income tax
    
(248
)
    
(20
)
    
(439
)
    
(707
)
Net loss from continuing operations
    
(2,867,667
)
    
(229,244
)
    
(5,076,767
)
    
(8,173,678
)
Loss from discontinued operations, net of tax
    
(2,665
)
    
—
      
—
      
(2,665
)
Net loss
    
(2,870,332
)
    
(229,244
)
    
(5,076,767
)
    
(8,176,343
)
Total assets, net of depreciation and amortization:
                                
United States
   $
36,811
     $
93,860
     $
4,688,379
     $
4,819,050
  
International
    
2,606
      
—
      
—
      
2,606
  
 
 
(
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 are reflected in selling, general and administrative expenses (
$15,402
and
$34,289
for the
three
-month periods ended
September 30, 2020
and
2019,
and
$51,501
and
$107,794
for the
nine
-month periods ended
September 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.