Quarterly report pursuant to Section 13 or 15(d)

Segments

v3.2.0.727
Segments
 6 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
Segments
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. Prior to 2015, our products and development programs were all related to diagnostic substances. Our majority-owned subsidiary, Macrophage Therapeutics, Inc., was formed and received initial funding during the first quarter of 2015, which resulted in a re-evaluation of the Company's segment determination. We now manage our business based on two primary types of drug products: (i) diagnostic substances, including Lymphoseek and other diagnostic applications of our Manocept platform, our R-NAV subsidiary, NAV4694 and NAV5001, 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 June 30, 2015
Diagnostics
Therapeutics
Corporate
Total
Lymphoseek sales revenue:
 
 
 
 
   United States1
$
1,963,273

$
—

$
—

$
1,963,273

   International
275

—

—

275

Lymphoseek license revenue
250,000

—

—

250,000

Grant and other revenue
654,360

—

—

654,360

   Total revenue
2,867,908

—

—

2,867,908

Cost of goods sold
332,730

—

—

332,730

Research and development expenses
2,120,336

176,738

—

2,297,074

Selling, general and administrative expenses,
   excluding depreciation and amortization2
1,529,042

64,018

2,341,838

3,934,898

Depreciation and amortization
72,289

—

77,058

149,347

Loss from operations3
(1,151,043
)
(240,756
)
(2,418,896
)
(3,810,695
)
Other income (expense), excluding
   equity in the loss of R-NAV, LLC4
—

—

(5,874,019
)
(5,874,019
)
Equity in the loss of R-NAV, LLC
—

—

(6,205
)
(6,205
)
Net loss
(1,151,043
)
(240,756
)
(8,299,120
)
(9,690,919
)
Total assets, net of depreciation and amortization:
 
 
 


   United States
4,035,926

—

17,690,779

21,726,705

   International
470,033

—

1,851

471,884

Capital expenditures
25,492

—

2,126

27,618


Six Months Ended June 30, 2015
Diagnostics
Therapeutics
Corporate
Total
Lymphoseek sales revenue:
 
 
 
 
   United States1
$
3,793,920

$
—

$
—

$
3,793,920

   International
5,050

—

—

5,050

Lymphoseek license revenue
333,333

—

—

333,333

Grant and other revenue
844,061

—

—

844,061

   Total revenue
4,976,364

—

—

4,976,364

Cost of goods sold
781,787

—

—

781,787

Research and development expenses
6,015,610

262,752

—

6,278,362

Selling, general and administrative expenses,
   excluding depreciation and amortization2
3,571,217

78,384

5,665,304

9,314,905

Depreciation and amortization
144,397

—

154,742

299,139

Loss from operations3
(5,465,571
)
(341,136
)
(5,820,045
)
(11,626,752
)
Other income (expense), excluding
   equity in the loss of R-NAV, LLC4
—

—

(5,086,960
)
(5,086,960
)
Equity in the loss of R-NAV, LLC
—

—

(268,432
)
(268,432
)
Net loss
(5,465,571
)
(341,136
)
(11,175,437
)
(16,982,144
)
Total assets, net of depreciation and amortization:
 
 
 
 
   United States
4,035,926

—

17,690,779

21,726,705

   International
470,033

—

1,851

471,884

Capital expenditures
25,492

—

2,126

27,618


1 All sales to Cardinal Health are made in the United States; Cardinal distributes the product throughout the U.S. through its network of nuclear pharmacies.
2 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.
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 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.