Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Segments

Note 14 - Segments

9 Months Ended

Sep. 30, 2021

Segment Reporting Disclosure [Text Block]

14.

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 (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.

Three Months Ended September 30, 2021	Diagnostics			Therapeutics			Corporate			Total
License revenue	$	9,116		$	—		$	—		$	9,116
Grant and other revenue		87,266			—			—			87,266
Total revenue		96,382			—			—			96,382
Research and development expenses		906,677			142,109			—			1,048,786
Selling, general and administrative expenses, excluding depreciation and amortization ⁽¹⁾		—			744			1,450,565			1,451,309
Depreciation and amortization ⁽²⁾		6,040			—			12,026			18,066
Loss from operations ⁽³⁾		(816,335	)		(142,853	)		(1,462,591	)		(2,421,779	)
Other expense ⁽⁴⁾		—			—			(14	)		(14	)
Income tax expense		(5,763	)		(824	)		(9,457	)		(16,043	)
Net loss		(822,098	)		(143,677	)		(1,472,062	)		(2,437,836	)
Total assets, net of depreciation and amortization:
United States	$	185,205		$	—		$	8,557,398		$	8,742,603
International		216,353			—			590			216,943
Capital expenditures		—			—			18,042			18,042

Three 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

Nine Months Ended September 30, 2021	Diagnostics			Therapeutics			Corporate			Total
License revenue	$	44,665		$	—		$	—		$	44,665
Grant and other revenue		436,500			—			—			436,500
Total revenue		481,165			—			—			481,165
Research and development expenses		3,359,190			410,406			—			3,769,596
Selling, general and administrative expenses, excluding depreciation and amortization ⁽¹⁾		—			3,623			5,073,435			5,077,058
Depreciation and amortization ⁽²⁾		18,121			—			37,551			55,672
Loss from operations ⁽³⁾		(2,896,146	)		(414,029	)		(5,110,986	)		(8,421,161	)
Other income ⁽⁴⁾		—			—			358,436			358,436
Income tax expense		(5,763	)		(824	)		(9,457	)		(16,043	)
Net loss		(2,901,909	)		(414,853	)		(4,762,007	)		(8,078,768	)
Total assets, net of depreciation and amortization:
United States	$	185,205		$	—		$	8,557,398		$	8,742,603
International		216,353			—			590			216,943
Capital expenditures		—			—			20,749			20,749

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

⁽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 Navidea Europe, Navidea UK and MT.

⁽²⁾

Depreciation and amortization are reflected in selling, general and administrative expenses ($18,066 and $15,402 for the three-month periods ended September 30, 2021 and 2020, and $55,672 and $51,501 for the nine-month periods ended September 30, 2021 and 2020, 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 Navidea Europe, Navidea UK and MT.

⁽⁴⁾

Amounts consist primarily of interest income and interest expense, which are not currently allocated to our individual reportable segments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details