Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Segments

v3.23.3
Note 14 - Segments
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
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, 2023

  

Diagnostics

    

Therapeutics

    

Corporate

    

Total

  

Research and development expenses

   $ 745,758     $ 83,855     $ —     $ 829,613  

Selling, general and administrative expenses, excluding depreciation and amortization (1)

     —       1,772       1,272,926       1,274,698  

Depreciation and amortization (2)

     9,526       —       17,501       27,027  

Loss from operations (3)

     (755,284

)

     (85,627

)

     (1,290,427

)

     (2,131,338

)

Other expense, net (4)

     —       —       (124,001

)

     (124,001

)

Loss from continuing operations

     (755,284

)

     (85,627

)

     (1,414,428

)

     (2,255,339

)

Total assets, net of depreciation and amortization:

                                

United States

   $ —     $ —     $ 5,130,396     $ 5,130,396  

International

     559,455       —       12,568       572,023  

 

Three Months Ended September 30, 2022

  

Diagnostics

    

Therapeutics

    

Corporate

    

Total

  

Sales revenue:

                                

International

   $ 7,516     $ —     $ —     $ 7,516  

Grant and other revenue

     —       —       —       —  

Total revenue

     7,516       —       —       7,516  

Cost of revenue, excluding depreciation and amortization

     1,432       —       —       1,432  

Reserve for expiring inventory

     133,006       —       —       133,006  

Research and development expenses

     1,073,950       112,469       —       1,186,419  

Selling, general and administrative expenses, excluding depreciation and amortization (1)

     —       745       3,612,002       3,612,747  

Depreciation and amortization (2)

     8,532       —       16,171       24,703  

Loss from operations (3)

     (1,209,404

)

     (113,214

)

     (3,628,173

)

     (4,950,791

)

Other expense, net (4)

     —       —       (757,034

)

     (757,034

)

Net loss

     (1,209,404

)

     (113,214

)

     (4,385,207

)

     (5,707,825

)

Total assets, net of depreciation and amortization:

                                

United States

   $ 50,000     $ —     $ 5,929,692     $ 5,979,692  

International

     271,939       —       6,801       278,740  

Capital expenditures

     14,429       —       —       14,429  

 

Nine Months Ended September 30, 2023

  

Diagnostics

    

Therapeutics

    

Corporate

    

Total

  

Research and development expenses

   $ 2,973,357     $ 229,974     $ —     $ 3,203,331  

Selling, general and administrative expenses, excluding depreciation and amortization (1)

     —       4,832       3,691,525       3,696,357  

Depreciation and amortization (2)

     28,328       —       53,389       81,717  

Loss from operations (3)

     (3,001,685

)

     (234,806

)

     (3,744,914

)

     (6,981,405

)

Other income, net (4)

     —       —       1,856,552       1,856,552  

Loss from continuing operations

     (3,001,685

)

     (234,806

)

     (1,888,362

)

     (5,124,853

)

Total assets, net of depreciation and amortization:

                                

United States

   $ —     $ —     $ 5,130,396     $ 5,130,396  

International

     559,455       —       12,568       572,023  

Capital expenditures

     15,068       —       —       15,068  

 

Nine Months Ended September 30, 2022

  

Diagnostics

    

Therapeutics

    

Corporate

    

Total

  

Sales revenue:

                                

International

   $ 14,035     $ —     $ —     $ 14,035  

Grant and other revenue

     51,007       —       —       51,007  

Total revenue

     65,042       —       —       65,042  

Cost of revenue, excluding depreciation and amortization

     1,905       —       —       1,905  

Reserve for expiring inventory

     133,006       —       —       133,006  

Research and development expenses

     3,700,528       379,133       —       4,079,661  

Selling, general and administrative expenses, excluding depreciation and amortization (1)

     —       3,746       6,630,047       6,633,793  

Depreciation and amortization (2)

     20,613       —       48,739       69,352  

Loss from operations (3)

     (3,791,010

)

     (382,879

)

     (6,678,786

)

     (10,852,675

)

Other expense, net (4)

     —       —       (841,853

)

     (841,853

)

Net loss

     (3,791,010

)

     (382,879

)

     (7,520,639

)

     (11,694,528

)

Total assets, net of depreciation and amortization:

                                

United States

   $ 50,000     $ —     $ 5,929,692     $ 5,979,692  

International

     271,939       —       6,801       278,740  

Capital expenditures

     54,650       —       8,436       63,086  

 

 

(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 ($27,027 and $24,703 for the three-month periods ended September 30, 2023 and 2022, and $81,717 and $69,352 for the nine-month periods ended September 30, 2023 and 2022, 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 gain on contract amendment, gain on sale of non-financial asset, loss on debt extinguishment, adjustment of accrued interest, interest income and interest expense, which are not currently allocated to our individual reportable segments.