| 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.
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Three Months Ended September 30, 2015
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Diagnostics
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Therapeutics
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Corporate
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Total
|
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Lymphoseek sales revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States1
|
|
$
|
2,942,498
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,942,498
|
|
|
International
|
|
|
10,024
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10,024
|
|
|
Lymphoseek license revenue
|
|
|
550,000
|
|
|
|
—
|
|
|
|
—
|
|
|
|
550,000
|
|
|
Grant and other revenue
|
|
|
476,755
|
|
|
|
—
|
|
|
|
—
|
|
|
|
476,755
|
|
|
Total revenue
|
|
|
3,979,277
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,979,277
|
|
|
Cost of goods sold, excluding depreciation and amortization
|
|
|
442,094
|
|
|
|
—
|
|
|
|
—
|
|
|
|
442,094
|
|
|
Research and development expenses,
excluding depreciation and amortization
|
|
|
3,603,501
|
|
|
|
297,137
|
|
|
|
—
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|
|
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3,900,638
|
|
|
Selling, general and administrative expenses,
excluding depreciation and amortization2
|
|
|
1,063,062
|
|
|
|
42,487
|
|
|
|
2,721,844
|
|
|
|
3,827,393
|
|
|
Depreciation and amortization3
|
|
|
17,013
|
|
|
|
—
|
|
|
|
115,216
|
|
|
|
132,229
|
|
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Loss from operations4
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|
|
(1,146,393
|
)
|
|
|
(339,624
|
)
|
|
|
(2,837,060
|
)
|
|
|
(4,323,077
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)
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Other income (expense), excluding
equity in the loss of R-NAV, LLC5
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|
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—
|
|
|
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—
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|
|
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(3,721,242
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)
|
|
|
(3,721,242
|
)
|
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Equity in the loss of R-NAV, LLC
|
|
|
—
|
|
|
|
—
|
|
|
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(26,785
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)
|
|
|
(26,785
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)
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Net loss
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|
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(1,146,393
|
)
|
|
|
(339,624
|
)
|
|
|
(6,585,087
|
)
|
|
|
(8,071,104
|
)
|
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Total assets, net of depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
3,750,702
|
|
|
|
—
|
|
|
|
13,291,939
|
|
|
|
17,042,641
|
|
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International
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440,349
|
|
|
|
—
|
|
|
|
467
|
|
|
|
440,816
|
|
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Capital expenditures
|
|
|
—
|
|
|
|
—
|
|
|
|
2,788
|
|
|
|
2,788
|
|
|
Nine Months Ended September 30, 2015
|
|
Diagnostics
|
|
|
Therapeutics
|
|
|
Corporate
|
|
|
Total
|
|
|
Lymphoseek sales revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States1
|
|
$
|
6,736,418
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,736,418
|
|
|
International
|
|
|
15,074
|
|
|
|
—
|
|
|
|
—
|
|
|
|
15,074
|
|
|
Lymphoseek license revenue
|
|
|
883,333
|
|
|
|
—
|
|
|
|
—
|
|
|
|
883,333
|
|
|
Grant and other revenue
|
|
|
1,320,816
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,320,816
|
|
|
Total revenue
|
|
|
8,955,641
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,955,641
|
|
|
Cost of goods sold, excluding depreciation and amortization
|
|
|
1,167,141
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,167,141
|
|
|
Research and development expenses,
excluding depreciation and amortization
|
|
|
9,610,012
|
|
|
|
559,888
|
|
|
|
—
|
|
|
|
10,169,900
|
|
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Selling, general and administrative expenses,
excluding depreciation and amortization2
|
|
|
4,634,279
|
|
|
|
120,872
|
|
|
|
8,381,910
|
|
|
|
13,137,061
|
|
|
Depreciation and amortization3
|
|
|
207,498
|
|
|
|
—
|
|
|
|
223,870
|
|
|
|
431,368
|
|
|
Loss from operations4
|
|
|
(6,663,289
|
)
|
|
|
(680,760
|
)
|
|
|
(8,605,780
|
)
|
|
|
(15,949,829
|
)
|
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Other income (expense), excluding
equity in the loss of R-NAV, LLC5
|
|
|
—
|
|
|
|
—
|
|
|
|
(8,808,202
|
)
|
|
|
(8,808,202
|
)
|
|
Equity in the loss of R-NAV, LLC
|
|
|
—
|
|
|
|
—
|
|
|
|
(295,217
|
)
|
|
|
(295,217
|
)
|
|
Net loss
|
|
|
(6,663,289
|
)
|
|
|
(680,760
|
)
|
|
|
(17,709,199
|
)
|
|
|
(25,053,248
|
)
|
|
Total assets, net of depreciation and amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
|
3,750,702
|
|
|
|
—
|
|
|
|
13,291,939
|
|
|
|
17,042,641
|
|
|
International
|
|
|
440,349
|
|
|
|
—
|
|
|
|
467
|
|
|
|
440,816
|
|
|
Capital expenditures
|
|
|
25,492
|
|
|
|
—
|
|
|
|
4,914
|
|
|
|
30,406
|
|
|
|
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.
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|
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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.
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|
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3
|
Depreciation and amortization is reflected in cost of goods sold ($15,496 and $72,237 for the three and nine months ended September 30, 2015), research and development ($1,517 and $10,617 for the three and nine months ended September 30, 2015), and selling, general and administrative expenses ($115,216 and $348,514 for the three and nine months ended September 30, 2015).
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|
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4
|
Loss from operations does not reflect the allocation of certain selling, general and administrative expenses, excluding depreciation and amortization, to our individual reportable segments.
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|
|
5
|
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.
|
|