0001410578-23-000888 | 10-Q | XBRL Viewer | Enzon Pharmaceuticals INC

March 31,

March 31,

Professional and consulting fees

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 28, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	Enzon Pharmaceuticals, Inc.
Entity Central Index Key	0000727510
Current Fiscal Year End Date	--12-31
Entity File Number	001-36435
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2372868
Entity Address, Address Line One	20 Commerce Drive (Suite 135)
Entity Address, City or Town	Cranford
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07016
City Area Code	732
Local Phone Number	980-4500
Title of 12(b) Security	None
No Trading Symbol Flag	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,214,603

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 45,877,000	$ 46,982,000
Other current assets	380,000	405,000
Total current assets	46,257,000	47,387,000
Deferred tax asset	238,000	202,000
Total assets	46,495,000	47,589,000
Current liabilities:
Accounts payable	331,000	331,000
Accrued expenses and other current liabilities	77,000	93,000
Dividends payable on Series C preferred stock		1,275,000
Total current liabilities	408,000	1,699,000
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value, authorized 2,960,000 shares; no shares issued and outstanding at March 31, 2023 and December 31, 2022
Common stock - $0.01 par value, authorized 170,000,000 shares; issued and outstanding 74,214,603 shares at March 31, 2023 and December 31, 2022	742,000	742,000
Additional paid-in capital	74,177,000	74,708,000
Accumulated deficit	(71,846,000)	(72,043,000)
Total stockholders' equity	3,073,000	3,407,000
Total liabilities, mezzanine equity and stockholders' equity	46,495,000	47,589,000
Mezzanine Equity - Series C Preferred Stock
Mezzanine equity:
Series C preferred stock - $0.01 par value, 40,000 shares authorized, issued and outstanding (liquidation value $1,075 and $1,062 per share) at March 31, 2023 and December 31, 2022	$ 43,014,000	$ 42,483,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Mezzanine equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,960,000	2,960,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	170,000,000	170,000,000
Common stock, shares issued	74,214,603	74,214,603
Common stock, shares outstanding	74,214,603	74,214,603
Mezzanine Equity - Series C Preferred Stock
Mezzanine equity
Preferred stock, par value	$ 0.01	$ 0.01
Preferred Shares, shares authorized	40,000	40,000
Preferred stock, shares issued	40,000	40,000
Preferred stock, shares outstanding	40,000	40,000
Preferred stock, liquidation value (per share)	$ 1,075	$ 1,062

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Royalties and milestones, net	$ 0	$ 0
Total revenues	0	0
Operating expenses:
General and administrative	285	297
Total operating expenses	285	297
Operating loss	(285)	(297)
Interest and dividend income	447	2
Income (loss) before income tax benefit (expense)	162	(295)
Income tax benefit	35	4
Net income (loss)	197	(291)
Dividends on Series C preferred stock	(531)	(531)
Net loss available to common shareholders	$ (334)	$ (822)
Loss per common share
Loss per common share - Basic	$ 0.00	$ (0.01)
Loss per common share - Diluted	$ 0.00	$ (0.01)
Weighted average number of common shares - basic	74,215	74,215
Weighted average number of common shares - diluted	74,215	74,215

CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY - USD ($)	Mezzanine Equity - Series C Preferred Stock Preferred Stock	Mezzanine Equity - Series C Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2021			$ 742,000	$ 75,983,000	$ (71,857,000)	$ 4,868,000
Balance (in shares) at Dec. 31, 2021			74,215
Net income (loss)					(291,000)	(291,000)
Preferred stock dividend accumulation				(531,000)		(531,000)
Balance at Mar. 31, 2022			$ 742,000	75,452,000	(72,148,000)	4,046,000
Balance (in shares) at Mar. 31, 2022			74,215
Balance at Dec. 31, 2021	$ 42,483,000
Balance (in shares) at Dec. 31, 2021	40,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 531,000
Balance at Mar. 31, 2022	$ 43,014,000
Balance (in shares) at Mar. 31, 2022	40,000
Balance at Dec. 31, 2022			$ 742,000	74,708,000	(72,043,000)	3,407,000
Balance (in shares) at Dec. 31, 2022			74,215
Net income (loss)					197,000	197,000
Preferred stock dividend accumulation				(531,000)		(531,000)
Balance at Mar. 31, 2023			$ 742,000	$ 74,177,000	$ (71,846,000)	$ 3,073,000
Balance (in shares) at Mar. 31, 2023			74,215
Balance at Dec. 31, 2022	$ 42,483,000	$ 42,483,000
Balance (in shares) at Dec. 31, 2022	40	40,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 531,000
Balance at Mar. 31, 2023	$ 43,014,000	$ 43,014,000
Balance (in shares) at Mar. 31, 2023	40	40,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 197,000	$ (291,000)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Deferred income taxes	(36,000)
Changes in operating assets and liabilities	9,000	79,000
Net cash provided by (used in) operating activities	170,000	(212,000)
Cash flows from financing activities:
Preferred stock dividend payments	(1,275,000)
Net cash used in operating activities	(1,275,000)
Net decrease in cash and cash equivalents	(1,105,000)	(212,000)
Cash and cash equivalents, beginning of period	46,982,000	47,641,000
Cash and cash equivalents, end of period	45,877,000	47,429,000
Non-cash financing activities:
Accretion of dividend for Series C Preferred Stock	$ 531,000	$ 531,000

Description of Business

3 Months Ended

Mar. 31, 2023

Description of Business.

Description of Business

(1)Description of Business

Enzon Pharmaceuticals, Inc. (together with its subsidiaries, the “Company,” “Enzon,” “we” or “us”) is positioned as a public company acquisition vehicle, where it can become an acquisition platform and more fully utilize its net operating loss carryforwards (“NOLs”) and enhance stockholder value.

In September 2020, the Company initiated a rights offering for its common and preferred stock (see below and Note 13 to our Condensed Consolidated Financial Statements), which closed in October 2020, and it realized $43.6 million in gross proceeds. This has enabled the Company to embark on its plan to realize the value of its more than $100 million net NOLs by acquiring potentially profitable businesses or assets. To protect the NOLs, in August 2020, the Company’s Board of Directors (the “Board”) adopted a Section 382 rights plan (see Note 12 to our Condensed Consolidated Financial Statements).

Historically, the Company had received royalty revenues from licensing arrangements with other companies primarily related to sales of certain drug products that utilized Enzon’s proprietary technology. In recent years, the Company has had no clinical operations and limited corporate operations. Enzon has a marketing agreement in the drug Vicineum, which, if approved, will, potentially, generate milestone and royalty payments to it in the future. Enzon cannot assure you that it will earn material future royalties or milestones.

The Board and the Company’s management are actively involved in pursuing, sourcing, reviewing and evaluating various potential acquisition transactions consistent with its long-term strategy. The Company’s management and Board have made a number of contacts and engaged in discussions with principals of individual companies and financial advisors on behalf of various individual companies, while continuing to evaluate potential transactions. To date, no actionable transactions have been initiated.

The Company has a marketing agreement with Micromet AG, now part of Amgen, Inc. (the “Micromet Agreement”), pursuant to which it may be entitled to certain milestone and royalty payments if Vicineum, a drug that was being developed by Sesen, Inc., (Sesen”) is approved for the treatment of non-muscle invasive bladder cancer. In a series of announcements, Sesen noted that it was voluntarily pausing further development of Vicineum in the United States and had withdrawn its application to market Vicineum in Europe. Sesen later announced that it had entered into a definitive merger agreement with Carisma Therapeutics Inc. (“Carisma”) and that the combined company will focus on the advancement of Carisma’s proprietary cell therapy for the treatment of cancer and other disorders. Sesen also stated that it intends to seek a partner for the further development of Vicineum. On March 7, 2023, Sesen announced that it had completed its merger with Carisma.

In August 2020, the Board adopted a Section 382 rights plan and declared a dividend distribution of one right for each outstanding share of the Company’s common stock to stockholders of record at the close of business on August 24, 2020. (See Note 11 to the Condensed Consolidated Financial Statements.)

In September 2020, the Board approved a Rights Offering (the “Rights Offering”), by which the Company distributed, at no charge to all holders of its common stock on September 23, 2020 (the “Record Date”), transferable subscription rights to purchase units (“Units”) at a subscription price per Unit of $1,090. In the Rights Offering, each stockholder on the Record Date received one subscription right for every share of common stock owned on the Record Date. For every 1,105 subscription rights held, a stockholder was entitled to purchase one Unit at the subscription price. Each Unit consisted of one share of newly designated Series C Preferred Stock, par value $0.01 per share, and 750 shares of the Company’s common stock. The subscription period for the Rights Offering ended on October 9, 2020.

As a result of the sale of all 40,000 Units available for purchase in the Rights Offering, the Company received approximately $43.6 million of gross proceeds and had 40,000 shares of Series C Preferred Stock outstanding and an aggregate of 74,214,603 shares of common stock outstanding following the Rights Offering. (See Note 12 to the Condensed Consolidated Financial Statements.)

(1)Description of Business (continued)

On an annual basis, the Board may, at its sole discretion, cause a dividend with respect to the Series C Preferred Stock to be paid in cash to the holders in an amount equal to 3% of the liquidation preference as in effect at such time (initially $1,000 per share). If the dividend is not so paid in cash, the liquidation preference is adjusted and increased annually by an amount equal to 5% of the liquidation preference per share as in effect at such time, that is not paid in cash to the holders on such date. The Board did not declare a dividend as of December 31, 2021 and, at December 31, 2021 the liquidation value of the Series C Preferred Stock was $1,062 per share. On December 29, 2022, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating $1,274,400 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock was approximately $42,483,000 ($1,062 per share) on December 31, 2022. The dividend was paid on January 17, 2023 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2023. As of March 31, 2023, the Board had not yet determined whether to declare a cash dividend at the end of 2023. Accordingly, the Company accrued an accumulation at 5% for the quarter on a pro rata basis (approximately $531,000 or $13 per share) and, as a result, the liquidation value of the Series C Preferred Stock was approximately $43,014,000 ($1,075 per share) at March 31, 2023. (See Note 13 to the Condensed Consolidated Financial Statements.)

The Company maintains its principal executive offices at 20 Commerce Drive, Suite 135, Cranford, New Jersey 07016 through a service agreement with Regus Management Group, LLC.

Basis of Presentation

3 Months Ended

Mar. 31, 2023

Description of Business

Basis of Presentation

(2)Basis of Presentation

Interim Financial Statements

The accompanying unaudited condensed consolidated financial statements have been prepared from the books and records of the Company in accordance with United States accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the SEC. Accordingly, these financial statements do not include all of the information and footnotes required for complete annual financial statements. Interim results are not necessarily indicative of the results that may be expected for the full year. Interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Principles of Consolidation

The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated as part of the consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include legal and contractual contingencies and income taxes. Although management bases its estimates on historical experience, relevant current information and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.

Revenue Recognition

Royalty revenues from the Company’s agreements with third parties and pursuant to the sale of the Company’s former specialty pharmaceutical business are recognized when the Company can reasonably determine the amounts earned. In most cases, this will be upon notification from the third-party licensee, which is typically during the quarter following the quarter in which the sales occurred. The Company does not participate in the selling or marketing of products for which it receives royalties. Because the Company records revenue only when collection is assured, no provision for uncollectible accounts is established upon recognition of revenues.

(2)Basis of Presentation (continued)

Contingent payments with third parties and pursuant to the sale of the Company’s former specialty pharmaceutical business are recognized as income when the milestone has been achieved and collection is assured, such payments are non-refundable and no further effort is required on the part of the Company or the other party to complete the earning process.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized. The effect of a change in tax rates or laws on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the rate change. A valuation allowance is established to reduce the deferred tax assets to the amounts that are more likely than not to be realized from operations.

Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the Company will be able to sustain a position taken on an income tax return. The Company has no liability for uncertain tax positions. Interest and penalties, if any, related to unrecognized tax benefits, would be recognized as income tax expense.

Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2023

Recent Accounting Pronouncements

Recent Accounting Pronouncements

(3)Recent Accounting Pronouncements

Recent Accounting Standards Updates issued by the Financial Accounting Standards Board (the “FASB”) and guidance issued by the Securities and Exchange Commission did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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+ Details

Financial Instruments and Fair Value

3 Months Ended

Mar. 31, 2023

Financial Instruments and Fair Value

Financial Instruments and Fair Value

(4)Financial Instruments and Fair Value

The carrying values of cash and cash equivalents, royalty receivable, other current assets, accounts payable, accrued expenses and other current liabilities in the Company’s consolidated balance sheets approximated their fair values at March 31, 2023 and December 31, 2022 due to their short-term nature. As of each of March 31, 2023 and December 31, 2022, the Company held cash equivalents aggregating approximately $45.9 million and $47.0 million, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2023

Supplemental Cash Flow Information

Supplemental Cash Flow Information

(5)Supplemental Cash Flow Information

The Company made no income tax payments during each of the three -month periods ended March 31, 2023 and 2022. There were no interest payments made during either of the three -month periods ended March 31, 2023 or 2022.

Cash Dividend

3 Months Ended

Mar. 31, 2023

Cash Dividend

Cash Dividend

(6)Cash Dividend

On December 29, 2022, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating $1,274,400 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock was approximately $42,483,000 ($1,062 per share) on December 31, 2022. The dividend was paid on January 17, 2023 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2023 (See Note 13 to the Condensed Consolidated Financial Statements).

Loss Per Common Share

3 Months Ended

Mar. 31, 2023

Loss Per Common Share

Loss Per Common Share

(7)Loss Per Common Share

Basic income (loss) per common share is computed by dividing the net income (loss), less any dividends, accretion or reduction or redemption on our Series C Preferred Stock, by the weighted average number of shares of common stock outstanding during the period. Restricted stock awards and restricted stock units (collectively, “nonvested shares”) are not considered to be outstanding shares until the service or performance vesting period has been completed.

For purposes of calculating diluted earnings per common share, the denominator normally includes both the weighted-average number of shares of common stock outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Because a loss was incurred in each of the quarters ended March 31, 2023 and 2022, common stock equivalents would be anti-dilutive and, accordingly, were excluded from the calculation of diluted loss per share in each of the periods. Dilutive common stock equivalents potentially include stock options and nonvested shares using the treasury stock method and shares issuable under the employee stock purchase plan. During each of the three -month periods ended March 31, 2023 and 2022, there were no common stock equivalents. Loss per common share information is as follows (in thousands, except per share amounts) for the three months ended March 31, 2023 and 2022:


	Three months ended
	March 31,
	2023		2022
Loss Per Common Share – Basic and Diluted:
Net income (loss)	$	197	$	(291)
Dividends on Series C preferred stock		(531)		(531)
Net loss available to common shareholders	$	(334)	$	(822)

Weighted-average common shares outstanding		74,215		74,215

Basic and diluted loss per share	$	(0.00)	$	(0.01)

There were no outstanding options at March 31, 2023 or 2022.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Taxes

Income Taxes

(8)Income Taxes

During the three-month periods ended March 31, 2023 and 2022, the Company recorded approximately $34,500 and $4,500, respectively, of income tax benefit. The income tax benefit in 2023 was mainly related to a partial reversal of the valuation allowance on its deferred tax assets.

ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Assuming no acquisition is completed or material changes in results through year-end 2023, the Company has partially reversed the valuation allowances as of March 31, 2023. A deferred tax benefit of $36,000 was recorded during the quarter ended March 31, 2023.

Management of the Company will continue to assess the need for this valuation allowance and will make adjustments when or if appropriate.

(8)Income Taxes (continued)

At March 31, 2023, the Company had federal NOLs of approximately $103.6 million, of which approximately $100.4 million will expire in the years 2025 through 2036, and New Jersey state NOLs of approximately $25.9 million that expire in the years 2031 through 2042. Under the Tax Cuts and Jobs Act, net operating losses generated in tax years beginning after December 31, 2017 have an unlimited carryforward period, and the amount of net operating loss allowed to be utilized each year is limited to 80% of taxable income.

At March 31, 2023, the Company has federal research and development (“R&D”) credit carryforwards of approximately $11.1 million that expire in the years 2024 through 2029. These deferred tax assets were subject to a valuation allowance such that the deferred tax expense incurred as a result of the expiration of the R&D credit carryforwards was offset by a corresponding deferred tax benefit for the related reduction in valuation allowance.

The Company's ability to use the NOLs and R&D tax credit carryforwards may be limited, as they are subject to certain limitations due to ownership changes as defined by rules pursuant to Section 382 of the Internal Revenue Code of 1986, as amended. However, management of the Company believes that the Company's NOLs will not be limited by any changes in the Company's ownership as a result of the successful completion of the Rights Offering. (See Note 13 to the Consolidated Financial Statements.) Additionally, in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company's ability to use its NOLs, the Board adopted a Section 382 rights plan. (See Note 11 to the Consolidated Financial Statements.)

The Company has not recorded a liability for unrecognized income tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2023

Commitments and Contingent Liabilities

Commitments and Contingent Liabilities

(9)Commitments and Contingent Liabilities

In December 2019, an outbreak of a novel strain of coronavirus (COVID-19) was reported in Wuhan, China. Despite continued progress in the administration of vaccines, both the continued outbreak of recent variants and the related containment measures that have been put in place across the globe, have had and are likely to continue to have a serious adverse impact on the global economy and may adversely affect the Company’s business operations. The ongoing global health crisis (including resurgences) resulting from the pandemic have disrupted, and continue to disrupt, the normal operations of many businesses, including restrictions such as the temporary scale-back of business operations and/or the imposition of either quarantine or remote work requirements for employees, either by government order or on a voluntary basis. It is impossible to predict the effect and ultimate impact of the COVID-19 pandemic, as the situation is continually evolving. The COVID-19 pandemic may continue to disrupt the global supply chain and may cause disruptions to the Company’s operations, financial condition and prospects. At the present time, the Company’s business activities have been largely unaffected by COVID-19 restrictions as the Company’s workforce is comprised solely of independent contractors who are able to perform their duties remotely. However, these restrictions may impact the third parties who are responsible for obtaining final approval of and manufacturing product candidates for which the Company shares the right to receive licensing fees, milestone payments and royalty revenues. If those third parties are required to curtail their business activities for a significant time, or if global supply chain disruptions impact their ability to procure needed resources, raw materials or components, the Company’s right to receive licensing fees, milestone payments or royalties could be materially and adversely affected. Additionally, the development timeline for product candidates being developed by third parties that are pending before the FDA or other regulatory approval could be delayed if the agency is required to shift resources to the review and approval of candidates for treatment of COVID-19. In addition, the effects of the COVID-19 pandemic may negatively impact the Company’s search for a target company, as well as the business and/or results of operations of any target business that the Company acquires or in which the Company invests.

The Company has been involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company’s consolidated financial position, results of operations, or liquidity.

Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2023

Accounts Payable and Accrued Expenses

Accounts Payable and Accrued Expenses

(10)Accounts Payable and Accrued Expenses

Prior to 2017, the Company’s primary source of royalty revenues was derived from sales of PegIntron, which is marketed by Merck & Co., Inc. (“Merck”). At December 31, 2022, we recorded a liability to Merck of approximately $331,000, based primarily on Merck’s assertions regarding recoupments related to prior returns and rebates. Merck has not yet reported royalty revenues earned by us for product sales and/or recoupments for returns and rebates for the quarter ended March 31, 2023. Accordingly, at March 31, 2023, the Company recorded a net payable to Merck of approximately $331,000 due to such royalty overpayment claims by Merck. The Company believes that it will receive no additional royalties from Merck.

Accrued expenses and other current liabilities consisted of the following as of March 31, 2023 and 2022 (in thousands):

Section 382 Rights Plan

3 Months Ended

Mar. 31, 2023

Section 382 Rights Plan

Section 382 Rights Plan

(11)Section 382 Rights Plan

On August 14, 2020, in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company’s ability to use its NOLs, the Board adopted a Section 382 rights plan and declared a dividend distribution of one right for each outstanding share of the Company’s common stock to stockholders of record at the close of business on August 24, 2020. Accordingly, holders of the Company’s common stock own one preferred stock purchase right for each share of common stock owned by such holder. The rights are not immediately exercisable and will become exercisable only upon the occurrence of certain events as set forth in the Section 382 rights plan. If the rights become exercisable, each right would initially represent the right to purchase from the Company one one-thousandth of a share of the Company’s Series A-1 Junior Participating Preferred Stock, par value $0.01 per share, for a purchase price of $1.20 per right. If issued, each fractional share of Series A-1 Junior Participating Preferred Stock would give the stockholder approximately the same dividend, voting and liquidation rights as does one share of the Company’s common stock. However, prior to exercise, a right does not give its holder any rights as a stockholder of the Company, including any dividend, voting or liquidation rights. The rights will expire on the earliest of (i) the close of business on June 2, 2024 (unless that date is advanced or extended by the Board), (ii) the time at which the rights are redeemed or exchanged under the Section 382 rights plan, (iii) the close of business on the day of repeal of Section 382 of the Internal Revenue Code or any successor statute or (iv) the close of business on the first day of a taxable year of the Company to which the Company’s Board of Directors determines that no NOLs may be carried forward.

Rights Offering

3 Months Ended

Mar. 31, 2023

Rights Offering

Rights Offering

(12)Rights Offering

On September 1, 2020, the Board approved a Rights Offering. For every 1,105 subscription rights held, a stockholder was entitled to purchase one Unit at the subscription price of $1,090. Each Unit consisted of one share of newly designated Series C Preferred Stock, par value $0.01 per share, and 750 shares of the Company’s common stock. On October 9, 2020, the Rights Offering expired and, as a result of the sale of all 40,000 Units, the Company received approximately $43.6 million in gross proceeds and issued shares of Series C Preferred Stock and shares of common stock such that, following the closing of the Rights Offering, there was an aggregate of 40,000 shares of Series C Preferred Stock outstanding and 74,214,603 shares of common stock outstanding.

On an annual basis, the Board may, at its sole discretion, cause a dividend with respect to the Series C Preferred Stock to be paid in cash to the holders in an amount equal to 3% of the liquidation preference as in effect at such time (initially $1,000 per share). If the dividend is not so paid in cash, the liquidation preference is adjusted and increased annually by an amount equal to 5% of the liquidation preference per share as in effect at such time, that is not paid in cash to the holders on such date. Holders of Series C Preferred Stock do not have any voting rights and the Series C Preferred Stock is not convertible into shares of the Company’s common stock. The initial liquidation value of the Series C Preferred Stock was $1,000 per share. At December 31, 2021 the liquidation value of the Series C Preferred Stock was $1,062 per share, inasmuch as no dividend was declared or paid in cash. On December 29, 2022, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating $1,274,400 or $31.86 per share. Accordingly, the liquidation value of the Series C Preferred Stock was $1,062 per share on December 31, 2022. The dividend was paid on January 17, 2023 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2023.

(12)Rights Offering (continued)

Since November 1, 2022, the Company has been able to redeem the Series C Preferred Stock at any time, in whole or in part, for an amount based on the liquidation preference per share as in effect at such time. Holders of Series C Preferred Stock have the right to demand that the Company redeem their shares in the event that the Company undergoes a change of control as defined in the Certificate of Designation of the Series C Preferred Stock.

Series C Preferred Stock

3 Months Ended

Mar. 31, 2023

Series C Preferred Stock

Series C Preferred Stock

(13)Series C Preferred Stock

In October 2020, the Company issued 40,000 shares of Series C Preferred Stock for an aggregate purchase price of $40.0 million.

As of December 31, 2021, the Board had not declared a cash dividend on the Series C Preferred Stock. Accordingly, during the year ended December 31, 2021, the Company recorded a 5% increase to the liquidation preference of approximately $50 per share of Series C Preferred Stock, aggregating approximately $2,023,000, for a cumulative liquidation value of approximately $42,483,000 ($1,062 per share) as of December 31, 2021. Because a cash dividend of 3% was declared for 2022, at December 31, 2022, there was no change to the liquidation value that was recorded as of December 31, 2021. As of March 31, 2023, the Board had not yet determined whether to declare a cash dividend at the end of 2023. Since a determination has not been made, the Company has recorded a 5% increase (computed on a pro rata basis) to the liquidation preference of approximately $13 per share of Series C Preferred Stock, aggregating approximately $531,000, for a cumulative liquidation value of approximately $43,014,000 ($1,075 per share) as of March 31, 2023. Unless and until an amount in cash is paid to the holders of the Series C Preferred Stock in an amount equal to the difference between the initial liquidation value ($1,000 per share) and the then-current liquidation value, no dividends may be paid to holders of the Company’s common stock.

There is no prohibition on the repurchase or redemption of Series C Preferred Shares while there is any arrearage in the payment of dividends.

Since the redemption of the Series C Preferred Stock is contingently or optionally redeemable, the Series C Preferred Stock has been classified in mezzanine equity on the Condensed Consolidated Balance Sheets.

Cash and Cash Equivalents

3 Months Ended

Mar. 31, 2023

Cash and Cash Equivalents

Cash and Cash Equivalents

(14)Cash and Cash Equivalents

The Company defines cash equivalents as highly liquid, short-term investments with original maturities of three months or less. These financial instruments potentially subject the Company to concentrations of credit risk. The Company maintains deposit accounts with several financial institutions. These balances are partially insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per depositor, per FDIC-insured bank, per ownership category. Such deposits may exceed FDIC insurance limits. Although the Company currently believes that the financial institutions with whom it does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances in such accounts for the three-month periods ended March 31, 2023 and 2022 and the year ended December 31, 2022.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2023
Description of Business
Interim Financial Statements	Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared from the books and records of the Company in accordance with United States accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the SEC. Accordingly, these financial statements do not include all of the information and footnotes required for complete annual financial statements. Interim results are not necessarily indicative of the results that may be expected for the full year. Interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated as part of the consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates include legal and contractual contingencies and income taxes. Although management bases its estimates on historical experience, relevant current information and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition Royalty revenues from the Company’s agreements with third parties and pursuant to the sale of the Company’s former specialty pharmaceutical business are recognized when the Company can reasonably determine the amounts earned. In most cases, this will be upon notification from the third-party licensee, which is typically during the quarter following the quarter in which the sales occurred. The Company does not participate in the selling or marketing of products for which it receives royalties. Because the Company records revenue only when collection is assured, no provision for uncollectible accounts is established upon recognition of revenues. (2)Basis of Presentation (continued) Contingent payments with third parties and pursuant to the sale of the Company’s former specialty pharmaceutical business are recognized as income when the milestone has been achieved and collection is assured, such payments are non-refundable and no further effort is required on the part of the Company or the other party to complete the earning process.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized. The effect of a change in tax rates or laws on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the rate change. A valuation allowance is established to reduce the deferred tax assets to the amounts that are more likely than not to be realized from operations. Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the Company will be able to sustain a position taken on an income tax return. The Company has no liability for uncertain tax positions. Interest and penalties, if any, related to unrecognized tax benefits, would be recognized as income tax expense.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Loss Per Common Share

Schedule of loss per common share information, basic and diluted


	Three months ended
	March 31,
	2023		2022
Loss Per Common Share – Basic and Diluted:
Net income (loss)	$	197	$	(291)
Dividends on Series C preferred stock		(531)		(531)
Net loss available to common shareholders	$	(334)	$	(822)

Weighted-average common shares outstanding		74,215		74,215

Basic and diluted loss per share	$	(0.00)	$	(0.01)

Accounts Payable and Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2023

Accounts Payable and Accrued Expenses

Schedule of accrued expenses and other current liabilities

Description of Business (Details)			1 Months Ended	3 Months Ended
Description of Business (Details)	Dec. 29, 2022 USD ($) $ / shares	Sep. 01, 2020 $ / shares shares	Sep. 30, 2020 USD ($) item $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Oct. 31, 2020 $ / shares	Sep. 23, 2020 $ / shares shares
Description of Business
Amount of operating loss carry forward \| $			$ 100,000,000	$ 103,600,000
Preferred stock, par value			$ 1
Common stock, shares outstanding \| shares				74,214,603	74,214,603
Rights Offering
Description of Business
Rights offering and realized in gross proceeds \| $			$ 43,600,000
Subscription price per Unit								$ 1,090
Number of rights per share of stock \| shares		1						1
Number of subscription rights to be held \| item			1,105
Number of units available for purchase \| shares			40,000
Rights Offering \| Common Stock
Description of Business
Number of Shares Per Unit \| item			750
Common stock, shares outstanding \| shares				74,214,603
Series C Preferred Stock
Description of Business
Preferred stock, par value				$ 0.01	$ 0.01
Preferred stock, shares outstanding \| shares				40,000	40,000
Percentage of dividend on liquidation preference to be paid in cash				3.00%
Initial dividend per share				$ 1,000
Percentage of annual increase in liquidation preference				5.00%
Cash dividend (as percent)	3.00%			5.00%
Aggregated dividend amount \| $	$ 1,274,400,000			$ 531,000
Preferred stock, liquidation value (per share)	$ 31.86			$ 1,075	$ 1,062
Preferred stock, liquidation value \| $					$ 42,483,000
Dividend per share	$ 31.86			$ 13
Cumulative liquidation value \| $				$ 43,014,000	$ 42,483,000,000	$ 2,023,000
Cumulative liquidation value per share				$ 1,075	$ 1,062	$ 1,062
Series C Preferred Stock \| Rights Offering
Description of Business
Preferred stock, par value			$ 0.01
Preferred stock, shares outstanding \| shares				40,000
Percentage of dividend on liquidation preference to be paid in cash		3.00%
Preferred stock, liquidation value (per share)							$ 1,000
Cumulative liquidation value per share		$ 1,000				$ 1,062

Basis of Presentation (Details)	3 Months Ended
Basis of Presentation (Details)	Mar. 31, 2023 USD ($)
Description of Business
Provision for uncollectible accounts	$ 0
Liability for uncertain tax positions	$ 0

Financial Instruments and Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financial Instruments and Fair Value
Cash and cash equivalents, at carrying value	$ 45.9	$ 47.0

Supplemental Cash Flow Information (Details) - USD ($)	3 Months Ended
Supplemental Cash Flow Information (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Information
Cash paid for income taxes	$ 0	$ 0
Interest paid, net	$ 0	$ 0

Cash Dividend (Details) - Series C Preferred Stock - USD ($)		3 Months Ended
	Dec. 29, 2022	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Dividend
Cash dividend (as percent)	3.00%	5.00%
Aggregated dividend amount	$ 1,274,400,000	$ 531,000
Dividend per share	$ 31.86	$ 13
Cumulative liquidation value		$ 43,014,000	$ 42,483,000,000	$ 2,023,000
Cumulative liquidation value per share		$ 1,075	$ 1,062	$ 1,062

Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loss per Common Share - Basic and Diluted
Net loss for year	$ 197	$ (291)
Dividends on Series C preferred stock	(531)	(531)
Net loss available to common shareholders	$ (334)	$ (822)
Weighted-average number of common shares outstanding - Basic	74,215	74,215
Weighted-average number of common shares outstanding - Diluted	74,215	74,215
Basic loss per common share	$ 0.00	$ (0.01)
Loss per common share - Diluted	$ 0.00	$ (0.01)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

Loss Per Common Share - Additional Information (Details) - shares shares in Thousands	Mar. 31, 2023	Mar. 31, 2022
Loss Per Common Share
Option outstanding	0	0

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2020
Income Taxes
Income tax benefit	$ (35,000)	$ (4,000)
Deferred income taxes	36,000
Operating loss carryforwards	$ 103,600,000		$ 100,000,000
Tax credit carryforward, limitations on use	net operating losses generated in tax years beginning after December 31, 2017 have an unlimited carryforward period, and the amount of net operating loss allowed to be utilized each year is limited to 80% of taxable income
New Jersey state income tax
Income Taxes
Income tax benefit	$ 34,500	$ 4,500
New Jersey state income tax
Income Taxes
Operating loss carryforwards	25,900,000
Domestic Tax Authority
Income Taxes
Operating loss carryforwards	100,400,000
Domestic Tax Authority \| R & D credit carryforwards
Income Taxes
Tax Credit Carryforward Amount	$ 11,100,000

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Merck
Accounts Payable and Accrued Expenses
Accrued royalties	$ 331,000	$ 331,000

Accounts Payable and Accrued Expenses - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Accounts Payable and Accrued Expenses
Professional and consulting fees	$ 74		$ 78
Other	3		1
Accrued expenses and other current liabilities, Total	$ 77	$ 93	$ 79

Section 382 Rights Plan (Details)	Aug. 14, 2020 Vote $ / shares shares	Mar. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Section 382 Rights Plan
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01
Section 382 Rights Plan
Section 382 Rights Plan
Rights per share distributed as dividend \| shares	1
Number of preferred stock purchase right for each common stockholder \| shares	1
Section 382 Rights Plan \| Series A-1 Junior Participating Preferred Stock
Section 382 Rights Plan
Number of common stock eligible for each warrant become exercisable \| shares	1
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01
Purchase price per right \| $ / shares	$ 1.20
Number of votes for fractional share \| Vote	1

Rights Offering (Details) - USD ($)				3 Months Ended
Rights Offering (Details) - USD ($)	Dec. 29, 2022	Oct. 09, 2020	Sep. 01, 2020	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 23, 2020
Rights Offering
Preferred stock, par value (in dollars per share)				$ 0.01	$ 0.01
Preferred stock, shares outstanding				0	0
Common stock, shares outstanding				74,214,603	74,214,603
Series C Preferred Stock
Rights Offering
Percentage of dividend on liquidation preference to be paid in cash				3.00%
Cumulative liquidation value per share				$ 1,075	$ 1,062	$ 1,062
Cash dividend (as percent)	3.00%			5.00%
Aggregated dividend amount	$ 1,274,400,000			$ 531,000
Dividend per share	$ 31.86			$ 13
Rights Offering
Rights Offering
Number of subscription rights to be held for purchase of a unit			1,105
Number of units entitled for 1,105 subscription rights held			1
Subscription price per unit of a right			$ 1,090
Number of common stock eligible for each warrant become exercisable			1				1
Rights Offering \| Series C Preferred Stock
Rights Offering
Preferred stock, par value (in dollars per share)			$ 0.01
Number of common shares for unit			750
Percentage of dividend on liquidation preference to be paid in cash			3.00%
Cumulative liquidation value per share			$ 1,000			$ 1,062
Annual increase in percentage of the liquidation preference per share, if dividend not paid in cash			5.00%
Rights Offering \| Investment Agreement \| Icahn Capital LP
Rights Offering
Number of units sold		40,000
Issued and gross proceeds		$ 43,600,000
Rights Offering \| Investment Agreement \| Icahn Capital LP \| Series C Preferred Stock
Rights Offering
Preferred stock, shares outstanding		40,000
Common stock, shares outstanding		74,214,603

Series C Preferred Stock (Details) - Series C Preferred Stock - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Oct. 31, 2020	Mar. 31, 2023	Dec. 31, 2021	Dec. 29, 2022	Sep. 01, 2020
Series C Preferred Stock
Rights offering, proceeds (in shares)		40,000
Proceeds from issuance of series c preferred stock		$ 40,000,000.0
Increase in liquidation preference value (in percentage)			5.00%	5.00%
Preferred stock, increase in liquidation preference (per share)			$ 13	$ 50
Cumulative liquidation value	$ 42,483,000,000		$ 43,014,000	$ 2,023,000
Preferred stock cumulative liquidation value				$ 42,483,000
Cumulative liquidation value per share	$ 1,062		$ 1,075	$ 1,062
Preferred stock, liquidation preference percent	3.00%
Increase in liquidation preference value			$ 531,000
Cumulative liquidation value of series c preferred stock	$ 42,483,000		$ 43,014,000
Preferred stock, liquidation value (per share)	$ 1,062		$ 1,075		$ 31.86
Rights Offering
Series C Preferred Stock
Cumulative liquidation value per share				$ 1,062		$ 1,000
Preferred stock, liquidation value (per share)		$ 1,000
Preferred stock dividends on liquidation value			$ 0