0001410578-23-002306 | 10-Q | XBRL Viewer | Enzon Pharmaceuticals INC

September 30,

December 31,

Professional and consulting fees

Accounts Payable and Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Accounts Payable and Accrued Expenses

Schedule of accrued expenses and other current liabilities

Income Taxes	9 Months Ended
Sep. 30, 2023
Income Taxes
Income Taxes	(8)Income Taxes Income Taxes During the nine-month periods ended September 30, 2023 and 2022, the Company recorded approximately $92,500 and $2,000, respectively, of income tax expense. The income tax expense in 2023 has been mainly related to the reduction of the net deferred tax asset due to the utilization of federal and state net operating loss carryforwards. 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 September 30, 2023. A deferred tax expense of approximately $91,000 and $76,000, respectively, was recorded during the nine and three-month periods ended September 30, 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 September 30, 2023, the Company had federal NOLs of approximately $103 million, of which approximately $99.8 million will expire in the years 2025 through 2036, and New Jersey state NOLs of approximately $25.2 million that expire in the years 2031 through 2042. Under the Tax Cuts and Jobs Act, federal 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 September 30, 2023, the Company has federal research and development (“R&D”) tax credit carryforwards of approximately $11.1 million that expire in the years 2023 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 12 to the Condensed 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 Condensed Consolidated Financial Statements.) The Company has not recorded a liability for unrecognized income tax benefits.

Income Taxes

9 Months Ended

Sep. 30, 2023

Income Taxes

Income Taxes

(8)Income Taxes

Income Taxes

During the nine-month periods ended September 30, 2023 and 2022, the Company recorded approximately $92,500 and $2,000, respectively, of income tax expense. The income tax expense in 2023 has been mainly related to the reduction of the net deferred tax asset due to the utilization of federal and state net operating loss carryforwards.

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 September 30, 2023. A deferred tax expense of approximately $91,000 and $76,000, respectively, was recorded during the nine and three-month periods ended September 30, 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 September 30, 2023, the Company had federal NOLs of approximately $103 million, of which approximately $99.8 million will expire in the years 2025 through 2036, and New Jersey state NOLs of approximately $25.2 million that expire in the years 2031 through 2042. Under the Tax Cuts and Jobs Act, federal 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 September 30, 2023, the Company has federal research and development (“R&D”) tax credit carryforwards of approximately $11.1 million that expire in the years 2023 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 12 to the Condensed 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 Condensed 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 17
-Subparagraph (b)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Loss Per Common Share

9 Months Ended

Sep. 30, 2023

Loss Per Common Share

Loss Per Common Share

(7)Loss Per Common Share

Because there is a net loss available to common shareholders in each of the periods, only basic and diluted loss per common share is presented. Basic net loss available to common shareholders per common share is computed by dividing the net 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. The Company had no outstanding common stock equivalents during any of the periods presented.

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 net loss available to common shareholders was incurred in each of the three and nine-month periods ended September 30, 2023 and 2022, common stock equivalents would be anti-dilutive. During each of the three and nine-month periods ended September 30, 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 and nine months ended September 30, 2023 and 2022:


	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
Loss Per Common Share – Basic and Diluted:
Net income (loss)	$	321	$	(15)	$	701	$	(519)
Dividends on Series C preferred stock		(531)		(531)		(1,593)		(1,593)
Net loss available to common shareholders	$	(210)	$	(546)	$	(892)	$	(2,112)

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

Basic and diluted loss per share	$	(0.00)	$	(0.01)	$	(0.01)	$	(0.03)

Description of Business	9 Months Ended
Sep. 30, 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 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 completed a merger 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. 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 approximately $1,275,000 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 September 30, 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 first nine months of 2023 on a pro rata basis (approximately $1,062,000 or $40 per share) and, as a result, the liquidation value of the Series C Preferred Stock was approximately $44,076,000 ($1,102 per share) at September 30, 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.

Description of Business

9 Months Ended

Sep. 30, 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 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 completed a merger 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.

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 approximately $1,275,000 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 September 30, 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 first nine months of 2023 on a pro rata basis (approximately $1,062,000 or $40 per share) and, as a result, the liquidation value of the Series C Preferred Stock was approximately $44,076,000 ($1,102 per share) at September 30, 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.

Section 382 Rights Plan	9 Months Ended
Sep. 30, 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.

Section 382 Rights Plan

9 Months Ended

Sep. 30, 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.

Section 382 Rights Plan (Details)	Aug. 14, 2020 Vote $ / shares shares	Sep. 30, 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 (in dollars per share) \| $ / shares	$ 1.20
Number of votes for fractional share \| Vote	1

Supplemental Cash Flow Information	9 Months Ended
Sep. 30, 2023
Supplemental Cash Flow Information
Supplemental Cash Flow Information	(5)Supplemental Cash Flow Information The Company made a minimal New Jersey income tax payment during the nine-month period ended September 30, 2023 and $1,000 in income tax payments during the nine-month period ended September 30, 2022. There were no interest payments made during the nine-month periods ended September 30, 2023 and 2022.

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2023

Supplemental Cash Flow Information

Supplemental Cash Flow Information

(5)Supplemental Cash Flow Information

The Company made a minimal New Jersey income tax payment during the nine-month period ended September 30, 2023 and $1,000 in income tax payments during the nine-month period ended September 30, 2022. There were no interest payments made during the nine-month periods ended September 30, 2023 and 2022.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)		$ 701,000	$ (519,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes	$ 76,000	91,000	0
Changes in operating assets and liabilities		58,000	(270,000)
Net cash provided by (used in) operating activities		850,000	(789,000)
Cash flows from financing activities:
Preferred stock dividend payments		(1,275,000)	0
Net cash used in financing activities		(1,275,000)	0
Net decrease in cash and cash equivalents		(425,000)	(789,000)
Cash and cash equivalents, beginning of period		46,982,000	47,641,000
Cash and cash equivalents, end of period	$ 46,557,000	46,557,000	46,852,000
Non-cash financing activities:
Accretion of dividend for Series C Preferred Stock		$ 1,593,000	$ 1,593,000

Basis of Presentation (Details)	9 Months Ended
Basis of Presentation (Details)	Sep. 30, 2023 USD ($)
Basis of Presentation
Provision for uncollectible accounts	$ 0
Liability for uncertain tax positions	$ 0

Basis of Presentation

9 Months Ended

Sep. 30, 2023

Basis of Presentation

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 Securities and Exchange Commission (“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 U.S. GAAP 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 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. No provision for uncollectible accounts is established upon recognition of revenues.

(2)Basis of Presentation (continued)

Contingent payments due under the asset purchase agreement for the sale of the Company’s former specialty pharmaceutical business are recognized as revenue 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.

Accounts Payable and Accrued Expenses

9 Months Ended

Sep. 30, 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, the Company recorded a liability to Merck of approximately $331,000, based primarily on Merck’s assertions regarding recoupments related to prior returns and rebates. Royalties earned from sales of of PegIntron during the first two quarters of 2023 were de minimus. Merck has not yet reported royalty revenues earned by us for product sales and/or recoupments for returns and rebates for the quarter ended September 30, 2023. Accordingly, at September 30, 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 September 30, 2023 and December 31, 2022 (in thousands):

Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Loss per Common Share - Basic and Diluted
Net income (loss)	$ 321	$ 183	$ 197	$ (15)	$ (213)	$ (291)	$ 701	$ (519)
Dividends on Series C preferred stock	(531)			(531)			(1,593)	(1,593)
Net loss available to common shareholders	$ (210)			$ (546)			$ (892)	$ (2,112)
Weighted-average number of common shares outstanding - Basic	74,215			74,215			74,215	74,215
Weighted-average number of common shares outstanding - Diluted	74,215			74,215			74,215	74,215
Loss per common share - Basic	$ 0.00			$ (0.01)			$ (0.01)	$ (0.03)
Loss per common share - Diluted	$ 0.00			$ (0.01)			$ (0.01)	$ (0.03)

- 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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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	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 the beginning at Dec. 31, 2021			$ 742	$ 75,983	$ (71,857)	$ 4,868
Balance at the beginning (in shares) at Dec. 31, 2021			74,215,000
Net income (loss)					(291)	(291)
Preferred stock dividend accretion				(531)		(531)
Balance at the ending at Mar. 31, 2022			$ 742	75,452	(72,148)	4,046
Balance at the ending (in shares) at Mar. 31, 2022			74,215,000
Balance at the beginning at Dec. 31, 2021	$ 42,483
Balance at the beginning (in shares) at Dec. 31, 2021	40,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 531
Balance at the ending at Mar. 31, 2022	$ 43,014
Balance at the ending (in shares) at Mar. 31, 2022	40,000
Balance at the beginning at Dec. 31, 2021			$ 742	75,983	(71,857)	4,868
Balance at the beginning (in shares) at Dec. 31, 2021			74,215,000
Net income (loss)						(519)
Balance at the ending at Sep. 30, 2022			$ 742	74,390	(72,376)	2,756
Balance at the ending (in shares) at Sep. 30, 2022			74,215,000
Balance at the beginning at Dec. 31, 2021	$ 42,483
Balance at the beginning (in shares) at Dec. 31, 2021	40,000
Balance at the ending at Sep. 30, 2022	$ 44,076
Balance at the ending (in shares) at Sep. 30, 2022	40,000
Balance at the beginning at Mar. 31, 2022			$ 742	75,452	(72,148)	4,046
Balance at the beginning (in shares) at Mar. 31, 2022			74,215,000
Net income (loss)					(213)	(213)
Preferred stock dividend accretion				(531)		(531)
Balance at the ending at Jun. 30, 2022			$ 742	74,921	(72,361)	3,302
Balance at the ending (in shares) at Jun. 30, 2022			74,215,000
Balance at the beginning at Mar. 31, 2022	$ 43,014
Balance at the beginning (in shares) at Mar. 31, 2022	40,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 531
Balance at the ending at Jun. 30, 2022	$ 43,545
Balance at the ending (in shares) at Jun. 30, 2022	40,000
Net income (loss)					(15)	(15)
Preferred stock dividend accretion				(531)		(531)
Balance at the ending at Sep. 30, 2022			$ 742	74,390	(72,376)	2,756
Balance at the ending (in shares) at Sep. 30, 2022			74,215,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 531
Balance at the ending at Sep. 30, 2022	$ 44,076
Balance at the ending (in shares) at Sep. 30, 2022	40,000
Balance at the beginning at Dec. 31, 2022			$ 742	74,708	(72,043)	3,407
Balance at the beginning (in shares) at Dec. 31, 2022			74,215,000
Net income (loss)					197	197
Preferred stock dividend accretion				(531)		(531)
Balance at the ending at Mar. 31, 2023			$ 742	74,177	(71,846)	3,073
Balance at the ending (in shares) at Mar. 31, 2023			74,215,000
Balance at the beginning at Dec. 31, 2022	$ 42,483	$ 42,483
Balance at the beginning (in shares) at Dec. 31, 2022	40,000	40,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 531
Balance at the ending at Mar. 31, 2023	$ 43,014
Balance at the ending (in shares) at Mar. 31, 2023	40,000
Balance at the beginning at Dec. 31, 2022			$ 742	74,708	(72,043)	3,407
Balance at the beginning (in shares) at Dec. 31, 2022			74,215,000
Net income (loss)						701
Balance at the ending at Sep. 30, 2023			$ 742	73,115	(71,342)	2,515
Balance at the ending (in shares) at Sep. 30, 2023			74,215,000
Balance at the beginning at Dec. 31, 2022	$ 42,483	$ 42,483
Balance at the beginning (in shares) at Dec. 31, 2022	40,000	40,000
Balance at the ending at Sep. 30, 2023	$ 44,076	$ 44,076
Balance at the ending (in shares) at Sep. 30, 2023	40,000	40,000
Balance at the beginning at Mar. 31, 2023			$ 742	74,177	(71,846)	3,073
Balance at the beginning (in shares) at Mar. 31, 2023			74,215,000
Net income (loss)					183	183
Preferred stock dividend accretion				(531)		(531)
Balance at the ending at Jun. 30, 2023			$ 742	73,646	(71,663)	2,725
Balance at the ending (in shares) at Jun. 30, 2023			74,215,000
Balance at the beginning at Mar. 31, 2023	$ 43,014
Balance at the beginning (in shares) at Mar. 31, 2023	40,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 531
Balance at the ending at Jun. 30, 2023	$ 43,545
Balance at the ending (in shares) at Jun. 30, 2023	40,000
Net income (loss)					321	321
Preferred stock dividend accretion				(531)		(531)
Balance at the ending at Sep. 30, 2023			$ 742	$ 73,115	$ (71,342)	$ 2,515
Balance at the ending (in shares) at Sep. 30, 2023			74,215,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 531
Balance at the ending at Sep. 30, 2023	$ 44,076	$ 44,076
Balance at the ending (in shares) at Sep. 30, 2023	40,000	40,000

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

- Definition

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.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 46,557	$ 46,982
Other current assets	329	405
Total current assets	46,886	47,387
Deferred tax asset	111	202
Total assets	46,997	47,589
Current liabilities:
Accounts payable	337	331
Accrued expenses and other current liabilities	69	93
Dividends payable on Series C preferred stock		1,275
Total current liabilities	406	1,699
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value, authorized 2,960,000 shares; no shares issued and outstanding at September 30, 2023 and December 31, 2022
Common stock - $0.01 par value, authorized 170,000,000 shares; issued and outstanding 74,214,603 shares at September 30, 2023 and December 31, 2022	742	742
Additional paid-in capital	73,115	74,708
Accumulated deficit	(71,342)	(72,043)
Total stockholders' equity	2,515	3,407
Total liabilities, mezzanine equity and stockholders' equity	46,997	47,589
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 $1,102 and $1,062 per share) at September 30, 2023 and December 31, 2022	$ 44,076	$ 42,483

Series C Preferred Stock (Details) - Series C Preferred Stock - USD ($)			1 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 29, 2022	Oct. 31, 2020	Sep. 30, 2023	Dec. 31, 2021	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%
Increase in liquidation preference value				$ 1,593,000	$ 2,023,000
Cumulative liquidation value	$ 42,483,000
Preferred stock, liquidation value (in dollars per share)	$ 1,062	$ 31.86		$ 1,102	$ 1,062
Cumulative liquidation value of series c preferred stock	$ 42,483,000			$ 44,076,000
Cumulative liquidation value	$ 42,483,000			$ 44,076,000	$ 42,483,000
Preferred stock, increase in liquidation preference (in dollars per share)				$ 40	$ 50
Cash dividend (as percent)	3.00%	3.00%		5.00%
Cumulative liquidation value (in dollars per share)	$ 1,062			$ 1,102
Rights Offering
Series C Preferred Stock
Preferred stock, liquidation value (in dollars per share)			$ 1,000
Cumulative liquidation value (in dollars per share)					$ 1,062	$ 1,000
Preferred stock dividends on liquidation value				$ 0

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2023

Recent Accounting Pronouncements

Recent Accounting Pronouncements

(3)Recent Accounting Pronouncements

Recent Accounting Standards Updates issued by the Financial Accounting Standards Board and guidance issued by the SEC did not, or are not believed by management to, have a material effect on the Company’s present or future Condensed 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.

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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
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-Subparagraph (e)(2)
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-Publisher FASB
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+ Details

Cash Dividend

9 Months Ended

Sep. 30, 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 approximately $1,275,000 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).

Accounts Payable and Accrued Expenses (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Merck
Accounts Payable and Accrued Expenses
Accrued royalties	$ 331,000	$ 331,000

Rights Offering

9 Months Ended

Sep. 30, 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.

(12)Rights Offering (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. 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 approximately $1,275,000 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.

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.

Accounts Payable and Accrued Expenses - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts Payable and Accrued Expenses
Professional and consulting fees	$ 67	$ 87
Other	2	6
Accrued expenses and other current liabilities, Total	$ 69	$ 93

Cash Dividend (Details) - Series C Preferred Stock - USD ($)			9 Months Ended
	Dec. 31, 2022	Dec. 29, 2022	Sep. 30, 2023	Dec. 31, 2021
Cash Dividend
Cash dividend (as percent)	3.00%	3.00%	5.00%
Aggregated dividend amount		$ 1,275,000	$ 1,062,000
Dividend per share		$ 31.86	$ 40
Cumulative liquidation value	$ 42,483,000		$ 44,076,000	$ 42,483,000
Cumulative liquidation value (in dollars per share)	$ 1,062		$ 1,102

Rights Offering (Details) - USD ($)					9 Months Ended
Rights Offering (Details) - USD ($)	Dec. 31, 2022	Dec. 29, 2022	Oct. 09, 2020	Sep. 01, 2020	Sep. 30, 2023	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 (in dollars per share)	$ 1,062				$ 1,102
Cash dividend (as percent)	3.00%	3.00%			5.00%
Aggregated dividend amount		$ 1,275,000			$ 1,062,000
Dividend per share		$ 31.86			$ 40
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 (in dollars 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
Rights Offering
Number of units sold			40,000
Issued and gross proceeds			$ 43,600,000
Rights Offering \| Investment Agreement \| Series C Preferred Stock
Rights Offering
Preferred stock, shares outstanding			40,000
Common stock, shares outstanding			74,214,603

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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 (in dollars per share)	$ 1,102	$ 1,062

Financial Instruments and Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Financial Instruments and Fair Value
Cash and cash equivalents, at carrying value	$ 45.5	$ 47.0

Loss Per Common Share (Tables)

9 Months Ended

Sep. 30, 2023

Loss Per Common Share

Schedule of loss per common share


	Three months ended				Nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
Loss Per Common Share – Basic and Diluted:
Net income (loss)	$	321	$	(15)	$	701	$	(519)
Dividends on Series C preferred stock		(531)		(531)		(1,593)		(1,593)
Net loss available to common shareholders	$	(210)	$	(546)	$	(892)	$	(2,112)

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

Basic and diluted loss per share	$	(0.00)	$	(0.01)	$	(0.01)	$	(0.03)

Supplemental Cash Flow Information (Details) - USD ($)	9 Months Ended
Supplemental Cash Flow Information (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Supplemental Cash Flow Information
Cash paid for income taxes		$ 1,000
Interest paid, net	$ 0	$ 0

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2023

Commitments and Contingent Liabilities

Commitments and Contingent Liabilities

(9)Commitments and Contingent Liabilities

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.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2023
Basis of Presentation
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 Securities and Exchange Commission (“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 U.S. GAAP 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 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. No provision for uncollectible accounts is established upon recognition of revenues. Contingent payments due under the asset purchase agreement for the sale of the Company’s former specialty pharmaceutical business are recognized as revenue 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

Financial Instruments and Fair Value

9 Months Ended

Sep. 30, 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 condensed consolidated balance sheets approximated their fair values at September 30, 2023 and December 31, 2022 due to their short-term nature. As of each of September 30, 2023 and December 31, 2022, the Company held cash equivalents aggregating approximately $45.5 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

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 03, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-36435
Entity Registrant Name	Enzon Pharmaceuticals, Inc.
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
Entity Central Index Key	0000727510
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2020
Income Taxes
Income tax benefit	$ 76,000	$ 2,000	$ 93,000	$ (2,000)
Deferred income taxes	76,000		91,000	0
Operating loss carryforwards	103,000,000		$ 103,000,000		$ 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			$ 92,500	$ 2,000
New Jersey state income tax
Income Taxes
Operating loss carryforwards	25,200,000		25,200,000
Domestic Tax Authority
Income Taxes
Operating loss carryforwards	99,800,000		99,800,000
Domestic Tax Authority \| R & D credit carryforwards
Income Taxes
Tax Credit Carryforward Amount	$ 11,100,000		$ 11,100,000

Series C Preferred Stock

9 Months Ended

Sep. 30, 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 September 30, 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 $40 per share of Series C Preferred Stock, aggregating approximately $1,593,000, for a cumulative liquidation value of approximately $44,076,000 ($1,102 per share) as of September 30, 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.

Description of Business (Details)				1 Months Ended	9 Months Ended
Description of Business (Details)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 29, 2022 USD ($) $ / shares	Sep. 01, 2020 $ / shares shares	Sep. 30, 2020 USD ($) item $ / shares shares	Sep. 30, 2023 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	$ 103,000,000
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 \| shares				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%	3.00%			5.00%
Aggregated dividend amount \| $		$ 1,275,000			$ 1,062,000
Preferred stock, liquidation value (in dollars per share)	$ 1,062	$ 31.86			$ 1,102	$ 1,062
Preferred stock, liquidation value \| $	$ 42,483,000
Dividend per share		$ 31.86			$ 40
Cumulative liquidation value \| $	$ 42,483,000				$ 44,076,000	$ 42,483,000
Cumulative liquidation value (in dollars per share)	$ 1,062				$ 1,102
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 (in dollars per share)							$ 1,000
Cumulative liquidation value (in dollars per share)			$ 1,000			$ 1,062

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Royalties and milestones, net	$ 0	$ 0	$ 0	$ 0
Total revenues	0	0	0	0
Operating expenses:
General and administrative	225	221	828	821
Total operating expenses	225	221	828	821
Operating loss	(225)	(221)	(828)	(821)
Interest and dividend income	622	208	1,622	300
Income (loss) before income tax (expense) benefit	397	(13)	794	(521)
Income tax (expense) benefit	(76)	(2)	(93)	2
Net income (loss)	321	(15)	701	(519)
Dividends on Series C preferred stock	(531)	(531)	(1,593)	(1,593)
Net loss available to common shareholders	$ (210)	$ (546)	$ (892)	$ (2,112)
Loss per common share
Basic	$ 0.00	$ (0.01)	$ (0.01)	$ (0.03)
Diluted	$ 0.00	$ (0.01)	$ (0.01)	$ (0.03)
Weighted-average number of shares - basic	74,215	74,215	74,215	74,215
Weighted-average number of shares - diluted	74,215	74,215	74,215	74,215