0001410578-24-000245 | 10-K | XBRL Viewer | Enzon Pharmaceuticals INC

December 31,

December 31,

Professional and consulting fees

Rights Offering	12 Months Ended
Dec. 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 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. On December 28, 2023, 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 remained at $1,062 per share on December 31, 2023. The dividend was paid on January 17, 2024 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2024. As of November 1, 2022, the Company is 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.

Rights Offering

12 Months Ended

Dec. 31, 2023

(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 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. On December 28, 2023, 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 remained at $1,062 per share on December 31, 2023. The dividend was paid on January 17, 2024 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2024.

As of November 1, 2022, the Company is 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.

Stock Options (Details) - USD ($)	12 Months Ended
Stock Options (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Stock Options
Stock-based compensation expense	$ 0	$ 0
Proceeds from Stock Options Exercised	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 47,012	$ 46,982
Other current assets	331	405
Total current assets	47,343	47,387
Deferred tax asset	359	202
Total assets	47,702	47,589
Current liabilities:
Accounts payable	331	331
Accrued expenses and other current liabilities	108	93
Dividends payable on Series C preferred stock	1,275	1,275
Total current liabilities	1,714	1,699
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value, authorized 2,960,000 shares; no shares issued and outstanding at December 31, 2023 and 2022
Common stock - $0.01 par value, authorized 170,000,000 shares; issued and outstanding 74,214,603 shares at December 31, 2023 and 2022	742	742
Additional paid-in capital	73,433	74,708
Accumulated deficit	(70,670)	(72,043)
Total stockholders' equity	3,505	3,407
Total liabilities, mezzanine equity and stockholders' equity	47,702	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 $1,062 per share ) at December 31, 2023 and 2022	$ 42,483	$ 42,483

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net Income (Loss)	$ 1,373,000	$ (186,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Deferred income taxes	(157,000)	(202,000)
Changes in operating assets and liabilities:
Decrease in royalty receivable		28,000
Decrease (increase) in other current assets	74,000	(320,000)
Increase in accrued expenses and other current liabilities	15,000	21,000
Net cash provided by (used in) operating activities	1,305,000	(659,000)
Cash flows from financing activities:
Preferred stock dividend payments	(1,275,000)
Net cash used in financing activities	(1,275,000)
Net increase (decrease) in cash	30,000	(659,000)
Cash and cash equivalents at beginning of year	46,982,000	47,641,000
Cash and cash equivalents at end of year	47,012,000	46,982,000
Series C Preferred Stock
Non-cash financing activities:
Declaration of dividend for Series C Preferred Stock	$ 1,275,000	$ 1,275,000

Series C Preferred Stock

12 Months Ended

Dec. 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 each of 2023 and 2022, at December 31, 2023 and 2022 there was no change to the liquidation value that was recorded as of December 31, 2021.

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, unless and until we undertake a change of control the Series C Preferred Stock has been classified in mezzanine equity on the Consolidated Balance Sheets.

Recent Accounting Pronouncements

12 Months Ended

Dec. 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.

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+ Details

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Income tax benefit	$ (156,000)	$ (200,000)
Net operating loss carry-forwards limitation on annual utilization	1,200,000
Deferred income taxes	(157,000)	(202,000)
Operating loss carryforwards	$ 102,500,000
Tax credit carryforward, limitations on use	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
Federal research and development credit carry forwards	$ 11,121,000	$ 12,758,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	21.00%	21.00%
R & D credit carryforwards
Income Taxes
Tax credit carryforward, limitations on use	The Company has remaining R&D credit carryforwards of approximately $11.1 million that expire in the years 2024 through 2029
New Jersey state income tax
Income Taxes
Operating loss carryforwards	$ 24,800,000
Domestic Tax Authority
Income Taxes
Operating loss carryforwards	99,400,000
Domestic Tax Authority \| R & D credit carryforwards
Income Taxes
Tax Credit Carryforward Amount	$ 1,600,000

Accounts Payable and Accrued Expenses - Accrued expenses and other current liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Payable, Accrued Expenses and Dividends Payable on Series C Preferred Stock
Professional and consulting fees	$ 92	$ 87
Other	16	6
Accrued expenses and other current liabilities, Total	$ 108	$ 93

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of Components of Income Tax Expense (Benefit)

The components of the income tax provision (benefit) are summarized as follows (in thousands):


	Year Ended December 31,
	2023		2022
Current:
Federal	$	—	$	—
State and foreign		1		2
Total current		1		2
Deferred:
Federal		(117)		(151)
State		(40)		(51)
Total deferred		(157)		(202)

Income tax benefit	$	(156)	$	(200)

Schedule of Effective Income Tax Rate Reconciliation

The following table represents the reconciliation between the reported income taxes and the income taxes that would be computed by applying the federal statutory rate (21% for years ended December 31, 2023 and 2022) to income before taxes (in thousands):


	Year Ended December 31,
	2023		2022
Income tax provision at federal statutory rate	$	256	$	(81)
Add (deduct) effect of:
State income taxes, net of federal tax		87		(26)
Expiration of federal research and development credits		1,637		1,022
Change in valuation allowance		(2,136)		(1,115)

Income tax benefit	$	(156)	$	(200)

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2023 and 2022, the cumulative tax effects of temporary differences that give rise to the deferred tax assets were as follows (in thousands):


	December 31,		December 31,
	2023		2022
Deferred tax assets:
Federal and state net operating loss carryforward	$	23,297	$	23,639
Research and development credits carryforward		11,121		12,758
Total gross deferred tax assets		34,418		36,397
Less valuation allowance		(34,059)		(36,195)
Net deferred tax assets	$	359	$	202

Accounts Payable, Accrued Expenses and Dividends Payable on Series C Preferred Stock

12 Months Ended

Dec. 31, 2023

Accounts Payable, Accrued Expenses and Dividends Payable on Series C Preferred Stock

Accounts Payable, Accrued Expenses and Dividends Payable on Series C Preferred Stock

(4) Accounts Payable, Accrued Expenses and Dividends Payable on Series C Preferred Stock

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. During the year ended December 31, 2023, no additional royalties/(recoupments) related to PegIntron were claimed by Merck. As such, as asserted by Merck, the Company’s recorded liability to Merck remained at $331,000 at December 31, 2023. The Company believes that it will receive no future royalties from Merck, but may be charged with additional chargebacks from returns and rebates in amounts that, based on current estimates, are not expected to be material.

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

On December 28, 2023, the Board declared a cash dividend of 3% of the liquidation preference ($42,483,286) of the Series C Preferred Stock, aggregating approximately $1,275,000 ($31.86 per share). Such dividend was accrued at December 31, 2023 and paid on January 17, 2024.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,373	$ (186)

- Definition

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

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+ Details

Income (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Income (Loss) Per Common Share

Schedule of income (loss) per common share


	2023		2022
Income (Loss) per Common Share – Basic and Diluted
Net income (loss) for year	$	1,373	$	(186)
Dividends on Series C preferred stock		(1,275)		(1,275)
Net income (loss) available to common shareholders	$	98	$	(1,461)

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

Basic and diluted loss per common share	$	0.00	$	(0.02)

Description of Business

12 Months Ended

Dec. 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 potentially utilize its net operating loss carryforwards (“NOLs”) in an effort to 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 potentially realize the value of its more than $100 million NOLs by acquiring 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 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. Sesen 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 and that that it intends to seek a partner for the further development of Vicineum.

During the fourth quarter of 2022, we received a license maintenance fee of approximately $26,000 from Amgen, Inc. in payment of a worldwide, royalty-free non-exclusive right to license Vicineum. The fee represents half of the amount paid by Viventia Biotech (Barbados) Inc. (“Viventia”), part of Sesen, on an annual basis for the continued right to license Vicineum. The Company did not receive any license maintenance fees in 2023.

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 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 Consolidated Financial Statements.)

share. On December 29, 2022, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating $1,275,000 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock remained at approximately $42,483,000 ($1,062 per share) on December 31, 2022. On December 28, 2023, 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 remained at approximately $42,483,000 ($1,062 per share) on December 31, 2023. The dividend was paid on January 17, 2024 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2024. (See Note 13 to the 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.

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity

Stockholders' Equity

(5) Stockholders’ Equity

Preferred Stock

The Company has authorized 3,000,000 shares of preferred stock in one or more series of which, at December 31, 2023 and 2022, 40,000 shares have been issued, are outstanding and are designated as Series C Preferred Stock in connection with the Rights Offering discussed in Note 14 and 100,000 shares have been designated as Series A-1 Junior Participating Preferred Stock in connection with the August 2020 Section 382 rights plan discussed in Note 11.

Common Stock

As of December 31, 2023, the Company reserved 9,818,392 shares of its common stock for the non-qualified and incentive stock plans.

- Definition

The entire disclosure for equity.

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+ Details

Income Taxes - Rate reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Income tax provision at federal statutory rate	$ 256	$ (81)
Add (deduct) effect of:
State income taxes, net of federal tax	87	(26)
Expiration of federal research and development credits	1,637	1,022
Change in valuation allowance	(2,136)	(1,115)
Income tax (benefit) provision	$ (156)	$ (200)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss per Common Share - Basic and Diluted
Net income (loss) for year	$ 1,373	$ (186)
Dividends on Series C preferred stock	(1,275)	(1,275)
Net income (loss) available to common shareholders	$ 98	$ (1,461)
Weighted-average number of common shares outstanding - Basic	74,215	74,215
Weighted-average number of common shares outstanding - Diluted	74,215	74,215
Loss per common share - Basic	$ 0.00	$ (0.02)
Loss per common share - Diluted	$ 0.00	$ (0.02)

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

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+ Details

- Definition

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

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+ Details

Income Taxes - Provision components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 0
State and foreign	1	$ 2
Total current	1	2
Deferred:
Federal	(117)	(151)
State	(40)	(51)
Total deferred	(157)	(202)
Income tax (benefit) provision	$ (156)	$ (200)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Section 382 Rights Plan

12 Months Ended

Dec. 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.

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	$ 42,483		$ 742	$ 75,983	$ (71,857)	$ 4,868
Balance at the beginning (in shares) at Dec. 31, 2021	40		74,215
Net Income (Loss)	$ 0		$ 0	0	(186)	(186)
Preferred stock dividend declared				(1,275)		(1,275)
Balance at the ending at Dec. 31, 2022	$ 42,483		$ 742	74,708	(72,043)	3,407
Balance at the ending (in shares) at Dec. 31, 2022	40		74,215
Balance at the ending at Dec. 31, 2022		$ 42,483
Balance at the ending (in shares) at Dec. 31, 2022		40,000
Net Income (Loss)	$ 0		$ 0	0	1,373	1,373
Preferred stock dividend declared				(1,275)		(1,275)
Balance at the ending at Dec. 31, 2023	$ 42,483		$ 742	$ 73,433	$ (70,670)	$ 3,505
Balance at the ending (in shares) at Dec. 31, 2023	40		74,215
Balance at the ending at Dec. 31, 2023		$ 42,483
Balance at the ending (in shares) at Dec. 31, 2023		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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- Definition

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

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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

Cash Dividend (Details) - USD ($)			12 Months Ended
Cash Dividend (Details) - USD ($)	Dec. 28, 2023	Dec. 29, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Dividend
Common stock dividend paid or declared			$ 0	$ 0
Series C Preferred Stock
Cash Dividend
Cash dividend (as percent)	3.00%	3.00%
Aggregated dividend amount	$ 1,275,000	$ 1,275,000	$ 1,275,000
Dividend per share	$ 31.86	$ 31.86	$ 31.86
Cumulative liquidation value	$ 42,483,286		$ 42,483,000	$ 42,483,000	$ 2,023,000
Cumulative liquidation value (in dollars per share)			$ 1,062	$ 1,062	$ 1,062

Accounts Payable, Accrued Expenses and Dividends Payable on Series C Preferred Stock - Additional Information (Details) - USD ($)			12 Months Ended
	Dec. 28, 2023	Dec. 29, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Expenses
Other Liability, Related Party, Type [Extensible Enumeration]			us-gaap:RelatedPartyMember
Revenues				$ 26,000
Series C Preferred Stock
Accounts Payable and Accrued Expenses
Cash dividend (as percent)	3.00%	3.00%
Cumulative liquidation value	$ (42,483,286)		$ (42,483,000)	(42,483,000)	$ (2,023,000)
Aggregated dividend amount	$ 1,275,000	$ 1,275,000	$ 1,275,000
Dividend per share	$ 31.86	$ 31.86	$ 31.86
Merck
Accounts Payable and Accrued Expenses
Due to related parties				$ 331,000
Accrued royalties			$ 331,000

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

(2) Summary of Significant Accounting Policies

Principles of Consolidation

The consolidated financial statements include the accounts of Enzon Pharmaceuticals, Inc. 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 (“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.

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 December 31, 2022 and 2021 due to their short-term nature. As of each of December 31, 2023 and 2022, the Company held cash equivalents aggregating approximately $46.5 million and $44.2 million, respectively.

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.

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 earnings 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.

Stockholders' Equity (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Stockholders' Equity
Preferred stock, shares authorized	2,960,000	2,960,000
Non-qualified and incentive stock plans
Stockholders' Equity
Common stock reserved	9,818,392
Series A-1 Junior Participating Preferred Stock
Stockholders' Equity
Preferred stock, shares authorized	100,000
Series C Preferred Stock
Stockholders' Equity
Preferred stock, shares authorized		3,000,000
Preferred stock, shares issued	40,000	40,000
Preferred stock, shares outstanding	40,000	40,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Enzon Pharmaceuticals, Inc. 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 (“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.
Financial Instruments and Fair Value	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 December 31, 2022 and 2021 due to their short-term nature. As of each of December 31, 2023 and 2022, the Company held cash equivalents aggregating approximately $46.5 million and $44.2 million, respectively.
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. 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 earnings 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

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events

Subsequent Events

(14) Subsequent Event

On January 17, 2024, the Company was notified by the OTCQX Markets Group (the “OTCQX”), the marketplace for the over-the-counter trading of its stock, that it no longer met the standards for continued qualification for the OTCQX, in that its stock bid price had fallen below $0.10 per share for 30 consecutive calendar days. To regain compliance, the Company must maintain a closing bid price of at least $0.10 for 10 consecutive trading days before July 15, 2024.

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Mar. 12, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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(g) Security	Common Stock, $0.01 par value
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 7,591,503
Entity Common Stock, Shares Outstanding		74,214,603
Auditor Name	EisnerAmper LLP
Auditor Firm ID	274
Auditor Location	Philadelphia, Pennsylvania
Entity Central Index Key	0000727510
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Trading Symbol	ENZN

Series C Preferred Stock (Details) - Series C Preferred Stock - USD ($)			1 Months Ended	12 Months Ended
	Dec. 28, 2023	Dec. 29, 2022	Oct. 31, 2020	Dec. 31, 2023	Dec. 31, 2022	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%
Cumulative liquidation value					$ 42,483,000
Preferred stock, liquidation value (in dollars per share)				$ 1,062	$ 1,062
Cumulative liquidation value of series c preferred stock				$ 42,483,000	$ 42,483,000
Cumulative liquidation value	$ 42,483,286			$ 42,483,000	$ 42,483,000	$ 2,023,000
Preferred stock, increase in liquidation preference (in dollars per share)						$ 50
Cash dividend (as percent)	3.00%	3.00%
Preferred stock cumulative liquidation value						$ 42,483,000
Cumulative liquidation value (in dollars per share)				$ 1,062	$ 1,062	$ 1,062
Preferred stock, liquidation preference (in percentage)				3.00%	3.00%
Rights Offering
Series C Preferred Stock
Cumulative liquidation value (in dollars per share)						$ 1,062	$ 1,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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 (in dollars per share)	$ 1,062	$ 1,062
Preferred stock, shares authorized		3,000,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Royalties and milestones, net		$ 26
Total revenues		26
Operating expenses:
General and administrative	$ 1,044	1,058
Total operating expenses	1,044	1,058
Operating loss	(1,044)	(1,032)
Interest and dividend income	2,261	646
Income (loss) before income tax benefit	1,217	(386)
Income tax benefit	156	200
Net Income (Loss)	1,373	(186)
Dividends on Series C preferred stock	(1,275)	(1,275)
Net income (loss) available to common shareholders	$ 98	$ (1,461)
Income (loss) per common share
Basic	$ 0.00	$ (0.02)
Diluted	$ 0.00	$ (0.02)
Weighted average number of common shares - basic	74,215	74,215
Weighted average number of common shares - diluted	74,215	74,215

Cash Dividend

12 Months Ended

Dec. 31, 2023

Cash Dividend

Cash Dividend

(6) Cash Dividend

No dividend on the shares of the Company’s common stock has been paid or declared during the years ended December 31, 2023 and 2022.

On December 28, 2023, 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, 2023. The dividend was paid on January 17, 2024 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2024 (See Note 13 to the Consolidated Financial Statements).

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 Consolidated Financial Statements).

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2023

Commitments and Contingent Liabilities

Commitments and Contingent Liabilities

(10) 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.

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policies
Cash equivalents	$ 46.5	$ 44.2

Section 382 Rights Plan (Details)	Aug. 14, 2020 Vote $ / shares shares	Dec. 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	1.001
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

Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2023

Income (Loss) Per Common Share

Income (Loss) Per Common Share

(7) Income (Loss) Per Common Share

Basic earnings (loss) per common share (EPS) is calculated by dividing net income (loss), less any dividends, accretion or reduction or redemption on the Company’s Series C Preferred Stock, by the weighted average number of common shares outstanding during the reported 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.

The diluted earnings per common share calculation would normally involve adjusting both the denominator and numerator as described here if the effect is dilutive.

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. 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 years ended December 31, 2023 and 2022, there were no common stock equivalents. Because the Company has no common stock equivalents during the year ended December 31, 2023 and a loss was incurred in the year ended December 31, 2022, common stock equivalents would be anti - dilutive and, accordingly, were excluded from the calculation of diluted loss per share in the 2022 period. There were no stock options or other equity - based incentives outstanding in the 2023 period. Income (loss) per common share information was as follows (in thousands, except per share amounts) for the years ended December 31, 2023 and 2022:


	2023		2022
Income (Loss) per Common Share – Basic and Diluted
Net income (loss) for year	$	1,373	$	(186)
Dividends on Series C preferred stock		(1,275)		(1,275)
Net income (loss) available to common shareholders	$	98	$	(1,461)

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

Basic and diluted loss per common share	$	0.00	$	(0.02)

Stock Options

12 Months Ended

Dec. 31, 2023

Stock Options

Stock Options

(8) Stock Options

All of the Company’s incentive, stock options and equity-based compensation plans were terminated effective February 24, 2022 and, as such, there will be no further grants made pursuant these plans.There were no options outstanding at December 31, 2023 and 2022.

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Payable, Accrued Expenses and Dividends Payable on Series C Preferred Stock

Schedule of accrued expenses and other current liabilities

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

Description of Business (Details)					3 Months Ended	12 Months Ended
Description of Business (Details)	Dec. 28, 2023 USD ($) $ / shares	Dec. 29, 2022 USD ($) $ / shares	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 01, 2020 $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Sep. 23, 2020 $ / shares
Description of Business
Amount of operating loss carry forward \| $						$ 102,500,000
License Maintenance Fee \| $					$ 26,000,000
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
Amount of operating loss carry forward \| $			$ 100,000,000
Subscription price per Unit								$ 1,090
Number of rights per share of stock \| shares			1	1
Number of subscription rights to be held			1,105
Preferred stock, par value			$ 1
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%
Aggregated dividend amount \| $	$ 1,275,000	$ 1,275,000				$ 1,275,000
Preferred stock, liquidation value (in dollars per share)					$ 1,062	$ 1,062
Preferred stock, liquidation value \| $					$ 42,483,000
Dividend per share	$ 31.86	$ 31.86				$ 31.86
Cumulative liquidation value \| $	$ 42,483,286				$ 42,483,000	$ 42,483,000	$ 2,023,000
Cumulative liquidation value (in dollars per share)					$ 1,062	$ 1,062	$ 1,062
Series C Preferred Stock \| Rights Offering
Description of Business
Preferred stock, par value			$ 0.01
Percentage of dividend on liquidation preference to be paid in cash				3.00%
Cumulative liquidation value (in dollars per share)				$ 1,000			$ 1,062

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes - Deferred tax assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Federal and state net operating loss carryforward	$ 23,297	$ 23,639
Research and development credits carryforward	11,121	12,758
Total gross deferred tax assets	34,418	36,397
Less valuation allowance	(34,059)	(36,195)
Net deferred tax assets	$ 359	$ 202

Rights Offering (Details) - USD ($)					12 Months Ended
Rights Offering (Details) - USD ($)	Dec. 28, 2023	Dec. 29, 2022	Oct. 09, 2020	Sep. 01, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 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	$ 1,062	$ 1,062
Cash dividend (as percent)	3.00%	3.00%
Aggregated dividend amount	$ 1,275,000	$ 1,275,000			$ 1,275,000
Dividend per share	$ 31.86	$ 31.86			$ 31.86
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 \| Icahn Capital LP
Rights Offering
Number of units sold			40,000
Issued and gross proceeds			$ 43,600,000
Common stock, shares outstanding			74,214,603
Rights Offering \| Investment Agreement \| Icahn Capital LP \| Series C Preferred Stock
Rights Offering
Preferred stock, shares outstanding			40,000

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

(9) Income Taxes

The components of the income tax provision (benefit) are summarized as follows (in thousands):


	Year Ended December 31,
	2023		2022
Current:
Federal	$	—	$	—
State and foreign		1		2
Total current		1		2
Deferred:
Federal		(117)		(151)
State		(40)		(51)
Total deferred		(157)		(202)

Income tax benefit	$	(156)	$	(200)


	Year Ended December 31,
	2023		2022
Income tax provision at federal statutory rate	$	256	$	(81)
Add (deduct) effect of:
State income taxes, net of federal tax		87		(26)
Expiration of federal research and development credits		1,637		1,022
Change in valuation allowance		(2,136)		(1,115)

Income tax benefit	$	(156)	$	(200)

No federal income tax expense was incurred in relation to normal operating results.

As of December 31, 2023 and 2022, the cumulative tax effects of temporary differences that give rise to the deferred tax assets were as follows (in thousands):


	December 31,		December 31,
	2023		2022
Deferred tax assets:
Federal and state net operating loss carryforward	$	23,297	$	23,639
Research and development credits carryforward		11,121		12,758
Total gross deferred tax assets		34,418		36,397
Less valuation allowance		(34,059)		(36,195)
Net deferred tax assets	$	359	$	202

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. Because of the inherent uncertainties, including future interest rates, whether or when an acquisition of a profitable entity will come to fruition and other factors, projecting long-term future performance of the Company is problematical. Accordingly, the Company is only projecting 2024 pre-tax book income due to interest rates on its short-term cash investments and the absence of any potentially actionable acquisitions at this time. Upon review of positive and negative evidence in determining a partial reversal of the valuation allowance, the Company has concluded that a partial reversal of the valuation allowance is necessary. Interest rates may fluctuate throughout 2024. However, the Company does not expect them to return to low rates of the past creating a projected taxable income position. Therefore, the Company will partially reverse the valuation allowances as of December 31, 2023. In 2023, the Company generated approximately $1.2 million in taxable income before utilization of NOLs. The Company utilized approximately $1.2 million of the NOLs during 2023. A deferred tax benefit of $157,000 was recorded during the year ended December 31, 2023. The Company may acquire businesses, entities or revenue streams that could generate sufficient income so that it can utilize its approximately $102.5 million NOL. To date, no actionable acquisition candidates have been identified and, while the Company may ultimately be successful in realizing some or all of the value of its NOLs, the Company cannot provide assurance that it will be able to realize any value of its NOLs.

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

At December 31, 2023, the Company had federal NOLs of approximately $102.5 million, of which approximately $99.4 million will expire in the years 2025 through 2036, and New Jersey state NOLs of approximately $24.8 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.

The Company also had federal research and development (“R&D”) credit carryforwards of approximately $1.6 million that expired in 2023. The Company has remaining 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 capital loss and 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details