0000727510 2012-03-31 0000727510 2011-12-31 0000727510 2012-01-01 2012-03-31 0000727510 2011-01-01 2011-03-31 0000727510 2010-12-31 0000727510 2011-03-31 0000727510 2011-04-01 2012-03-31 0000727510 2012-04-25 iso4217:USD iso4217:USD xbrli:shares xbrli:shares 46214000 104324000 78480000 58188000 2456000 2749000 127150000 165261000 15506000 16802000 41869000 40573000 194038000 160779000 252000 367000 336946000 343209000 1898000 1572000 11072000 13692000 12970000 15264000 125749000 129499000 1081000 1265000 139800000 146028000 0 0 0.01 0.01 3000000 3000000 0 0 0 0 483000 483000 0.01 0.01 170000000 170000000 48292702 48292702 48292702 48292702 342224000 341760000 575000 3000 -146136000 -145065000 197146000 197181000 336946000 343209000 10321000 11762000 0 5000000 103000 1094000 177000 166000 10601000 18022000 6914000 10548000 85000 647000 3675000 5086000 0 58000 -37000 359000 10637000 16698000 -36000 1324000 478000 459000 1417000 1480000 -96000 128000 -1035000 -893000 -1071000 431000 0 0 -1071000 431000 -0.02 0.01 -0.02 0.01 48293000 58002000 48293000 58736000 537000 -125000 35000 -22000 572000 -147000 -499000 284000 1296000 1374000 147000 135000 468000 1209000 -35000 22000 113000 0 -752000 -393000 2236000 2474000 -496000 1046000 0 88000 40989000 13538000 94755000 344000 -53766000 13106000 0 41401000 -3863000 0 0 216000 0 684000 15000 125000 -3848000 -41744000 -58110000 -27592000 397530000 369938000 ENZON PHARMACEUTICALS INC 10-Q --12-31 48305900 false 0000727510 Yes No Accelerated Filer No 2012 FY 2012-03-31 <p> <font size="2"><b>(1) Description of Business</b></font> </p><br/><p align="justify"> <font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Enzon Pharmaceuticals, Inc. and subsidiaries (Enzon or the Company) is a biotechnology company dedicated to the research and development of innovative therapeutics for cancer patients with high unmet medical needs. Operations are funded in part by the receipt of royalty revenues from licensing arrangements with other companies related to sales of products developed using the Company&#8217;s proprietary Customized PEGylation Linker Technology (Customized Linker Technology&#174;) &#8211; primarily PEGINTRON, marketed by Merck &amp; Co., Inc. The Company operates in one business segment. The Company&#8217;s Principal Executive Officer (chief operating decision maker) reviews the Company&#8217;s operating results on an aggregate basis and manages the Company&#8217;s operations as a single operating unit. The Company&#8217;s operations and assets reside exclusively in the United States.</font> </p><br/><p align="justify"> <font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company&#8217;s pipeline drug development programs utilize two platforms &#8211; Customized Linker Technology and third-generation messenger ribonucleic acid (mRNA)-targeting agents utilizing the Locked Nucleic Acid (LNA) technology. The Company currently has four compounds in clinical development: PEG-SN38 and the mRNA antagonists targeting Hypoxia-Inducible Factor-1&#945; (HIF-1&#945;), Survivin and Androgen Receptor (AR). In addition, the Company has other novel LNA targets in various stages of preclinical research.</font> </p><br/> <p align="justify"> <font size="2"><b>(2) Basis of Presentation</b></font> </p><br/><table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="FONT-SIZE:1PX"> <td width="100%" valign="top"> <p align="justify"> &#160; </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="2"><i>Interim Financial Statements</i></font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The accompanying unaudited condensed consolidated financial statements have been prepared from the books and records of the Company in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. 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&#8217;s Annual Report on Form 10-K for the year ended December 31, 2011.</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="2"><i>Principles of Consolidation</i></font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The condensed consolidated financial statements include the accounts of Enzon Pharmaceuticals, Inc. and its subsidiaries. All intercompany balances and transactions have been eliminated as part of the consolidation.</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="2"><i>Use of Estimates</i></font> </p> </td> </tr> <tr> <td valign="top"> <p align="justify"> <font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the U.S. 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 the valuation of investments, legal and contractual contingencies, stock-based compensation, and income taxes. 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valign="bottom"> <p> <font size="1">&#160;</font> </p> </td> <td valign="bottom"> <p> <font size="1">&#160;</font> </p> </td> <td valign="bottom"> <p align="right"> <font size="2">61</font> </p> </td> <td valign="bottom"> <p> <font size="1">&#160;</font> </p> </td> <td valign="bottom"> <p> <font size="1">&#160;</font> </p> </td> <td valign="bottom"> <p align="right"> <font size="2">&#8212;</font> </p> </td> <td valign="bottom"> <p> <font size="1">&#160;</font> </p> </td> <td valign="bottom"> <p> <font size="1">&#160;</font> </p> </td> <td valign="bottom"> <p align="right"> <font size="2">2,178</font> </p> </td> <td valign="bottom"> <p> <font size="1">&#160;</font> </p> </td> </tr> <tr> <td valign="bottom"> <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT"> <font size="1">&#160;</font> </p> </td> <td valign="bottom"> <p> <font size="1">&#160;</font> </p> </td> <td valign="bottom"> <hr size="1" width="100%" noshade="noshade" /> </td> <td valign="bottom"> <hr size="1" width="100%" 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