Viskase Holdings Inc

enzon.com

Viskase Holdings Inc (OTCQB: ENZN) is a pharmaceutical holding company operating as a public acquisition vehicle following the wind-down of its active research and development operations. The company generates revenue from royalties and milestone payments tied to licensing arrangements on legacy patents, though royalties and milestones totaled $26 thousand in FY2024 and $0 in FY2025, making that stream effectively exhausted. Primary income in FY2025 came from interest and dividend income of $1.921 million, down from $2.452 million in FY2024, earned on cash holdings funded largely by a prior Rights Offering. The company recorded a net loss of $3.409 million in FY2025, driven by $3.955 million in transaction expenses related to a pending all-stock merger with Viskase Companies, Inc., a deal supported by Icahn Enterprises Holdings L.P. If the merger is not completed, the company has stated its intention to continue operating as a public company acquisition vehicle. As of December 31, 2025, the company carried a full valuation allowance of approximately $29.7 million against its deferred tax assets.