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.

Revenue model

Interest and dividend income on cash holdings ($1.921 million in FY2025) and legacy patent royalties and milestone payments ($0 in FY2025, $26 thousand in FY2024). No active product or service revenue.

Products and services

Legacy pharmaceutical patent licensing arrangements generating royalty and milestone payments. No active research and development operations as of the FY2025 10-K filing.

Customers and end markets

Not disclosed in the filing excerpts.

Value-chain role

Patent licensor on legacy pharmaceutical intellectual property. Operating as a public company acquisition vehicle pending consummation of a merger with Viskase Companies, Inc.

Geographic exposure

Not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2026-03-02

Industry: Biological Products, (No Diagnostic Substances) Peers: APPLIED GENETIC TECHNOLOGIES CORP Corbus Pharmaceuticals Holdings Inc Aceragen, Inc. Indaptus Therapeutics Inc Monopar Therapeutics Inc ONCOSEC MEDICAL Inc CapForce Inc. Vaccinex Inc