$ENZN
ENZON PHARMACEUTICALS, INC.

2013 Q3 Form 10-Q Financial Statement

#000114420413060539 Filed on November 12, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3 2012 Q2
Revenue $8.828M $11.12M $10.23M
YoY Change -20.62% 6.52% 6.58%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.260M $3.210M $4.360M
YoY Change -29.6% -21.71% -6.84%
% of Gross Profit
Research & Development $653.0K $3.954M $5.673M
YoY Change -83.49% -62.27% -44.65%
% of Gross Profit
Depreciation & Amortization $0.00 $900.0K $1.300M
YoY Change -100.0% -35.71% 8.33%
% of Gross Profit
Operating Expenses $3.706M $7.060M $9.989M
YoY Change -47.51% -51.58% -33.09%
Operating Profit $5.122M $4.061M $242.0K
YoY Change 26.13%
Interest Expense $0.00 $1.274M $1.364M
YoY Change -100.0% -219.07% -225.14%
% of Operating Profit 0.0% 31.37% 563.64%
Other Income/Expense, Net $195.0K $2.000K -$97.00K
YoY Change 9650.0%
Pretax Income $5.321M $4.175M -$696.0K
YoY Change 27.45% -146.86% -90.14%
Income Tax -$241.0K $0.00 $33.00K
% Of Pretax Income -4.53% 0.0%
Net Earnings $5.562M $4.175M -$729.0K
YoY Change 33.22% -145.83% -89.69%
Net Earnings / Revenue 63.0% 37.54% -7.13%
Basic Earnings Per Share $0.13 $0.09 -$0.02
Diluted Earnings Per Share $0.13 $0.08 -$0.02
COMMON SHARES
Basic Shares Outstanding 43.92K shares 46.39K shares 48.18M shares
Diluted Shares Outstanding 44.14M shares 58.56K shares 48.18M shares

Balance Sheet

Concept 2013 Q3 2012 Q3 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.70M $278.4M $129.1M
YoY Change -92.21% -15.69% -64.04%
Cash & Equivalents $21.69M $140.9M $59.44M
Short-Term Investments $0.00 $137.5M $69.70M
Other Short-Term Assets $1.200M $2.200M $3.100M
YoY Change -45.45% -24.14% -26.19%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $22.90M $280.7M $132.2M
YoY Change -91.84% -15.76% -63.59%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $13.30M $14.20M
YoY Change -100.0% -26.52% -27.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.30M $170.5M
YoY Change 281.48% 5066.67%
Other Assets $200.0K $200.0K
YoY Change -66.67% -75.0%
Total Long-Term Assets $0.00 $23.80M $184.8M
YoY Change -100.0% 11.74% 683.05%
TOTAL ASSETS
Total Short-Term Assets $22.90M $280.7M $132.2M
Total Long-Term Assets $0.00 $23.80M $184.8M
Total Assets $22.90M $304.5M $317.0M
YoY Change -92.48% -14.1% -18.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $200.0K $1.100M $600.0K
YoY Change -81.82% 37.5% -57.14%
Accrued Expenses $2.300M $7.400M $8.400M
YoY Change -68.92% -47.14% -24.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $115.8M $115.8M
YoY Change
Total Short-Term Liabilities $2.500M $124.3M $124.9M
YoY Change -97.99% 739.86% 899.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $600.0K $500.0K $600.0K
YoY Change 20.0% -85.71% -86.05%
Total Long-Term Liabilities $600.0K $500.0K $600.0K
YoY Change 20.0% -99.64% -99.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.500M $124.3M $124.9M
Total Long-Term Liabilities $600.0K $500.0K $600.0K
Total Liabilities $3.100M $124.8M $125.5M
YoY Change -97.52% -18.32% -17.0%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.80M $179.7M $191.5M
YoY Change
Total Liabilities & Shareholders Equity $22.90M $304.5M $317.0M
YoY Change -92.48% -14.1% -18.02%

Cashflow Statement

Concept 2013 Q3 2012 Q3 2012 Q2
OPERATING ACTIVITIES
Net Income $5.562M $4.175M -$729.0K
YoY Change 33.22% -145.83% -89.69%
Depreciation, Depletion And Amortization $0.00 $900.0K $1.300M
YoY Change -100.0% -35.71% 8.33%
Cash From Operating Activities $6.900M $5.500M -$2.900M
YoY Change 25.45% -248.65% -51.67%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $3.500M $92.20M $31.50M
YoY Change -96.2% 487.26% 668.29%
Cash From Investing Activities $3.500M $92.20M $31.50M
YoY Change -96.2% 491.03% 751.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K -16.10M -15.40M
YoY Change -99.38% -35.34% -69.01%
NET CHANGE
Cash From Operating Activities 6.900M 5.500M -2.900M
Cash From Investing Activities 3.500M 92.20M 31.50M
Cash From Financing Activities -100.0K -16.10M -15.40M
Net Change In Cash 10.30M 81.60M 13.20M
YoY Change -87.38% -727.69% -125.38%
FREE CASH FLOW
Cash From Operating Activities $6.900M $5.500M -$2.900M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow $6.900M $5.500M -$2.900M
YoY Change 25.45% -252.78% -48.21%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Nature Of Operations
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<div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt 0.5in; TEXT-INDENT: -0.5in" align="justify"><b><font style="FONT-SIZE: 10pt"> (1)&#160;&#160;&#160;Description of Business</font></b></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt">&#160;</font></div> <div style="clear:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in" align="justify"><font style="FONT-SIZE: 10pt">Enzon Pharmaceuticals, Inc. (together with its subsidiaries, &#8220;Enzon&#8221; or the &#8220;Company&#8221;) receives royalty revenues from existing licensing arrangements with other companies primarily related to sales of six marketed products, namely, PegIntron<sup>&#174;</sup>, Sylatron<sup>&#174;</sup>, Macugen<sup>&#174;</sup>, CIMZIA<sup>&#174;</sup>, Oncaspar and Adagen.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font> The Company currently has no clinical operations and limited corporate operations.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">&#160;</font> 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. 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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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enzn Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Adjustment Pursuant To Special Dividend Nonvested Shares
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438000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
421000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2250000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2034000 shares
CY2013Q3 enzn Operating Leases Future Minimum Payments Future Minimum Sublease Rentals Due In Two Years
OperatingLeasesFutureMinimumPaymentsFutureMinimumSubleaseRentalsDueInTwoYears
135000 USD
CY2013Q3 enzn Operating Leases Future Minimum Payments Future Minimum Sublease Rentals Due In Three Years
OperatingLeasesFutureMinimumPaymentsFutureMinimumSubleaseRentalsDueInThreeYears
198000 USD
CY2013Q3 enzn Operating Leases Future Minimum Payments Future Minimum Sublease Rentals Due In Four Years
OperatingLeasesFutureMinimumPaymentsFutureMinimumSubleaseRentalsDueInFourYears
267000 USD
CY2013Q3 enzn Operating Leases Future Minimum Payments Future Minimum Sublease Rentals Due In Five Years
OperatingLeasesFutureMinimumPaymentsFutureMinimumSubleaseRentalsDueInFiveYears
362000 USD
CY2013Q3 enzn Operating Leases Future Minimum Payments Future Minimum Sublease Rentals Due Thereafter
OperatingLeasesFutureMinimumPaymentsFutureMinimumSubleaseRentalsDueThereafter
1505000 USD
CY2013Q3 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
186000 USD
CY2013Q3 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
55000 USD
CY2013Q3 enzn Monthly Fixed Rent Receivable On Sublease Year One
MonthlyFixedRentReceivableOnSubleaseYearOne
10417 USD
CY2013Q3 enzn Monthly Fixed Rent Receivable On Sublease Year Two
MonthlyFixedRentReceivableOnSubleaseYearTwo
15625 USD
CY2013Q3 enzn Monthly Fixed Rent Receivable On Sublease Year Three
MonthlyFixedRentReceivableOnSubleaseYearThree
20833 USD
CY2013Q3 enzn Monthly Fixed Rent Receivable On Sublease Year Four
MonthlyFixedRentReceivableOnSubleaseYearFour
26042 USD
CY2013Q3 enzn Monthly Fixed Rent Receivable On Sublease In Each Of Year Five To Eight
MonthlyFixedRentReceivableOnSubleaseInEachOfYearFiveToEight
35000 USD
CY2013Q3 enzn Operating Leases Future Minimum Payments Future Minimum Sublease Rentals Due Current
OperatingLeasesFutureMinimumPaymentsFutureMinimumSubleaseRentalsDueCurrent
22000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
2489000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
65000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
373000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
374000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
374000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
394000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1472000 USD
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
3052000 USD
CY2013Q3 enzn Termination Of License And Collaboration Agreement Research And Development Expenses Charged
TerminationOfLicenseAndCollaborationAgreementResearchAndDevelopmentExpensesCharged
500000 USD

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