2015 Q3 Form 10-Q Financial Statement
#000114420415063360 Filed on November 06, 2015
Income Statement
| Concept | 2015 Q3 | 2014 Q3 |
|---|---|---|
| Revenue | $3.840M | $8.164M |
| YoY Change | -52.96% | -7.52% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $210.0K | $570.0K |
| YoY Change | -63.16% | -74.78% |
| % of Gross Profit | ||
| Research & Development | $0.00 | |
| YoY Change | -100.0% | |
| % of Gross Profit | ||
| Depreciation & Amortization | $0.00 | |
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | $220.0K | $571.0K |
| YoY Change | -61.47% | -84.59% |
| Operating Profit | $7.593M | |
| YoY Change | 48.24% | |
| Interest Expense | $0.00 | |
| YoY Change | ||
| % of Operating Profit | 0.0% | |
| Other Income/Expense, Net | $0.00 | $0.00 |
| YoY Change | -100.0% | |
| Pretax Income | -$926.0K | $7.593M |
| YoY Change | -112.2% | 42.7% |
| Income Tax | $888.0K | $1.000K |
| % Of Pretax Income | 0.01% | |
| Net Earnings | -$1.814M | $7.592M |
| YoY Change | -123.89% | 36.5% |
| Net Earnings / Revenue | -47.24% | 92.99% |
| Basic Earnings Per Share | -$0.04 | $0.17 |
| Diluted Earnings Per Share | -$0.04 | $0.17 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 44.18M shares | 44.13M shares |
| Diluted Shares Outstanding | 44.18M shares | 44.24M shares |
Balance Sheet
| Concept | 2015 Q3 | 2014 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $20.30M | $29.00M |
| YoY Change | -30.0% | 33.64% |
| Cash & Equivalents | $20.26M | $28.99M |
| Short-Term Investments | ||
| Other Short-Term Assets | $300.0K | $329.0K |
| YoY Change | -8.81% | -72.58% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $20.56M | $29.30M |
| YoY Change | -29.83% | 27.95% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $800.0K | |
| YoY Change | ||
| Total Long-Term Assets | $848.0K | $22.00K |
| YoY Change | 3754.55% | |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $20.56M | $29.30M |
| Total Long-Term Assets | $848.0K | $22.00K |
| Total Assets | $21.41M | $29.32M |
| YoY Change | -26.99% | 28.04% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $100.0K | $151.0K |
| YoY Change | -33.77% | -24.5% |
| Accrued Expenses | $4.700M | $529.0K |
| YoY Change | 788.47% | -77.0% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $4.800M | $680.0K |
| YoY Change | 605.88% | -72.8% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $0.00 | $400.0K |
| YoY Change | -100.0% | -33.33% |
| Total Long-Term Liabilities | $0.00 | $400.0K |
| YoY Change | -100.0% | -33.33% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $4.800M | $680.0K |
| Total Long-Term Liabilities | $0.00 | $400.0K |
| Total Liabilities | $4.800M | $1.102M |
| YoY Change | 335.57% | -64.45% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$91.76M | -$106.7M |
| YoY Change | -14.0% | |
| Common Stock | $108.4M | $134.9M |
| YoY Change | -19.65% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $16.65M | $28.22M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $21.41M | $29.32M |
| YoY Change | -26.99% | 28.04% |
Cashflow Statement
| Concept | 2015 Q3 | 2014 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$1.814M | $7.592M |
| YoY Change | -123.89% | 36.5% |
| Depreciation, Depletion And Amortization | $0.00 | |
| YoY Change | ||
| Cash From Operating Activities | $3.300M | $7.600M |
| YoY Change | -56.58% | 10.14% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | $0.00 |
| YoY Change | -100.0% | |
| Cash From Investing Activities | $0.00 | $0.00 |
| YoY Change | -100.0% | |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -22.10M | 0.000 |
| YoY Change | -100.0% | |
| NET CHANGE | ||
| Cash From Operating Activities | 3.300M | 7.600M |
| Cash From Investing Activities | 0.000 | 0.000 |
| Cash From Financing Activities | -22.10M | 0.000 |
| Net Change In Cash | -18.80M | 7.600M |
| YoY Change | -347.37% | -26.21% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $3.300M | $7.600M |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2015Q3 | us-gaap |
Dividends Payable Current
DividendsPayableCurrent
|
0 | USD |
| CY2014Q4 | us-gaap |
Dividends Payable Current
DividendsPayableCurrent
|
4417000 | USD |
| CY2015Q3 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
| CY2014Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
| CY2015Q3 | us-gaap |
Common Stock Value
CommonStockValue
|
441000 | USD |
| CY2014Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
441000 | USD |
| CY2015Q3 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
107968000 | USD |
| CY2014Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
130065000 | USD |
| CY2015Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-91763000 | USD |
| CY2014Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-100903000 | USD |
| CY2015Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
16646000 | USD |
| CY2014Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
29603000 | USD |
| CY2015Q3 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
21407000 | USD |
| CY2014Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
35040000 | USD |
| CY2015Q3 | us-gaap |
Assets Current
AssetsCurrent
|
20559000 | USD |
| CY2014Q4 | us-gaap |
Assets Current
AssetsCurrent
|
35040000 | USD |
| CY2015Q3 | us-gaap |
Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
|
848000 | USD |
| CY2014Q4 | us-gaap |
Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
|
0 | USD |
| CY2015Q3 | us-gaap |
Assets
Assets
|
21407000 | USD |
| CY2014Q4 | us-gaap |
Assets
Assets
|
35040000 | USD |
| CY2014Q3 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
8133000 | USD |
| CY2014Q3 | us-gaap |
Other Sales Revenue Net
OtherSalesRevenueNet
|
31000 | USD |
| CY2014Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.17 | |
| CY2015Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.04 | |
| CY2014Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.17 | |
| CY2015Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
44182000 | shares |
| CY2015Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
44182000 | shares |
| CY2014Q3 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
8164000 | USD |
| CY2014Q3 | us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
571000 | USD |
| CY2014Q3 | us-gaap |
Operating Expenses
OperatingExpenses
|
571000 | USD |
| CY2015Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-926000 | USD |
| CY2014Q3 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
7593000 | USD |
| CY2015Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
888000 | USD |
| CY2014Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
1000 | USD |
| CY2015Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-1814000 | USD |
| CY2014Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
7592000 | USD |
| CY2015Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.04 | |
| CY2014Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
44239000 | shares |
| CY2015Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
0 | USD |
| CY2014Q3 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
0 | USD |
| us-gaap |
Royalty Revenue
RoyaltyRevenue
|
14068000 | USD | |
| us-gaap |
Royalty Revenue
RoyaltyRevenue
|
24811000 | USD | |
| CY2015Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-1814000 | USD |
| CY2014Q3 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
7592000 | USD |
| CY2015Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares |
| CY2014Q3 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
108000 | shares |
| us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
1312000 | USD | |
| us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
1915000 | USD | |
| us-gaap |
Operating Expenses
OperatingExpenses
|
1915000 | USD | |
| us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
22990000 | USD | |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
8428000 | USD | |
| us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
23051000 | USD | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-712000 | USD | |
| us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
56000 | USD | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
9140000 | USD | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
22995000 | USD | |
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.21 | ||
| us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.52 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.21 | ||
| us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.52 | ||
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
44182000 | shares | |
| us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
44109000 | shares | |
| us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
44254000 | shares | |
| us-gaap |
Investment Income Net
InvestmentIncomeNet
|
0 | USD | |
| us-gaap |
Investment Income Net
InvestmentIncomeNet
|
61000 | USD | |
| us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
0 | USD | |
| us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
61000 | USD | |
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
22351000 | USD | |
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
0 | USD | |
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
152000 | USD | |
| us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
0 | USD | |
| us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
152000 | USD | |
| us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
6000 | USD | |
| us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
30000 | USD | |
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
26508000 | USD | |
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
0 | USD | |
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-26514000 | USD | |
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-30000 | USD | |
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-14307000 | USD | |
| us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
22473000 | USD | |
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
34562000 | USD |
| CY2013Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
6520000 | USD |
| CY2015Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
20255000 | USD |
| CY2014Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
28993000 | USD |
| us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
0 | USD | |
| us-gaap |
Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
|
61000 | USD | |
| us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
-3915000 | USD | |
| us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
583000 | USD | |
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-848000 | USD | |
| us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
0 | USD | |
| CY2015Q3 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.83 | pure |
| CY2014Q3 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.77 | pure |
| CY2014 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.79 | pure |
| CY2013 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.87 | pure |
| enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.8 | pure | |
| CY2013Q3 | us-gaap |
Area Of Land
AreaOfLand
|
30000 | sqft |
| CY2013Q3 | enzn |
Sub Lease Commencement Date
SubLeaseCommencementDate
|
2013-11-14 | |
| CY2014Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
9140000 | USD | |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
32000 | shares | |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
3000000 | shares |
| CY2015Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2013Q3 | enzn |
Sublease Expiration Date
SubleaseExpirationDate
|
2021-07-30 | |
| 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 |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
356000 | shares |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
|
0 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
|
14000 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
|
0 | shares | |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
46000 | shares |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
32000 | shares |
| CY2015Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2015Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
3000000 | shares |
| 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 |
| us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
22995000 | USD | |
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
145000 | shares | |
| enzn |
Employee Service Share Based Compensation Tax Payments
EmployeeServiceShareBasedCompensationTaxPayments
|
6000 | USD | |
| CY2014Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
519000 | shares |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares | |
| us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
121000 | shares | |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
398000 | shares |
| CY2015Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
398000 | shares |
| CY2015Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2014Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2015Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2014Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2015Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
170000000 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
170000000 | shares |
| CY2015Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
44182414 | shares |
| CY2015Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
44182414 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
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44174456 | shares |
| CY2014Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
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44174456 | shares |
| us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> </div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="4%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <b><font style="FONT-SIZE: 10pt">(1)</font></b></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 96%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="96%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><b><font style="FONT-SIZE: 10pt">Description of Business</font></b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt 36.75pt" align="justify"><b><font style="FONT-SIZE: 10pt">  </font></b></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Enzon Pharmaceuticals, Inc. (together with its subsidiaries, “Enzon” or the “Company”) receives royalty revenues from existing licensing arrangements with other companies primarily related to sales of four marketed drug products, namely, PegIntron ®, Sylatron ®, Macugen ® and CIMZIA ®. The Company also had previously received royalty revenues from licensing arrangement related to sales of Oncaspar and Adagen until the Company’s rights to receive royalties on sales of these products expired in 2014. In addition, the Company’s rights to receive royalties on sales of Macugen and CIMZIA expired in the U.S. and Great Britain in 2014. The primary source of the Company’s royalty revenues is sales of PegIntron, which is marketed by Merck & Co., Inc. (“Merck”). The Company currently has no clinical operations and limited corporate operations. <font style="COLOR: #1a1a1a">The Company</font> has no intention of resuming any clinical development activities or acquiring new sources of royalty revenues. Royalty revenues from sales of PegIntron accounted for approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 83</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 77</font>% of the Company’s total royalty revenues for the three months ended September 30, 2015 and 2014, respectively, and approximately<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">80</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 79</font>% of the Company’s total royalty revenues in each of the nine-month periods ended September 30, 2015 and 2014 and approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 79</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 87</font>% of the Company’s total royalty revenues for fiscal years 2014 and 2013, respectively.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company was previously dedicated to the research and development of innovative therapeutics for patients with high unmet medical needs.   Beginning in December 2012, the Company’s Board of Directors (the “Board”), with outside consultants, began a review of the possible sale or disposition of one or more corporate assets or a sale of the Company. At that time, the Company suspended substantially all clinical development activities with a goal of conserving capital and maximizing value returned to the Company’s stockholders.   By April 2013, the review did not result in a definitive offer to acquire the Company or all or substantially all of the Company’s assets.   At the same time, the Company announced that its Board intended to distribute excess cash, expected to arise from ongoing royalty revenues, in the form of periodic dividends to stockholders.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Subsequently, the following significant events occurred:</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In April 2013, pursuant to the terms of an asset purchase agreement, the Company sold to Belrose Pharma, Inc. (“Belrose”), all right, title and interest to the Company’s Customized PEGylation platform and related assets.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In September 2013, the Company entered into a sublease agreement, which was amended and restated in November 2013, with Axcellerate Pharma, LLC (“Axcellerate”) (the “Sublease”), pursuant to which the Company subleases to Axcellerate a portion of the Company’s premises consisting of approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 30,000</font> rentable square feet of the building located at 20 Kingsbridge Road, Piscataway, New Jersey (the “Premises”) and a share of related parking areas. The term of the Sublease commenced on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">November 14, 2013</font> and will expire on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">July 30, 2021</font>. The monthly fixed rent payable by Axcellerate to the Company under the Sublease is as follows: (i) in year one, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">10,417</font>, (ii) in year two, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">15,625</font>, (iii) in year three, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">20,833</font>, (iv) in year four, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">26,042</font> and (v) in each of years five through eight, $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">35,000</font>. The Sublease also provides for Axcellerate to pay additional rent to cover its applicable share of real estate taxes, operating expenses, sewer and gas usage, water usage, electricity usage and certain other charges incurred by Axcellerate.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company’s premises located at 20 Kingsbridge Road, Piscataway, New Jersey (the “Premises”) are currently leased by the Company pursuant to an agreement of lease dated as of April 1, 1995, as amended, with the Landlord (the “Lease”).</font> <font style="FONT-SIZE: 10pt">On September 11, 2015, the Company entered into an Assignment, Assumption and Release Agreement (the "Assignment Agreement") with Kingsbridge 2005, LLC (the "Landlord"), pursuant to which (i) the Company will assign to the Landlord all of the Company's right, title and interest in and all of its obligations under the Lease and the Sublease (the "Assignment") and (ii) the Landlord will accept the Assignment and will release the Company from all obligations (other than certain obligations for which the Company has received written notice of a claim from the Landlord within 90 days after the effectiveness of the Assignment) under the Lease, the Sublease (including the letter of credit held as security for the Sublease) and the Premises (the "Release") in exchange for the Company's payment of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">4.5</font> million to the Landlord (the "Release Payment"). The amount of Release Payment has been accrued in the Company’s financial statements as of September 30, 2015.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The effectiveness of the Assignment Agreement is subject to the consent of the Landlord's mortgage lender. Accordingly, the Assignment, the Release and the Company's obligation to make the Release Payment will not become effective unless and until the Landlord's mortgage lender has provided its written consent to the Assignment Agreement. If the Landlord's mortgage lender does not provide its written consent on or before December 31, 2015, either the Company or the Landlord may terminate the Assignment Agreement and, upon such termination, neither party shall have any rights or obligations under the Assignment Agreement. Because management of the Company believes that it is probable that the Landlord’s mortgage lender’s approval will be obtained prior to the deadline, the Company has accrued the Release Payment, currently.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both">   </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> In October 2013, the Company terminated its License and Collaboration Agreement with Santaris Pharma A/S (“Santaris”) whereby Enzon returned to Santaris the rights to molecules utilizing LNA technology including the mRNA antagonists targeting Hypoxia-Inducible Factor-1 alpha (HIF-1 alpha), the Androgen Receptor (AR), HER3, and Beta-catenin.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <font style="FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In March 2014, the Company entered into a novation agreement with Zhejiang Hisun Pharmaceutical Co., Ltd. ("Hisun") and Belrose (the “Novation Agreement”), pursuant to which the parties confirmed the novation of the Company’s Collaboration Agreement with Hisun to Belrose. As a consequence of the Novation Agreement , the Company received a gross amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">550,000</font> from Hisun, the amount of a receivable previously written off, and paid $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">249,565</font> to Belrose. The recording of these transactions resulted in a net reduction of general and administrative expense of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">300,435</font>.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On July 16, 2014, Belrose provided written notice to Hisun asserting multiple breaches by Hisun of the Collaboration Agreement including failure to pay $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">450,000</font> of milestone payments. Belrose provided Hisun up to 60 days to cure the breaches. On September 16, 2014, Belrose notified Hisun and the Company that it was terminating the Collaboration Agreement and demanded the return of material related to PEG- SN38 and a royalty-free right to any Hisun patents related to PEG-SN38. Hisun responded on September 16, 2014 that they rejected Belrose’s assertion that Hisun had committed multiple breaches and requested that Belrose continue its performance of technology transfer under the Collaboration Agreement.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The Company received a letter dated April 13, 2015, from counsel for Sigma Tau Pharma Ltd regarding the agreement dated November 9, 2009 (the “Agreement”) between the Company and Sigma-Tau Pharmaceuticals, Inc., Defiante Farmaceutica, S.A. and Sigma-Tau Finanzaria, S.P.A. (collectively “Sigma-Tau”). In its letter, Sigma-Tau alleged that it was entitled to offset $826,128 (the “Claim”) in rebate payments earned in the fourth quarter of 2014 and paid in the first quarter of 2015 that would otherwise have been due the Company as royalty payments under the Agreement. Sigma-Tau claimed that the offset represented the amount by which the net rebate exceeded the reserve for such payments on the balance sheet and was allowed pursuant to the Indemnity provisions of the Agreement. By letter dated April 28, 2015, the Company replied that the offset was not allowed under the Agreement, and that in any event, it was time-barred. Sigma-Tau did not assert that there was any liability beyond an offset against royalties that were otherwise due.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">Effective June 25, 2015, the Company and Sigma-Tau agreed to settle the Claim for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">526,128</font>. Sigma-Tau retained an amount equal to $826,128 that would, but for the Claim, be due and owing to the Company under the Agreement in the second quarter of 2015, but under the terms of the settlement agreed to pay to the Company $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">300,000</font> (the “Settlement Amount”). The Company agreed that upon receipt of such amount, it would not have a claim for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">826,128</font></font></font> in royalties earned for the fourth quarter of 2014, provided that the Company maintains its right, upon written request to Sigma-Tau and through an independent accounting firm, to inspect the relevant records of Sigma-Tau at any time within the three-year period following the close of each calendar year for the purpose of verifying the accuracy of all payments or charges used to calculate royalties payable under the Agreement for such calendar year and to make a claim as a result of such inspection. The Company recorded the $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">300,000</font> as royalty revenue during the second quarter of 2015 and received such Settlement Amount on July 13, 2015.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="COLOR: #222222; FONT-SIZE: 10pt">In June 2015, the Company delivered notice to Nektar Therapeutics, Inc. (“Nektar”) asserting a breach of our Cross-License and Option Agreement with Nektar for Nektar’s failure to pay an immunity fee that the Company believes became payable to it under such agreement with respect to certain of the Company’s patents that would be infringed by Nektar’s products (or those of Nektar’s licensees). To date, Nektar has disputed the Company’s claim to an immunity fee.  On August 14, 2015, the Company filed a summons and complaint against Nektar in the Supreme Court of New York for breach of contract. On October 23, 2015, Nektar filed a motion to dismiss the complaint. The motion is presently pending. While the Company believes that an immunity fee is currently due and payable by Nektar and intends to continue to pursue this claim, the outcome of such dispute is uncertain and there can be no assurance that the Company will be able to collect, in full or in part, the immunity fee or any future payments related thereto from Nektar. As such, no amounts have been recorded as of September 30, 2015.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="COLOR: #1a1a1a; FONT-SIZE: 10pt">The Company wound down its remaining research and development activities during 2013</font> <font style="FONT-SIZE: 10pt">and has no intention of resuming any clinical development activities or acquiring new sources of royalty revenues.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
| enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
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0.79 | pure | |
| us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 4%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="4%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <b><font style="FONT-SIZE: 10pt">(3)</font></b></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 96%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="96%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><b><font style="FONT-SIZE: 10pt">New Accounting Pronouncements</font></b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In May 2014, the FASB issued ASU 2014-09, <i>Revenue from Contracts with Customers</i> (“ASU 2014-09”), which will supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The Company is carefully evaluating its existing revenue recognition practices to determine whether any contracts in the scope of the guidance will be affected by the new requirements. The effects may include identifying performance obligations in existing arrangements, determining the transaction price and allocating the transaction price to each separate performance obligation. The Company will also establish practices to determine when a performance obligation has been satisfied, and recognize revenue in accordance with the new requirements. The new standard is effective for the Company on January 1, 2017. Early adoption is not permitted. However, on July 9, 2015, the FASB agreed to delay the effective date of ASU 2014-09 by one year. This would make ASU 2014-09 effective for the Company on January 1, 2018. If this proposal is approved, early adoption of ASU 2014-09 would be permitted effective January 1, 2017. ASU 2014-09 allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. Management currently believes that this ASU will not have a material impact on the Company’s operating results, financial position or cash flow.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">In June 2014, the FASB issued ASU No. 2014-12, <i>Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period</i> . The issue is the result of a consensus of the FASB Emerging Issues Task Force (EITF). The amendments in this ASU require that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. The amendments in this ASU are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 and can be either applied prospectively or retrospectively. Earlier adoption is permitted. Management currently believes the adoption this ASU will not have a material impact on the Company’s operating results, financial position or cash flows.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On February 18, 2015, the FASB issued ASU No. 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis” that amends the current consolidation guidance. The amendments affect both the variable interest entity and voting interest entity consolidation models. The new guidance is effective for the Company beginning January 1, 2016, with early adoption permitted. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">On April 7, 2015, the FASB issued ASU No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of related debt liability, consistent with debt discounts. Under current accounting standards, such costs are recorded as an asset. The new guidance is effective for the Company beginning January 1, 2016, with early adoption permitted. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
| us-gaap |
Use Of Estimates
UseOfEstimates
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<div style="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" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt">Use of Estimates</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of 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. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
| us-gaap |
Basis Of Accounting
BasisOfAccounting
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="LINE-HEIGHT: 115%; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.54%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <font style="FONT-SIZE: 10pt"> </font></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 3.72%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="3%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt"> <b><font style="FONT-SIZE: 10pt">(2)</font></b></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 95.74%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="95%"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 12pt" align="justify"><b><font style="FONT-SIZE: 10pt">Basis of Presentation</font></b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Interim Financial Statements</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">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’s Annual Report on Form 10-K for the year ended December 31, 2014.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Principles of Consolidation</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated as part of the consolidation.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i><font style="FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Use of Estimates</font></i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">The preparation of 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. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | ||
| CY2015Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
2500000 | USD |
| CY2015Q2 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
1780000 | USD |
| CY2015Q3 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
1780000 | USD |
| CY2015Q3 | enzn |
Accrued Lease Termination Costs Current
AccruedLeaseTerminationCostsCurrent
|
4552000 | USD |
| CY2014Q4 | enzn |
Accrued Lease Termination Costs Current
AccruedLeaseTerminationCostsCurrent
|
0 | USD |
| CY2015Q3 | us-gaap |
Gain Loss On Contract Termination
GainLossOnContractTermination
|
-4552000 | USD |
| CY2014Q3 | us-gaap |
Gain Loss On Contract Termination
GainLossOnContractTermination
|
0 | USD |
| us-gaap |
Gain Loss On Contract Termination
GainLossOnContractTermination
|
-4552000 | USD | |
| us-gaap |
Gain Loss On Contract Termination
GainLossOnContractTermination
|
0 | USD | |
| CY2014Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2015Q3 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| enzn |
Accrued Release Payment
AccruedReleasePayment
|
4500000 | USD | |
| us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
137000 | USD | |
| us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
0 | USD | |
| us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | USD | |
| us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | USD |
