2016 Q1 Form 10-Q Financial Statement
#000114420416099969 Filed on May 09, 2016
Income Statement
| Concept | 2016 Q1 | 2015 Q1 |
|---|---|---|
| Revenue | $3.266M | $5.261M |
| YoY Change | -37.92% | -41.38% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $720.0K | $580.0K |
| YoY Change | 24.14% | 13.73% |
| % of Gross Profit | ||
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | ||
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | $721.0K | $583.0K |
| YoY Change | 23.67% | 14.76% |
| Operating Profit | $2.545M | $4.678M |
| YoY Change | -45.6% | -44.75% |
| Interest Expense | ||
| YoY Change | ||
| % of Operating Profit | ||
| Other Income/Expense, Net | $0.00 | |
| YoY Change | -100.0% | |
| Pretax Income | $2.545M | $4.678M |
| YoY Change | -45.6% | -45.45% |
| Income Tax | $1.028M | -$2.495M |
| % Of Pretax Income | 40.39% | -53.33% |
| Net Earnings | $1.517M | $7.173M |
| YoY Change | -78.85% | -15.82% |
| Net Earnings / Revenue | 46.45% | 136.34% |
| Basic Earnings Per Share | $0.03 | $0.16 |
| Diluted Earnings Per Share | $0.03 | $0.16 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 44.22M shares | 44.18M shares |
| Diluted Shares Outstanding | 44.22M shares | 44.23M shares |
Balance Sheet
| Concept | 2016 Q1 | 2015 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $9.700M | $34.80M |
| YoY Change | -72.13% | 133.56% |
| Cash & Equivalents | $9.735M | $34.80M |
| Short-Term Investments | ||
| Other Short-Term Assets | $44.00K | $500.0K |
| YoY Change | -91.2% | 67.22% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $9.800M | $35.29M |
| YoY Change | -72.23% | 132.15% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $10.10M | $2.500M |
| YoY Change | 304.0% | |
| Total Long-Term Assets | $10.06M | $2.543M |
| YoY Change | 295.67% | 14858.82% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $9.800M | $35.29M |
| Total Long-Term Assets | $10.06M | $2.543M |
| Total Assets | $19.86M | $37.83M |
| YoY Change | -47.5% | 148.6% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $0.00 | $241.0K |
| YoY Change | -100.0% | 28.19% |
| Accrued Expenses | $256.0K | $468.0K |
| YoY Change | -45.3% | -37.1% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $256.0K | $709.0K |
| YoY Change | -63.89% | -23.93% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $400.0K | |
| YoY Change | -20.0% | |
| Total Long-Term Liabilities | $0.00 | $400.0K |
| YoY Change | -100.0% | -20.0% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $256.0K | $709.0K |
| Total Long-Term Liabilities | $0.00 | $400.0K |
| Total Liabilities | $300.0K | $1.060M |
| YoY Change | -71.7% | -26.59% |
| 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 | $19.60M | $36.80M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $19.90M | $37.80M |
| YoY Change | -47.35% | 148.41% |
Cashflow Statement
| Concept | 2016 Q1 | 2015 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $1.517M | $7.173M |
| YoY Change | -78.85% | -15.82% |
| Depreciation, Depletion And Amortization | ||
| YoY Change | ||
| Cash From Operating Activities | -$1.900M | $4.700M |
| YoY Change | -140.43% | -42.68% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | |
| YoY Change | -100.0% | |
| Cash From Investing Activities | $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 | 0.000 | -4.400M |
| YoY Change | -100.0% | |
| NET CHANGE | ||
| Cash From Operating Activities | -1.900M | 4.700M |
| Cash From Investing Activities | 0.000 | |
| Cash From Financing Activities | 0.000 | -4.400M |
| Net Change In Cash | -1.900M | 300.0K |
| YoY Change | -733.33% | -96.39% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$1.900M | $4.700M |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2015Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
22890000 | USD |
| CY2015Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | USD |
| CY2015Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
441000 | USD |
| CY2015Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
96914000 | USD |
| CY2015Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-79266000 | USD |
| CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
18089000 | USD |
| CY2016Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
9735000 | USD |
| CY2016Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
ENZON PHARMACEUTICALS, INC. | |
| CY2016Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000727510 | |
| CY2016Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2016Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Smaller Reporting Company | |
| CY2016Q1 | dei |
Trading Symbol
TradingSymbol
|
ENZN | |
| CY2016Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
44214603 | shares |
| CY2016Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
44000 | USD |
| CY2016Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
0 | USD |
| CY2015Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
90000 | USD |
| CY2016Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
256000 | USD |
| CY2015Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
205000 | USD |
| CY2015Q1 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
5205000 | USD |
| CY2015Q1 | us-gaap |
Other Sales Revenue Net
OtherSalesRevenueNet
|
56000 | USD |
| CY2016Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
256000 | USD |
| CY2015Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
4801000 | USD |
| CY2015Q4 | us-gaap |
Assets Current
AssetsCurrent
|
11779000 | USD |
| CY2016Q1 | us-gaap |
Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
|
10083000 | USD |
| CY2015Q4 | us-gaap |
Deferred Tax Assets Liabilities Net Noncurrent
DeferredTaxAssetsLiabilitiesNetNoncurrent
|
11111000 | USD |
| CY2016Q1 | us-gaap |
Assets
Assets
|
19862000 | USD |
| CY2015Q4 | us-gaap |
Assets
Assets
|
22890000 | USD |
| CY2016Q1 | enzn |
Accrued Lease Termination Costs Current
AccruedLeaseTerminationCostsCurrent
|
0 | USD |
| CY2015Q4 | enzn |
Accrued Lease Termination Costs Current
AccruedLeaseTerminationCostsCurrent
|
4506000 | USD |
| CY2015Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
7173000 | USD |
| CY2016Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares |
| CY2015Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
46000 | shares |
| CY2016Q1 | us-gaap |
Royalty Revenue
RoyaltyRevenue
|
3224000 | USD |
| CY2016Q1 | us-gaap |
Other Sales Revenue Net
OtherSalesRevenueNet
|
42000 | USD |
| CY2016Q1 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
3266000 | USD |
| CY2016Q1 | us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
721000 | USD |
| CY2016Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
1028000 | USD |
| CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1517000 | USD |
| CY2016Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.03 | |
| CY2016Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.03 | |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
44214000 | shares |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
44214000 | shares |
| CY2015Q1 | us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
583000 | USD |
| CY2015Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
583000 | USD |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares |
| CY2016Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | shares |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
0 | shares |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
348000 | shares |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
348000 | shares |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
330000 | shares |
| CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
11672000 | USD |
| CY2015Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
348000 | shares |
| CY2015Q1 | us-gaap |
Sales Revenue Net
SalesRevenueNet
|
5261000 | USD |
| CY2016Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
721000 | USD |
| CY2015Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-2495000 | USD |
| CY2015Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
7173000 | USD |
| CY2015Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.16 | |
| CY2015Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.16 | |
| CY2015Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
44181000 | shares |
| CY2015Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
44227000 | shares |
| CY2016Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
0 | USD |
| CY2015Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
6000 | USD |
| CY2016Q1 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
0 | USD |
| CY2015Q1 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
4417000 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
0 | USD |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-4423000 | USD |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-1937000 | USD |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
242000 | USD |
| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
34562000 | USD |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
34804000 | USD |
| CY2015Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-2498000 | USD |
| CY2016Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
1028000 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-1937000 | USD |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
4665000 | USD |
| CY2016Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
1517000 | USD |
| CY2015Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2016Q1 | us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
4482000 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
10000 | USD |
| CY2015Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2016Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2015Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
3000000 | shares |
| CY2016Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
3000000 | shares |
| CY2015Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2016Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2015Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2016Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2015Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2016Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2015Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
170000000 | shares |
| CY2016Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
170000000 | shares |
| CY2015Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
44214603 | shares |
| CY2016Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
44214603 | shares |
| CY2015Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
44214603 | shares |
| CY2016Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
44214603 | shares |
| CY2016Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 48px; PADDING-RIGHT: 0.8pt"> <div><font style="FONT-SIZE: 10pt"><b>(1)</b></font></div> </td> <td style="TEXT-ALIGN: justify; PADDING-RIGHT: 0.8pt"> <div><font style="FONT-SIZE: 10pt"><b>Description of Business</b></font></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px 0pt 36.75pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b> </b></div> <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">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 arrangements 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: #141414">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"> 73</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 90</font>% of the Company’s total royalty revenues for the three months ended March 31, 2016 and 2015, respectively, and approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 80</font></font>% of the Company’s total royalty revenues for each of the years ended December 31, 2015 and 2014.</div> <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"> </div> <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 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.</div> <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"> </div> <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">Effective June 25, 2015, the Company and Sigma-Tau Pharmaceuticals, Inc., Defiante Farmaceutica, S.A. and Sigma-Tau Finanzaria, S.P.A. (collectively “Sigma-Tau”) agreed to settle, for $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">526,128</font>, a claim by the Company that Sigma Tau inappropriately withheld $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. Sigma-Tau retained an amount equal to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">826,128</font> 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 $826,128 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 Company’s agreement with Sigma-Tau for such calendar year and to make a claim as a result of such inspection. The Company recorded the $300,000 as royalty revenue during the second quarter of 2015 and received such Settlement Amount on July 13, 2015.</div> <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"> </div> <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"><font style="COLOR: #1a1a1a">In June 2015, the Company delivered notice to Nektar Therapeutics, Inc. (“Nektar”) asserting a breach of its 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 (the “Complaint”). On October 23, 2015, Nektar filed a motion to dismiss the Complaint.</font> On February 2, 2016, the Supreme Court of the State of New York granted Nektar its motion to dismiss the Complaint. The Company has appealed this dismissal. The appeal is presently pending before the Supreme Court of the State of New York, Appellate Division. While the Company continues to believe 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. <font style="COLOR: #1a1a1a">As such, no amounts have been recorded as of March 31, 2016.</font></div> <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"> </div> <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"><font style="COLOR: #141414">The Company wound down its remaining research and development activities during 2013 </font> and the Company has no intention of resuming any clinical development activities or acquiring new sources of royalty revenues.</div> <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">  </div> <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">On February 4, 2016, the Company’s Board of Directors adopted a Plan of Liquidation and Dissolution (the “Plan of Liquidation and Dissolution”), pursuant to which the Company would, subject to obtaining requisite stockholder approval, be liquidated and dissolved in accordance with Sections 280 and 281(a) of the General Corporation Law of the State of Delaware. As announced in the Company’s Current Report on Form 8-K filed on March 21, 2016, the Company’s Board of Directors has postponed seeking stockholder approval of the Plan of Liquidation and Dissolution until a later time to be determined by the Company’s Board of Directors.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2016Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 48px; PADDING-RIGHT: 0.8pt"> <div><font style="FONT-SIZE: 10pt"><b>(2)</b></font></div> </td> <td style="TEXT-ALIGN: justify; PADDING-RIGHT: 0.8pt"> <div><font style="FONT-SIZE: 10pt"><b>Basis of Presentation</b></font></div> </td> </tr> </table> <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"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Interim Financial Statements</i></div> <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 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, 2015.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; 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"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Principles of Consolidation</i></div> <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 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.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; 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"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Use of Estimates</i></div> <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 preparation of consolidated financial statements in conformity with U.S. GAAP 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 style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2016Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<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: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i>Use of Estimates</i></div> <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 preparation of consolidated financial statements in conformity with U.S. GAAP 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.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2016Q1 | us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 48px; PADDING-RIGHT: 0.8pt"> <div><font style="FONT-SIZE: 10pt"><b>(3)</b></font></div> </td> <td style="TEXT-ALIGN: justify; PADDING-RIGHT: 0.8pt"> <div><font style="FONT-SIZE: 10pt"><b>New Accounting Pronouncements</b></font></div> </td> </tr> </table> <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"> </div> <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">During the first quarter of 2016, the FASB issued Accounting Standards Update 2016-01 (ASU No. 2016-01) “<i>Recognition and Measurement of Financial Assets and Financial Liabilities.”</i> The FASB issued this update to make limited amendments to the guidance in U. S. GAAP on the classification and measurement of financial instruments. This update significantly revises an entity’s accounting related to the classification and measurement of investments in equity securities and the presentation of certain fair value changes for financial liabilities measured at fair value. It also amends certain disclosure requirements associated with the fair value of financial instruments. The update will take effect for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company believes that ASU No. 2016-01 will not have a material effect on its consolidated financial statements and related disclosures.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <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"><font style="COLOR: #1c1c1c">Also, d</font>uring the first quarter of <font style="COLOR: #1c1c1c">2016, the FASB issued ASU No. 2016-02, <i>Leases (Topic 842)</i>, which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases, along with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted.</font> The Company believes that ASU No. 2016-02 will not have a material effect on its consolidated financial statements and related disclosures. </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2016Q1 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.73 | pure |
| CY2015Q1 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.9 | pure |
| CY2015 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.8 | pure |
| CY2014 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.8 | pure |
| CY2016Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
97000 | USD |
| CY2015Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | USD |
| CY2016Q1 | enzn |
Employee Service Share Based Compensation Tax Payments
EmployeeServiceShareBasedCompensationTaxPayments
|
6000 | USD |
| CY2016Q1 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
1028000 | USD |
| CY2016Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
2545000 | USD |
| CY2015Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
4678000 | USD |
| CY2015Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
0 | USD |
