$ENZN
Enzon Pharmaceuticals Inc

2016 Q4 Form 10-K Financial Statement

#000114420417016511 Filed on March 24, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2016 2015 Q4
Revenue $850.0K $8.377M $3.160M
YoY Change -73.1% -52.01% -49.6%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $150.0K $1.679M $840.0K
YoY Change -82.14% -21.91% 78.72%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $150.0K $1.733M $840.0K
YoY Change -82.14% -73.96% 78.72%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $650.0K $6.644M $2.370M
YoY Change -72.57% -38.48% -59.14%
Income Tax $5.270M $7.770M -$10.13M
% Of Pretax Income 810.77% 116.95% -427.43%
Net Earnings -$4.610M -$1.126M $12.50M
YoY Change -136.88% -105.2% 115.52%
Net Earnings / Revenue -542.35% -13.44% 395.57%
Basic Earnings Per Share -$0.03
Diluted Earnings Per Share -$104.3K -$0.03 $640.0K
COMMON SHARES
Basic Shares Outstanding 44.21M shares 44.22M shares
Diluted Shares Outstanding 44.22M shares

Balance Sheet

Concept 2016 Q4 2016 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.600M $7.639M $11.70M
YoY Change -35.04% -34.55% -66.18%
Cash & Equivalents $7.639M $7.639M $11.67M
Short-Term Investments
Other Short-Term Assets $300.0K $270.0K $107.0K
YoY Change 180.37% 152.34% -77.62%
Inventory
Prepaid Expenses
Receivables
Other Receivables $0.00
Total Short-Term Assets $7.909M $7.909M $11.78M
YoY Change -32.86% -32.86% -66.38%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.400M $3.362M $11.10M
YoY Change -69.37% -69.74%
Total Long-Term Assets $3.362M $3.362M $11.11M
YoY Change -69.74% -69.74%
TOTAL ASSETS
Total Short-Term Assets $7.909M $7.909M $11.78M
Total Long-Term Assets $3.362M $3.362M $11.11M
Total Assets $11.27M $11.27M $22.89M
YoY Change -50.76% -50.76% -34.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $800.0K $770.0K $90.00K
YoY Change 788.89% 755.56% -50.28%
Accrued Expenses $200.0K $170.0K $205.0K
YoY Change -2.44% -96.39% -55.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $940.0K $940.0K $4.801M
YoY Change -80.42% -80.42% -5.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $940.0K $940.0K $4.801M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $900.0K $940.0K $4.801M
YoY Change -81.25% -80.42% -11.7%
SHAREHOLDERS EQUITY
Retained Earnings -$80.39M -$79.27M
YoY Change 1.42% -21.44%
Common Stock $90.72M $97.36M
YoY Change -6.81% -25.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.33M $10.33M $18.09M
YoY Change
Total Liabilities & Shareholders Equity $11.27M $11.27M $22.89M
YoY Change -50.76% -50.76% -34.67%

Cashflow Statement

Concept 2016 Q4 2016 2015 Q4
OPERATING ACTIVITIES
Net Income -$4.610M -$1.126M $12.50M
YoY Change -136.88% -105.2% 115.52%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $1.400M $2.599M $2.500M
YoY Change -44.0% -82.29% -74.75%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.600M -$6.632M -11.10M
YoY Change -40.54% -82.35% 152.27%
NET CHANGE
Cash From Operating Activities 1.400M $2.599M 2.500M
Cash From Investing Activities 0.000
Cash From Financing Activities -6.600M -$6.632M -11.10M
Net Change In Cash -5.200M -$4.033M -8.600M
YoY Change -39.53% -82.38% -256.36%
FREE CASH FLOW
Cash From Operating Activities $1.400M $2.599M $2.500M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2016 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0"> <tr style="TEXT-ALIGN: justify; VERTICAL-ALIGN: top"> <td style="WIDTH: 0%"></td> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"> <div><b>(3)</b></div> </td> <td style="TEXT-ALIGN: justify"> <div><b>Recently Adopted Accounting Pronouncements</b></div> </td> </tr> </table> &#160; <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> <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, 2016, the Financial Accounting Standards Board (the <b> &#8220;</b>FASB<b>&#8221;</b>) issued Accounting Standards Update (<b>&#8220;</b>ASU<b>&#8221;</b>) <i>2016-09, Compensation &#150; Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting</i>. This standard is intended to improve the accounting for employee share-based payments and affects all organizations that issue share-based payment awards to their employees. Several aspects of the accounting for share-based payment award transactions are simplified, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. The standard is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted. We do not believe the adoption of this ASU will have a material effect on our consolidated financial position and results of operations.</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">&#160;</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 August 2016, the FASB issued ASU 2016-15, <i>Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments</i>. ASU 2016-15 amends eight specific cash flow issues: 1.) Debt Prepayment or Debt Extinguishment Costs, 2.) Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing, 3.) Contingent Consideration Payments Made after a Business Combination, 4.) Proceeds from the Settlement of Insurance Claims, 5.) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned Life Insurance Policies, 6.) Distributions Received from Equity Method Investees, 7.) Beneficial Interests in Securitization Transactions, 8.) Separately Identifiable Cash Flows and Application of the Predominance Principle. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We do not believe the adoption of the amendments in this ASU will have a material effect on our consolidated financial position and results of operations.</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">&#160;</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 November 2016, the FASB issued ASU 2016-18, <i>Statement of Cash Flows (Topic 230): Restricted Cash</i>. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We do not believe the adoption of the amendments in this ASU will have a material effect on our consolidated financial position and results of operations.</font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <b><font style="FONT-SIZE: 10pt">&#160;</font></b></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 (Topic 606); Narrow-Scope Improvements and Practical Expedients</i>. ASU 2014-09 provides for a single five-step model to be applied to all revenue contracts with customers, as well as requiring additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. As amended by ASU 2015-14, issued in August 2015, this ASU is effective fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We do not believe the adoption of this ASU will have a material effect on our consolidated financial position and results of operations.</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">&#160;</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 has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its 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>
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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"> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.5in; MARGIN: 0in 0in 0pt 0.5in" align="center"></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; LINE-HEIGHT: 115%; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0%; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; WIDTH: 0.5in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" valign="top" width="48"> <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; 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" 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"><font style="FONT-SIZE: 10pt">&#160;</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">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 four marketed drug products, namely, PegIntron &#174;, Sylatron &#174;, Macugen &#174; and CIMZIA &#174;. The Company&#8217;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&#8217;s royalty revenues is sales of PegIntron, which is marketed by Merck &amp; Co., Inc. (&#8220;Merck&#8221;). 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"> 64</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 80</font>% of the Company&#8217;s total royalty revenues for each of the years ended December 31, 2016 and 2015, 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">&#160;</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&#8217;s Board of Directors (the &#8220;Board&#8221;), 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&#8217;s stockholders. &#160; By April 2013, the review did not result in a definitive offer to acquire the Company or all or substantially all of the Company&#8217;s assets. &#160; 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">&#160;</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 &#8220;Agreement&#8221;) between the Company and Sigma-Tau Pharmaceuticals, Inc., Defiante Farmaceutica, S.A. and Sigma-Tau Finanzaria, S.P.A. (collectively &#8220;Sigma-Tau&#8221;). In its letter, Sigma-Tau alleged that it was entitled to offset $826,128 (the &#8220;Claim&#8221;) 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;MARGIN: 0in 0in 0pt" align="justify"><font style="FONT-SIZE: 10pt">&#160;</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">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 $<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 &#8220;Settlement Amount&#8221;). 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 Agreement 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.</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">&#160;</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">In June 2015, the Company delivered notice to Nektar Therapeutics, Inc. (&#8220;Nektar&#8221;) asserting a breach of our Cross-License and Option Agreement with Nektar for Nektar&#8217;s failure to pay a post-patent expiration immunity fee that the Company believes became payable under such agreement with respect to certain of the Company&#8217;s patents that would be infringed by Nektar&#8217;s products (or those of Nektar&#8217;s licensees). To date, Nektar has disputed the Company&#8217;s claim to an immunity fee.&#160; On August 14, 2015, the Company filed a summons and complaint against Nektar in the Supreme Court of the State of New York for breach of contract. On October 23, 2015, Nektar filed a motion to dismiss the complaint.</font> <font style="FONT-SIZE: 10pt">On February 2, 2016, the Court granted Nektar&#8217;s motion to dismiss the complaint. The Company appealed this dismissal and on October 25, 2016 the Appellate Division reversed and remanded the case to the trial court for further proceedings. On November 28, 2016, Nektar served an amended answer and counterclaim alleging that the patents at issue are unenforceable. <font style="COLOR: #1a1a1a">While the Company believes that an immunity fee is currently due and payable by Nektar and the Company 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 December 31, 2016.</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="COLOR: #1a1a1a; FONT-SIZE: 10pt"> &#160;</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 4, 2016, the Company&#8217;s board of directors (the &#8220;Board&#8221;) adopted a Plan of Liquidation and Dissolution, the implementation of which is being postponed. See Note 15 Other Corporate Events.<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font></font></div> </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;CLEAR: both"> &#160;</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 March 2017, Merck notified the Company that it had overpaid the Company in 2016 for royalties on U.S. sales of PegIntron, the right to which had expired in February 2016. Accordingly, the Company recorded a liability to Merck in the amount of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">770,000</font>. See Note 4.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
57000 USD
CY2015 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0 USD
CY2016 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
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CY2015 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-20326000 USD
CY2016 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
the Company concluded an examination by the U.S. Internal Revenue Service, in connection with the tax years 2010 through 2011. The result of such examination was the reduction of federal net operating loss carryforwards aggregating approximately $1.8 million. State income tax returns for the state of New Jersey are generally subject to examination for a period of four years after filing.
CY2016 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
During 2016, there was a decrease in the overall valuation allowance of approximately ($680,000). The significant movements within the valuation allowance consist of: (a) approximately $5.0 million increase due to the impact on projected earnings from the decrease in projected revenues for the Company for the period beginning in 2017 and ending in 2021; (b) a decrease of about ($3.3 million) of state research and development tax credit carryforwards that have expired; (c) a decrease of about ($2.1 million) of stock option deferred tax assets due to expirations and cancellations and (d) a decrease of overall timing differences of about ($280,000).&#160;The decrease in projected revenues is significantly attributable to the steep decline in worldwide sales of PegIntron noted in 2016, as reported by Merck, due to increased competition from new therapies and, consequently, a loss of market share. Similar market factors have negatively impacted the Company&#8217;s other licensed products.&#160;At December 31, 2016, the Company had federal net operating loss carryforwards of approximately $106 million that expire in the years 2022 through 2031 and New Jersey state net operating loss carryforwards of approximately $33 million that expire in the years 2030 through 2031. The Company also has federal capital loss carryforwards of approximately $1.2 million that expire in 2018 and&#160;federal research and development tax credit carryforwards of approximately $16.6 million for tax reporting purposes that expire in the years 2017 through 2031.

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