2017 Q1 Form 10-Q Financial Statement
#000114420417026492 Filed on May 11, 2017
Income Statement
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| Revenue | $1.440M | $3.266M |
| YoY Change | -55.91% | -37.92% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $350.0K | $720.0K |
| YoY Change | -51.39% | 24.14% |
| % of Gross Profit | ||
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | ||
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | $349.0K | $721.0K |
| YoY Change | -51.6% | 23.67% |
| Operating Profit | $2.545M | |
| YoY Change | -45.6% | |
| Interest Expense | ||
| YoY Change | ||
| % of Operating Profit | ||
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $1.091M | $2.545M |
| YoY Change | -57.13% | -45.6% |
| Income Tax | $446.0K | $1.028M |
| % Of Pretax Income | 40.88% | 40.39% |
| Net Earnings | $645.0K | $1.517M |
| YoY Change | -57.48% | -78.85% |
| Net Earnings / Revenue | 44.79% | 46.45% |
| Basic Earnings Per Share | $0.01 | $0.03 |
| Diluted Earnings Per Share | $0.01 | $0.03 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 44.22M shares | 44.22M shares |
| Diluted Shares Outstanding | 44.22M shares | 44.22M shares |
Balance Sheet
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $8.100M | $9.700M |
| YoY Change | -16.49% | -72.13% |
| Cash & Equivalents | $8.079M | $9.735M |
| Short-Term Investments | ||
| Other Short-Term Assets | $300.0K | $44.00K |
| YoY Change | 581.82% | -91.2% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $8.400M | $9.800M |
| YoY Change | -14.29% | -72.23% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $2.900M | $10.10M |
| YoY Change | -71.29% | 304.0% |
| Total Long-Term Assets | $2.900M | $10.06M |
| YoY Change | -71.18% | 295.67% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $8.400M | $9.800M |
| Total Long-Term Assets | $2.900M | $10.06M |
| Total Assets | $11.30M | $19.86M |
| YoY Change | -43.11% | -47.5% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $100.0K | $0.00 |
| YoY Change | -100.0% | |
| Accrued Expenses | $200.0K | $256.0K |
| YoY Change | -21.88% | -45.3% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $322.0K | $256.0K |
| YoY Change | 25.78% | -63.89% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $0.00 | $0.00 |
| YoY Change | -100.0% | |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $322.0K | $256.0K |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $300.0K | $300.0K |
| YoY Change | 0.0% | -71.7% |
| 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 | $11.00M | $19.60M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $11.30M | $19.90M |
| YoY Change | -43.22% | -47.35% |
Cashflow Statement
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $645.0K | $1.517M |
| YoY Change | -57.48% | -78.85% |
| Depreciation, Depletion And Amortization | ||
| YoY Change | ||
| Cash From Operating Activities | $440.0K | -$1.900M |
| YoY Change | -123.16% | -140.43% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | ||
| 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 | 0.000 | |
| YoY Change | -100.0% | |
| NET CHANGE | ||
| Cash From Operating Activities | $440.0K | -1.900M |
| Cash From Investing Activities | ||
| Cash From Financing Activities | 0.000 | |
| Net Change In Cash | $440.0K | -1.900M |
| YoY Change | -123.16% | -733.33% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $440.0K | -$1.900M |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2016Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
940000 | USD |
| CY2017Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
8079000 | USD |
| CY2016Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
7639000 | USD |
| CY2017Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
322000 | USD |
| CY2017Q1 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.44 | pure |
| CY2017Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
446000 | USD |
| CY2016Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
1028000 | USD |
| CY2017Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
645000 | USD |
| CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
1517000 | USD |
| CY2017Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.01 | |
| CY2016Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.03 | |
| CY2017Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.01 | |
| CY2016Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.03 | |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
44215000 | shares |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
44215000 | shares |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
44215000 | shares |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
44215000 | shares |
| CY2017Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
440000 | USD |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-1937000 | USD |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
9735000 | USD |
| CY2017Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
424000 | USD |
| CY2016Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
1028000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
440000 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-1937000 | USD |
| CY2016Q1 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.73 | pure |
| CY2017Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
645000 | USD |
| CY2016Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
1517000 | USD |
| CY2017Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares |
| CY2016Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | shares |
| CY2017Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2017Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2017Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-03-31 | |
| CY2017Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2017 | |
| CY2017Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2017Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
ENZON PHARMACEUTICALS, INC. | |
| CY2017Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000727510 | |
| CY2017Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2017Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Smaller Reporting Company | |
| CY2017Q1 | dei |
Trading Symbol
TradingSymbol
|
ENZN | |
| CY2017Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
44214603 | shares |
| CY2016Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2017Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2016Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2017Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2016Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
3000000 | shares |
| CY2017Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
3000000 | shares |
| CY2016Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2017Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2016Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2017Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2016Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2017Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2016Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
170000000 | shares |
| CY2017Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
170000000 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
44214603 | shares |
| CY2017Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
44214603 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
44214603 | shares |
| CY2017Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
44214603 | shares |
| CY2017Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
1091000 | USD |
| CY2016Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
2545000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
4482000 | USD |
| CY2017Q1 | 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: 0.5in; PADDING-RIGHT: 0.8pt; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <b>(1)</b></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0.8pt; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><b>Description of Business</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> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" 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 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"> 44</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 73</font>% of the Company’s total royalty revenues for the three months ended March 31, 2017 and 2016, respectively, and 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’s total royalty revenues for the years ended December 31, 2016 and 2015, respectively.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" 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: 0in 0in 0pt" align="justify"> </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">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 a post-patent expiration immunity fee that the Company believes became payable under such agreement. 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 the State of New York for breach of contract. On October 23, 2015, Nektar filed a motion to dismiss the complaint.</font> On February 2, 2016, the Court granted Nektar’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. On March 14, 2017, the Court denied the Company’s motion to dismiss Nektar’s counterclaim. <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 <font style="COLOR: #1a1a1a">any future payments related thereto from Nektar. As such, no amounts have been recorded as of March 31, 2017.</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></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify">On February 4, 2016, the Company’s board of directors adopted a Plan of Liquidation and Dissolution, the implementation of which has been postponed. (See Note 10.)</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify">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> as of December 31, 2016. In March 2017, Merck withheld royalties payments due of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">636,000</font> in order to recoup a portion of its 2016 overpayment. Accordingly, the Company recorded a corresponding reduction of the accounts payable liability. See Note 11.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q1 | enzn |
Royalty Payments Withheld
RoyaltyPaymentsWithheld
|
636000 | USD |
| CY2017Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<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: 0.5in; PADDING-RIGHT: 0.8pt; PADDING-TOP: 0in" valign="top" width="48"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt"> <b>(2)</b></div> </td> <td style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0.8pt; PADDING-TOP: 0in" valign="top"> <div style="CLEAR:both;MARGIN: 0in 0in 0pt; FONT-FAMILY: Times New Roman,serif; FONT-SIZE: 10pt" align="justify"><b>Basis of Presentation</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" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i>Interim Financial Statements</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" 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, 2016.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; 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>Principles of Consolidation</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" 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> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; 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>Use of Estimates</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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. These estimates include legal and contractual contingencies and income taxes. 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 style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i> </i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><i>Revenues</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify">Royalties under the Company’s license agreements with third-parties and pursuant to the sale of its former specialty pharmaceutical business are recognized when reasonably determinable and earned through the sale of the product by the third-party and collection is reasonably assured. Notification from the third-party licensee of the royalties earned under the license agreement is the basis for royalty revenue recognition. This information generally is received from the licensees in the quarter subsequent to the period in which the sales occur.</div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q1 | us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
629000 | USD |
| CY2017Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
97000 | USD |
| CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
11672000 | USD |
| CY2017Q1 | 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; font-stretch: normal; font-size-adjust: none" 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">  </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; COLOR: rgb(37,37,37); font-stretch: normal; font-size-adjust: none">  In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-01, <i>Business Combinations (Topic 805): Clarifying the Definition of a Business</i>, in an effort to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments of this ASU are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on our financial statements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-stretch: normal; font-size-adjust: none">  </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; font-stretch: normal; font-size-adjust: none" align="justify">In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606); Narrow-Scope Improvements and Practical Expedients. 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 the Company’s consolidated financial position and results of operations.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif; font-stretch: normal; font-size-adjust: none">  </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; font-stretch: normal; font-size-adjust: none" align="justify">Other recent ASU's issued by the FASB and guidance issued by the Securities and Exchange Commission did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | USD |
| CY2017Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
90787 | shares |
| CY2016Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
347919 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares |
| CY2017Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
177000 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
42000 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
42000 | shares |
| CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
219000 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
42000 | shares |
| CY2017Q1 | us-gaap |
Deferred Tax Assets Liabilities Net Current
DeferredTaxAssetsLiabilitiesNetCurrent
|
424000 | USD |
| CY2017Q1 | 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: 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>Use of Estimates</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America 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. These estimates include legal and contractual contingencies and income taxes. 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> |
