$ENZN
ENZON PHARMACEUTICALS, INC.

2017 Q4 Form 10-K Financial Statement

#000114420418016199 Filed on March 21, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q4
Revenue $10.00K $151.0K $850.0K
YoY Change -98.82% -92.41% -73.1%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $350.0K $340.0K $150.0K
YoY Change 133.33% -10.53% -82.14%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $350.0K $335.0K $150.0K
YoY Change 133.33% -11.84% -82.14%
Operating Profit
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$340.0K -$184.0K $650.0K
YoY Change -152.31% -111.43% -72.57%
Income Tax -$17.67M -$337.0K $5.270M
% Of Pretax Income 810.77%
Net Earnings $460.0K $153.0K -$4.610M
YoY Change -109.98% -83.65% -136.88%
Net Earnings / Revenue 4600.0% 101.32% -542.35%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share $10.40K $0.00 -$104.3K
COMMON SHARES
Basic Shares Outstanding 44.22M shares 44.21M shares
Diluted Shares Outstanding 44.22M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.500M $4.300M $7.600M
YoY Change -1.32% -66.67% -35.04%
Cash & Equivalents $7.478M $4.320M $7.639M
Short-Term Investments
Other Short-Term Assets $94.00K $100.0K $300.0K
YoY Change -68.67% -50.0% 180.37%
Inventory
Prepaid Expenses
Receivables
Other Receivables $3.500M $3.500M $0.00
Total Short-Term Assets $7.572M $7.904M $7.909M
YoY Change -4.26% -39.66% -32.86%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $1.100M $3.400M
YoY Change -100.0% -87.21% -69.37%
Total Long-Term Assets $1.940M $1.149M $3.362M
YoY Change -42.3% -86.64% -69.74%
TOTAL ASSETS
Total Short-Term Assets $7.572M $7.904M $7.909M
Total Long-Term Assets $1.940M $1.149M $3.362M
Total Assets $9.512M $9.053M $11.27M
YoY Change -15.61% -58.28% -50.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $225.0K $213.0K $800.0K
YoY Change -71.88% 788.89%
Accrued Expenses $143.0K $200.0K $200.0K
YoY Change -28.5% 0.0% -2.44%
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 $368.0K $371.0K $940.0K
YoY Change -60.85% 85.5% -80.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $368.0K $371.0K $940.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $400.0K $400.0K $900.0K
YoY Change -55.56% 100.0% -81.25%
SHAREHOLDERS EQUITY
Retained Earnings -$74.95M -$75.41M -$80.39M
YoY Change -6.77% 1.42%
Common Stock $84.09M $84.09M $90.72M
YoY Change -7.31% -6.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.144M $8.682M $10.33M
YoY Change
Total Liabilities & Shareholders Equity $9.512M $9.053M $11.27M
YoY Change -15.61% -58.28% -50.76%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income $460.0K $153.0K -$4.610M
YoY Change -109.98% -83.65% -136.88%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $3.200M -$300.0K $1.400M
YoY Change 128.57% -118.75% -44.0%
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 -6.600M -6.600M
YoY Change -100.0% -40.54%
NET CHANGE
Cash From Operating Activities 3.200M -300.0K 1.400M
Cash From Investing Activities
Cash From Financing Activities 0.000 -6.600M -6.600M
Net Change In Cash 3.200M -6.900M -5.200M
YoY Change -161.54% -531.25% -39.53%
FREE CASH FLOW
Cash From Operating Activities $3.200M -$300.0K $1.400M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2017 dei Entity Registrant Name
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ENZON PHARMACEUTICALS, INC.
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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;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">&#160;</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 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, relevant current information 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>
CY2017 us-gaap Nature Of Operations
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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;TEXT-INDENT: -0.5in; MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif" align="center"></div> <table style="BORDER-BOTTOM: 0px solid; BORDER-LEFT: 0px solid; MARGIN-TOP: 0px; WIDTH: 100%; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px; BORDER-TOP: 0px solid; BORDER-RIGHT: 0px solid" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0in"> <div style="CLEAR:both;CLEAR: both"></div> </td> <td style="TEXT-ALIGN: left; WIDTH: 0.5in"> <div style="CLEAR:both;CLEAR: both"><b>(1)</b></div> </td> <td> <div style="CLEAR:both;CLEAR: both"><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: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both"> <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, &#8220;Enzon&#8221; or the &#8220;Company,&#8221; &#8220;we&#8221; or &#8220;us&#8221;), manages its sources of royalty revenues from existing licensing arrangements with other companies primarily related to sales of certain drug products that utilize Enzon&#8217;s proprietary technology. In 2017, the primary source of the Company&#8217;s royalty revenues was the revenues from <font style="COLOR: #1a1a1a">Nektar Therapeutics, Inc. (&#8220;Nektar&#8221;) pursuant to the</font> entrance into a Second Amendment (&#8220;Nektar Second Amendment&#8221;) to the Company&#8217;s Cross-License and Option Agreement (the &#8220;Nektar License Agreement&#8221;) with <font style="COLOR: #1a1a1a">Nektar, which generated non-recurring royalty revenues of $7 million (see below). The receipt of this $7 million satisfied</font> all future obligations of royalty payments pursuant to the Nektar License Agreement.</div> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><font style="FONT-FAMILY:Times New Roman, Times, Serif">Prior to 2017, the primary source of the Company&#8217;s royalty revenues was derived from sales of PegIntron, which is marketed by Merck&#160;&#38;; Co., Inc. (&#8220;Merck&#8221;). <font style="FONT-FAMILY:Times New Roman, Times, Serif">Prior to 2013, the Company was dedicated to the research and development of innovative therapeutics for patients with high unmet medical needs. The Company</font></font> <font style="FONT-FAMILY:Times New Roman, Times, Serif">currently has no clinical operations and limited corporate operations. <font style="COLOR: #141414">The Company</font> has no intention of resuming any clinical development activities or acquiring new sources of royalty revenues. Royalty revenues from sales of PegIntron accounted for approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 64</font>% of the Company&#8217;s total royalty revenues for each of the years ended December 31, 2017 and 2016, respectively, net of&#160;the effects of an adjustment for Merck&#8217;s recoupment of previously overpaid royalties. The effects of such recoupments for overpayments, rebates and returns were recorded as a decrease of royalty revenues aggregating approximately&#160;$<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">877,000</font> for the year ending December 31, 2017, as discussed in Note 4.</font></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">&#160;</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">In April 2013, the Company announced that it intended to distribute excess cash, expected to arise from ongoing royalty revenues, in the form of periodic dividends to stockholders. On February 4, 2016, the Company&#8217;s Board adopted a Plan of Liquidation and Dissolution (the &#8220;Plan of Liquidation and Dissolution&#8221;), the implementation of which has been postponed. (See Note 15 Other Corporate Events.)</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">&#160;</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: #222222" align="justify">Under the Company&#8217;s existing agreements with certain third party licensees, the Company may be entitled to (i) potential future milestone payments contingent upon the achievement of certain milestones with respect to several other drug products in various stages of clinical and preclinical development and (ii) potential future royalty payments related to any future sales of these drug products.&#160; Due to the challenges associated with developing and obtaining approval for drug products, there is substantial uncertainty whether any of these milestones will be achieved.&#160; The Company also has no control over the time, resources and effort that these third party licensees may devote to their programs and limited access to information regarding or resulting from such programs.&#160;&#160; Accordingly, there can be no assurance that the Company will receive any of the milestone or royalty payments under these agreements.&#160;</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: #222222"> &#160;</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: #222222">The Company may be entitled to certain potential future milestone payments contingent upon the achievement of certain regulatory approval-related milestones with respect to Oncaspar from Shire plc (&#8220;Shire&#8221;), which assumed the milestone payment obligations when it acquired the Oncaspar product portfolio from Sigma-Tau Finanziaria S.p.A. in July 2015. In an investor presentation, Shire stated that it anticipated filing a Biologics License Application (&#8220;BLA&#8221;) for SC Oncaspar with the FDA in the fourth quarter of 2017. In February 2018, Shire indicated that it was in the <font style="BACKGROUND-COLOR: transparent">registration stage and awaiting further regulatory action.</font>&#160;If FDA approval is obtained for SC Oncaspar, under its agreement, the Company would be entitled to a milestone payment of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.0</font> million. There can be no assurance that the FDA will approve the BLA. Accordingly, there can be no assurance that the Company will receive any of the milestone payments related to SC Oncaspar or any other such milestone payments resulting from its agreements with any of the Company&#8217;s other third party licensees.</font> The Company will not recognize revenue from Shire or <font style="COLOR: #222222">any of the Company&#8217;s other third party licensees</font> until all current revenue recognition requirements are met.</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">&#160;</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 June 26, 2017, the Company entered into the Nektar Second Amendment, wherein Nektar agreed to buy-out all remaining payment obligations to the Company under the Nektar License Agreement. In consideration for fully paid-up licenses under the Nektar License Agreement and for the dismissal with prejudice of all claims and counterclaims asserted in the litigation with Nektar, Nektar agreed to pay the Company the sum of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.0</font> million, which satisfies all future obligations of royalty payments pursuant to the Nektar License Agreement, the first $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.5</font> million of which was to be paid within one business day of the effective date of the Nektar Second Amendment and the remaining $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.5</font> million was to be paid by January 6, 2018. Accordingly, the Company recorded revenue of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">7.0</font> million and a receivable of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.5</font> million in the second quarter of 2017. The $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3.5</font> million receivable was paid in full in December 2017.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</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">&#160;In March 2017, Merck notified the Company that it had overpaid it approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">770,000</font> in royalties (net of a <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 25</font>% royalty interest that the Company had previously sold) during the second and third quarters of 2016. This was due to a previous misunderstanding regarding the date on which the Company&#8217;s right to receive royalties from U. S. sales of PegIntron expired, which Merck advised had occurred in February 2016. Merck notified the Company that it intended to recover such overpayment from the Company by reducing future royalties to which the Company would otherwise be entitled from Merck until the full amount of the overpayment has been recouped. In the second quarter of 2017, Merck notified the Company that they discovered additional overpayments to the Company resulting from their inaccuracy as to the date on which the Company&#8217;s right to receive royalties from various countries&#8217; sales of PegIntron expired. Such net overpayment to the Company aggregated approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">564,000</font> in royalties during 2015 and 2016. Merck notified the Company that it intended to recover such overpayment from the Company by reducing future royalties to which the Company would otherwise be entitled from Merck until the full amount of the overpayment had been recouped. In the third quarter of 2017, Merck again notified the Company that, based on rebates and returns of PegIntron products, they had deducted approximately a net amount of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">150,000</font> from aggregate royalties that were otherwise due to Enzon. This resulted in a net amount due to the Company of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">150,000</font>. As a result, the Company recorded the $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">213</font>,000 remaining to be recouped by Merck in the third quarter of 2017. The Company took exception to certain of the deductions taken by Merck as being inappropriate. In the fourth quarter of 2017, Merck corrected such deductions and added a net $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">111,000</font></font>, to the royalties that were otherwise due to the Company. In March 2018, Merck notified the Company that an additional adjustment of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">313,000</font> was necessary, primarily, due to returns from sales in China in the fourth quarter of 2017. See Note 4.&#160;&#160;&#160;&#160;</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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CY2016 enzn Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
0.64 pure
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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0
CY2017Q4 us-gaap Other Receivables Net Current
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CY2017Q3 enzn Decreases Of Royalty Revenues
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0 USD
CY2017Q4 us-gaap Due From Related Parties Current
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CY2016Q4 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6600000 USD
CY2016Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6600000 USD
CY2016Q4 us-gaap Payments Of Dividends Common Stock
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6600000 USD
CY2017Q3 us-gaap Payments Of Dividends Common Stock
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6600000 USD
CY2017Q1 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
770000 USD
CY2017 enzn Royalty Interest Rate
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0.25 pure
CY2017Q4 us-gaap Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
1940000 USD
CY2016Q4 us-gaap Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
0 USD
CY2017 enzn Increse Decrese In Accrued Lease Termination Costs
IncreseDecreseInAccruedLeaseTerminationCosts
0 USD
CY2016 enzn Increse Decrese In Accrued Lease Termination Costs
IncreseDecreseInAccruedLeaseTerminationCosts
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CY2017 us-gaap Increase Decrease In Long Term Receivables Current
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1940000 USD
CY2016 us-gaap Increase Decrease In Long Term Receivables Current
IncreaseDecreaseInLongTermReceivablesCurrent
0 USD
CY2017 us-gaap Income Tax Reconciliation Tax Exempt Income
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1801000 USD
CY2016 us-gaap Income Tax Reconciliation Tax Exempt Income
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0 USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
16869000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0 USD
CY2017 enzn Effective Income Tax Rate Reconciliation Permanent Difference Amount
EffectiveIncomeTaxRateReconciliationPermanentDifferenceAmount
0 USD
CY2016 enzn Effective Income Tax Rate Reconciliation Permanent Difference Amount
EffectiveIncomeTaxRateReconciliationPermanentDifferenceAmount
57000 USD
CY2017 enzn Additional Minimum Tax Credit
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AccountsPayableCurrent
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IncomeTaxReconciliationOtherAdjustments
2379000 USD
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P2Y7M6D
CY2017 enzn Refund Of Tax Credit Description
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In addition, the Act repeals the corporate alternative minimum tax (AMT) for years beginning after December 31, 2017 and allows companies with existing alternative minimum tax credit (MTC) carryforwards as of December 31, 2017 to receive refunds of the credits in tax years after 2017 and before 2022 in an amount equal to 50% (100% in 2021) of the excess MTC over the amount of the credit allowable for the year against regular tax liability.
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35 pure
CY2017 us-gaap Increase Decrease In Deferred Income Taxes
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16900000 USD
CY2017 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
At December 31, 2017, 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 $29 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 federal research and development tax credit carryforwards of approximately $16.6 million for tax reporting purposes that expire in the years 2018 through 2020. The Companys ability to use the net operating loss and research and development tax credit carryforwards is subject to certain limitations due to ownership changes, as defined by rules pursuant to Section 382 of the Internal Revenue Code of 1986, as amended.

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