2018 Q2 Form 10-K Financial Statement
#000114420419009301 Filed on February 21, 2019
Income Statement
| Concept | 2018 Q2 | 2018 | 2017 Q4 |
|---|---|---|---|
| Revenue | $60.00K | $6.918M | $10.00K |
| YoY Change | -99.11% | -17.44% | -98.82% |
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $270.0K | $1.063M | $350.0K |
| YoY Change | -20.59% | -22.47% | 133.33% |
| % of Gross Profit | |||
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | |||
| YoY Change | |||
| % of Gross Profit | |||
| Operating Expenses | $267.0K | $1.063M | $350.0K |
| YoY Change | -20.77% | -22.47% | 133.33% |
| Operating Profit | |||
| YoY Change | |||
| Interest Expense | |||
| YoY Change | |||
| % of Operating Profit | |||
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | -$206.0K | $5.855M | -$340.0K |
| YoY Change | -103.2% | -16.45% | -152.31% |
| Income Tax | $0.00 | $6.000K | -$17.67M |
| % Of Pretax Income | 0.1% | ||
| Net Earnings | -$206.0K | $5.849M | $460.0K |
| YoY Change | -104.92% | 7.42% | -109.98% |
| Net Earnings / Revenue | -343.33% | 84.55% | 4600.0% |
| Basic Earnings Per Share | -$0.01 | ||
| Diluted Earnings Per Share | -$0.01 | $132.3K | $10.40K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 44.22M shares | ||
| Diluted Shares Outstanding | 44.22M shares |
Balance Sheet
| Concept | 2018 Q2 | 2018 | 2017 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $7.000M | $6.500M | $7.500M |
| YoY Change | -37.5% | -13.08% | -1.32% |
| Cash & Equivalents | $6.966M | $6.500M | $7.478M |
| Short-Term Investments | |||
| Other Short-Term Assets | $104.0K | $70.00K | $94.00K |
| YoY Change | 4.0% | -25.53% | -68.67% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $7.000M | ||
| Other Receivables | $970.0K | $3.500M | |
| Total Short-Term Assets | $7.070M | $14.54M | $7.572M |
| YoY Change | -52.23% | 92.02% | -4.26% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | |||
| YoY Change | |||
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $0.00 | ||
| YoY Change | -100.0% | ||
| Total Long-Term Assets | $1.940M | $970.0K | $1.940M |
| YoY Change | 142.5% | -50.0% | -42.3% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $7.070M | $14.54M | $7.572M |
| Total Long-Term Assets | $1.940M | $970.0K | $1.940M |
| Total Assets | $9.010M | $15.51M | $9.512M |
| YoY Change | -42.24% | 63.06% | -15.61% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $253.0K | $439.0K | $225.0K |
| YoY Change | -36.75% | 95.11% | -71.88% |
| Accrued Expenses | $126.0K | $78.00K | $143.0K |
| YoY Change | 26.0% | -45.45% | -28.5% |
| 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 | $379.0K | $517.0K | $368.0K |
| YoY Change | -24.2% | 40.49% | -60.85% |
| 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 | $379.0K | $517.0K | $368.0K |
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Total Liabilities | $400.0K | $517.0K | $400.0K |
| YoY Change | -20.0% | 40.49% | -55.56% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$75.46M | -$74.95M | |
| YoY Change | -6.77% | ||
| Common Stock | $84.09M | $84.09M | |
| YoY Change | -7.31% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $8.631M | $14.99M | $9.144M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $9.010M | $15.51M | $9.512M |
| YoY Change | -42.24% | 63.06% | -15.61% |
Cashflow Statement
| Concept | 2018 Q2 | 2018 | 2017 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$206.0K | $5.849M | $460.0K |
| YoY Change | -104.92% | 7.42% | -109.98% |
| Depreciation, Depletion And Amortization | |||
| YoY Change | |||
| Cash From Operating Activities | -$300.0K | -$978.0K | $3.200M |
| YoY Change | -109.38% | -115.11% | 128.57% |
| 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 | 0.000 | |
| YoY Change | -100.0% | -100.0% | |
| NET CHANGE | |||
| Cash From Operating Activities | -300.0K | -978.0K | 3.200M |
| Cash From Investing Activities | |||
| Cash From Financing Activities | 0.000 | 0.000 | |
| Net Change In Cash | -300.0K | -978.0K | 3.200M |
| YoY Change | -109.38% | 507.45% | -161.54% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$300.0K | -$978.0K | $3.200M |
| Capital Expenditures | |||
| Free Cash Flow | |||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2017Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
7478000 | |
| CY2018Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
70000 | |
| CY2018 | dei |
Document Type
DocumentType
|
10-K | |
| CY2018 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2018 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2018-12-31 | |
| CY2018 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2018 | |
| CY2018 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
FY | |
| CY2018 | dei |
Entity Registrant Name
EntityRegistrantName
|
ENZON PHARMACEUTICALS, INC. | |
| CY2018 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000727510 | |
| CY2018 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2018 | dei |
Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
|
No | |
| CY2018 | dei |
Entity Voluntary Filers
EntityVoluntaryFilers
|
No | |
| CY2018 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | |
| CY2018 | dei |
Entity Filer Category
EntityFilerCategory
|
Non-accelerated Filer | |
| CY2018Q2 | dei |
Entity Public Float
EntityPublicFloat
|
11495797 | |
| CY2018 | dei |
Trading Symbol
TradingSymbol
|
ENZN | |
| CY2019Q1 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
44214603 | |
| CY2018 | dei |
Entity Shell Company
EntityShellCompany
|
false | |
| CY2018 | dei |
Entity Emerging Growth Company
EntityEmergingGrowthCompany
|
false | |
| CY2018 | dei |
Entity Small Business
EntitySmallBusiness
|
true | |
| CY2018Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
6500000 | |
| CY2017Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
94000 | |
| CY2018Q4 | us-gaap |
Assets Current
AssetsCurrent
|
14540000 | |
| CY2017Q4 | us-gaap |
Assets Current
AssetsCurrent
|
7572000 | |
| CY2018Q4 | us-gaap |
Assets
Assets
|
15510000 | |
| CY2017Q4 | us-gaap |
Assets
Assets
|
9512000 | |
| CY2018Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
439000 | |
| CY2017Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
225000 | |
| CY2018Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
517000 | |
| CY2017Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
368000 | |
| CY2018Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2017Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2018Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | |
| CY2017Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
0 | |
| CY2018Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
442000 | |
| CY2017Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
442000 | |
| CY2018Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
83649000 | |
| CY2017Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
83649000 | |
| CY2018Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-69098000 | |
| CY2017Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-74947000 | |
| CY2018Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
15510000 | |
| CY2017Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
9512000 | |
| CY2018Q4 | enzn |
Milestone Receivable On Royalties Current
MilestoneReceivableOnRoyaltiesCurrent
|
7000000 | |
| CY2017Q4 | enzn |
Milestone Receivable On Royalties Current
MilestoneReceivableOnRoyaltiesCurrent
|
0 | |
| CY2018Q4 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
970000 | |
| CY2017Q4 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
0 | |
| CY2018Q4 | us-gaap |
Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
|
970000 | |
| CY2017Q4 | us-gaap |
Income Taxes Receivable Noncurrent
IncomeTaxesReceivableNoncurrent
|
1940000 | |
| CY2018Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2018Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
3000000 | |
| CY2017Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.01 | |
| CY2017Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
3000000 | |
| CY2018Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2017Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | |
| CY2018Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| CY2017Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | |
| CY2018Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2018Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
170000000 | |
| CY2017Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
| CY2017Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
170000000 | |
| CY2018Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
44214603 | |
| CY2017Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
44214603 | |
| CY2018Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
44214603 | |
| CY2017Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
44214603 | |
| CY2018 | enzn |
Royalty Revenue And Milestones
RoyaltyRevenueAndMilestones
|
6918000 | |
| CY2017 | enzn |
Royalty Revenue And Milestones
RoyaltyRevenueAndMilestones
|
8379000 | |
| CY2018 | us-gaap |
Revenues
Revenues
|
6918000 | |
| CY2017 | us-gaap |
Revenues
Revenues
|
8379000 | |
| CY2018 | us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
1063000 | |
| CY2017 | us-gaap |
Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
|
1371000 | |
| CY2018 | us-gaap |
Operating Expenses
OperatingExpenses
|
1063000 | |
| CY2017 | us-gaap |
Operating Expenses
OperatingExpenses
|
1371000 | |
| CY2018 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
5855000 | |
| CY2017 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
7008000 | |
| CY2018 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
0.13 | |
| CY2018 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
-65000 | |
| CY2017 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
-27000 | |
| CY2018 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-978000 | |
| CY2017 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
6471000 | |
| CY2018 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
0 | |
| CY2017 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
6632000 | |
| CY2018 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
0 | |
| CY2017 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-6632000 | |
| CY2018 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-978000 | |
| CY2017 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-161000 | |
| CY2016Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
7639000 | |
| CY2018 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
0 | |
| CY2017 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
0 | |
| CY2018 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div><table style="border: none; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-style: none; border-color: initial; padding: 0px; vertical-align: top; width: 0.3pt;"></td><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;width: 36pt;"><div style="font-family: "times new roman", serif; font-size: 10pt; line-height: normal;"><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(1)</div></div></div></td><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;"><div style="font-family: "times new roman", serif; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Description of Business</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.75in; background: none;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Enzon Pharmaceuticals, Inc. (together with its subsidiaries, the </div> “Company,” “Enzon,” “we” or “us”),<div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> manages its sources of royalty revenues from existing licensing arrangements with other companies primarily related to sales of certain drug products that utilize our proprietary technology. In 2018, the primary source of the Company’s </div>royalties and milestones <div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> revenues was </div><div style="white-space: pre-line; background: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">a milestone payment of $7.0 million due from </div><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Servier IP UK Limited </div><div style="white-space: pre-line; background: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">(“Servier”). On December 20, 2018, the Company was notified that the U.S. Food and Drug Administration (the “FDA”) approved Servier’s </div><div style="white-space: pre-line; color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Biologics License Application (“BLA”) for </div><div style="background: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">calaspargase pegol – mknl (brand name ASPARLAS™), also known as SC Oncaspar. Pursuant to</div><div style="white-space: pre-line; color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> an agreement originally entered into with Sigma-Tau Finanziaria S.p.A. (“Sigma-Tau”) in November 2009, and ultimately assigned to Servier, the Company earned a milestone payment of $7.0 million. </div><div style="white-space: pre-line; background: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Accordingly, the Company recorded revenue and a milestone receivable of $7.0 million at December 31, 2018. </div><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In 2017, the primary source of the Company’s </div><div style="background: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">milestone</div><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> revenues was the revenues received from </div><div style="white-space: pre-line; color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Nektar Therapeutics, Inc. (“Nektar”) pursuant to the </div><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Second Amendment (“Nektar Second Amendment”) to the Company’s Cross-License and Option Agreement (the “Nektar License Agreement”), </div><div style="white-space: pre-line; color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">which generated non-recurring </div><div style="background: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">milestone</div><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="white-space: pre-line; color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">revenues of $7 million (see below). The receipt of this $7.0 million satisfied </div><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">all future obligations of royalty payments to us pursuant to the Nektar License Agreement.</div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Prior to 2017, the</div><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> primary source of our royalty revenues was derived from sales of PegIntron, which is marketed by Merck & Co., Inc. (“Merck”). The Company currently has no clinical operations and limited corporate operations. </div><div style="color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company</div><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"> has no intention of resuming any clinical development activities or acquiring new sources of royalty revenues. Royalty revenues from sales of PegIntron accounted for (2)% and 7% of the Company’s total revenues for the years ended December 31, 2018 and 2017, respectively, net of the effects of Merck’s recoupment of previously overpaid royalties. The effects of such recoupments were recorded as a decrease of revenues aggregating approximately $280,000 and $877,000 for the years ended December 31, 2018 and 2017, respectively, as discussed in Note 4 to the Consolidated Financial Statements.</div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In March 2018, Merck notified the Company that a downward adjustment of approximately $313,000 in royalties was necessary, resulting primarily from product returns relating to periods prior to December 31, 2017. Accordingly, at December 31, 2017, the Company accrued a liability to Merck of approximately $313,000 and partially offset that amount by the $88,000 that was due to the Company from Merck. Thus, the Company recorded a net payable to Merck of approximately $225,000 at December 31, 2017. In January 2018, Merck paid the $88,000 to the Company, which increased the liability to $313,000. During the second quarter of 2018, Enzon earned approximately $<div style="letter-spacing: 0px; top: 0px;;display:inline;">60</div>,000 of royalties, which reduced the royalty payable to Merck to $253,000. During the third quarter of 2018, Merck notified the Company of an additional recoupment of approximately $280,000, resulting primarily from product rebates and returns. In the fourth quarter, Enzon earned approximately $94,000 of royalties. Accordingly, the liability to Merck was $439,000 at December 31, 2018, as discussed in Note 4 to the Consolidated Financial Statements.</div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In April 2013, we announced that we intended to distribute excess cash, expected to arise from royalty and milestone </div><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">revenues, in the form of periodic dividends to stockholders. On February 4, 2016, our Board adopted a Plan of Liquidation and Dissolution (the “Plan of Liquidation and Dissolution”), the implementation of which has been postponed. (See Note 14.)</div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">  </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="background: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">On January 30, 2019, the Company entered into a letter agreement with Servier, a wholly owned indirect subsidiary of Les Laboratoires Servier, in connection with the asset purchase agreement, dated as of November 9, 2009 (the “Asset Purchase Agreement”), by and between Klee Pharmaceuticals, Inc., Defiante Farmacêutica, S.A. (“Defiante”) and Sigma-Tau, on the one hand, and the Company, on the other hand. Under the letter agreement, Servier, as successor-in-interest to Defiante, has confirmed its obligation to pay the Company a $7.0 million milestone payment related to SC Oncaspar as a result of the FDA’s December 20, 2018 approval of calaspargase pegol – mknl (brand name ASPARLAS™) as a component of a multi-agent chemotherapeutic regimen for the treatment of acute lymphoblastic leukemia in pediatric and young adult patients age 1 month to 21 years. In addition, under the letter agreement, the Company has agreed to waive Servier’s obligations to pursue the development of SC Oncaspar in Europe and the approval of SC Oncaspar by the European Medicines Agency (“EMEA”) under the Asset Purchase Agreement, provided that the Company is not waiving Servier’s obligation to make any applicable milestone payment to the Company upon EMEA approval, if any, of SC Oncaspar. Servier is required to pay the $7.0 million milestone payment to the Company within three business days following the parties’ completion of procedures for claiming benefits under the double tax treaty between the United States and the United Kingdom. The Company expects to receive the $7.0 million milestone payment from Servier by the third quarter of 2019. However, no assurance can be given as to the timing of the Company’s receipt of the payment.</div><div style="white-space: pre-line; color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; background: none;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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 $7 million, which satisfies all future obligations of royalty payments pursuant to the Nektar License Agreement. The amount was paid in full during 2017. Accordingly, the Company recorded revenue of $7 million in 2017.</div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;">  </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="background: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The Company has a marketing agreement with Micromet AG (“Micromet”), now part of Amgen, Inc. (the “Micromet Marketing Agreement”), that was entered into in 2004 under which Micromet is the exclusive marketer of the parties’ combined intellectual property portfolio in the field of single-chain antibody technology.  Under the Micromet Marketing Agreement, the parties agreed to share, on an equal basis, in any licensing fees, milestone payments and royalties revenue received by Micromet in connection with any licenses of the patents within the portfolio by Micromet to any third party during the term of the collaboration. To the Company’s knowledge, Micromet has a license agreement with Viventia Biotech (Barbados) Inc. (“Viventia”), now part of Sesen Bio, Inc. (“Sesen”), that was entered into in 2005, under which Micromet granted Viventia nonexclusive rights, with certain sublicense rights, for know-how and patents allowing exploitation of certain single chain antibody products, which patents cover some key aspects of Vicinium, one of Sesen’s drug candidates that is in Phase 3 clinical trials being evaluated for the treatment of patients with non-muscle invasive bladder cancer. To the Company’s knowledge, under the terms of this license agreement between Micromet and Viventia, Micromet is entitled to receive (i) certain milestone payments with respect to the filing of a new drug application for Vicinium with the FDA or the filing of a marketing approval application for Vicinium with the EMEA; (ii) certain milestone payments with respect to the first commercial sale of Vicinium in the U.S. or Europe and (iii) certain royalties on net sales for ten years from the first commercial sale of Vicinium. Pursuant to the Micromet Marketing Agreement, the Company would be entitled to a 50% share of these milestone payments and royalties received by Micromet. 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. The Company also has no control over the time, resources and effort that Sesen may devote to its programs and limited access to information regarding or resulting from such programs. Accordingly, there can be no assurance that the Company will receive any of the milestone or royalty payments under the Micromet Marketing Agreement. The Company will not recognize revenue until all revenue recognition requirements are met.</div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company maintains its principal executive offices at 20 Commerce Drive, Suite 135, Cranford, New Jersey, 07016 through a lease agreement for space and services with Regus Management Group, LLC (“Regus”) and also has an office facility at 3556 Main Street, Manchester, VT, 05225 pursuant to an office rental agreement with Equinox Junior, LLC (“Equinox”). See Note 13.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
0.12 | |
| CY2018 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
44215000 | |
| CY2017 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
44215000 | |
| CY2016Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
10331000 | |
| CY2017 | us-gaap |
Dividends Common Stock Stock
DividendsCommonStockStock
|
6632000 | |
| CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
9144000 | |
| CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
14993000 | |
| CY2018 | us-gaap |
Net Income Loss
NetIncomeLoss
|
5849000 | |
| CY2017 | us-gaap |
Net Income Loss
NetIncomeLoss
|
5445000 | |
| CY2018 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
0 | |
| CY2017 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
3362000 | |
| CY2018 | enzn |
Increase Decrease In Milestones Receivable
IncreaseDecreaseInMilestonesReceivable
|
7000000 | |
| CY2017 | enzn |
Increase Decrease In Milestones Receivable
IncreaseDecreaseInMilestonesReceivable
|
0 | |
| CY2018 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-24000 | |
| CY2017 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-176000 | |
| CY2018 | us-gaap |
Increase Decrease In Long Term Receivables Current
IncreaseDecreaseInLongTermReceivablesCurrent
|
0 | |
| CY2017 | us-gaap |
Increase Decrease In Long Term Receivables Current
IncreaseDecreaseInLongTermReceivablesCurrent
|
1940000 | |
| CY2018 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
214000 | |
| CY2017 | us-gaap |
Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
|
-545000 | |
| CY2018 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
-0.02 | |
| CY2017 | enzn |
Royalty Revenues From Sales Percentage
RoyaltyRevenuesFromSalesPercentage
|
0.07 | |
| CY2017 | enzn |
Adjustments To Royalties Revenue
AdjustmentsToRoyaltiesRevenue
|
313000 | |
| CY2018Q1 | us-gaap |
Proceeds From Royalties Received
ProceedsFromRoyaltiesReceived
|
88000 | |
| CY2018Q1 | us-gaap |
Accrued Royalties Current
AccruedRoyaltiesCurrent
|
313000 | |
| CY2018Q3 | enzn |
Recoupment For Product Rebates And Returns
RecoupmentForProductRebatesAndReturns
|
280000 | |
| CY2018 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;"><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Use of Estimates</div></div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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> | |
| CY2018 | us-gaap |
Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
|
<div><table style="border: none; border-collapse: collapse; margin-bottom: 0.001pt; width: 100%; table-layout: fixed;"><tr><td style="border-width: initial; border-style: none; border-color: initial; padding: 0px; vertical-align: top; width: 0.3pt;"></td><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;width: 36pt;"><div style="font-family: "times new roman", serif; font-size: 10pt; line-height: normal;"><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(3)</div></div></div></td><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;"><div style="font-family: "times new roman", serif; font-size: 10pt; text-align: justify; line-height: normal;"><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Recent Accounting Pronouncements</div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; background: none;"><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In May 2014, </div>the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 <div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">(Topic 606), “Revenue from Contracts with Customers,” relating to revenue recognition.  This new standard provides for a single five-step model to be applied to all revenue contracts with customers as well as requires 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.  This ASU, as amended, was effective January 1, 2018.  </div><div style="color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The adoption of this update did not have a material impact on the Company’s consolidated financial statements.</div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In February 2016, the </div><div style="background: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">FASB issued</div><div style="white-space: pre-line; color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">ASU No. 2016-02 (Topic 842), “Leases,” which is intended to improve financial reporting around leasing transactions.  This ASU affects all companies and other organizations that engage in leasing transactions (both lessee and lessor) that lease assets such as real estate and manufacturing equipment. This ASU will require organizations that lease assets – referred to as “leases” – to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. ASU 2016-02 is effective for fiscal years and interim periods within those years beginning January 1, 2019. On January 5, 2018, the FASB issued an exposure draft amending certain aspects of the new leasing standard. The proposed amendments include a provision to allow entities to elect not to restate comparable periods in the period of adoption when transitioning to the new standard and instead permit a modified retrospective approach. The Company believes that, inasmuch as its lease commitments are not material, the new standard will not have a material effect on its </div><div style="color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">consolidated financial statements.</div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="white-space: pre-line; font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">In August 2018, the SEC issued the final rule on Disclosures About Changes in Stockholders’ Equity For filings on Form 10-Q, which extends to interim periods the annual requirement in SEC Regulation S-X, Rule 3-04,2 to disclose (1) changes in stockholders’ equity and (2) the amount of dividends per share for each class of shares (as opposed to common stock only, as previously required). Pursuant to the final rule, registrants must now analyze changes in stockholders’ equity, in the form of a reconciliation, for “the current and comparative year-to-date [interim] periods, with subtotals for each interim period,” i.e., a reconciliation covering each period for which an income statement is presented. Rule 3-04 permits the disclosure of changes in stockholders’ equity (including dividend-per-share amounts) to be made either in a separate financial statement or in the notes to the financial statements. </div><div style="background: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Th</div><div style="background: rgb(255, 255, 255); font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">e final rule is effective for all filings made on or after November 5, 2018. The staff of the SEC has indicated it would not object if the filer’s first presentation of the changes in shareholders’ equity is included in its Form 10-Q for the quarter that begins after the effective date of the amendments. Therefore, the Company expects to conform to this rule in its Form 10-Q for the quarter ending Marc</div><div style="background: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">h 31, 2019. Inasmuch as the Company has paid no dividends nor had any stock-related transactions during the nine months ended September 30, 2018 and its only change in stockholders’ equity during that period was its net income (loss), the Company believes that the final rule will not have a material effect on its consolidated financial statements and disclosures.</div></div><div style="font-family: "times new roman", serif; font-size: 10pt; margin-bottom: 0px; margin-top: 0px; text-align: justify; text-indent: 0.5in; background: none;"><div style="white-space: pre-line; color: rgb(0, 0, 0); font-family: "times new roman", serif; font-size: 10pt; background: none; text-decoration: none; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div><div style="font-family: 'times new roman', 'serif';font-size: 10pt;margin-bottom: 0;margin-top: 0;text-align: justify;text-indent: 0.50in;"><div style="font-family: "times new roman", serif; font-size: 10pt; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">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 |
Security Deposit
SecurityDeposit
|
2418 | |
| CY2018Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
78000 | |
| CY2017Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
142000 | |
| CY2018Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
0 | |
| CY2017Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1000 | |
| CY2018Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
78000 | |
| CY2017Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
143000 | |
| CY2017Q1 | us-gaap |
Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
|
770000 | |
| CY2018 | enzn |
Royalty Interest Rate
RoyaltyInterestRate
|
0.25 | |
| CY2018 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
0 | |
| CY2017 | us-gaap |
Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
|
-1801000 | |
| CY2018 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
6000 | |
| CY2017 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
1563000 | |
| CY2018Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
39007000 | |
| CY2017Q4 | us-gaap |
Deferred Tax Assets Gross
DeferredTaxAssetsGross
|
41339000 | |
| CY2018Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
39007000 | |
| CY2017Q4 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
41339000 | |
| CY2018Q4 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
0 | |
| CY2017Q4 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
0 | |
| CY2018Q2 | us-gaap |
Accrued Royalties Current
AccruedRoyaltiesCurrent
|
253000 | |
| CY2018Q3 | enzn |
Adjustments To Royalties Revenue
AdjustmentsToRoyaltiesRevenue
|
280000 | |
| CY2018 | enzn |
Current State And Foreign Tax Expense Benefit
CurrentStateAndForeignTaxExpenseBenefit
|
6000 | |
| CY2017 | enzn |
Current State And Foreign Tax Expense Benefit
CurrentStateAndForeignTaxExpenseBenefit
|
2000 | |
| CY2018 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
6000 | |
| CY2017 | us-gaap |
Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
|
-1799000 | |
| CY2018 | us-gaap |
Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
|
0 | |
| CY2017 | us-gaap |
Deferred Federal State And Local Tax Expense Benefit
DeferredFederalStateAndLocalTaxExpenseBenefit
|
3362000 | |
| CY2018 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
1229000 | |
| CY2017 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
2453000 | |
| CY2018 | us-gaap |
Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
|
505000 | |
| CY2017 | us-gaap |
Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
|
970000 | |
| CY2018 | us-gaap |
Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
|
0 | |
| CY2017 | us-gaap |
Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
|
1801000 | |
| CY2018 | us-gaap |
Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
|
0 | |
| CY2017 | us-gaap |
Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
|
16869000 | |
| CY2018 | enzn |
Effective Income Tax Reconciliation Expiration Of State Tax Credits
EffectiveIncomeTaxReconciliationExpirationOfStateTaxCredits
|
356000 | |
| CY2017 | enzn |
Effective Income Tax Reconciliation Expiration Of State Tax Credits
EffectiveIncomeTaxReconciliationExpirationOfStateTaxCredits
|
0 | |
| CY2018 | us-gaap |
Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
|
248000 | |
| CY2017 | us-gaap |
Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
|
0 | |
| CY2018 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-2332000 | |
| CY2017 | us-gaap |
Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
|
-14549000 | |
| CY2018 | us-gaap |
Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
|
0 | |
| CY2017 | us-gaap |
Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
|
-2379000 | |
| CY2018Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
|
22755000 | |
| CY2017Q4 | us-gaap |
Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
|
24399000 | |
| CY2018Q4 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
|
16252000 | |
| CY2017Q4 | us-gaap |
Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
|
16608000 | |
| CY2018Q4 | us-gaap |
Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
|
0 | |
| CY2017Q4 | us-gaap |
Deferred Tax Assets Capital Loss Carryforwards
DeferredTaxAssetsCapitalLossCarryforwards
|
332000 | |
| CY2018Q4 | us-gaap |
Accrued Royalties Current
AccruedRoyaltiesCurrent
|
439000 | |
| CY2018 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | |
| CY2017 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.35 | |
| CY2017 | us-gaap |
Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
|
15900000 | |
| CY2018 | us-gaap |
Tax Credit Carryforward Limitations On Use
TaxCreditCarryforwardLimitationsOnUse
|
net operating losses generated in tax years beginning after December 31, 2017 have an unlimited carryforward period, and the amount of net operating loss allowed to be utilized each year is limited to 80% of taxable income | |
| CY2018Q4 | us-gaap |
Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
|
16200000 | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
42 | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
3.11 | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
0 | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
42 | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
|
3.11 | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
0 | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
42 | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
3.11 | |
| CY2018Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
0 | |
| CY2018 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P2Y2M23D | |
| CY2018 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
|
P2Y2M23D | |
| CY2018 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P2Y2M23D | |
| CY2017Q3 | us-gaap |
Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
0.15 | |
| CY2017Q3 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
6600000 | |
| CY2018Q2 | us-gaap |
Revenues
Revenues
|
60000 | |
| CY2018 | enzn |
Refund Of Tax Credit Description
RefundOfTaxCreditDescription
|
In addition, the Act repealed the corporate alternative minimum tax (“AMT”) for years beginning after December 31, 2017 and allowed 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 each year against regular tax liability. | |
| CY2018 | us-gaap |
Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
|
At December 31, 2018, the Company had federal net operating loss carryforwards of approximately $100.6 million that expire in the years 2025 through 2036, and New Jersey state net operating loss carryforwards of approximately $22.9 million that expire in the years 2030 through 2038. The Company had federal and state capital loss carryforwards of approximately $1.2 million that expired in 2018. The Company also had federal research and development (“R&D”) credit carryforwards of approximately $400,000 that expired in 2018. The Company has remaining R&D credit carryforwards of approximately $16.2 million that expire in the years 2019 through 2029. These deferred tax assets had been subject to a valuation allowance such that the deferred tax expense incurred as a result of the expiration of the capital loss and R&D credit carryforwards was offset in full by a corresponding deferred tax benefit for the related reduction in valuation allowance. The Company’s ability to use the net operating loss and R&D tax credit carryforwards may be limited, as it 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. |
