$ENZN
Enzon Pharmaceuticals Inc

2024 Q1 Form 10-K Financial Statement

#000141057824000245 Filed on March 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $326.0K $216.0K $1.044M
YoY Change 14.39% -8.86% -1.32%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $326.0K $216.0K $1.044M
YoY Change 14.39% -8.86% -1.32%
Operating Profit -$326.0K -$1.044M
YoY Change 14.39% 1.16%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $647.0K $639.0K $2.261M
YoY Change 44.74% 84.68% 250.0%
Pretax Income $321.0K $423.0K $1.217M
YoY Change 98.15% 213.33% -415.28%
Income Tax $1.000K -$249.0K -$156.0K
% Of Pretax Income 0.31% -58.87% -12.82%
Net Earnings $320.0K $990.0K $1.373M
YoY Change 62.44% 52.07% -838.17%
Net Earnings / Revenue
Basic Earnings Per Share $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 74.21M 74.21M 74.22M
Diluted Shares Outstanding 74.22M 74.22M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.99M $47.01M $47.01M
YoY Change 0.24% 0.06% 0.06%
Cash & Equivalents $45.99M $47.01M $47.01M
Short-Term Investments
Other Short-Term Assets $481.0K $331.0K $331.0K
YoY Change 26.58% -18.27% -18.27%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $46.47M $47.34M $47.34M
YoY Change 0.46% -0.09% -0.09%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $360.0K $359.0K $359.0K
YoY Change 51.26% 77.72% 77.72%
Total Long-Term Assets $360.0K $359.0K $359.0K
YoY Change 51.26% 77.72% 77.72%
TOTAL ASSETS
Total Short-Term Assets $46.47M $47.34M $47.34M
Total Long-Term Assets $360.0K $359.0K $359.0K
Total Assets $46.83M $47.70M $47.70M
YoY Change 0.72% 0.24% 0.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $331.0K $331.0K $331.0K
YoY Change 0.0% 0.0% 0.0%
Accrued Expenses $190.0K $108.0K $108.0K
YoY Change 146.75% 16.13% 16.13%
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 $521.0K $1.714M $1.714M
YoY Change 27.7% 0.88% 0.88%
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 $521.0K $1.714M $1.714M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $521.0K $1.714M $1.714M
YoY Change 27.7% 0.88% 0.88%
SHAREHOLDERS EQUITY
Retained Earnings -$70.35M -$70.67M
YoY Change -2.08% -1.91%
Common Stock $73.64M $74.18M
YoY Change -1.7% -1.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.294M $3.505M $45.99M
YoY Change
Total Liabilities & Shareholders Equity $46.83M $47.70M $47.70M
YoY Change 0.72% 0.24% 0.24%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $320.0K $990.0K $1.373M
YoY Change 62.44% 52.07% -838.17%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $251.0K $405.0K $1.305M
YoY Change 47.65% 211.54% -298.03%
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 -1.275M 25.00K -1.275M
YoY Change 0.0%
NET CHANGE
Cash From Operating Activities 251.0K 405.0K 1.305M
Cash From Investing Activities
Cash From Financing Activities -1.275M 25.00K -1.275M
Net Change In Cash -1.024M 430.0K 30.00K
YoY Change -7.33% 230.77% -104.55%
FREE CASH FLOW
Cash From Operating Activities $251.0K $405.0K $1.305M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;">(1)          Description of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">Enzon Pharmaceuticals, Inc. (together with its subsidiaries, the “Company,” “Enzon,” “we” or “us”) is positioned as a public company acquisition vehicle, where it can become an acquisition platform and potentially utilize its net operating loss carryforwards (“NOLs”) in an effort to enhance stockholder value. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">In September 2020, the Company initiated a rights offering for its common and preferred stock (see below and Note 13 to our Condensed Consolidated Financial Statements), which closed in October 2020, and it realized<span style="color:#222222;"> </span><span style="color:#222222;">$43.6</span><span style="color:#222222;"> million in gross proceeds. This has enabled the Company to embark on its plan to potentially realize the value of its more than </span><span style="color:#222222;">$100</span><span style="color:#222222;"> million NOLs by acquiring businesses or assets. To protect the NOLs, in August 2020, the Company’s Board of Directors (the “Board”) adopted a Section 382 rights plan (see Note 12 to our Condensed Consolidated Financial Statements).</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;"><span style="color:#222222;">Historically, the Company had received royalty revenues from licensing arrangements with other companies primarily related to sales of certain drug products that utilized Enzon’s proprietary technology. In recent years, the Company has had no clinical operations and limited corporate operations. Enzon has a marketing agreement in the drug Vicineum, which, if approved, will, potentially, generate milestone and royalty payments to it in the future. Enzon cannot assure you that it will earn material future royalties or milestones.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The Board and the Company’s management are actively involved in pursuing, sourcing, reviewing and evaluating various potential acquisition transactions consistent with its strategy. The Company’s management and Board have made a number of contacts and engaged in discussions with principals of individual companies and financial advisors on behalf of various individual companies, while continuing to evaluate potential transactions. To date, no actionable transactions have been initiated.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">The Company has a marketing agreement with Micromet AG, now part of Amgen, Inc. (the “Micromet Agreement”), pursuant to which it may be entitled to certain milestone and royalty payments if Vicineum, a drug that was being developed by Sesen, Inc., (Sesen”) is approved for the treatment of non-muscle invasive bladder cancer. Sesen announced that it had completed a merger with Carisma Therapeutics Inc. (“Carisma”) and that the combined company will focus on the advancement of Carisma’s proprietary cell therapy for the treatment of cancer and other disorders and that that it intends to seek a partner for the further development of Vicineum. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">During the fourth quarter of 2022, we received a license maintenance fee of approximately $26,000 from Amgen, Inc. in payment of a worldwide, royalty-free non-exclusive right to license Vicineum. The fee represents half of the amount paid by Viventia Biotech (Barbados) Inc. (“Viventia”), part of Sesen, on an annual basis for the continued right to license Vicineum. The Company did not receive any license maintenance fees in 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">In August 2020, the Board adopted a Section 382 rights plan and declared a dividend distribution of one right for each outstanding share of the Company’s common stock to stockholders of record at the close of business on August 24, 2020. (See Note 11 to the Consolidated Financial Statements.)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">In September 2020, the Board approved a Rights Offering (the “Rights Offering”), by which the Company distributed, at no charge to all holders of its common stock on September 23, 2020 (the “Record Date”), transferable subscription rights to purchase units (“Units”) at a subscription price per Unit of $1,090. In the Rights Offering, each stockholder on the Record Date received one subscription right for every share of common stock owned on the Record Date. For every 1,105 subscription rights held, a stockholder was entitled to purchase one Unit at the subscription price. Each Unit consisted of one share of newly designated Series C Preferred Stock, par value $0.01 per share, and 750 shares of the Company’s common stock. The subscription period for the Rights Offering ended on October 9, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 10pt 0pt;">As a result of the sale of all 40,000 Units available for purchase in the Rights Offering, the Company received approximately $43.6 million of gross proceeds and had 40,000 shares of Series C Preferred Stock outstanding and an aggregate of 74,214,603 shares of common stock outstanding following the Rights Offering. (See Note 12 to the Consolidated Financial Statements.)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">On an annual basis, the Board may, at its sole discretion, cause a dividend with respect to the Series C Preferred Stock to be paid in cash to the holders in an amount equal to 3% of the liquidation preference as in effect at such time (initially $1,000 per share). If the dividend is not so paid in cash, the liquidation preference is adjusted and increased annually by an amount equal to 5% of the liquidation preference per share as in effect at such time, that is not paid in cash to the holders on such date. The Board did not declare a dividend as of December 31, 2021 and, at December 31, 2021 the liquidation value of the Series C Preferred Stock was $1,062 per </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">share. On December 29, 2022, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating $1,275,000 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock remained at approximately $42,483,000 ($1,062 per share) on December 31, 2022. On December 28, 2023, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock remained at approximately $42,483,000 ($1,062 per share) on December 31, 2023. The dividend was paid on January 17, 2024 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2024. (See Note 13 to the Consolidated Financial Statements.)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The Company maintains its principal executive offices at 20 Commerce Drive, Suite 135, Cranford, New Jersey 07016 through a service agreement with Regus Management Group, LLC.</p>
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