Enzon Pharmaceuticals, Inc. is a pharmaceutical company. Its headquarters is in Piscataway, New Jersey. The company is a publicly traded company on NASDAQ under the symbol "ENZN".3 Its shares trade on OTC under the symbol VISK.1Wikipedia text CC BY-SA 4.0
Enzon Pharmaceuticals, Inc. is a pharmaceutical company. Its headquarters is in Piscataway, New Jersey. The company is a publicly traded company on NASDAQ under the symbol "ENZN". It's also doing marketing works in Asia areas such as China. In 2012, the company orally presented in Nanjing, China about the symposium of its drug delivery systems, which help improve therapeutic molecules' pharmaceutical properties.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Where each dollar of operating cash went, fiscal 2024
Dividends paid
Dividends paid100¢$1.3M
Out of $1.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.8
Financial statements
Revenue91011128$26.0K in 2024−87% since 2019Operating income9101112138-$1.3M in 2024+36% since 2019Net income9101112138$778.0K in 2024
Revenue1415$90.1M in Q2 FY2026+4% since Q1 FY2026Gross profit1415$11.1M in Q2 FY2026+23% since Q1 FY2026Operating income1415-$2.0M in Q2 FY2026−53% since Q1 FY2026Net income1415-$5.1M in Q2 FY2026−24% since Q1 FY2026
Every line of the income statement as filed: the last 2 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
Royalties and milestones, net
$26.0K
Total revenues
$26.0K
General and administrative
$1.4M
$1.4M
Transaction expenses
$4.0M
Total operating expenses
$5.3M
$1.4M
Operating loss
-$5.3M
-$1.3M
Interest and dividend income
$1.9M
$2.5M
(Loss) income before income tax expense
-$3.4M
$1.1M
Income tax expense
-$19.0K
-$347.0K
Net (loss) income
-$3.4M
$778.0K
Dividends on Series C Preferred Stock
-$2.1M
-$1.3M
Net loss available to common shareholders
-$5.5M
-$497.0K
Basic (in dollars per share)
-$0.07
-$0.01
Diluted (in dollars per share)
-$0.07
-$0.01
Weighted average number of common shares - basic (in shares)
74.2M shares
74.2M shares
Weighted average number of common shares - diluted (in shares)
74.2M shares
74.2M shares
No quarter-by-quarter statement was filed.
Total assets9101112138$47.2M in 2024+628% since 2019Shareholders’ equity101112138$3.0M in 2024−50% since 2019Cash9101112138$46.9M in 2024+760% since 2019
Total assets1514$424.5M in Q2 FY2026+6% since Q2 FY2025Shareholders’ equity1514$186.8M in Q2 FY2026+28% since Q2 FY2025Cash1514$7.9M in Q2 FY2026−14% since Q2 FY2025Long-term debt1514$74.9M in Q2 FY2026−47% since Q2 FY2025
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$42.6M
$46.9M
Other current assets
$239.0K
$293.0K
Total current assets
$42.8M
$47.2M
Deferred tax asset
$17.0K
Total assets
$42.8M
$47.2M
Accounts payable
$331.0K
$331.0K
Accrued expenses and other current liabilities
$400.0K
$72.0K
Dividends payable on Series C preferred stock
$1.3M
Total current liabilities
$731.0K
$1.7M
Common stock - $0.01 par value, authorized 170,000,000 shares; issued and outstanding 74,214,603 shares at December 31, 2025 and 2024
$742.0K
$742.0K
Additional paid-in capital
$70.0M
$72.2M
Accumulated deficit
-$73.3M
-$69.9M
Total stockholders' (deficit) equity
-$2.5M
$3.0M
-$3.5M
Total liabilities, mezzanine equity and stockholders' (deficit) equity
$42.8M
$47.2M
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized
3.0M shares
3.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized
170.0M shares
170.0M shares
Common stock, shares issued
74.2M shares
74.2M shares
Common stock, shares outstanding
74.2M shares
74.2M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
Cash and cash equivalents
$42.6M
$46.9M
Other current assets
$239.0K
$293.0K
Total current assets
$42.8M
$47.2M
Deferred tax asset
$17.0K
Total assets
$42.8M
$47.2M
Accounts payable
$331.0K
$331.0K
Accrued expenses and other current liabilities
$400.0K
$72.0K
Dividends payable on Series C preferred stock
$1.3M
Total current liabilities
$731.0K
$1.7M
Common stock - $0.01 par value, authorized 170,000,000 shares; issued and outstanding 74,214,603 shares at December 31, 2025 and 2024
$742.0K
$742.0K
Additional paid-in capital
$70.0M
$72.2M
Accumulated deficit
-$73.3M
-$69.9M
Total stockholders' (deficit) equity
-$2.5M
$3.0M
-$3.5M
Total liabilities, mezzanine equity and stockholders' (deficit) equity
$42.8M
$47.2M
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares authorized
3.0M shares
3.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares authorized
170.0M shares
170.0M shares
Common stock, shares issued
74.2M shares
74.2M shares
Common stock, shares outstanding
74.2M shares
74.2M shares
Cash from operations9101112138$1.1M in 2024−84% since 2019Dividends paid910138$1.3M in 2024−84% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
Net (loss) income
-$3.4M
$778.0K
Deferred income taxes
$17.0K
$342.0K
Decrease in other current assets
$54.0K
$38.0K
Increase (decrease) in accrued expenses and other current liabilities
$328.0K
-$36.0K
Net cash (used in) provided by operating activities
Enzon Pharmaceuticals sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Enzon Pharmaceuticals
Carl C. Et Al IcahnFiled SCHEDULE 13D/A on Enzon Pharmaceuticals, latest Mar 27, 2026 (6 filings since Aug 19, 2024)
Enzon PharmaceuticalsCranford, New Jersey, United States
EPSC Acquisition Corp. Subsidiary · Delaware, United States
SCA Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Enzon Pharmaceuticals reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We maintain our principal executive offices at 20 Commerce Drive, Suite 135, Cranford, New Jersey, 07016 through a services agreement with Regus Management Group, LLC.
Enzon Pharmaceuticals, Inc started its earliest business in 1981. Now, the focus of the company is mainly on development and production of drugs for cancer patients. It is also actively researching on improving the chemical attachment of PEG to help provide antibodies in molecules.
In 2010, Enzon Pharmaceuticals, Inc.sold its specialty pharmaceutical business to the sigma-tau Group (sigma-tau).
The products of Enzon Pharmaceuticals, Inc include four principal compounds of different clinical development, as well as several novel mRNA antagonists in preclinical research.
Research & Development
In July 2012, Enzon Pharmaceuticals presented the result from pre-clinical studies about human interferon-beta-1b (IFN-β-1b) and an anti-TNF-α antibody fragment (Fab) through releasable PEGylation at the 39th Annual Meeting & Exposition of the Controlled Release Society.In June 2012, Enzon Pharmaceuticals presented the Phase I study of PEG-SN38 in children with recurrent or refractory neuroblastoma and other solid tumors at the 2012 Advances in Neuroblastoma Research Conference. In the same month, the company presented the Phase II study in which PEG-SN38 demonstrated notable activity in patients with previously treated metastatic breast at the American Society of Clinical Oncology Meeting.In May 2012, Enzon Pharmaceuticals reached a strategic partnership using Enzon's PEGylation linker technology and PEG-SN38 (EZN-2208) in China.
130 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 33 major events, 18 insider forms, 6 large holders, 50 other. The latest 20:
How Enzon Pharmaceuticals is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Mar 2, 2026 (Section 12(b) of the Exchange Act).16
Risk factors and legal proceedings
The risks Enzon Pharmaceuticals names in Item 1A of its 10-K filed Mar 2, 2026: 15 risks under these headings, as written.16
Risks Related to the Merger and Merger Agreement
The interests of our significant stockholders may conflict with the interests of other stockholders.
Our stockholders (other than Carl Icahn, IEH and their respective affiliates) will experience immediate dilution as a consequence of the issuance of shares of our Common Stock in connection with the Merger. Having a minority share position will reduce the influence that the pre-closing stockholders (other than Carl Icahn, IEH and their respective affiliates) have on the management of the post-merger combined company (the “Combined Company”) following the Merger.
Carl C. Icahn, IEH and their respective affiliates will exert significant influence on the Company after the Merger and non-IEH stockholders will have limited governance rights.
Following completion of the Merger, as a result of Viskase’s operations, we may not realize the anticipated benefits of the Merger.
We may not be able to utilize our net operating loss carryforwards (“NOLs”), certain credits and other tax attributes following the completion of the Merger.
The Merger is subject to a number of closing conditions and, if these conditions are not satisfied, the Merger Agreement may be terminated in accordance with its terms and the Merger may not be completed. In addition, the parties have the right to terminate the Merger Agreement under other specified circumstances, in which case the Merger would not be completed.
The Merger Agreement limits Enzon’s ability to pursue alternatives to the Merger.
We have incurred direct and indirect costs as a result of the Merger and we may incur additional direct and indirect costs whether or not the Merger is consummated.
If the Merger is not completed, the business, financial results and stock prices of Enzon could be adversely affected.
Our sources of revenue are limited and we expect only limited revenue and profitability for the foreseeable future if the Merger is not completed.
Risks Relating to Our Common Stock
The other 5 risks
The price of our Common Stock has historically been volatile and may decline significantly.
Our Common Stock is quoted on the OTCQB market of the OTC Markets Group, Inc., which has a very limited trading market and, therefore, market liquidity for our Common Stock is low and our stockholders’ ability to sell their shares of our Common Stock may be limited.
Risks Relating to the Series C Preferred Stock
Holders of shares of Series C Preferred Stock have no voting rights.
There is no public market for the Series C Preferred Stock.
Except for those holders of Series C Preferred Stock that elect to participate in the Series C Exchange Offer, the Series C Preferred Stock is not convertible into shares of Common Stock.
Legal proceedings
From time to time, we may be engaged in litigation arising in the ordinary course of our business. We are not presently a party to any litigation and we are not aware of any pending or threatened litigation against us.
