Enzon posted a FY 2025 net loss of USD 3.4 million, compared with net income in FY 2024. The company reported no FY 2025 revenue after its right to receive royalties on U.S. and European sales of PegIntron expired in all jurisdictions as of Dec. 31, 2024, and its agreement with Amgen related to Vicineum was canceled; FY 2024 royalties and milestones, net were USD 26,000. FY 2025 operating loss was USD 5.3 million, including general and administrative expense of USD 1.4 million and transaction expenses of USD 4.0 million tied to the pending merger with Viskase. Interest and dividend income was USD 1.9 million in FY 2025 (down 22% to USD 1.9 million), which Enzon attributed to lower interest rates and smaller balances. Cash and cash equivalents were USD 42.6 million at Dec. 31, 2025. On the corporate side, Enzon said it remains positioned as a public company acquisition vehicle and is pursuing an all-stock merger under which its wholly owned subsidiary would merge into Viskase, with Enzon expected to be renamed Viskase Holdings, Inc. upon completion; Enzon also disclosed a planned 1-for-100 reverse stock split. The company launched a Series C exchange offer on Jan. 30, 2026, set to expire on March 9, 2026, and said it could not pay a cash dividend on its Series C preferred stock for 2025 due to merger-related restrictions, resulting in a 5% accretion to the preferred liquidation preference. Enzon also reported a liability to Merck of about USD 331,000 and stated it will receive no additional royalties from Merck.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Enzon Pharmaceuticals Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001104659-26-022313), on March 02, 2026, and is solely responsible for the information contained therein.