Enzon Pharmaceuticals (ENZN) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Registrant Name	ENZON PHARMACEUTICALS INC
Entity Central Index Key	727,510
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	ENZN
Entity Common Stock, Shares Outstanding		44,182,414

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash	$ 38,993	$ 34,562
Other current assets	613	478
Total current assets	39,606	35,040
Deferred tax assets	1,682	0
Total assets	41,288	35,040
Current liabilities:
Accounts payable	48	181
Accrued expenses and other current liabilities	367	458
Accrued dividends payable	22,091	4,417
Total current liabilities	22,506	5,056
Accrued rent liability	322	381
Total liabilities	$ 22,828	$ 5,437
Commitments and contingencies
Stockholders’ equity:
Preferred stock - $.01 par value, authorized 3,000,000 shares; no shares issued and outstanding at June 30, 2015 and December 31, 2014	$ 0	$ 0
Common stock - $.01 par value, authorized 170,000,000 shares; issued and outstanding 44,182,414 shares at June 30, 2015 and 44,174,456 shares at December 31, 2014	441	441
Additional paid-in capital	107,968	130,065
Accumulated deficit	(89,949)	(100,903)
Total stockholders’ equity	18,460	29,603
Total liabilities and stockholders’ equity	$ 41,288	$ 35,040

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	170,000,000	170,000,000
Common stock, shares issued	44,182,414	44,174,456
Common stock, shares outstanding	44,182,414	44,174,456

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Royalties	$ 5,097	$ 7,735	$ 10,302	$ 16,678
Miscellaneous income	95	31	151	63
Total revenues	5,192	7,766	10,453	16,741
Operating expenses:
General and administrative	516	836	1,099	1,344
Total operating expenses	516	836	1,099	1,344
Operating income	4,676	6,930	9,354	15,397
Other income (expense):
Other, net	0	(48)	0	61
Total other income (expense)	0	(48)	0	61
Income before income tax expense	4,676	6,882	9,354	15,458
Income tax (benefit) expense	894	0	(1,600)	55
Net income	$ 3,782	$ 6,882	$ 10,954	$ 15,403
Earnings per common share
Basic (in dollars per share)	$ 0.09	$ 0.16	$ 0.25	$ 0.35
Diluted (in dollars per share)	$ 0.09	$ 0.16	$ 0.25	$ 0.35
Weighted average number of shares
Weighted-average shares - basic	44,182	44,112	44,182	44,102
Weighted-average shares - diluted	44,215	44,253	44,228	44,256

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 10,954	$ 15,403
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposal of fixed assets	0	(60)
Deferred tax benefit	(1,682)	0
Changes in operating assets and liabilities:
Changes in operating assets and liabilities	(418)	(516)
Net cash provided by operating activities	8,854	14,827
Cash flows from investing activities:
Proceeds from sale of fixed assets	0	152
Net cash provided by investing activities	0	152
Cash flows from financing activities:
Withholding taxes - stock-based compensation	(6)	(22)
Common stock dividend	(4,417)	0
Net cash used in financing activities	(4,423)	(22)
Net increase in cash	4,431	14,957
Cash at beginning of period	34,562	6,520
Cash at end of period	$ 38,993	$ 21,477

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations [Text Block]	(1) Description of Business Enzon Pharmaceuticals, Inc. (together with its subsidiaries, “Enzon” or the “Company”) receives royalty revenues from existing licensing arrangements with other companies primarily related to sales of four marketed drug products, namely, PegIntron ®, Sylatron ®, Macugen ® and CIMZIA ®. The Company also had previously received royalty revenues from licensing arrangement related to sales of Oncaspar and Adagen until the Company’s rights to receive royalties on sales of these products expired in 2014. In addition, the Company’s rights to receive royalties on sales of Macugen and CIMZIA expired in the U.S. and Great Britain in 2014. The primary source of the Company’s royalty revenues is sales of PegIntron, which is marketed by Merck & Co., Inc. (“Merck”). The Company currently has no clinical operations and limited corporate operations. Royalty revenues from sales of PegIntron accounted for approximately 71 85 80 79 87 The Company was previously dedicated to the research and development of innovative therapeutics for patients with high unmet medical needs. Beginning in December 2012, the Company’s Board of Directors (the “Board”), with outside consultants, began a review of the possible sale or disposition of one or more corporate assets or a sale of the Company. At that time, the Company suspended substantially all clinical development activities with a goal of conserving capital and maximizing value returned to the Company’s stockholders. By April 2013, the review did not result in a definitive offer to acquire the Company or all or substantially all of the Company’s assets. At the same time, the Company announced that its Board intended to distribute excess cash, expected to arise from ongoing royalty revenues, in the form of periodic dividends to stockholders. Subsequently, the following significant events occurred: In April 2013, pursuant to the terms of an asset purchase agreement, the Company sold to Belrose Pharma, Inc. (“Belrose”), all right, title and interest to the Company’s Customized PEGylation platform and related assets. In September 2013, the Company entered into a sublease agreement, which was amended and restated in November 2013, with Axcellerate Pharma, LLC (“Axcellerate”), pursuant to which the Company subleases to Axcellerate a portion of the Company’s premises consisting of approximately 30,000 November 14, 2013 July 30, 2021 10,417 15,625 20,833 26,042 35,000 In October 2013, the Company terminated its License and Collaboration Agreement with Santaris Pharma A/S (“Santaris”) whereby Enzon returned to Santaris the rights to molecules utilizing LNA technology including the mRNA antagonists targeting Hypoxia-Inducible Factor-1 alpha (HIF-1 alpha), the Androgen Receptor (AR), HER3, and Beta-catenin. In March 2014, the Company entered into a novation agreement with Zhejiang Hisun Pharmaceutical Co., Ltd. ("Hisun") and Belrose (the “Novation Agreement”), pursuant to which the parties confirmed the novation of the Company’s Collaboration Agreement with Hisun to Belrose. As a consequence of the Novation Agreement , the Company received a gross amount of $ 550,000 249,565 300,435 On July 16, 2014, Belrose provided written notice to Hisun asserting multiple breaches by Hisun of the Collaboration Agreement including failure to pay $ 450,000 The Company wound down its remaining research and development activities during 2013 and has no intention of resuming any clinical development activities or acquiring new sources of royalty revenues.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting [Text Block]	(2) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared from the books and records of the Company in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, these financial statements do not include all of the information and footnotes required for complete annual financial statements. Interim results are not necessarily indicative of the results that may be expected for the full year. Interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated as part of the consolidation. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. 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. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.

New Accounting Pronouncements

New Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	(3) New Accounting Pronouncements In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In June 2014, the FASB issued ASU No. 2014-12, Compensation – Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period On February 18, 2015, the FASB issued ASU No. 2015-02 “Consolidation (Topic 810): Amendments to the Consolidation Analysis” that amends the current consolidation guidance. The amendments affect both the variable interest entity and voting interest entity consolidation models. The new guidance is effective for the Company beginning January 1, 2016, with early adoption permitted. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements. On April 7, 2015, the FASB issued ASU No. 2015-03 “Simplifying the Presentation of Debt Issuance Costs,” which requires that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of related debt liability, consistent with debt discounts. Under current accounting standards, such costs are recorded as an asset. The new guidance is effective for the Company beginning January 1, 2016, with early adoption permitted. This new guidance is not expected to have a material impact on the Company’s Consolidated Financial Statements.

Financial Instruments and Fair

Financial Instruments and Fair Value	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	(4) Financial Instruments and Fair Value The carrying values of cash, other current assets, accounts payable, accrued expenses and other current liabilities in the Company’s condensed consolidated balance sheets approximated their fair values at June 30, 2015 and December 31, 2014 due to their short-term nature.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	(5) Supplemental Cash Flow Information There were no income tax or interest payments made during the six months ended June 30, 2015 and 2014. On June 30, 2015, the Company’s Board of Directors declared a special cash dividend of $ 0.50 22.1

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	(6) Earnings Per Common Share Basic earnings per common share is computed by dividing the income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Restricted stock units (nonvested shares) are not considered to be outstanding shares until the vesting criteria (service and/or performance) have been satisfied. For purposes of calculating diluted earnings per common share, the denominator includes both the weighted-average number of shares of common stock outstanding and the number of common stock equivalents if the inclusion of such common stock equivalents is dilutive. Dilutive common stock equivalents potentially include stock options and nonvested shares using the treasury stock method and shares issuable under the employee stock purchase plan (ESPP). Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Income Per Common Share – Basic: Net income $ 3,782 $ 6,882 $ 10,954 $ 15,403 Weighted-average common shares outstanding 44,182 44,112 44,182 44,102 Basic income per share $ 0.09 $ 0.16 $ 0.25 $ 0.35 Income Per Common Share – Diluted: Net income $ 3,782 $ 6,882 $ 10,954 $ 15,403 Weighted-average common shares outstanding 44,182 44,112 44,182 44,102 Weighted-average incremental shares related to vesting of nonvested shares 33 141 46 154 Weighted-average common shares outstanding and common share equivalents 44,215 44,253 44,228 44,256 Diluted income per share $ 0.09 $ 0.16 $ 0.25 $ 0.35 Shares issuable which could potentially dilute basic EPS in the future include approximately 200,000

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	(7) Stock-Based Compensation Stock Options and Restricted Stock Units (RSUs or Nonvested Shares) During the quarter ended June 30, 2015, the Company incurred no stock-based compensation expense. No shares were withheld to pay taxes on behalf of employees because no restricted stock units (RSUs) vested during the quarter. During the quarter ended June 30, 2014, the Company incurred no stock-based compensation expense. Shares were withheld to pay approximately $ 16,000 During the six months ended June 30, 2015, the Company incurred no stock-based compensation expense. Shares were withheld to pay approximately $ 6,000 23,000 There were no options granted during the six months ended June 30, 2015 and no nonvested shares granted during the six months ended June 30, 2015. The Company uses historical data to estimate forfeiture rates. Stock Nonvested Options Shares Outstanding at January 1, 2015 519 46 Granted - - Exercised and vested - (14) Expired and forfeited (87) - Outstanding at June 30, 2015 432 32 Options vested and expected to vest at June 30, 2015 432 Options exercisable at June 30, 2015 389

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	(8) Income Taxes During the three months ended June 30, 2015, the Company recorded a tax provision of $ 894,000 During the six months ended June 30, 2015, the Company recorded $ 1,600,000 55,000 After reducing its valuation allowance by approximately $ 2.5

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	(9) Commitments and Contingent Liabilities The Company has been involved in various claims and legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material effect on the Company’s consolidated financial position, results of operations, or liquidity. The Company received a letter dated April 13, 2015, from counsel for Sigma Tau Pharma Ltd regarding the agreement dated November 9, 2009 (the “Agreement”) between the Company and Sigma-Tau Pharmaceuticals, Inc., Defiante Farmaceutica, S.A. and Sigma-Tau Finanzaria, S.P.A. (collectively “Sigma-Tau”). In its letter, Sigma-Tau alleges that it is entitled to offset $ 826,128 Effective June 25, 2015, the Company and Sigma-Tau agreed to settle the Claim for $ 526,128 826,128 under the Agreement in the second quarter of 2015, but under the terms of the settlement agreed to pay to the Company $300,000 (the “Settlement Amount”), which is included in other current assets in the accompanying balance sheet 826,128 300,000 On June 30, 2015, the Company’s Board of Directors declared a special cash dividend of $ 0.50 22.1

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Interim Financial Statements [Policy Text Block]	Interim Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared from the books and records of the Company in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission. Accordingly, these financial statements do not include all of the information and footnotes required for complete annual financial statements. Interim results are not necessarily indicative of the results that may be expected for the full year. Interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated as part of the consolidation.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the U.S. 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. Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Income Per Common Share – Basic: Net income $ 3,782 $ 6,882 $ 10,954 $ 15,403 Weighted-average common shares outstanding 44,182 44,112 44,182 44,102 Basic income per share $ 0.09 $ 0.16 $ 0.25 $ 0.35 Income Per Common Share – Diluted: Net income $ 3,782 $ 6,882 $ 10,954 $ 15,403 Weighted-average common shares outstanding 44,182 44,112 44,182 44,102 Weighted-average incremental shares related to vesting of nonvested shares 33 141 46 154 Weighted-average common shares outstanding and common share equivalents 44,215 44,253 44,228 44,256 Diluted income per share $ 0.09 $ 0.16 $ 0.25 $ 0.35

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Activity [Table Text Block]	Stock Nonvested Options Shares Outstanding at January 1, 2015 519 46 Granted - - Exercised and vested - (14) Expired and forfeited (87) - Outstanding at June 30, 2015 432 32 Options vested and expected to vest at June 30, 2015 432 Options exercisable at June 30, 2015 389

Description of Business (Detail

Description of Business (Details Textual)	1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 16, 2014USD ($)	Mar. 31, 2014USD ($)	Sep. 30, 2013USD ($)a	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Description of Business [Line Items]
Area of Land | a			30,000
Monthly Fixed Rent Receivable On Sublease, Year One			$ 10,417
Monthly Fixed Rent Receivable On Sublease, Year Two			15,625
Monthly Fixed Rent Receivable On Sublease, Year Three			20,833
Monthly Fixed Rent Receivable On Sublease, Year Four			26,042
Monthly Fixed Rent Receivable On Sublease In Each Of Year Five To Eight			$ 35,000
Royalty Revenues From Sales Percentage				71.00%	85.00%	80.00%	80.00%	79.00%	87.00%
Sub Lease commencement Date			Nov. 14, 2013
Sublease Expiration Date			Jul. 30, 2021
Novation Agreement [Member]
Description of Business [Line Items]
Reduction In General And Administrative Expense		$ 300,435
Mile Stone Payment Outstanding	$ 450,000
Belrose [Member]
Description of Business [Line Items]
Proceeds from Recoveries of Loans Previously Charged off		249,565
Hisun [Member]
Description of Business [Line Items]
Proceeds from Recoveries of Loans Previously Charged off		$ 550,000

Supplemental Cash Flow Inform19

Supplemental Cash Flow Information (Details Textual) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Millions	Total
Dividends Payable [Line Items]
Dividends Payable, Amount Per Share	$ 0.50
Dividends Payable	$ 22.1

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Per Common Share - Basic:
Net income	$ 3,782	$ 6,882	$ 10,954	$ 15,403
Weighted-average common shares outstanding	44,182	44,112	44,182	44,102
Basic income per share (in dollars per share)	$ 0.09	$ 0.16	$ 0.25	$ 0.35
Income Per Common Share - Diluted:
Net income	$ 3,782	$ 6,882	$ 10,954	$ 15,403
Weighted-average common shares outstanding	44,182	44,112	44,182	44,102
Weighted-average incremental shares related to vesting of nonvested shares	33	141	46	154
Weighted-average common shares outstanding and common share equivalents	44,215	44,253	44,228	44,256
Diluted income per share (in dollars per share)	$ 0.09	$ 0.16	$ 0.25	$ 0.35

Earnings Per Common Share (De21

Earnings Per Common Share (Details Textual)	6 Months Ended
	Jun. 30, 2015shares
Vesting Of Nonvested Shares [Member]
Earnings Per Common Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	200,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - Jun. 30, 2015 - shares shares in Thousands	Total
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Outstanding at January 1, 2015, Stock Options	519
Granted, Stock Options	0
Exercised and vested, Stock Options	0
Expired and forfeited, Stock Options	(87)
Outstanding at June 30, 2015, Stock Options	432
Options vested and expected to vest at June 30, 2015, Stock Options	432
Options exercisable at June 30, 2015, Stock Options	389
Outstanding at January 1, 2015, Nonvested Shares	46
Granted, Nonvested Shares	0
Exercised and vested, Nonvested Shares	(14)
Expired and forfeited, Nonvested Shares	0
Outstanding at June 30, 2015, Nonvested Shares	32

Stock-Based Compensation (Det23

Stock-Based Compensation (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Employee Service Share Based Compensation Tax Payments	$ 16,000	$ 6,000	$ 23,000

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2015
Income Taxes [Line Items]
Deferred Tax Assets, Valuation Allowance	$ 2,500		$ 2,500		$ 2,500
Income Tax Expense (Benefit)	$ 894	$ 0	$ (1,600)	$ 55

Commitments and Contingent Li25

Commitments and Contingent Liabilities (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 25, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Loss Contingencies [Line Items]
Royalty Revenue, Total		$ 5,097,000	$ 7,735,000	$ 10,302,000	$ 16,678,000
Dividends Payable, Amount Per Share		$ 0.50		$ 0.50
Dividends Payable		$ 22,100,000		$ 22,100,000
Sigma Tau [Member]
Loss Contingencies [Line Items]
Loss Contingency, Allegations				826,128
Payments for Legal Settlements	$ 526,128
Litigation Settlement, Amount	$ 826,128
Loss Contingency, Settlement Agreement, Terms				under the Agreement in the second quarter of 2015, but under the terms of the settlement agreed to pay to the Company $300,000 (the Settlement Amount), which is included in other current assets in the accompanying balance sheet
Accrued Royalties						$ 826,128
Royalty Revenue, Total		$ 300,000