Enzon Pharmaceuticals (ENZN) 10-K 21 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 11, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	ENZON PHARMACEUTICALS, INC.
Entity Central Index Key	727,510
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 52,970,808
Trading Symbol	ENZN
Entity Common Stock, Shares Outstanding		44,214,603

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash	$ 11,672	$ 34,562
Other current assets	107	478
Total current assets	11,779	35,040
Deferred tax assets	11,111	0
Total assets	22,890	35,040
Current liabilities:
Accounts payable	90	181
Accrued expenses and other current liabilities	205	458
Accrued lease termination costs	4,506	0
Accrued dividends payable	0	4,417
Total current liabilities	4,801	5,056
Accrued rent liability	0	381
Total liabilities	$ 4,801	$ 5,437
Commitments and contingencies
Stockholders’ equity:
Preferred stock - $0.01 par value, authorized 3,000,000 shares; no shares issued and outstanding at December 31, 2015 and 2014	$ 0	$ 0
Common stock - $0.01 par value, authorized 170,000,000 shares; issued and outstanding 44,214,603 shares at December 31, 2015 and 44,174,456 shares at December 31, 2014	441	441
Additional paid-in capital	96,914	130,065
Accumulated deficit	(79,266)	(100,903)
Total stockholders’ equity	18,089	29,603
Total liabilities and stockholders’ equity	$ 22,890	$ 35,040

CONSOLIDATED BALANCE SHEETS _Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] - $ / shares	Dec. 31, 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	44,214,603	44,174,456
Common stock, shares outstanding	44,214,603	44,174,456

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Royalties	$ 17,258	$ 31,038
Miscellaneous income	198	135
Total revenues	17,456	31,173
Operating expenses:
General and administrative	2,150	2,383
Lease termination costs	4,506	0
Total operating expenses	6,656	2,383
Operating income	10,800	28,790
Other income (expense):
Other, net, primarily gain on sale of assets	0	61
Income before income tax expense (benefit)	10,800	28,851
Income tax expense (benefit)	(10,837)	56
Net income	$ 21,637	$ 28,795
Income per common share
Basic (in dollars per share)	$ 0.49	$ 0.65
Diluted (in dollars per share)	$ 0.49	$ 0.65
Weighted average number of shares
Basic	44,197	44,125
Diluted	44,220	44,245
Special cash dividend paid per common share (in dollars per share)	$ 0.85	$ 0

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2013	$ 5,255	$ 441	$ 134,512	$ (129,698)
Balance (in shares) at Dec. 31, 2013		44,086
Net income	28,795		0	28,795
Stock-based compensation - withholding taxes	(30)		(30)	0
Stock-based compensation - withholding taxes (in shares)		89
Common stock dividend	(4,417)	$ 0	(4,417)	0
Balance at Dec. 31, 2014	29,603	$ 441	130,065	(100,903)
Balance at Dec. 31, 2014		44,175
Net income	21,637		0	21,637
Stock-based compensation - withholding taxes	(6)	$ 0	(6)	0
Stock-based compensation - withholding taxes (in shares)		40
Common stock dividend	(33,145)	$ 0	(33,145)	0
Balance at Dec. 31, 2015	$ 18,089	$ 441	$ 96,914	$ (79,266)
Balance at Dec. 31, 2015		44,215

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 21,637	$ 28,795
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred tax benefit	(11,111)	0
Gain on sale of assets	0	(61)
Changes in operating assets and liabilities:
Decrease in other current assets	371	33
Increase in accrued lease termination costs	4,506	0
Decrease in accounts payable	(91)	88
Decrease in accrued expenses and other current liabilities	(253)	(934)
Increase in accrued dividends payable	0	4,417
Decrease in rent liability	(381)	0
Net cash provided by operating activities	14,678	32,338
Cash flows from investing activities:
Proceeds from sale of fixed assets	0	151
Net cash provided by investing activities	0	151
Cash flows from financing activities:
Common stock dividends	(37,562)	(4,417)
Withholding taxes - stock-based compensation	(6)	(30)
Net cash used in financing activities	(37,568)	(4,447)
Net increase (decrease) in cash	(22,890)	28,042
Cash at beginning of year	34,562	6,520
Cash at end of year	$ 11,672	$ 34,562

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 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 arrangements 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. The Company 80 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. 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 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 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 alleged that it was entitled to offset $826,128 (the “Claim”) in rebate payments earned in the fourth quarter of 2014 and paid in the first quarter of 2015 that would otherwise have been due the Company as royalty payments under the Agreement. Sigma-Tau claimed that the offset represented the amount by which the net rebate exceeded the reserve for such payments on the balance sheet and was allowed pursuant to the indemnity provisions of the Agreement. By letter dated April 28, 2015, the Company replied that the offset was not allowed under the Agreement, and that in any event, it was time-barred. Sigma-Tau did not assert that there was any liability beyond an offset against royalties that were otherwise due. Effective June 25, 2015, the Company and Sigma-Tau agreed to settle the Claim for $ 526,128 826,128 300,000 In June 2015, the Company delivered notice to Nektar Therapeutics, Inc. (“Nektar”) asserting a breach of our Cross-License and Option Agreement with Nektar for Nektar’s failure to pay an immunity fee that the Company believes became payable to it under such agreement with respect to certain of the Company’s patents that would be infringed by Nektar’s products (or those of Nektar’s licensees). To date, Nektar has disputed the Company’s claim to an immunity fee. On August 14, 2015, the Company filed a summons and complaint against Nektar in the Supreme Court of New York for breach of contract (the “Complaint”). On October 23, 2015, Nektar filed a motion to dismiss the complaint. On February 2, 2016, the Supreme Court of the State of New York granted Nektar its motion to dismiss the Complaint. The Company currently intends to appeal this dismissal. While the Company continues to believe that an immunity fee is currently due and payable by Nektar and intends to continue to pursue this claim, the outcome of such dispute is uncertain and there can be no assurance that the Company will be able to collect, in full or in part, the immunity fee or any future payments related thereto from Nektar. As such, no amounts have been recorded as of December 31, 2015. On February 4, 2016, the Company’s board of directors (the “Board”) adopted a Plan of Liquidation and Dissolution. See Note 16 Subsequent Events.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	(2) Summary of Significant Accounting Policies The 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 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, stock-based compensation, certain accrued expenses and income taxes. 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. The carrying values of cash, cash equivalents and other current assets, accounts payable, accrued expenses and other current liabilities in the Company’s consolidated balance sheets approximated their fair values at December 31, 2015 and 2014 due to their short-term nature. As of December 31, 2015, the Company held no cash equivalents or marketable securities. Royalty revenues from the Company’s agreements with third parties is recognized when the Company can reasonably determine the amounts earned. In most cases, this will be upon notification from the third-party licensee, which is typically during the quarter following the quarter in which the sales occurred. The Company does not participate in the selling or marketing of products for which it receives royalties. No provision for uncollectible accounts is established upon recognition of revenues. Contingent payments due under the asset purchase agreement for the sale of the Company’s former specialty pharmaceutical business are recognized as income when the milestone has been achieved and collection is assured. Such payments are non-refundable and no further effort is required on the part of the Company or the other party to complete the earning process. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized. The effect of a change in tax rates or laws on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the rate change. A valuation allowance is established to reduce the deferred tax assets to the amounts that are more likely than not to be realized from operations. Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the Company will be able to sustain a position taken on an income tax return. The Company has no liability for uncertain positions. Interest and penalties, if any, related to unrecognized tax benefits, would be recognized as income tax expense. The Company recognizes the cost of all share-based payment transactions at fair value. Compensation cost, measured by the fair value of the equity instruments issued, adjusted for estimated forfeitures, is recognized in the financial statements as the respective awards are earned. The impact that share-based payment awards will have on the Company’s results of operations is a function of the number of shares awarded, the trading price of the Company’s stock at date of grant or modification and vesting, including the likelihood of achieving performance goals. Furthermore, the application of the Black-Scholes valuation model employs weighted average assumptions for expected volatility of the Company’s stock, expected term until exercise of the options, the risk free interest rate, and dividends, if any to determine fair value. Expected volatility is based on historical volatility of the Company’s common stock; the expected term until exercise represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and the Company’s historical exercise patterns; and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option.

Recently Adopted Accounting Pro

Recently Adopted Accounting Pronouncements	12 Months Ended
	Dec. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	(3) Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, “ Leases .

Accrued Expenses and Other

Accrued Expenses and Other	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	(4) Accrued Expenses and Other Accrued expenses and other current liabilities consist of the following as of December 31, 2015 and 2014 (in thousands): December 31, December 31, 2015 2014 Compensation $ 15 $ 5 Professional and consulting fees - 88 Rent - 171 Other 190 194 $ 205 $ 458

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders Equity Note [Abstract]
Stockholders Equity Note Disclosure [Text Block]	(5) Stockholders’ Equity Preferred Stock The Company has authorized 3,000,000 100,000 Common Stock As of December 31, 2015, the Company reserved 7,097,697 Share Repurchase Programs On December 21, 2010, the Company announced that its Board of Directors had authorized a share repurchase program, under which the Company is authorized to repurchase up to $ 200.0 16,174,578 153.4 9.48 Section 382 Rights Agreement On April 30, 2014, the Company’s Board of Directors 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 May 14, 2014. Accordingly, holders of the Company’s common stock own one preferred stock purchase right for each share of common stock owned by such holder. The rights are not immediately exercisable and will become exercisable only upon the occurrence of certain events as set forth in the Section 382 rights plan. If the rights become exercisable, each right would initially represent the right to purchase from the Company one one-thousandth of a share of the Company’s Series A Junior Participating Preferred Stock, par value $ 0.01 1.50

Miscellaneous Income

Miscellaneous Income	12 Months Ended
	Dec. 31, 2015
Miscellaneous Income [Abstract]
Miscellaneous Income [Text Block]	(6) Miscellaneous Income Sublease income in 2015 and 2014, aggregated approximately $ 198,000 135,000 respectively, relating, primarily, to Axcellerate, the Company's former subtenant at the Company’s former leased Piscataway, New Jersey facility.

Cash Dividend

Cash Dividend	12 Months Ended
	Dec. 31, 2015
Dividends, Cash [Abstract]
Cash Dividend [Text Block]	(7) Cash Dividend On December 8, 2014, the Company was advised by NASDAQ that an ex-dividend date of January 8, 2015 had been established for the $0.10 special cash dividend per share that was announced by the Company on December 5, 2014. This special cash dividend per share was paid on January 28, 2015 to stockholders of record as of January 12, 2015. On July 6, 2015, the Company was advised by NASDAQ that an ex-dividend date of August 13, 2015 had been established for the $0.50 special cash dividend per share that was announced by the Company on July 2, 2015. This special cash dividend was paid on August 12, 2015 to stockholders of record as of July 21, 2015. On December 2, 2015, the Board declared a special cash dividend of $0.25 per share of common stock. This special cash dividend was paid on December 29, 2015 to stockholders of record as of December 14, 2015.

Income Per Common Share

Income Per Common Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	(8) Income Per Common Share Basic income per common share is computed by dividing the net income by the weighted average number of shares of common stock outstanding during the period. Restricted stock awards and restricted stock units (collectively, nonvested shares) are not considered to be outstanding shares until the service or performance vesting period has been completed. The diluted income per share calculation would normally involve adjusting both the denominator and numerator as described here if the effect is dilutive. The denominator would include both the weighted average number of shares of common stock outstanding and common stock equivalents. 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) interest would not have been incurred if the notes were converted into common stock. 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). 2015 2014 Income per Common Share - Basic Net income for year $ 21,637 $ 28,795 Weighted average number of common shares outstanding 44,197 44,125 Basic income per share $ 0.49 $ 0.65 Income per Common Share - Diluted Net income for year $ 21,637 $ 28,795 Weighted average number of common shares outstanding 44,197 44,125 Weighted-average incremental shares related to assumed exercise of stock options, vesting of nonvested shares, and ESPP 23 120 Weighted-average common shares outstanding and common share equivalents 44,220 44,245 Diluted income per share $ 0.49 $ 0.65

Restructurings

Restructurings	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	(9) Restructurings The Company incurred charges aggregating approximately $ 4.8 2015 2014 Balance, beginning of year $ 268 $ 905 Payments made - (555) Adjustments - (82) Restructuring accruals (268) - Balance, end of year $ - $ 268

Stock Options

Stock Options	12 Months Ended
	Dec. 31, 2015
Stock Options Abstract [Abstract]
Stock Options Disclosure Text Block [Text Block]	(10) Stock Options Through the Compensation Committee of the Company’s Board of Directors, the Company administers the 2011 Stock Option and Incentive Plan, which provides incentive and non-qualified stock option benefits for employees, officers, directors and independent contractors providing services to Enzon and its subsidiaries. Options granted to employees generally vest over four years from date of grant and options granted to directors vest after one year. The exercise price of the options granted must be at least 100 percent of the fair value of the Company’s common stock at the time the options are granted. Options may be exercised for a period of up to ten years from the grant date. As of December 31, 2015, the 2011 plan authorized equity-based awards for 5 4.4 2013 Outside Director Compensation Plan In connection with the special cash dividend that was paid on January 28, 2015 to stockholders of record as of January 12, 2015 (see Note 10), the Compensation Committee of the Board approved equitable adjustments to the Company’s outstanding stock options and restricted stock units. In connection with the two special cash dividends declared and paid in 2015 (see Note 7), the Compensation Committee of the Board approved equitable adjustments to the Company’s outstanding stock options and restricted stock units. Weighted Weighted Average Average Exercise Remaining Aggregate Price Per Contractual Intrinsic Options Option Term (years) Value ($000) Outstanding at January 1, 2015 519 $ 4.08 2.53 $ - Granted at exercise prices which equaled the fair value on the date of grant - $ - - - Exercised - $ - - - $ - Expired and forfeited (171) $ 3.13 - - Outstanding at December 31, 2015 348 $ 3.65 1.89 $ - Vested and expected to vest at December 31, 2015 348 $ 3.65 1.89 $ - Exercisable at December 31, 2015 323 $ 3.65 2.24 $ - As of December 31, 2015, there was no unrecognized compensation cost related to unvested options that the Company expects to recognize. No options were granted during the years ended December 31, 2015 and 2014. In the years ended December 31, 2015 and 2014, the Company recorded no stock-based compensation related to stock options. The Company did not realize a net tax benefit related to stock-based compensation expense. The Company’s policy is to use newly issued shares to satisfy the exercise of stock options. The Company received no cash from exercises of stock options in either of the years ended December 31, 2015 and 2014.

Restricted Stock Awards and Res

Restricted Stock Awards and Restricted Stock Units (Nonvested Shares)	12 Months Ended
	Dec. 31, 2015
Restricted Stock Awards And Restricted Stock Units [Abstract]
Restricted Stock Awards And Restricted Stock Units Nonvested Shares [Text Block]	(11) Restricted Stock Awards and Restricted Stock Units (Nonvested Shares) The 2011 Stock Option and Incentive Plan and, prior to that, the 2001 Incentive Stock Plan provide for the issuance of restricted stock awards and restricted stock units (collectively, nonvested shares) to employees, officers and directors. These awards are issued by the Company effective as of the grant date, in the case of restricted stock awards, or upon the vesting date, in the case of a restricted stock unit. The recipient pays no cash to receive the shares, other than the $ 0.01 Under the 2011 Outside Director Compensation Plan, each non-employee director receives an annual grant of restricted stock units (Annual Restricted Stock Grant) settled in shares of common stock on the first trading day after June 30 of each calendar year with a value of $ 75,000 100,000 Weighted Average Number of Grant Date Nonvested Fair Value Shares Per Share Nonvested at January 1, 2015 45 $ 6.33 Granted - $ - Vested (45) $ 2.55 Forfeited - $ - Adjustment pursuant to special dividend - $ - Nonvested at December 31, 2015 0 $ - The total grant-date fair value of nonvested shares that vested during the year ended December 31, 2015 was $ .1 million. As of December 31, 2015, there was no unrecognized compensation cost related to nonvested shares that the Company expects to be recognized. Shares were withheld to pay $ 0.03 0.03

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	(12) Income Taxes Year Ended December 31, 2015 2014 Current: Federal $ 272 $ - State and foreign 2 56 Total current 274 56 Deferred: Federal and State (11,111) - Income tax provision (benefit) $ (10,837) $ 56 35 Year Ended December 31, 2015 2014 Income tax benefit at federal statutory rate $ 3,780 $ 10,097 Add (deduct) effect of: Tax on earnings of foreign subsidiary - 56 State income taxes, net of federal tax 1 - Expiration of state tax credits 1,060 - Expiration of capital loss carryforward 4,648 - Increase (decrease) in beginning of period valuation allowance (9,215) (10,097) Partial adjustment of valuation allowance (11,111) - Income tax provision (benefit) $ (10,837) $ 56 No federal income tax expense was incurred in relation to normal operating results due to the utilization of deferred tax assets to offset taxes that would otherwise accrue to operating income. December 31, December 31, 2015 2014 Deferred tax assets: Federal and state net operating loss carryforward $ 38,487 $ 45,221 Research and development credits carryforward 19,911 19,911 Basis difference in fixed Assets 2,604 2,915 Capital loss carryforwards 482 3,647 Share-based compensation 2,502 2,518 Federal alternative minimum tax credits 1,803 1,530 Accrued compensation 71 43 Other 1,819 1,109 Total gross deferred tax assets 67,679 76,894 Less valuation allowance (56,568) (76,894) Net deferred tax assets $ 11,111 $ - A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. During 2015, there was a partial reversal of the valuation allowance aggregating approximately $11.1 million. At December 31, 2015, the Company had federal net operating loss carryforwards of approximately $109 million that expire in the years 2022 through 2031 and New Jersey state net operating loss carryforwards of approximately $29.2 million that expire in the years 2030 through 2031. Moreover, the Company has federal and New Jersey capital loss carryforwards of approximately $1.2 million that expire in 2016 through 2019. The Company also has federal research and development tax credit carryforwards of approximately $16.6 million for tax reporting purposes that expire in the years 2017 through 2031. In addition, the Company has $3.3 million of state research and development tax credit carryforwards that expire in the years 2019 through 2026. In addition, the Company has a federal alternative minimum tax credit of approximately $1.8 million. The Company’s ability to use the net operating loss and research and development tax credit carryforwards 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. (See Note 16.) During November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes. This ASU requires that deferred tax assets and liabilities be classified as non-current in a statement of financial position. We early adopted ASU 2015-17 effective October 31, 2015 on a prospective basis. Adoption of this ASU resulted in a reclassification of the Company’s net current deferred tax asset to net non-current deferred tax asset in the Company’s Consolidated Balance Sheet as of December 31, 2015. No prior periods were retrospectively adjusted. At the end 2015, the Company has decided to reduce its valuation allowance (federal and state tax effected) by approximately $ 11.1 by 9.5 1.6 taxable income projections and assumptions and its history of at least two years of profitability. The Company identified an ownership change that occurred at the beginning of 2010, which triggered a Section 382 annual limitation of $ 4.5 total net operating losses, approximately 79 is available for current use, while the remaining amount of approximately The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions and Canada. In January 2015, the Company concluded an examination by the U.S. Internal Revenue Service, in connection with the tax years 2010 through 2011. The result of such examination was the reduction of federal net operating loss carryforwards aggregating approximately $ 1.8

Significant Agreements

Significant Agreements	12 Months Ended
	Dec. 31, 2015
Significant Agreements [Abstract]
Significant Agreements Disclosure [Text Block]	(13) Significant Agreements Merck Agreement As a result of a November 1990 agreement, the Company’s PEGylation technology was used to develop an improved version of the product INTRON A, PegIntron. Merck is responsible for marketing and manufacturing PegIntron on an exclusive worldwide basis and the Company receives royalties on worldwide sales of PegIntron for all indications. The Company has no involvement in the selling or marketing of PegIntron. Merck’s obligation to pay the Company royalties on sales of PegIntron terminates, on a country-by-country basis, upon the later of the date on which the last patent to contain a claim covering PegIntron expires in the country or 15 years after the first commercial sale of PegIntron in such country. Currently, expirations are expected to occur in 2016 in the U.S., 2018 in Europe and 2019 in Japan. The royalty percentage to which the Company is entitled will be lower in any country where a PEGylated alpha-interferon product is being marketed by a third party in competition with PegIntron where such third party is not Hoffmann-La Roche. Either party may terminate the agreement upon a material breach of the agreement by the other party that is not cured within 60 days of written notice from the non-breaching party or upon declaration of bankruptcy by the other party. During the quarter ended September 30, 2007, the Company sold a 25 Sigma-Tau Group The Company sold its former specialty pharmaceutical business to Klee Pharmaceuticals Inc. (now known as Sigma-Tau PharmaSource, Inc.), Defiante Farmacêutica, S.A and sigma-tau Finanziaria S.p.A. (collectively, the Sigma-Tau Group) in January 2010. In addition to the initial sale of assets which has been reflected in the Company’s financial statements for the year ended December 31, 2010, the sale agreement provides for certain potential future payments due to Enzon of up to $ 27.0 · $ 5.0 · $ 5.0 · $ 7.0 · $ 10.0 In addition, the sale agreement provides for royalties potentially due to Enzon, beginning in 2010, of 5 to 10 percent The Company has no direct involvement in, and no obligations to perform services or activities related to, obtaining the above regulatory approvals or achieving commercial sales for the four marketed products. The Company recognizes revenue only upon notification from Sigma-Tau Group that the conditions necessitating payment of the milestone or royalty were achieved. In the case of the royalty, revenue is recognized in the quarter following the quarter in which the sales occurred. During the first quarter of 2011, the Company earned the $ 5.0 0.5 17.0 Nektar Agreement In January 2002, the Company entered into a PEGylation technology licensing agreement with Nektar under which the Company granted Nektar the right to grant sub-licenses for a portion of its patents related to its PEGylation technology to third-parties. Nektar had the right to sub-license Enzon’s patents that were defined in the January 2002 agreement and the Company will receive a royalty or a share of Nektar’s profits for any products that utilize the Company’s patented PEGylation technology. The Company’s receipt of royalties related to Nektar licenses ended in 2014. After the expiration of our sublicensed patents, we may be entitled to lesser immunity fees on a country-by-country and product-by- product basis for up to twelve years from the date of first sale of these drugs. Effective in January 2007, Nektar’s right to grant additional sublicenses was limited to a certain class of the Company’s PEGylation technology. Existing sublicenses granted by Nektar prior to January 2007 were unaffected. Novation Agreement with Hisun and Belrose 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 our Collaboration Agreement with Hisun to Belrose. As a consequence of entering into 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 of milestone payments. Belrose provided Hisun up to 60 days to cure the breaches

Commitments and Contingent Liab

Commitments and Contingent Liabilities	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	(14) 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.

Leases

Leases	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	(15) Leases The Company’s former premises located at 20 Kingsbridge Road, Piscataway, New Jersey (the “Premises”) were leased by the Company pursuant to an agreement of lease dated as of April 1, 1995, as amended by that certain First Amendment to Lease dated as of November 13, 2001 (the “Prime Lease”), with BDG Kingsbridge L.L.C., predecessor-in-interest to Kingsbridge 2005, LLC (the “Prime Landlord”).. On November 13, 2013, the Company and Axcellerate Pharma, LLC (“Axcellerate”) entered into an amendment and restatement of the previously announced Agreement of Sublease, dated as of September 26, 2013, between the Company and Axcellerate (the “Amended and Restated Sublease Agreement”) to incorporate certain amendments requested by the Company’s Prime Landlord, as a condition to providing its consent to the sublease contemplated by the Amended and Restated Sublease Agreement (the “Sublease”). On November 14, 2013, the Company received the Prime Landlord’s consent to the Sublease. Accordingly, the term of the Sublease commenced on November 14, 2013 July 30, 2021 30,000 10,417 15,625 20,833 26,042 35,000 On February 4, 2016, the Company entered into (i) an agreement (the “Surrender and Release Agreement”) with the Prime Landlord and Axcellerate and (ii) a letter agreement with the Landlord (the “Letter Agreement”). The Surrender and Release Agreement and the Letter Agreement are intended to supersede the previously disclosed Assignment, Assumption and Release Agreement, dated as of September 11, 2015, between the Company and the Prime Landlord. Pursuant to the Surrender and Release Agreement, (i) the Company’s Prime Lease, terminated effective as of February 4, 2016 (the “Termination Date”) and (ii) the Company’s Sublease became a direct lease between the Prime Landlord and Axcellerate effective as of the Termination Date. Pursuant to the Letter Agreement, from and after the Termination Date, the Prime Landlord has agreed to perform all of the Company’s obligations under the Sublease, the Prime Landlord has waived all claims against the Company in connection with the Prime Lease, the Sublease or the Premises and the Prime Landlord has released the Company from all liability in connection with the Prime Lease and the Sublease and, in exchange therefor, on the Termination Date, the Company paid $ 4.25 204,000 52,000 4,506,000 See Note 16 for a description of the Company’s lease of new office space.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	(16) Subsequent Events On February 4, 2016, the Company’s Board of Directors adopted a Plan of Liquidation and Dissolution (the “Plan of Liquidation and Dissolution”), pursuant to which the Company would, subject to obtaining requisite stockholder approval, be liquidated and dissolved in accordance with Sections 280 and 281(a) of the General Corporation Law of the State of Delaware. In approving the Plan of Liquidation and Dissolution, the company’s Board of Directors had considered, among other factors, the ability of the Company to obtain no-action relief from the SEC to suspend certain of the Company’s reporting obligations under the Securities Exchange Act of 1934, as amended, and the anticipated cost savings if such relief is granted by the SEC. Upon further review, the Company does not currently believe that the SEC is likely to grant such relief to the Company this year. Accordingly, after further consideration, the Company’s Board of Directors has determined that it would be fair, advisable and in the best interests of the Company and its stockholders to postpone seeking stockholder approval of the Plan of Liquidation and Dissolution until a later time to be determined by the Company’s Board of Directors. If dissolution and liquidation of the Company pursuant to the Plan of Liquidation and Dissolution are approved by the Company’s stockholders and implemented by management, it is expected that the Company’s corporate existence will continue for the purpose of winding up its business and affairs through the year 2021, consistent with the expiration of the Company’s existing license arrangements that generate its royalty revenues. The Company’s future royalty revenues are forecasted to aggregate approximately $ 29 On February 12, 2016, the Company became aware that a stockholder of the Company (the “Stockholder”) became an “Acquiring Person” under the Company’s Section 382 Rights Agreement adopted as of April 30, 2014 (the “Section 382 Rights Agreement”) as a result of the Stockholder becoming the beneficial owner of 4.99 On February 22, 2016, the Company entered into a standstill agreement with the Stockholder, pursuant to which the Stockholder agreed that neither it nor any of its affiliates or associates will acquire any additional shares of the Company’s common stock, provided that if the Stockholder, together with all affiliates and associates thereof, becomes the beneficial owner of less than 4.99% of the then outstanding shares of the Company’s common stock, the Stockholder will not be prohibited from acquiring additional shares of the Company’s common stock so long as the Stockholder, together with all affiliates and associates thereof, does not at any time become the beneficial owner of 4.99% or more of the then outstanding shares of the Company’s common stock. On February 22, 2016, the Company entered into an amendment to the Section 382 Rights Agreement, pursuant to which the Section 382 Rights Agreement was amended so that (i) neither the Stockholder nor any of its affiliates or associates shall be deemed to be an “Acquiring Person” solely as a result of the Stockholder becoming the beneficial owner of 4.99% or more of the outstanding shares of the Company’s common stock, provided that the Stockholder shall be deemed an Acquiring Person if the Stockholder, together with all affiliates and associates thereof, becomes the beneficial owner of any additional shares of the Company’s common stock unless, immediately prior to the time, and as a result, of becoming the beneficial owner of such additional shares, the Stockholder, together with all affiliates and associates thereof, is not the beneficial owner of 4.99% or more of the then outstanding shares of the Company’s common stock. For purposes of the preceding sentence, neither the Stockholder nor any of its affiliates or associates shall be deemed to become the beneficial owner of any additional shares solely as a result of a dividend or distribution paid or made by the Company on outstanding Common Stock or a split or subdivision of outstanding Common Stock, (ii) no Distribution Date shall be deemed to have occurred as a result of the Stockholder becoming the beneficial owner of 4.99% or more of the outstanding shares of the Company’s common stock and (iii) no Stock Acquisition Date shall be deemed to have occurred as a result of the Stockholder becoming the beneficial owner of 4.99% or more of the outstanding shares of the Company’s common stock. New Principal Executive Offices and Office Service Agreement with Regus Commencing on March 1, 2016, the Company changed the location of its principal executive offices to 20 Commerce Drive, Suite 135, Cranford, New Jersey, 07016. The Company has entered into an office service agreement with Regus Management Group, LLC (“Regus”) for use of office space at this location effective March 1, 2016. The term of the agreement will continue until February 28, 2017. Under the agreement, in exchange for the Company’s right to use the office space at this location, the Company is required to pay Regus an initial service retainer of $ 2,418 1,209 On March 18, 2016, George W. Hebard III tendered his resignation as Interim Principal Executive Officer, Interim Chief Operating Officer and Secretary of the Company effective March 31, 2016. On March 18, 2016, the Board of Directors of the Company appointed Andrew Rackear as Chief Executive Officer and Secretary of the Company effective March 31, 2016.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The 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 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, stock-based compensation, certain accrued expenses and income taxes. 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.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Financial Instruments and Fair Value The carrying values of cash, cash equivalents and other current assets, accounts payable, accrued expenses and other current liabilities in the Company’s consolidated balance sheets approximated their fair values at December 31, 2015 and 2014 due to their short-term nature. As of December 31, 2015, the Company held no cash equivalents or marketable securities.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Royalty revenues from the Company’s agreements with third parties is recognized when the Company can reasonably determine the amounts earned. In most cases, this will be upon notification from the third-party licensee, which is typically during the quarter following the quarter in which the sales occurred. The Company does not participate in the selling or marketing of products for which it receives royalties. No provision for uncollectible accounts is established upon recognition of revenues. Contingent payments due under the asset purchase agreement for the sale of the Company’s former specialty pharmaceutical business are recognized as income when the milestone has been achieved and collection is assured. Such payments are non-refundable and no further effort is required on the part of the Company or the other party to complete the earning process.
Income Tax, Policy [Policy Text Block]	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized. The effect of a change in tax rates or laws on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date of the rate change. A valuation allowance is established to reduce the deferred tax assets to the amounts that are more likely than not to be realized from operations. Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the Company will be able to sustain a position taken on an income tax return. The Company has no liability for uncertain positions. Interest and penalties, if any, related to unrecognized tax benefits, would be recognized as income tax expense.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation Plans The Company recognizes the cost of all share-based payment transactions at fair value. Compensation cost, measured by the fair value of the equity instruments issued, adjusted for estimated forfeitures, is recognized in the financial statements as the respective awards are earned. The impact that share-based payment awards will have on the Company’s results of operations is a function of the number of shares awarded, the trading price of the Company’s stock at date of grant or modification and vesting, including the likelihood of achieving performance goals. Furthermore, the application of the Black-Scholes valuation model employs weighted average assumptions for expected volatility of the Company’s stock, expected term until exercise of the options, the risk free interest rate, and dividends, if any to determine fair value. Expected volatility is based on historical volatility of the Company’s common stock; the expected term until exercise represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and the Company’s historical exercise patterns; and the risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for periods corresponding with the expected life of the option.

Accrued Expenses and Other (Tab

Accrued Expenses and Other (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	Accrued expenses and other current liabilities consist of the following as of December 31, 2015 and 2014 (in thousands): December 31, December 31, 2015 2014 Compensation $ 15 $ 5 Professional and consulting fees - 88 Rent - 171 Other 190 194 $ 205 $ 458

Income Per Common Share (Tables

Income Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Income per common share information is as follows (in thousands, except per share amounts) for the years ended December 31, 2015 and 2014: 2015 2014 Income per Common Share - Basic Net income for year $ 21,637 $ 28,795 Weighted average number of common shares outstanding 44,197 44,125 Basic income per share $ 0.49 $ 0.65 Income per Common Share - Diluted Net income for year $ 21,637 $ 28,795 Weighted average number of common shares outstanding 44,197 44,125 Weighted-average incremental shares related to assumed exercise of stock options, vesting of nonvested shares, and ESPP 23 120 Weighted-average common shares outstanding and common share equivalents 44,220 44,245 Diluted income per share $ 0.49 $ 0.65

Restructurings (Tables)

Restructurings (Tables)	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Reserve by Type of Cost [Table Text Block]	The following table summarizes the changes in the Company’s accrued restructuring liabilities for the years ended December 31, 2015 and 2014 (in thousands): 2015 2014 Balance, beginning of year $ 268 $ 905 Payments made - (555) Adjustments - (82) Restructuring accruals (268) - Balance, end of year $ - $ 268

Stock Options (Tables)

Stock Options (Tables)	12 Months Ended
	Dec. 31, 2015
Stock Options Abstract [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	The following is a summary of the activity in the Company’s outstanding Stock Option Plans, which include the 2011 Stock Option and Incentive Plan, the 2001 Incentive Stock Plan, and the 1987 Non-Qualified Stock Option Plan (options in thousands): Weighted Weighted Average Average Exercise Remaining Aggregate Price Per Contractual Intrinsic Options Option Term (years) Value ($000) Outstanding at January 1, 2015 519 $ 4.08 2.53 $ - Granted at exercise prices which equaled the fair value on the date of grant - $ - - - Exercised - $ - - - $ - Expired and forfeited (171) $ 3.13 - - Outstanding at December 31, 2015 348 $ 3.65 1.89 $ - Vested and expected to vest at December 31, 2015 348 $ 3.65 1.89 $ - Exercisable at December 31, 2015 323 $ 3.65 2.24 $ -

Restricted Stock Awards and R28

Restricted Stock Awards and Restricted Stock Units (Nonvested Shares) (Tables)	12 Months Ended
	Dec. 31, 2015
Restricted Stock Awards And Restricted Stock Units [Abstract]
Schedule of Nonvested Share Activity [Table Text Block]	A summary of nonvested shares as of December 31, 2015 and changes during the year ended December 31, 2015 is provided below (shares in thousands): Weighted Average Number of Grant Date Nonvested Fair Value Shares Per Share Nonvested at January 1, 2015 45 $ 6.33 Granted - $ - Vested (45) $ 2.55 Forfeited - $ - Adjustment pursuant to special dividend - $ - Nonvested at December 31, 2015 0 $ -

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The components of the income tax provision (benefit) are summarized as follows (in thousands): Year Ended December 31, 2015 2014 Current: Federal $ 272 $ - State and foreign 2 56 Total current 274 56 Deferred: Federal and State (11,111) - Income tax provision (benefit) $ (10,837) $ 56
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	The following table represents the reconciliation between the reported income taxes and the income taxes that would be computed by applying the federal statutory rate ( 35 Year Ended December 31, 2015 2014 Income tax benefit at federal statutory rate $ 3,780 $ 10,097 Add (deduct) effect of: Tax on earnings of foreign subsidiary - 56 State income taxes, net of federal tax 1 - Expiration of state tax credits 1,060 - Expiration of capital loss carryforward 4,648 - Increase (decrease) in beginning of period valuation allowance (9,215) (10,097) Partial adjustment of valuation allowance (11,111) - Income tax provision (benefit) $ (10,837) $ 56
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	As of December 31, 2015 and 2014, the tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are as follows (in thousands): December 31, December 31, 2015 2014 Deferred tax assets: Federal and state net operating loss carryforward $ 38,487 $ 45,221 Research and development credits carryforward 19,911 19,911 Basis difference in fixed Assets 2,604 2,915 Capital loss carryforwards 482 3,647 Share-based compensation 2,502 2,518 Federal alternative minimum tax credits 1,803 1,530 Accrued compensation 71 43 Other 1,819 1,109 Total gross deferred tax assets 67,679 76,894 Less valuation allowance (56,568) (76,894) Net deferred tax assets $ 11,111 $ -

Description of Business (Detail

Description of Business (Details Textual) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Jul. 16, 2014	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Jun. 25, 2015
Description of Business [Line Items]
Royalty Revenues From Sales Percentage					80.00%	80.00%
Royalty Revenue, Total					$ 17,258,000	$ 31,038,000
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
Sigma Tau [Member]
Description of Business [Line Items]
Royalty Settlement Claim Amount							$ 526,128
Royalty Revenue, Total			$ 300,000	$ 826,128

Accrued Expenses and Other (Det

Accrued Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Accrued Expenses And Others [Line Items]
Compensation	$ 15	$ 5
Professional and consulting fees	0	88
Rent	0	171
Other	190	194
Accrued expenses and other	$ 205	$ 458

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	May. 14, 2014	Dec. 21, 2010
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount				$ 200
Stock Repurchased And Retired During Period Average Price Paid Per Share	$ 9.48
Preferred Stock, Shares Authorized	3,000,000	3,000,000
Stock Repurchased and Retired During Period, Shares	16,174,578
Stock Repurchased and Retired During Period, Value	$ 153.4
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Non-Qualified and Incentive Stock Plans [Member]
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	7,097,697
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Shares Authorized	100,000
Series A Junior Participating Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share			$ 0.01
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased			$ 1.50

Miscellaneous Income (Details T

Miscellaneous Income (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Axcellerate [Member]
Miscellaneous Income [Line Items]
Operating Leases, Income Statement, Sublease Revenue	$ 198,000	$ 135,000

Cash Dividend (Details Textual)

Cash Dividend (Details Textual) - $ / shares	Dec. 02, 2015	Jul. 06, 2015	Dec. 08, 2014
Schedule Of Cash Dividend [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.25	$ 0.50	$ 0.10

Income Per Common Share (Detail

Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income per Common Share - Basic
Net income for year	$ 21,637	$ 28,795
Weighted average number of common shares outstanding	44,197	44,125
Basic income per share (in dollars per share)	$ 0.49	$ 0.65
Income per Common Share - Diluted
Net income for year	$ 21,637	$ 28,795
Weighted average number of common shares outstanding	44,197	44,125
Weighted-average incremental shares related to assumed exercise of stock options, vesting of nonvested shares, and ESPP	23	120
Weighted-average common shares outstanding and common share equivalents	44,220	44,245
Diluted income per share (in dollars per share)	$ 0.49	$ 0.65

Restructurings (Details)

Restructurings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Restructuring Cost and Reserve [Line Items]
Balance, beginning of year	$ 268	$ 905
Payments made	0	(555)
Adjustments	0	(82)
Restructuring accruals	(268)	0
Balance, end of year	$ 0	$ 268

Restructurings (Details Textual

Restructurings (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restructuring Cost and Reserve [Line Items]
Separation Cost	$ 0	$ 0	$ 4.8

Stock Options (Details)

Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Stock Option [Line Items]
Options Outstanding at January 1, 2015	519
Options Granted at exercise prices which equaled the fair value on the date of grant	0
Options Exercised	0
Expired and Forfeited	(171)
Options Outstanding at December 31, 2015	348	519
Options Vested and expected to vest at December 31, 2015	348
Options Exercisable at December 31, 2015	323
Outstanding at January 1, 2015, Weighted Average Exercise Price per Option	$ 4.08
Granted, Weighted Average Exercise Price per Option	0
Exercised, Weighted Average Exercise Price per Option	0
Expired and forfeited, Weighted Average Exercise Price per Option	3.13
Outstanding at December 31, 2015, Weighted Average Exercise Price per Option	3.65	$ 4.08
Vested and expected to vest at December 31, 2015, Weighted Average Exercise Price per Option	3.65
Exercisable at December 31, 2015, Weighted Average Exercise Price per Option	$ 3.65
Outstanding at December 31, Weighted Average Remaining Contractual Term (years)	1 year 10 months 20 days	2 years 6 months 11 days
Vested and expected to vest at December 31, 2015, Weighted Average Remaining Contractual Term (years)	1 year 10 months 20 days
Exercisable at December 31, 2015, Weighted Average Remaining Contractual Term (years)	2 years 2 months 26 days
Outstanding at January 1, 2015, Aggregate Intrinsic Value	$ 0
Outstanding at December 31, 2015, Aggregate Intrinsic Value	0	$ 0
Vested and expected to vest at December 31, 2015, Aggregate Intrinsic Value	0
Exercisable at December 31, 2015, Aggregate Intrinsic Value	$ 0

Stock Options (Details Textual)

Stock Options (Details Textual) - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Allocated Share-based Compensation Expense	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 0	$ 0
Stock or Unit Option Plan Expense	$ 0
2011 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	5
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	4.4

Restricted Stock Awards and R40

Restricted Stock Awards and Restricted Stock Units (Nonvested Shares) (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Restricted Stock Awards And Restricted Stock Units Nonvested Shares [Line Items]
Nonvested at January 1, 2015, Number of Nonvested Shares | shares	45
Granted, Number of Nonvested Shares | shares	0
Vested, Number of Nonvested Shares | shares	(45)
Forfeited, Number of Nonvested Shares | shares	0
Adjustment pursuant to special dividend, Number of Nonvested Shares | shares	0
Nonvested at December 31, 2015, Number of Nonvested Shares | shares	0
Nonvested at January 1, 2015, Weighted Average Grant Date Fair Value Per Share | $ / shares	$ 6.33
Granted, Weighted Average Grant Date Fair Value Per Share | $ / shares	0
Vested, Weighted Average Grant Date Fair Value Per Share | $ / shares	2.55
Forfeited, Weighted Average Grant Date Fair Value Per Share | $ / shares	0
Adjustment pursuant to special dividend, Weighted Average Grant Date Fair Value Per Share | $ / shares	0
Nonvested at December 31, 2015, Weighted Average Grant Date Fair Value Per Share | $ / shares	$ 0

Restricted Stock Awards and R41

Restricted Stock Awards and Restricted Stock Units (Nonvested Shares) (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2011	Dec. 31, 2015	Dec. 31, 2014
Restricted Stock Awards And Restricted Stock Units Nonvested Shares [Line Items]
Common Stock, Par or Stated Value Per Share		$ 0.01	$ 0.01
Employee Service Share Based Compensation Tax Payments		$ 30,000	$ 30,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		100,000
Outside Director Compensation Plan 2011 [Member] | New Director [Member]
Restricted Stock Awards And Restricted Stock Units Nonvested Shares [Line Items]
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 75,000	$ 100,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal	$ 272	$ 0
State and foreign	2	56
Total current	274	56
Deferred: Federal and State	(11,111)	0
Income tax provision (benefit)	$ (10,837)	$ 56

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule of Income Taxes [Line Items]
Income tax benefit at federal statutory rate	$ 3,780	$ 10,097
Add (deduct) effect of:
Tax on earnings of foreign subsidiary	0	56
State income taxes, net of federal tax	1	0
Expiration of state tax credits	1,060	0
Expiration of capital loss carryforward	4,648	0
Increase (decrease) in beginning of period valuation allowance	(9,215)	(10,097)
Partial adjustment of valuation allowance	(11,111)	0
Income tax provision (benefit)	$ (10,837)	$ 56

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Federal and state net operating loss carryforward	$ 38,487	$ 45,221
Research and development credits carryforward	19,911	19,911
Basis difference in fixed Assets	2,604	2,915
Capital loss carryforwards	482	3,647
Share-based compensation	2,502	2,518
Federal alternative minimum tax credits	1,803	1,530
Accrued compensation	71	43
Other	1,819	1,109
Total gross deferred tax assets	67,679	76,894
Less valuation allowance	(56,568)	(76,894)
Net deferred tax assets	$ 11,111	$ 0

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	35.00%
Operating Loss Carryforwards	$ 79,000
Operating Loss Carryforwards, Limitations on Use	During 2015, there was a partial reversal of the valuation allowance aggregating approximately $11.1 million. At December 31, 2015, the Company had federal net operating loss carryforwards of approximately $109 million that expire in the years 2022 through 2031 and New Jersey state net operating loss carryforwards of approximately $29.2 million that expire in the years 2030 through 2031. Moreover, the Company has federal and New Jersey capital loss carryforwards of approximately $1.2 million that expire in 2016 through 2019. The Company also has federal research and development tax credit carryforwards of approximately $16.6 million for tax reporting purposes that expire in the years 2017 through 2031. In addition, the Company has $3.3 million of state research and development tax credit carryforwards that expire in the years 2019 through 2026.
Income Tax Examination, Description	the Company concluded an examination by the U.S. Internal Revenue Service, in connection with the tax years 2010 through 2011. The result of such examination was the reduction of federal net operating loss carryforwards aggregating approximately $1.8 million. State income tax returns for the states of New Jersey and Indiana are generally subject to examination for a period of 3-4 years after filing of the respective returns. Income tax returns for Canada are generally subject to examination for a period of 3-5 years after filing of the respective return
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ (9,215)	$ (10,097)
Effective Income Tax Rate Reconciliation, Disposition of Business, Amount	$ 4,500
Tax Year 2010 [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards, Limitations on Use	while the remaining amount of approximately $30 million will be available at the rate of profitability$4.5 million per year.
Federal [Member]
Income Taxes [Line Items]
Operating Loss Carryforwards	$ 1,800
Domestic Tax Authority [Member]
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	9,500
State and Local Jurisdiction [Member]
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount	$ 1,600

Significant Agreements (Details

Significant Agreements (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 16, 2014	Mar. 31, 2014	Sep. 30, 2007	Dec. 31, 2011	Dec. 31, 2010
Significant Agreements Line item [Line Items]
Milestone Payment				$ 5,000,000
Royalties Pursuant To Provision In Sales Agreement				500,000
Percentage Of Royalty Payable Sold Under Merck Agreement			25.00%
Uncertain Milestone Payment				$ 17,000,000
Revenue Recognition, Milestone Method, Revenue Recognized					$ 27,000,000
Percentage Of Royalty On Sale Due To Enzone					5 to 10 percent
Milestone Agreement Description	Belrose provided written notice to Hisun asserting multiple breaches by Hisun of the Collaboration Agreement including failure to pay $450,000 of milestone payments. Belrose provided Hisun up to 60 days to cure the breaches
Selling, General and Administrative Expenses [Member]
Significant Agreements Line item [Line Items]
Selling General And Administrative Expense		$ 300,435
European Medicines Agency [Member]
Significant Agreements Line item [Line Items]
Due From Related Party Contingent Consideration					$ 5,000,000
Fda Ss Oncaspar [Member]
Significant Agreements Line item [Line Items]
Due From Related Party Contingent Consideration					5,000,000
FDA SC Oncaspar [Member]
Significant Agreements Line item [Line Items]
Due From Related Party Contingent Consideration					7,000,000
Non Accelerated Ema Sc Oncaspar [Member]
Significant Agreements Line item [Line Items]
Due From Related Party Contingent Consideration					$ 10,000,000
Zhejiang Hisun Pharmaceutical Co., Ltd. Hisun [Member]
Significant Agreements Line item [Line Items]
Notes Receivable Gross		550,000
Belrose [Member]
Significant Agreements Line item [Line Items]
Notes Payable		$ 249,565

Leases (Details Textual)

Leases (Details Textual)	1 Months Ended	12 Months Ended
	Feb. 04, 2016USD ($)	Dec. 31, 2015USD ($)a	Dec. 31, 2014USD ($)
Leases [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
Sub Lease commencement Date		Nov. 14, 2013
Sublease Expiration Date		Jul. 30, 2021
Severance Costs		$ 52,000
Accrued Lease Termination Costs Current		$ 4,506,000	$ 0
Prime Landlord Mortgage [Member] | Subsequent Event [Member]
Leases [Line Items]
Operating Leases, Rent Expense, Contingent Rentals	$ 4,250,000
Prime Landlord [Member] | Subsequent Event [Member]
Leases [Line Items]
Operating Leases, Rent Expense, Contingent Rentals	$ 204,000

Subsequent Events (Details Text

Subsequent Events (Details Textual) - USD ($)	2 Months Ended	12 Months Ended		72 Months Ended
	Mar. 01, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2021	Feb. 12, 2016
Subsequent Event [Line Items]
Royalties		$ 17,258,000	$ 31,038,000
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Royalties				$ 29,000,000
Subsequent Event [Member] | Regus Management Group[Member]
Subsequent Event [Line Items]
Payments for Leasing Costs	$ 2,418
Operating Leases, Rent Expense, Minimum Rentals	$ 1,209
Subsequent Event [Member] | Beneficial Owner [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage					4.99%