Enzon Pharmaceuticals (ENZN) 10-Q 7 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 02, 2019
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	ENZON PHARMACEUTICALS, INC.
Entity Central Index Key	0000727510
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Trading Symbol	ENZN
Entity Common Stock, Shares Outstanding		44,214,603
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash	$ 3,367	$ 6,500
Milestone receivable	7,000	7,000
Refundable tax credits receivable, current portion	970	970
Other current assets	96	70
Total current assets	11,433	14,540
Refundable tax credits receivable, net of current portion	970	970
Total assets	12,403	15,510
Current liabilities:
Accounts payable	348	439
Accrued expenses and other current liabilities	107	78
Total current liabilities	455	517
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value, authorized 3,000,000 shares; no shares issued and outstanding at June 30, 2019 and December 31, 2018
Common stock - $0.01 par value, authorized 170,000,000 shares; issued and outstanding 44,214,603 shares at June 30, 2019 and December 31, 2018	442	442
Additional paid-in capital	80,996	83,649
Accumulated deficit	(69,490)	(69,098)
Total stockholders' equity	11,948	14,993
Total liabilities and stockholders' equity	$ 12,403	$ 15,510

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATED BALANCE SHEETS
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	44,214,603
Common stock, shares outstanding	44,214,603	44,214,603

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Royalties, net	$ 207	$ 61	$ 156	$ 76
Total revenues	207	61	156	76
Operating expenses:
General and administrative	228	267	546	588
Total operating expenses	228	267	546	588
Operating loss and loss before income tax expense	(21)	(206)	(390)	(512)
Income tax expense	0	0	2	1
Net loss	$ (21)	$ (206)	$ (392)	$ (513)
Loss per common share
Basic	$ 0	$ (0.01)	$ (0.01)	$ (0.01)
Diluted	$ 0	$ (0.01)	$ (0.01)	$ (0.01)
Weighted average number of shares
Weighted-average number of shares - basic	44,215	44,215	44,215	44,215
Weighted-average number of shares - diluted	44,215	44,215	44,215	44,215

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2017	$ 442	$ 83,649	$ (74,947)	$ 9,144
Balance (in shares) at Dec. 31, 2017	44,215
Net loss	$ 0	0	(307)	(307)
Balance at Mar. 31, 2018	$ 442	83,649	(75,254)	8,837
Balance (in shares) at Mar. 31, 2018	44,215
Balance at Dec. 31, 2017	$ 442	83,649	(74,947)	9,144
Balance (in shares) at Dec. 31, 2017	44,215
Net loss				(513)
Balance at Jun. 30, 2018	$ 442	83,649	(75,460)	8,631
Balance (in shares) at Jun. 30, 2018	44,215
Balance at Mar. 31, 2018	$ 442	83,649	(75,254)	8,837
Balance (in shares) at Mar. 31, 2018	44,215
Net loss	$ 0	0	(206)	(206)
Balance at Jun. 30, 2018	$ 442	83,649	(75,460)	8,631
Balance (in shares) at Jun. 30, 2018	44,215
Balance at Dec. 31, 2018	$ 442	83,649	(69,098)	14,993
Balance (in shares) at Dec. 31, 2018	44,215
Net loss	$ 0	0	(371)	(371)
Common stock dividend	0	(2,653)	0	(2,653)
Balance at Mar. 31, 2019	$ 442	80,996	(69,469)	11,969
Balance (in shares) at Mar. 31, 2019	44,215
Balance at Dec. 31, 2018	$ 442	83,649	(69,098)	14,993
Balance (in shares) at Dec. 31, 2018	44,215
Net loss				(392)
Balance at Jun. 30, 2019	$ 442	80,996	(69,490)	11,948
Balance (in shares) at Jun. 30, 2019	44,215
Balance at Mar. 31, 2019	$ 442	80,996	(69,469)	11,969
Balance (in shares) at Mar. 31, 2019	44,215
Net loss	$ 0	0	(21)	(21)
Balance at Jun. 30, 2019	$ 442	$ 80,996	$ (69,490)	$ 11,948
Balance (in shares) at Jun. 30, 2019	44,215

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net loss	$ (392,000)	$ (513,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities	(88,000)	1,000
Net cash used in operating activities	(480,000)	(512,000)
Cash flows from financing activities:
Common stock dividends	(2,653,000)	0
Net cash used in financing activities	(2,653,000)	0
Net decrease in cash	(3,133,000)	(512,000)
Cash beginning of period	6,500,000	7,478,000
Cash end of period	$ 3,367,000	$ 6,966,000

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2019
Description of Business
Description of Business	(1) Description of Business Enzon Pharmaceuticals, Inc. (together with its subsidiaries, “Enzon” or the “Company”), manages its sources of royalty revenues from existing licensing arrangements with other companies primarily related to sales of certain drug products that utilize Enzon’s proprietary technology. Prior to 2017, the primary source of the Company’s royalty revenues was derived from sales of PegIntron, which is marketed by Merck & Co., Inc. (“Merck”). The Company currently has no clinical operations and limited corporate operations. The Company has no intention of resuming any clinical development activities or acquiring new sources of royalty revenues. In the first quarter of 2019, net royalties from PegIntron were negative $51,000, due to returns and rebates exceeding the amount of royalties earned and in the second quarter of 2019 the Company earned $142,000 in net royalties from Merck. At December 31, 2018, the Company had a liability to Merck of approximately $439,000, due primarily to product returns and rebates. After the recoupment by Merck of $51,000 in the first quarter of 2019 and the earnings of $142,000 of net royalty revenues from sales of PegIntron during the second quarter of 2019, the Company's liability to Merck was $348,000 at June 30, 2019, as discussed in Note 12 to the Condensed Consolidated Financial Statements. During the second quarter of 2019, the Company received a one-time, non-refundable, payment of approximately $65,000 from Novartis Pharma AG in payment of a worldwide, royalty free non-exclusive non-refundable license to certain Canadian patents. In April 2013, the Company announced that it intended to distribute excess cash, expected to arise from ongoing royalty and milestone revenues, in the form of periodic dividends to stockholders. On February 4, 2016, the Company’s Board adopted a Plan of Liquidation and Dissolution (the “Plan of Liquidation and Dissolution”), the implementation of which has been postponed. (See Note 11 Plan of Liquidation and Dissolution.) On January 30, 2019, the Company entered into a letter agreement with Servier, a wholly owned indirect subsidiary of Les Laboratoires Servier, in connection with the asset purchase agreement dated as of November 9, 2009 (the “Asset Purchase Agreement”), by and between Klee Pharmaceuticals, Inc., Defiante Farmacêutica, S.A. (“Defiante”) and Sigma-Tau, on the one hand, and the Company, on the other hand. Under the letter agreement, Servier, as successor-in-interest to Defiante, has confirmed its obligation to pay the Company a $7.0 million milestone payment related to SC Oncaspar as a result of the FDA’s December 20, 2018 approval of calaspargase pegol – mknl (brand name ASPARLAS™) as a component of a multi-agent chemotherapeutic regimen for the treatment of acute lymphoblastic leukemia in pediatric and young adult patients age 1 month to 21 years. In addition, under the letter agreement, the Company has agreed to waive Servier’s obligations to pursue the development of SC Oncaspar in Europe and the approval of SC Oncaspar by the European Medicines Agency (“EMEA”) under the Asset Purchase Agreement, provided that the Company is not waiving Servier’s obligation to make any applicable milestone payment to the Company upon EMEA approval, if any, of SC Oncaspar. Servier was required to make the $7.0 million milestone payment to the Company within three business days following the parties’ completion of procedures for claiming benefits under the double tax treaty between the United States and the United Kingdom. The Company recorded that amount as a current receivable at December 31, 2018 and it remained outstanding at June 30, 2019. The Company received the $7 million payment in July 2019. The Company has a marketing agreement with Micromet AG (“Micromet”), now part of Amgen, Inc. (the “Micromet Marketing Agreement”), that was entered into in 2004 under which Micromet is the exclusive marketer of the parties’ combined intellectual property portfolio in the field of single-chain antibody technology. Under the Micromet Marketing Agreement, the parties agreed to share, on an equal basis, in any licensing fees, milestone payments and royalty revenue received by Micromet in connection with any licenses of the patents within the portfolio by Micromet to any third party during the term of the collaboration. To the Company’s knowledge, Micromet has a license agreement with Viventia Biotech (Barbados) Inc. (“Viventia”), now part of Sesen Bio, Inc. (“Sesen”), that was entered into in 2005, under which Micromet granted Viventia nonexclusive rights, with certain sublicense rights, for know-how and patents allowing exploitation of certain single chain antibody products, which patents cover some key aspects of Vicinium, one of Sesen’s drug candidates that is in Phase 3 clinical trials being evaluated for the treatment of patients with non-muscle invasive bladder cancer and in Phase 1 and 2 clinical trials for the treatment of head and neck cancer. To the Company’s knowledge, under the terms of this license agreement between Micromet and Viventia, Micromet is entitled to receive (i) certain milestone payments with respect to the filing of a new drug application for Vicinium with the FDA or the filing of a marketing approval application for Vicinium with the EMEA; (ii) certain milestone payments with respect to the first commercial sale of Vicinium in the U.S. or Europe and (iii) certain royalties on net sales for ten years from the first commercial sale of Vicinium. Pursuant to the Micromet Marketing Agreement, the Company would be entitled to a 50% share of these milestone payments and royalties received by Micromet. Due to the challenges associated with developing and obtaining approval for drug products, there is substantial uncertainty whether any of these milestones will be achieved. The Company also has no control over the time, resources and effort that Sesen may devote to its programs and limited access to information regarding or resulting from such programs. Accordingly, there can be no assurance that the Company will receive any of the milestone or royalty payments under the Micromet Marketing Agreement. The Company will not recognize revenue until all revenue recognition requirements are met. The Company maintains its principal executive offices at 20 Commerce Drive, Suite 135, Cranford, New Jersey, 07016 through a lease agreement for space and services with Regus Management Group, LLC (“Regus”) and also has an office facility at 3556 Main Street, Manchester, VT, 05225 pursuant to an office rental agreement with Equinox Junior, LLC (“Equinox”). See Note 10.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Basis of Presentation
Basis of Presentation	(2) Basis of Presentation 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 (SEC). 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, 2018. 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 The preparation of consolidated financial statements in conformity with U.S. GAAP 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 and income taxes. Although management bases its estimates on historical experience, relevant current information and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates. Revenue Recognition Royalty revenues from the Company’s agreements with third parties are 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 revenue 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. Other payments, such as license fees, are recorded when they are received, it is determined that 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 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 tax positions. Interest and penalties, if any, related to unrecognized tax benefits, would be recognized as income tax expense.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2019
Recent Accounting Pronouncements
Recent Accounting Pronouncements	(3) Recent Accounting Pronouncements During February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016‑02, Leases (Topic 842). ASU No. 2016‑02 requires lessees to recognize the assets and liabilities that arise from leases on the balance sheets. A lessee should recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. During 2018, the FASB also issued ASU No. 2018‑01, Land Easement Practical Expedient, which permits an entity to elect an optional transition practical expedient to not evaluate land easements that existed or expired before the entity’s adoption of Topic 842 and that were not previously accounted for under Accounting Standards Codification 840; ASU 2018‑10, Codification Improvements to Topic 842, Leases, which addresses narrow aspects of the guidance originally issued in ASU No. 2016‑02; ASU 2018‑11, Targeted Improvements, which provides entities with an additional (and optional) transition method whereby an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption and also provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component; and ASU No. 2018‑20, Narrow-Scope Improvements for Lessors, which addresses sales and other similar taxes collected from lessees, certain lessor costs, and the recognition of variable payments for contracts with lease and nonlease components. The Company adopted these ASUs effective January 1, 2019. Due to the nature of the Company’s lease obligations (See Note 10), adoption of the standard did not have a material effect on the Company’s condensed consolidated financial statements. Other recent ASU’s issued by the FASB and guidance issued by the SEC did not, or are not believed by management to, have a material effect on the Company’s present or future consolidated financial statements.

Financial Instruments and Fair

Financial Instruments and Fair Value	6 Months Ended
	Jun. 30, 2019
Financial Instruments and Fair Value
Financial Instruments and Fair Value	(4) Financial Instruments and Fair Value The carrying values of cash, milestone receivable, 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, 2019 and December 31, 2018 due to their short-term nature.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Information
Supplemental Cash Flow Information	(5) Supplemental Cash Flow Information The Company made income tax payments of $2,000 and $1,000 during the six months ended June 30, 2019 and 2018, respectively. There were no interest payments made during the six months ended June 30, 2019 or 2018.

Loss Per Common Share

Loss Per Common Share	6 Months Ended
	Jun. 30, 2019
Loss Per Common Share
Loss Per Common Share	(6) Loss Per Common Share Basic earnings 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 earnings per share calculation would normally involve adjusting both the denominator and numerator as described here if the effect is dilutive. 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). Loss per common share information is as follows (in thousands, except per share amounts) for the three months and six months ended June 30, 2019 and 2018: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Loss Per Common Share – Basic and Diluted: Net loss $ (21) $ (206) $ (392) $ (513) Weighted-average number of common shares outstanding 44,215 44,215 44,215 44,215 Basic and diluted loss per share $ — $ (0.01) $ (0.01) $ (0.01) For the six-month periods ended June 30, 2019 and 2018 and the three-month periods ended June 30, 2019 and 2018, there were 41,787 potentially dilutive securities outstanding that have been excluded from the calculation of dilutive weighted average shares outstanding, as they would be anti-dilutive.

Cash Dividend

Cash Dividend	6 Months Ended
	Jun. 30, 2019
Cash Dividend
Cash Dividend	(7) Cash Dividend On January 30, 2019, the Board of Directors of the Company declared a special cash dividend of $0.06 per share of the Company’s common stock, aggregating approximately $2,653,000, which was paid on March 21, 2019 to stockholders of record as of the close of business on February 21, 2019.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2019
Stock-Based Compensation
Stock-Based Compensation	(8) Stock -Based Compensation Stock Options and Restricted Stock Units (RSUs or Nonvested Shares) During the six months ended June 30, 2019, no options were granted and the Company incurred no stock-based compensation expense. No RSUs were outstanding as of June 30, 2019. There were no options granted during the six months ended June 30, 2018 and no nonvested shares granted or outstanding during the six months ended June 30, 2018. The Company uses historical data to estimate forfeiture rates. Activity related to stock options and nonvested shares during the six months ended June 30, 2019 and related balances outstanding as of that date are reflected below (in thousands): Stock Options Outstanding at January 1, 2019 41,787 Granted — Exercised and vested — Expired and forfeited — Outstanding at June 30, 2019 41,787 Options vested at June 30, 2019 41,787 Options exercisable at June 30, 2019 41,787

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Taxes
Income Taxes	(9) Income Taxes During the six-month and three-month periods ended June 30, 2019, the Company recorded approximately $2,000 and $0, respectively of income tax expense for New Jersey state income tax. During the six-month and three-month periods ended June 30, 2018, the Company recorded approximately $1,000 and $0, respectively of income tax expense for New Jersey state income tax. The Company continues to provide a valuation allowance against all of its deferred tax assets, as the Company believes it is more likely than not that its deferred tax assets will not be realized. Management of the Company will continue to assess the need for this valuation allowance and will make adjustments when appropriate. 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 tax positions. Interest and penalties, if any, related to unrecognized tax benefits, would be recognized as income tax expense. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into law. Among its numerous changes to the Internal Revenue Code, the Act allowed companies with existing alternative minimum tax credit (“MTC”) carryforwards as of December 31, 2017 to receive refunds of the credits in tax years after 2017 and before 2022 in an amount equal to 50% (100% in 2021) of the excess MTC over the amount of the credit allowable for the year against regular tax liability. As a result of the Act’s provision allowing for the refund of MTC, the Company has recorded $970,000 as a long-term receivable and $970,000 as a current receivable as of December 31, 2018 and June 30, 2019. The Act also provides for an indefinite carryforward period for net operating losses generated after 2017 and limits annual utilization to 80% of taxable income. Net operating losses generated prior to 2018 continue to be carried forward for 20 years and have no 80% limitation on utilization.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2019
Commitments and Contingent Liabilities
Commitments and Contingent Liabilities	(10) Commitments and Contingent Liabilities Effective March 1, 2018, the Company renewed its office service agreement with Regus Management Group, LLC (“Regus”) for its principal executive offices at 20 Commerce Drive, Suite 135, Cranford, New Jersey, 07016. This agreement was renewed until February 28, 2019, for a monthly fee of $1,259. In June 2018, the Company and Regus agreed to end the lease on August 31, 2018, and replace it with an updated office service agreement. Effective September 1, 2018, the Company entered into an office service agreement with Regus for mailbox plus, telephone answering, and virtual office services. Under the agreement, in exchange for the services provided by Regus, the Company was required to pay Regus an initial service retainer of $259 and thereafter pay Regus a monthly fee of $259 until August 31, 2019. Effective July 1, 2018, the Company entered into an office rental agreement with Equinox Junior, LLC (“Equinox”) for use of office space at 3556 Main Street, Manchester, VT, 05225. Under this agreement, in exchange for the Company’s right to use the office space at this location, the Company is required to pay Equinox a security deposit of $708 and thereafter pay Equinox a monthly fee of $708 until June 30, 2019. The term of this agreement was extended until June 30, 2020 at a monthly fee of $729. 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.

Plan of Liquidation and Dissolu

Plan of Liquidation and Dissolution	6 Months Ended
	Jun. 30, 2019
Plan of Liquidation and Dissolution
Plan of Liquidation and Dissolution	(11) Plan of Liquidation and Dissolution 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. After further consideration, the Company’s Board of Directors 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. From time to time, the Company’s Board of Directors reviews the Company’s status and prospects in deciding on the timing of dissolution and liquidation of the Company pursuant to the Plan of Liquidation and Dissolution. If the Company’s Board of Directors determines to seek stockholder approval of such plan and such plan is approved by the Company’s stockholders and implemented by the Company, it is expected that the Company’s corporate existence will continue for the purpose of winding up its business and affairs for at least three years. The Company has forecasted minimal or no royalty or milestone revenues for the foreseeable future. In light of the uncertainty as to whether any of the milestones under the Micromet Marketing Agreement would be achieved, this forecast assumes that the Company would not receive any milestone or royalty payments under the Micromet Marketing Agreement.

Accounts Payable

Accounts Payable	6 Months Ended
	Jun. 30, 2019
Accounts Payable
Accounts Payable	(12) Accounts Payable Due to returns, rebates and other adjustments, at various times, Merck has notified the Company of its recoupment of previously paid royalties. Accordingly, at December 31, 2018, the Company recorded a net payable to Merck of $439,000. In March 2019, Merck notified the Company of an additional such recoupment aggregating approximately $51,000. During the second quarter of 2019, Merck informed the Company that it had earned net royalties of approximately $142,000. Consequently, the Company had a liability to Merck of approximately $348,000 at June 30, 2019.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2019
Basis of Presentation
Interim Financial Statements	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 (SEC). 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, 2018.
Principles of Consolidation	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	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP 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 and income taxes. Although management bases its estimates on historical experience, relevant current information and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ from these estimates.
Revenue Recognition	Revenue Recognition Royalty revenues from the Company’s agreements with third parties are 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 revenue 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. Other payments, such as license fees, are recorded when they are received, it is determined that 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	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 tax positions. Interest and penalties, if any, related to unrecognized tax benefits, would be recognized as income tax expense.

Loss Per Common Share (Tables)

Loss Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2019
Loss Per Common Share
Schedule of earnings per share, basic and diluted	Loss per common share information is as follows (in thousands, except per share amounts) for the three months and six months ended June 30, 2019 and 2018: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 Loss Per Common Share – Basic and Diluted: Net loss $ (21) $ (206) $ (392) $ (513) Weighted-average number of common shares outstanding 44,215 44,215 44,215 44,215 Basic and diluted loss per share $ — $ (0.01) $ (0.01) $ (0.01)

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Stock-Based Compensation
Schedule of share-based compensation stock options activity	Activity related to stock options and nonvested shares during the six months ended June 30, 2019 and related balances outstanding as of that date are reflected below (in thousands): Stock Options Outstanding at January 1, 2019 41,787 Granted — Exercised and vested — Expired and forfeited — Outstanding at June 30, 2019 41,787 Options vested at June 30, 2019 41,787 Options exercisable at June 30, 2019 41,787

Description of Business (Detail

Description of Business (Details) - USD ($)	1 Months Ended			3 Months Ended			6 Months Ended
	Jul. 31, 2019	Mar. 31, 2019	Jan. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Description of Business [Line Items]
Accounts Payable, Current				$ 348,000			$ 348,000		$ 439,000
Revenues				207,000		$ 61,000	156,000	$ 76,000
Royalty Revenue Milestones			$ 7,000,000
Milestone Receivable on Royalties current				7,000,000			7,000,000		7,000,000
Proceeds from Milestone on Royalty	$ 7,000,000
Royalty [Member]
Description of Business [Line Items]
Revenues				142,000	$ (51,000)
Merck [Member]
Description of Business [Line Items]
Accounts Payable, Current				348,000,000			$ 348,000,000		$ 439,000,000
Revenues				142,000
Increase (Decrease) in Accounts Payable		$ 51,000,000
Servier I P U K Limited [Member]
Description of Business [Line Items]
Business days to receive payment							3 days
Contract with Customer, Liability			$ 7,000,000
Servier I P U K Limited [Member] | Minimum [Member]
Description of Business [Line Items]
Patient age							1 month
Servier I P U K Limited [Member] | Maximum [Member]
Description of Business [Line Items]
Patient age							21 years
Micromet [Member]
Description of Business [Line Items]
Duration of possible royalties received							10 years
Percentage of Royal Milestones Receivable							50.00%
Novartis Pharma AG [Member]
Description of Business [Line Items]
Revenue from Royalty Free Non-Exclusive License, Patents				$ 65,000

Basis of Presentation (Details)

Basis of Presentation (Details)	6 Months Ended
	Jun. 30, 2019USD ($)
Basis of Presentation
Provision for uncollectible accounts	$ 0
Liability for uncertain tax positions	$ 0

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Supplemental Cash Flow Information
Income Taxes Paid	$ 2,000,000	$ 1,000
Interest Paid, Net	$ 0	$ 0

Loss Per Common Share (Details)

Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Loss Per Common Share - Basic and Diluted:
Net loss	$ (21)	$ (206)	$ (392)	$ (513)
Weighted-average number of common shares outstanding	44,215	44,215	44,215	44,215
Basic and diluted loss per share		$ (0.01)	$ (0.01)	$ (0.01)
Antidilutive securities	41,787	41,787	41,787	41,787

Cash Dividend (Details)

Cash Dividend (Details) - USD ($)	Mar. 21, 2019	Jan. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Cash Dividend
Common Stock, Dividends, Per Share, Declared		$ 0.06
Payments of Ordinary Dividends, Common Stock	$ 2,653,000		$ 2,653,000	$ 0

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Stock-Based Compensation
Nonvested shares outstanding		0
Nonvested shares granted		0
Stock-based compensation expense	$ 0
Outstanding at January 1, 2019	41,787
Granted	0	0
Exercised and vested	0
Expired and forfeited	0
Outstanding at June 30, 2019	41,787
Options vested at June 30, 2019	41,787
Options exercisable at June 30, 2019	41,787

Income Taxes (Details)

Income Taxes (Details)	Jan. 01, 2018	Dec. 22, 2017	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2021	Dec. 31, 2017	Dec. 31, 2018USD ($)
Income Taxes [Line Items]
Liability for uncertain tax positions			$ 0		$ 0
Income Taxes Receivable, Current			970,000		970,000				$ 970,000
Income Taxes Receivable, Noncurrent			970,000		970,000				$ 970,000
Income Tax Expense (Benefit)			0	$ 0	2,000	$ 1,000
Effective Income Tax Rate Reconciliation, Tax Credit, Percent		50.00%					100.00%
Operating Loss Carryforwards, Limitation on Annual Utilization	80							0
Operating Loss Carryforwards, Expiration Term								20 years
New jersey State [Member]
Income Taxes [Line Items]
Income Tax Expense (Benefit)			$ 0	$ 0	$ 2,000,000	$ 1,000,000

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Aug. 31, 2019	Jun. 30, 2018	Jun. 30, 2019
Operating Leases, Rent Expense				$ 708
Security Deposit				$ 708
Scenario, Forecast [Member]
Operating Leases, Rent Expense	$ 729	$ 259
Security Deposit		$ 259
Regus Management Group Llc [Member]
Operating Leases, Rent Expense			$ 1,259

Plan of Liquidation and Disso_2

Plan of Liquidation and Dissolution (Details)	6 Months Ended
	Jun. 30, 2019
Minimum [Member]
Potential winding up period of corporate existence	3 years

Accounts Payable (Details)

Accounts Payable (Details) - USD ($)	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Accounts Payable [Line Items]
Accrued Royalties		$ 51,000
Accrued Royalties, Current	$ 142,000		$ 439,000
Merck [Member]
Accounts Payable [Line Items]
Due to Related Parties	$ 348,000