Enzon Pharmaceuticals (ENZN) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	Enzon Pharmaceuticals, Inc.
Entity Central Index Key	0000727510
Current Fiscal Year End Date	--12-31
Entity File Number	001-36435
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2372868
Entity Address, Address Line One	20 Commerce Drive (Suite 135)
Entity Address, City or Town	Cranford
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07016
City Area Code	732
Local Phone Number	980-4500
Title of 12(b) Security	None
No Trading Symbol Flag	true
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,214,603

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 46,852,000	$ 47,641,000
Royalty and milestone receivable		28,000
Other current assets	405,000	85,000
Total assets (all current)	47,257,000	47,754,000
Current liabilities:
Accounts payable	331,000	331,000
Accrued expenses and other current liabilities	94,000	72,000
Total current liabilities	425,000	403,000
Commitments and contingencies
Stockholders' equity:
Preferred stock - $0.01 par value, authorized 2,960,000 shares; no shares issued and outstanding at September 30, 2022 and December 31, 2021
Common stock - $0.01 par value, authorized 170,000,000 shares; issued and outstanding 74,214,603 shares at September 30, 2022 and December 31, 2021	742,000	742,000
Additional paid-in capital	74,390,000	75,983,000
Accumulated deficit	(72,376,000)	(71,857,000)
Total stockholders' equity	2,756,000	4,868,000
Total liabilities, mezzanine equity and stockholders' equity	47,257,000	47,754,000
Mezzanine Equity - Series C Preferred Stock
Mezzanine equity:
Series C preferred stock - $0.01 par value, 40,000 shares authorized, issued and outstanding (liquidation value $1,102 and $1,062 per share) at September 30, 2022 and December 31, 2021	$ 44,076,000	$ 42,483,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Mezzanine equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,960,000	2,960,000
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	74,214,603	74,214,603
Common stock, shares outstanding	74,214,603	74,214,603
Mezzanine Equity - Series C Preferred Stock
Mezzanine equity
Preferred stock, par value	$ 0.01	$ 0.01
Preferred Shares, shares authorized	40,000	40,000
Preferred stock, shares issued	40,000	40,000
Preferred stock, shares outstanding	40,000	40,000
Preferred stock, liquidation value (per share)	$ 1,102	$ 1,062

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Royalties and milestones, net				$ 672
Total revenues				672
Operating expenses:
General and administrative	$ 221	$ 228	$ 821	910
Total operating expenses	221	228	821	910
Operating loss	(221)	(228)	(821)	(238)
Other income	208	2	300	6
Loss before income tax (expense) benefit	(13)	(226)	(521)	(232)
Income tax (expense) benefit	(2)		2	(2)
Net loss	(15)	(226)	(519)	(234)
Dividends on Series C preferred stock	(531)	(506)	(1,593)	(1,518)
Net loss available to common shareholders	$ (546)	$ (732)	$ (2,112)	$ (1,752)
Loss per common share
Basic	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.02)
Diluted	$ (0.01)	$ (0.01)	$ (0.03)	$ (0.02)
Weighted-average number of shares - basic	74,215	74,215	74,215	74,215
Weighted-average number of shares - diluted	74,215	74,215	74,215	74,215

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY - USD ($)	Mezzanine Equity - Series C Preferred Stock Preferred Stock	Mezzanine Equity - Series C Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2020			$ 742,000	$ 78,006,000	$ (71,388,000)	$ 7,360,000
Balance (in shares) at Dec. 31, 2020			74,215,000
Net Income (loss)					11,000	11,000
Preferred stock dividend accumulation				(506,000)		(506,000)
Balance at Mar. 31, 2021			$ 742,000	77,500,000	(71,377,000)	6,865,000
Balance (in shares) at Mar. 31, 2021			74,215,000
Balance at Dec. 31, 2020	$ 40,460,000
Balance (in shares) at Dec. 31, 2020	40,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 506,000
Balance at Mar. 31, 2021	$ 40,966,000
Balance (in shares) at Mar. 31, 2021	40,000
Balance at Dec. 31, 2020			$ 742,000	78,006,000	(71,388,000)	7,360,000
Balance (in shares) at Dec. 31, 2020			74,215,000
Net Income (loss)						(234,000)
Balance at Sep. 30, 2021			$ 742,000	76,488,000	(71,622,000)	5,608,000
Balance (in shares) at Sep. 30, 2021			74,215,000
Balance at Dec. 31, 2020	$ 40,460,000
Balance (in shares) at Dec. 31, 2020	40,000
Balance at Sep. 30, 2021	$ 41,978,000
Balance (in shares) at Sep. 30, 2021	40,000
Balance at Mar. 31, 2021			$ 742,000	77,500,000	(71,377,000)	6,865,000
Balance (in shares) at Mar. 31, 2021			74,215,000
Net Income (loss)					(19,000)	(19,000)
Preferred stock dividend accumulation				(506,000)		(506,000)
Balance at Jun. 30, 2021			$ 742,000	76,994,000	(71,396,000)	6,340,000
Balance (in shares) at Jun. 30, 2021			74,215,000
Balance at Mar. 31, 2021	$ 40,966,000
Balance (in shares) at Mar. 31, 2021	40,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 506,000
Balance at Jun. 30, 2021	$ 41,472,000
Balance (in shares) at Jun. 30, 2021	40,000
Net Income (loss)					(226,000)	(226,000)
Preferred stock dividend accumulation				(506,000)		(506,000)
Balance at Sep. 30, 2021			$ 742,000	76,488,000	(71,622,000)	5,608,000
Balance (in shares) at Sep. 30, 2021			74,215,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 506,000
Balance at Sep. 30, 2021	$ 41,978,000
Balance (in shares) at Sep. 30, 2021	40,000
Balance at Dec. 31, 2021			$ 742,000	75,983,000	(71,857,000)	4,868,000
Balance (in shares) at Dec. 31, 2021			74,215,000
Net Income (loss)					(291,000)	(291,000)
Preferred stock dividend accumulation				(531,000)		(531,000)
Balance at Mar. 31, 2022			$ 742,000	75,452,000	(72,148,000)	4,046,000
Balance (in shares) at Mar. 31, 2022			74,215,000
Balance at Dec. 31, 2021	$ 42,483,000	$ 42,483,000
Balance (in shares) at Dec. 31, 2021	40,000	40,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 531,000
Balance at Mar. 31, 2022	$ 43,014,000
Balance (in shares) at Mar. 31, 2022	40,000
Balance at Dec. 31, 2021			$ 742,000	75,983,000	(71,857,000)	4,868,000
Balance (in shares) at Dec. 31, 2021			74,215,000
Net Income (loss)						(519,000)
Balance at Sep. 30, 2022			$ 742,000	74,390,000	(72,376,000)	2,756,000
Balance (in shares) at Sep. 30, 2022			74,215,000
Balance at Dec. 31, 2021	$ 42,483,000	$ 42,483,000
Balance (in shares) at Dec. 31, 2021	40,000	40,000
Balance at Sep. 30, 2022	$ 44,076,000	$ 44,076,000
Balance (in shares) at Sep. 30, 2022	40,000	40,000
Balance at Mar. 31, 2022			$ 742,000	75,452,000	(72,148,000)	4,046,000
Balance (in shares) at Mar. 31, 2022			74,215,000
Net Income (loss)					(213,000)	(213,000)
Preferred stock dividend accumulation				(531,000)		(531,000)
Balance at Jun. 30, 2022			$ 742,000	74,921,000	(72,361,000)	3,302,000
Balance (in shares) at Jun. 30, 2022			74,215,000
Balance at Mar. 31, 2022	$ 43,014,000
Balance (in shares) at Mar. 31, 2022	40,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 531,000
Balance at Jun. 30, 2022	$ 43,545,000
Balance (in shares) at Jun. 30, 2022	40,000
Net Income (loss)					(15,000)	(15,000)
Preferred stock dividend accumulation				(531,000)		(531,000)
Balance at Sep. 30, 2022			$ 742,000	$ 74,390,000	$ (72,376,000)	$ 2,756,000
Balance (in shares) at Sep. 30, 2022			74,215,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Preferred stock dividend accumulation	$ 531,000
Balance at Sep. 30, 2022	$ 44,076,000	$ 44,076,000
Balance (in shares) at Sep. 30, 2022	40,000	40,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (519)	$ (234)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities	(270)	(17)
Net cash used in operating activities	(789)	(251)
Net decrease in cash	(789)	(251)
Cash and cash equivalents, beginning of period	47,641	48,142
Cash and cash equivalents, end of period	$ 46,852	$ 47,891

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2022
Description of Business
Description of Business	(1) Enzon Pharmaceuticals, Inc. (together with its subsidiaries, the “Company,” “Enzon,” “we” or “us”) is positioned as a public company acquisition vehicle, where it can become an acquisition platform and more fully utilize its net operating loss carryforwards (“NOLs”) and enhance stockholder value. In September 2020, the Company initiated a rights offering for its common and preferred stock (see below and Note 12 to our Condensed Consolidated Financial Statements), which closed in October 2020, and it realized $43.6 million in gross proceeds. This has enabled the Company to embark on its plan to realize the value of its more than $100 million NOLs by acquiring potentially profitable businesses or assets. To protect the NOLs, in August 2020, the Company’s Board of Directors (the “Board”) adopted a Section 382 rights plan (see Note 11 to our Condensed Consolidated Financial Statements). The Board and its management are actively involved in pursuing, sourcing, reviewing and evaluating various potential acquisition transactions consistent with its long-term strategy. The Company’s management and Board have made a number of contacts and engaged in discussions with principals of individual companies and financial advisors on behalf of various individual companies, while continuing to evaluate potential transactions. To date, no actionable transactions have been initiated. Historically, the Company had received royalty revenues from licensing arrangements with other companies primarily related to sales of certain drug products that utilized Enzon’s proprietary technology. In recent years, the Company has had no clinical operations and limited corporate operations. Enzon has a marketing agreement relating to the drug Vicineum, which, if approved, will, potentially, generate milestone and royalty payments to it in the future. Enzon cannot make any assurances that it will earn material future royalties or milestones. The Company has a marketing agreement with Micromet AG, now part of Amgen, Inc. (the “Micromet Agreement”), pursuant to which the Company may be entitled to a share of certain milestone and royalty payments if Vicineum, a drug being developed by Sesen Bio, Inc. (“Sesen”), is approved for the treatment of non-muscle invasive bladder cancer. In a press release dated February 16, 2021, Sesen announced that the U.S. Food and Drug Administration (the “FDA”) has accepted for filing Sesen’s Biologic License Application (“BLA”) for Vicineum. The FDA further granted Priority Review, with a target Prescription Drug User Fee Act date for a decision on the BLA of August 18, 2021. Accordingly, the Company earned a milestone of $409,430 in the first quarter of 2021. The amount of $344,638 was received during that quarter and the balance of $64,792 was recorded as a receivable as of March 31, 2021. However, on August 13, 2021, Sesen announced that it had received a Complete Response Letter from the FDA and that the FDA had determined that it cannot approve the BLA for Vicineum in its present form and had provided recommendations specific to additional clinical/statistical data and analyses in addition to Chemistry, Manufacturing and Controls issues pertaining to a recent preapproval inspection and product quality. In its public filings, Sesen stated that it made the strategic decision to voluntarily pause further development of Vicineum in the United States. Sesen also stated that the decision was based on a thorough reassessment of Vicineum following recent discussions with the FDA, which had implications on the size, timeline and costs of an additional Phase 3 clinical trial, which the FDA previously confirmed would be required for a potential resubmission of a BLA for Vicineum. Sesen further stated that it continued to believe Vicineum has benefits for patients and healthcare providers that can be maximized through a company with a larger infrastructure, and as such, intended to seek a partner that could execute further development to realize the full potential of Vicineum. As a result of this decision, Sesen stated that it turned its primary focus to the careful assessment of potential strategic alternatives. On September 21, 2022, Sesen announced that it had entered into a definitive merger agreement with Carisma Therapeutics Inc. (“Carisma”) and that the combined company will focus on the advancement of Carisma’s proprietary cell therapy for the treatment of cancer and other disorders. Sesen also stated that it intends to seek a partner for the further development of Vicineum. In a filing with the SEC in March 2021, Sesen noted that it had received notice from the European Medicines Agency that its Marketing Authorization Application for Vicineum was found to be valid and the review procedure had officially started. Accordingly, the Company earned and received an additional milestone of $292,284 in the second quarter of 2021. Subsequently, on August 25, 2021, Sesen announced that it had withdrawn its application to market Vicineum in Europe. Due to the challenges associated with developing and obtaining approval for drug products, and the lack of involvement by the Company in the development and approval process, there is substantial uncertainty as to whether the Company will receive additional milestone or any royalty payments under the Micromet Agreement. The Company will not recognize revenue until all revenue recognition requirements are met. (1) Description of Business (continued) In September 2020, the Board approved a Rights Offering (the “Rights Offering”), by which the Company distributed, at no charge to all holders of its common stock on September 23, 2020 (the “Record Date”), transferable subscription rights to purchase units (“Units”) at a subscription price per Unit of $1,090. In the Rights Offering, each stockholder on the Record Date received one subscription right for every share of common stock owned on the Record Date. For every 1,105 subscription rights held, a stockholder was entitled to purchase one Unit at the subscription price. Each Unit consisted of one share of newly designated Series C Preferred Stock, par value $0.01 per share, and 750 shares of the Company’s common stock. The subscription period for the Rights Offering ended on October 9, 2020. As a result of the sale of all 40,000 Units available for purchase in the Rights Offering, the Company received approximately $43.6 million of gross proceeds and had 40,000 shares of Series C Preferred Stock outstanding and an aggregate of 74,214,603 shares of common stock outstanding following the Rights Offering. (See Note 12 to the Consolidated Financial Statements.) On an annual basis, the Board may, at its sole discretion, cause a dividend with respect to the Series C Preferred Stock to be paid in cash to the holders in an amount equal to 3% of the liquidation preference as in effect at such time (initially $1,000 per share). If the dividend is not so paid in cash, the liquidation preference is adjusted and increased annually by an amount equal to 5% of the liquidation preference per share as in effect at such time, that is not paid in cash to the holders on such date. The Board did not declare a dividend as of December 31, 2021 or 2020. At September 30, 2022 and December 31, 2021, the liquidation value of the Series C Preferred Stock was $1,102 and $1,062 per share, respectively. Beginning November 1, 2022, the Company may repurchase or redeem the Series C Preferred Stock. (See Note 13 to the Condensed Consolidated Financial Statements.) The Company maintains its principal executive offices at 20 Commerce Drive, Suite 135, Cranford, New Jersey 07016 through a service agreement with Regus Management Group, LLC.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Basis of Presentation
Basis of Presentation	(2) 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 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, 2021. 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 condensed 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 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. (2) 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. 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	9 Months Ended
	Sep. 30, 2022
Recent Accounting Pronouncements
Recent Accounting Pronouncements	(3) Recent Accounting Pronouncements Recent Accounting Standards Updates issued by the Financial Accounting Standards Board 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 Condensed Consolidated Financial Statements.

Financial Instruments and Fair

Financial Instruments and Fair Value	9 Months Ended
	Sep. 30, 2022
Financial Instruments and Fair Value
Financial Instruments and Fair Value	(4) The carrying values of cash and cash equivalents, royalty 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 September 30, 2022 and December 31, 2021 due to their short-term nature. As of December 31, 2021, the Company held cash equivalents aggregating approximately $43.7 million. There were no cash equivalents at September 30, 2022.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Information
Supplemental Cash Flow Information	(5) The Company made an income tax payment during the nine-month period ended September 30, 2022 of approximately $1,000 and no income tax payments during the nine-month period ended September 30, 2021. There were no interest payments made during the nine-month periods ended September 30, 2022 or 2021.

Income (Loss) Per Common Share

Income (Loss) Per Common Share	9 Months Ended
	Sep. 30, 2022
Income (Loss) Per Common Share
Income (Loss) Per Common Share	(6) Basic income (loss) per common share is computed by dividing the net income (loss), less any dividends, accretion or reduction or redemption on our Series C Preferred Stock, 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. For purposes of calculating diluted earnings per common share, the denominator normally 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. Because a loss was incurred in each of the three and nine-month periods ended September 30, 2022 and 2021, common stock equivalents would be anti-dilutive and, accordingly, were excluded from the calculation of diluted loss per share in each of the periods. 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. During each of the three and nine-month periods ended September 30, 2022 and 2021, there were no common stock equivalents. Loss per common share information is as follows (in thousands, except per share amounts) for the three months and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Loss Per Common Share – Basic and Diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (15) ​ $ (226) ​ $ (519) ​ $ (234) Dividends on Series C preferred stock ​ ​ (531) ​ ​ (506) ​ ​ (1,593) ​ ​ (1,518) Net loss available to common shareholders ​ $ (546) ​ $ (732) ​ $ (2,112) ​ $ (1,752) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of common shares outstanding ​ 74,215 ​ 74,215 ​ ​ 74,215 ​ 74,215 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted loss per share ​ $ (0.01) ​ $ (0.01) ​ $ (0.03) ​ $ (0.02) ​ At September 30, 2021, options to purchase 25,000 shares of common stock were outstanding that have been excluded from the calculation of diluted weighted-average number of shares outstanding, as they would be anti-dilutive, since the respective options’ strike price was greater than the market price of the respective shares. There were no outstanding options at September 30, 2022.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2022
Stock Based Compensation
Stock Based Compensation	(7) Stock Options and Restricted Stock Units (RSUs or Nonvested Shares) During the nine-month periods ended September 30, 2022 and 2021, no options or RSUs were granted and the Company incurred no stock-based compensation expense. Activity related to stock options and nonvested shares during the nine months ended September 30, 2022 and related balances outstanding as of that date are reflected below : ​ ​ ​ ​ ​ ​ Stock Options Outstanding at January 1, 2022 25,000 Granted — Exercised and vested — Expired and forfeited (25,000) Outstanding at September 30, 2022 — ​ ​ ​ Options vested and expected to vest at September 30, 2022 — ​ ​ ​ Options exercisable at September 30, 2022 — ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Taxes
Income Taxes	(8) During the nine-month periods ended September 30, 2022 and 2021, the Company recorded approximately $2,000 and ($2,000), respectively, of income tax benefit (expense) for New Jersey state income tax and a true-up adjustment for the over accrual of New Jersey tax in prior years. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. For the period ended December 31, 2021, the Company believed that it was more likely than not that future taxable income would not exist to utilize some or all of its deferred tax assets. However, although there can be no certainty of such, if the Company’s acquisition strategy is successful and future taxable income is projected, among other things, the valuation allowance will be reevaluated. Accordingly, it recorded a valuation allowance in the amount of its total deferred tax assets for the period ended December 31, 2021. In 2022, the Company projects a taxable loss before utilization of NOLs. Due to the valuation allowance placed on its deferred tax assets, the deferred tax expense resulting from the usage and/or expiration of deferred tax assets was offset by a corresponding deferred tax benefit from a reduction in valuation allowance, and the Company recorded no deferred tax expense as of September 30, 2022. The Company intends to acquire profitable businesses, entities or revenue streams that will generate sufficient income so that it can utilize its approximately $104 million of NOLs. To date, no actionable acquisition candidates have been identified and, while the Company expects that, ultimately, it will be successful in realizing the value of its NOLs, the Company cannot provide assurance that it will be able to do so. Management of the Company will continue to assess the need for this valuation allowance and will make adjustments when or if appropriate. At September 30, 2022, the Company had federal NOLs of approximately $104 million, of which approximately $100.6 million will expire in the years 2025 through 2036, and New Jersey state NOLs of approximately $26.5 million that expire in the years 2031 through 2042. Under the Tax Cuts and Jobs Act, federal net operating losses generated in tax years beginning after December 31, 2017 have an unlimited carryforward period, and the amount of net operating loss allowed to be utilized each year is limited to 80% of taxable income. At September 30, 2022, the Company has federal research and development (“R&D”) tax credit carryforwards of approximately $12.8 million that expire in the years 2023 through 2029. These deferred tax assets were subject to a valuation allowance such that the deferred tax expense incurred as a result of the expiration of the R&D credit carryforwards was offset by a corresponding deferred tax benefit for the related reduction in valuation allowance. The Company’s ability to use the NOLs and R&D tax credit carryforwards may be limited, as they are 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. However, management of the Company believes that the Company’s NOLs will not be limited by any changes in the Company’s ownership as a result of the successful completion of the Rights Offering. (See Note 12 to the Condensed Consolidated Financial Statements.) Additionally, in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company’s ability to use its NOLs, the Board adopted a Section 382 rights plan. (See Note 11 to the Condensed Consolidated Financial Statements.) The Company has not recorded a liability for unrecognized income tax benefits.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	9 Months Ended
	Sep. 30, 2022
Commitments and Contingent Liabilities
Commitments and Contingent Liabilities	(9) The COVID-19 global pandemic has had and may continue to have a serious adverse impact on the global economy and may adversely affect the Company’s business operations. It is impossible to predict the effect and ultimate impact of the COVID-19 pandemic, as the situation is continually evolving and different variants and sub-variants of COVID-19 continue to emerge. The COVID-19 pandemic may continue to disrupt the global supply chain and may cause disruptions to the Company’s operations, financial condition and prospects. At the present time, the Company’s business activities have been largely unaffected by COVID-19 restrictions as the Company’s workforce is comprised solely of independent contractors who are able to perform their duties remotely. However, COVID-19, including the various containment measures put into place across the globe, may impact the third parties who are responsible for obtaining final approval of and manufacturing product candidates for which the Company shares the right to receive licensing fees, milestone payments and royalty revenues. If those third parties are required to curtail their business activities for a significant time, or if global supply chain disruptions impact their ability to procure needed resources, raw materials or components, the Company’s right to receive licensing fees, milestone payments or royalties could be materially and adversely affected. Additionally, the development timeline for product candidates being developed by third parties that are pending before the FDA or other regulatory approval could be delayed if the agency is required to shift resources to the review and approval of candidates for treatment of COVID-19. In addition, the effects of the COVID-19 pandemic may negatively impact the Company’s search for a target company, as well as the business and/or results of operations of any target business that the Company acquires or in which the Company invests. On April 25, 2022, the Company entered into an Indemnification Agreement with each of Richard L. Feinstein, its Chief Executive/Chief Financial Officer and Randolph Read, a director, and, subsequent to his election as a director, with Jaffrey (Jay) A. Firestone (collectively, the “Indemnitees”). The Indemnification Agreements clarify and supplement indemnification provisions already contained in the Company’s Bylaws and generally provide that the Company shall indemnify the Indemnitees to the fullest extent permitted by applicable law, subject to certain limitations and exceptions, against expenses, judgments, fines and other amounts actually and reasonably incurred in connection with their service as a director or officer and also provide for rights to advancement of expenses and contribution. 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.

Accounts Payable

Accounts Payable	9 Months Ended
	Sep. 30, 2022
Accounts Payable
Accounts Payable	(10) Prior to 2017, the Company’s primary source of royalty revenues was derived from sales of PegIntron, which is marketed by Merck & Co., Inc. (“Merck”). At December 31, 2021, the Company recorded a liability to Merck of approximately $331,000, based primarily on Merck’s assertions regarding recoupments related to prior returns and rebates. Merck has not yet reported royalty revenues earned by us for product sales and/or recoupments for returns and rebates for the quarter ended September 30, 2022. The Company believes that it will receive no significant additional royalties from Merck. Accordingly, at September 30, 2022, the Company recorded a net payable to Merck of approximately $331,000 due to such royalty overpayment claims by Merck.

Section 382 Rights Plan

Section 382 Rights Plan	9 Months Ended
	Sep. 30, 2022
Section 382 Rights Plan.
Section 382 Rights Plan	(11) On August 14, 2020, in an effort to protect stockholder value by attempting to protect against a possible limitation on the Company’s ability to use its NOLs, 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 August 24, 2020. 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-1 Junior Participating Preferred Stock, par value $0.01 per share, for a purchase price of $1.20 per right. If issued, each fractional share of Series A-1 Junior Participating Preferred Stock would give the stockholder approximately the same dividend, voting and liquidation rights as does one share of the Company’s common stock. However, prior to exercise, a right does not give its holder any rights as a stockholder of the Company, including any dividend, voting or liquidation rights. The rights will expire on the earliest of (i) the close of business on June 2, 2024 (unless that date is advanced or extended by the Board), (ii) the time at which the rights are redeemed or exchanged under the Section 382 rights plan, (iii) the close of business on the day of repeal of Section 382 of the Internal Revenue Code or any successor statute or (iv) the close of business on the first day of a taxable year of the Company to which the Company’s Board of Directors determines that no NOLs may be carried forward. The Company received stockholder ratification of the Section 382 rights plan at the Company’s 2021 annual meeting on June 2, 2021.

Rights Offering

Rights Offering	9 Months Ended
	Sep. 30, 2022
Rights Offering.
Rights Offering	(12) In September 2020, the Company’s Board of Directors approved the Rights Offering, by which the Company distributed, at no charge to all holders of its common stock on the Record Date, transferable subscription rights to purchase Units at a subscription price per Unit of $1,090. In the Rights Offering, each stockholder on the Record Date received one subscription right for every share of common stock owned on the Record Date. For every 1,105 subscription rights held, a stockholder was entitled to purchase one Unit at the subscription price. Each Unit consisted of one share of newly designated Series C Preferred Stock, par value $0.01 per share, and 750 shares of the Company’s common stock. The subscription period for the Rights Offering ended on October 9, 2020. As a result of the sale of all 40,000 Units available for purchase in the Rights Offering, the Company received approximately $43.6 million of gross proceeds and had 40,000 shares of Series C Preferred Stock outstanding and an aggregate of 74,214,603 shares of common stock outstanding following the Rights Offering. Pursuant to the Rights Offering, Icahn Capital LP, together with its affiliates, subscribed for 5,971 Units (its pro-rata share of the Rights Offering) representing the purchase of 4,478,250 shares of the Company’s common stock and 5,971 shares of Series C Preferred Stock. Icahn Capital LP also purchased all Units that remained unsubscribed for at the expiration of the Rights Offering to the extent that other holders elected not to exercise all of their respective subscription rights, which totaled 33,306 Units representing the purchase of 24,979,500 shares of common stock and 33,306 shares of Series C Preferred Stock. Following the completion of the Rights Offering, Icahn Capital LP, together with its affiliates, owned approximately 48% of the Company’s outstanding common stock and approximately 98% of the Company’s outstanding Series C Preferred Stock.

Series C Preferred Stock

Series C Preferred Stock	9 Months Ended
	Sep. 30, 2022
Series C Preferred Stock.
Series C Preferred Stock	(13) Series C Preferred Stock In October 2020, the Company issued 40,000 shares of Series C Preferred Stock for an aggregate purchase price of $40.0 million. On December 31 st (13) Series C Preferred Stock (continued) As of December 31, 2021 and September 30, 2022, pursuant to the terms of the Series C Preferred Stock, the Company’s Board of Directors had not declared a cash dividend on the Series C Preferred Stock as dividends on such stock are only declared and paid once a year on or about December 31 st Beginning November 1, 2022, the Company may repurchase or redeem the Series C Preferred Stock. Since the redemption of the Series C Preferred Stock is optionally redeemable, the Series C Preferred Stock has been classified in mezzanine equity on the Condensed Consolidated Balance Sheets.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
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 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, 2021.
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 condensed 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 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.
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.

Income (Loss) Per Common Share

Income (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2022
Income (Loss) Per Common Share
Schedule of Income (Loss) per common share information, basic and diluted	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ September 30, ​ September 30, ​ 2022 2021 2022 2021 Loss Per Common Share – Basic and Diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss ​ $ (15) ​ $ (226) ​ $ (519) ​ $ (234) Dividends on Series C preferred stock ​ ​ (531) ​ ​ (506) ​ ​ (1,593) ​ ​ (1,518) Net loss available to common shareholders ​ $ (546) ​ $ (732) ​ $ (2,112) ​ $ (1,752) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of common shares outstanding ​ 74,215 ​ 74,215 ​ ​ 74,215 ​ 74,215 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted loss per share ​ $ (0.01) ​ $ (0.01) ​ $ (0.03) ​ $ (0.02)

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Stock Based Compensation
Schedule of share-based compensation stock options activity	​ ​ ​ ​ ​ ​ Stock Options Outstanding at January 1, 2022 25,000 Granted — Exercised and vested — Expired and forfeited (25,000) Outstanding at September 30, 2022 — ​ ​ ​ Options vested and expected to vest at September 30, 2022 — ​ ​ ​ Options exercisable at September 30, 2022 —

Description of Business (Detail

Description of Business (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2020 USD ($) item $ / shares shares	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares	Oct. 31, 2020 $ / shares	Oct. 10, 2020 shares	Sep. 23, 2020 $ / shares shares
Description of Business [Line Items]
Amount of operating loss carry forward | $	$ 100,000,000
Milestone Revenue | $			$ 409,430
Amount received | $		$ 292,284	344,638
Amount receivable | $			$ 64,792
Common stock, shares outstanding | shares				74,214,603	74,214,603
Preferred stock, liquidation value (per share)						$ 1,000
Rights Offering
Description of Business [Line Items]
Rights Offering and realized in gross proceeds | $	$ 43,600,000			$ 43,600,000
Subscription price per Unit								$ 1,090
Number of rights per share of stock | shares	1							1
Number of subscription rights to be held | item	1,105
Preferred stock, par value	$ 1
Number of units available for purchase | shares	40,000
Rights Offering | Common Stock
Description of Business [Line Items]
Number of Shares Per Unit | item	750
Common stock, shares outstanding | shares							74,214,603
Series C Preferred Stock
Description of Business [Line Items]
Preferred stock, par value				$ 0.01	$ 0.01
Preferred stock, shares outstanding | shares				40,000	40,000
Percentage of dividend on liquidation preference to be paid in cash				3%
Percentage of Annual increase in liquidation preference				5%
Preferred stock, liquidation value (per share)				$ 1,102	$ 1,062
Initial dividend per share				$ 1,000
Series C Preferred Stock | Rights Offering
Description of Business [Line Items]
Preferred stock, par value	$ 0.01
Preferred stock, shares outstanding | shares							40,000
Preferred stock, liquidation value (per share)						$ 1,000

Basis of Presentation (Details)

Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
Basis of Presentation
Provision for uncollectible accounts	$ 0
Liability for uncertain tax positions	$ 0

Financial Instruments and Fai_2

Financial Instruments and Fair Value (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Financial Instruments and Fair Value
Cash and cash equivalents, at carrying value	$ 0	$ 43,700,000

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Information
Cash paid for income taxes	$ 1,000	$ 0
Interest paid, net	$ 0	$ 0

Income (Loss) Per Common Shar_2

Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Loss Per Common Share - Basic and Diluted:
Net loss	$ (15)	$ (213)	$ (291)	$ (226)	$ (19)	$ 11	$ (519)	$ (234)
Dividends on Series C preferred stock	(531)			(506)			(1,593)	(1,518)
Net loss available to common shareholders	$ (546)			$ (732)			$ (2,112)	$ (1,752)
Weighted-average number of common shares outstanding - Basic	74,215,000			74,215,000			74,215,000	74,215,000
Weighted-average number of common shares outstanding - Diluted	74,215,000			74,215,000			74,215,000	74,215,000
Basic	$ (0.01)			$ (0.01)			$ (0.03)	$ (0.02)
Diluted	$ (0.01)			$ (0.01)			$ (0.03)	$ (0.02)
Antidilutive securities								25,000
Option outstanding	0						0		25,000

Stock Based Compensation (Detai

Stock Based Compensation (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Stock Based Compensation
Nonvested shares granted	0	0
Stock-based compensation expense	$ 0	$ 0
Outstanding at January 1, 2022	25,000
Granted	0
Exercised and vested	0
Expired and forfeited	(25,000)
Outstanding at September 30, 2022	0
Options vested and expected to vest at September 30, 2022	0
Options exercisable at September 30, 2022	0

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2020
Income Taxes [Line Items]
Income tax benefit (expense)	$ 2,000	$ (2,000)	$ 2,000
Net operating loss carry-forwards limitation on annual utilization		$ 104,000,000
Operating loss carryforwards				$ 100,000,000
Tax credit carryforward, limitations on use		federal net operating losses generated in tax years beginning after December 31, 2017 have an unlimited carryforward period, and the amount of net operating loss allowed to be utilized each year is limited to 80% of taxable income.
Federal research and development credit carry forwards	12,800,000	$ 12,800,000
Deferred tax expense	0	0
NJ State
Income Taxes [Line Items]
Income tax benefit (expense)		2,000	$ 2,000
NJ State
Income Taxes [Line Items]
Operating loss carryforwards subject to expiration	26,500,000	26,500,000
Domestic Tax Authority
Income Taxes [Line Items]
Operating loss carryforwards	104,000,000	104,000,000
Operating loss carryforwards subject to expiration	$ 100,600,000	$ 100,600,000

Accounts Payable (Details)

Accounts Payable (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Merck
Accounts Payable [Line Items]
Accrued royalties	$ 331,000	$ 331,000

Section 382 Rights Plan (Detail

Section 382 Rights Plan (Details)	Aug. 14, 2020 Vote $ / shares shares	Sep. 30, 2022 $ / shares	Dec. 31, 2021 $ / shares
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
Section 382 Rights Plan
Rights per share distributed as dividend | shares	1
Number of preferred stock purchase right for each common stockholder | shares	1
Section 382 Rights Plan | Series A-1 Junior Participating Preferred Stock
Number of common stock eligible for each warrant become exercisable | shares	1
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01
Purchase price per right | $ / shares	$ 1.20
Number of votes for fractional share | Vote	1

Rights Offering (Details)

Rights Offering (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	9 Months Ended
	Oct. 09, 2020	Sep. 30, 2020	Sep. 30, 2022	Dec. 31, 2021	Oct. 10, 2020	Sep. 23, 2020
Class of Warrant or Right [Line Items]
Preferred stock, par value (in dollars per share)			$ 0.01	$ 0.01
Common stock, shares outstanding			74,214,603	74,214,603
Common stock, shares issued			74,214,603	74,214,603
Series C Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock, par value			$ 0.01	$ 0.01
Preferred stock, shares outstanding			40,000	40,000
Preferred stock, shares issued			40,000	40,000
Series C Preferred Stock | Icahn Capital LP
Class of Warrant or Right [Line Items]
Affiliates own			98%
Rights Offering
Class of Warrant or Right [Line Items]
Subscription price per unit of a right		$ 1,090
Number of common stock eligible for each warrant become exercisable		1				1
Number of subscription rights to be held for purchase of a unit		1,105
Preferred stock, par value		$ 1
Number of common shares for unit		750
Rights Offering | Icahn Capital LP
Class of Warrant or Right [Line Items]
Affiliates own			48%
Rights Offering | Series C Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock, par value		$ 0.01
Preferred stock, par value (in dollars per share)		$ 0.01
Preferred stock, shares outstanding					40,000
Rights Offering | Icahn Capital LP
Class of Warrant or Right [Line Items]
Number of units subscribed			5,971
Common stock, shares issued			4,478,250
Rights Offering | Icahn Capital LP | Series C Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock, shares issued			5,971
Number of units sold that remains unsubscribed			33,306
Number of units sold that remains unsubscribed of common stock			24,979,500
Number of preferred shares sold but not subscribed			33,306
Rights Offering | Investment Agreement | Icahn Capital LP
Class of Warrant or Right [Line Items]
Number of units sold	40,000
Issued and gross proceeds	$ 43.6
Common stock, shares outstanding	74,214,603
Rights Offering | Investment Agreement | Icahn Capital LP | Series C Preferred Stock
Class of Warrant or Right [Line Items]
Preferred stock, shares outstanding	40,000

Series C Preferred Stock (Detai

Series C Preferred Stock (Details) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2020	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020	Oct. 31, 2022
Preferred stock, liquidation value (per share)	$ 1,000
Series C Preferred Stock
Rights offering, proceeds (in shares)	40,000
Proceeds from issuance of series C preferred stock	$ 40,000,000
Percentage of dividend on liquidation preference to be paid in cash			3%
Preferred stock, liquidation value (per share)		$ 1,102	$ 1,102	$ 1,062
Annual increase in percentage of the liquidation preference per share, if dividend not paid in cash			5%
Increase in liquidation preference value (in percentage)		5%	5%	5%	5%
Increase in liquidation preference value		$ 531,000	$ 1,593,000	$ 2,023,000	$ 2,023,000
Cumulative liquidation value of series c preferred stock		$ 44,076,000	$ 44,076,000	$ 42,483,000
Preferred stock, increase in liquidation preference (per share)		$ 14	$ 40
Rights Offering | Series C Preferred Stock
Preferred stock, liquidation value (per share)	$ 1,000
Preferred stock dividends on liquidation value						$ 0