Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-36435 | |
Entity Registrant Name | Enzon Pharmaceuticals, Inc. | |
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 | |
Entity Central Index Key | 0000727510 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 45,988 | $ 47,012 |
Other current assets | 481 | 331 |
Total current assets | 46,469 | 47,343 |
Deferred tax asset | 360 | 359 |
Total assets | 46,829 | 47,702 |
Current liabilities: | ||
Accounts payable | 331 | 331 |
Accrued expenses and other current liabilities | 190 | 108 |
Dividends payable on Series C preferred stock | 1,275 | |
Total current liabilities | 521 | 1,714 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock - $0.01 par value, authorized 2,960,000 shares; no shares issued and outstanding at March 31, 2024 and December 31, 2023 | ||
Common stock - $0.01 par value, authorized 170,000,000 shares; issued and outstanding 74,214,603 shares at March 31, 2024 and December 31, 2023 | 742 | 742 |
Additional paid-in capital | 72,902 | 73,433 |
Accumulated deficit | (70,350) | (70,670) |
Total stockholders' equity | 3,294 | 3,505 |
Total liabilities, mezzanine equity and stockholders' equity | 46,829 | 47,702 |
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 $1,075 and $1,062 per share) at March 31, 2024 and December 31, 2023 | $ 43,014 | $ 42,483 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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 (in dollars per share) | $ 1,075 | $ 1,062 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Royalties and milestones, net | $ 0 | $ 0 |
Total revenues | 0 | 0 |
Operating expenses: | ||
General and administrative | 326 | 285 |
Total operating expenses | 326 | 285 |
Operating loss | (326) | (285) |
Interest and dividend income | 647 | 447 |
Income before income tax benefit | 321 | 162 |
Income tax (expense) benefit | (1) | 35 |
Net income | 320 | 197 |
Dividends on Series C preferred stock | (531) | (531) |
Net loss available to common shareholders | $ (211) | $ (334) |
Loss per common share | ||
Basic | $ 0 | $ 0 |
Diluted | $ 0 | $ 0 |
Weighted average number of common shares - basic | 74,215 | 74,215 |
Weighted average number of common shares - diluted | 74,215 | 74,215 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | 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 the beginning at Dec. 31, 2022 | $ 742 | $ 74,708 | $ (72,043) | $ 3,407 | ||
Balance at the beginning (in shares) at Dec. 31, 2022 | 74,215,000 | |||||
Net income | 197 | 197 | ||||
Preferred stock dividend accumulation | (531) | (531) | ||||
Balance at the ending at Mar. 31, 2023 | $ 742 | 74,177 | (71,846) | 3,073 | ||
Balance at the ending (in shares) at Mar. 31, 2023 | 74,215,000 | |||||
Balance at the beginning at Dec. 31, 2022 | $ 42,483 | |||||
Balance at the beginning (in shares) at Dec. 31, 2022 | 40,000 | |||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Preferred stock dividend accumulation | $ 531 | |||||
Balance at the ending at Mar. 31, 2023 | $ 43,014 | |||||
Balance at the ending (in shares) at Mar. 31, 2023 | 40,000 | |||||
Balance at the beginning at Dec. 31, 2023 | $ 742 | 73,433 | (70,670) | 3,505 | ||
Balance at the beginning (in shares) at Dec. 31, 2023 | 74,215,000 | |||||
Net income | 320 | 320 | ||||
Preferred stock dividend accumulation | (531) | (531) | ||||
Balance at the ending at Mar. 31, 2024 | $ 742 | $ 72,902 | $ (70,350) | $ 3,294 | ||
Balance at the ending (in shares) at Mar. 31, 2024 | 74,215,000 | |||||
Balance at the beginning at Dec. 31, 2023 | $ 42,483 | $ 42,483 | ||||
Balance at the beginning (in shares) at Dec. 31, 2023 | 40,000 | 40,000 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Preferred stock dividend accumulation | $ 531 | |||||
Balance at the ending at Mar. 31, 2024 | $ 43,014 | $ 43,014 | ||||
Balance at the ending (in shares) at Mar. 31, 2024 | 40,000 | 40,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 320,000 | $ 197,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Deferred income taxes | (1,000) | (36,000) |
Changes in operating assets and liabilities | (68,000) | 9,000 |
Net cash provided by operating activities | 251,000 | 170,000 |
Cash flows from financing activities: | ||
Preferred stock dividend payments | (1,275,000) | (1,275,000) |
Net cash used in financing activities | (1,275,000) | (1,275,000) |
Net decrease in cash and cash equivalents | (1,024,000) | (1,105,000) |
Cash and cash equivalents, beginning of period | 47,012,000 | 46,982,000 |
Cash and cash equivalents, end of period | 45,988,000 | 45,877,000 |
Non-cash financing activities: | ||
Accretion of dividend for Series C Preferred Stock | $ 531,000 | $ 531,000 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2024 | |
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 potentially utilize its net operating loss carryforwards (“NOLs”) in an effort to 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 potentially realize the value of its more than $100 million NOLs by acquiring 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). 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 in the drug Vicineum, which, if approved, would, potentially, generate milestone and royalty payments to it in the future. Enzon cannot assure you that it will earn material future royalties or milestones. The Board and the Company’s management are actively involved in pursuing, sourcing, reviewing and evaluating various potential acquisition transactions consistent with its 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 acquisition candidates have been identified that are in an actionable state. The Company has a marketing agreement with Micromet AG, now part of Amgen, Inc. (the “Micromet Agreement”), pursuant to which it may be entitled to certain milestone and royalty payments if Vicineum, a drug that was being developed by Sesen, Inc., (Sesen”) is approved for the treatment of non-muscle invasive bladder cancer. Sesen announced that it had completed a merger 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 and that it intends to seek a partner for the further development of Vicineum. In the past, through 2022, the Company received an annual license maintenance fee of approximately $26,000 from Amgen, Inc. in payment of a worldwide, royalty-free non-exclusive right to license Vicineum. The fee represents half of the amount paid by Viventia Biotech (Barbados) Inc. (“Viventia”), part of Sesen, on an annual basis for the continued right to license Vicineum. The Company did not receive any license maintenance fees in 2023 or through the first quarter of 2024. In August 2020, the Board 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. (See Note 11 to the Consolidated Financial Statements.) 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.) (1) Description of Business (continued) 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 and, at December 31, 2021 the liquidation value of the Series C Preferred Stock was $1,062 per share. On December 29, 2022, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating $1,275,000 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock remained at approximately $42,483,000 ($1,062 per share) on December 31, 2022. On December 28, 2023, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock remained at approximately $42,483,000 ($1,062 per share) on December 31, 2023. The dividend was paid on January 17, 2024 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2024. (See Note 13 to the Consolidated Financial Statements.) As of March 31, 2024, the Board had not yet determined whether to declare a cash dividend at the end of 2024. Accordingly, the Company accrued an accretion at 5% for the quarter on a pro rata basis (approximately $531,000 or $13 per share) and, as a result, the liquidation value of the Series C Preferred Stock was approximately $43,014,000 ($1,075 per share) at March 31, 2024. (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 | 3 Months Ended |
Mar. 31, 2024 | |
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 accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the 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, 2023. 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 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 and pursuant to the sale of the Company’s former specialty pharmaceutical business 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. Because the Company records revenue only when collection is assured, no provision for uncollectible accounts is established upon recognition of revenues. Contingent payments with third parties and pursuant to the sale of the Company’s former specialty pharmaceutical business are recognized as income when the milestone has been achieved and collection is assured, such payments are non-refundable and no further effort is required on the part of the Company or the other party to complete the earning process. Income Taxes 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 | 3 Months Ended |
Mar. 31, 2024 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | (3) Recent Accounting Pronouncements Recent Accounting Standards Updates issued by the Financial Accounting Standards Board (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 | 3 Months Ended |
Mar. 31, 2024 | |
Financial Instruments and Fair Value | |
Financial Instruments and Fair Value | (4) The carrying values of cash and cash equivalents, other current assets, accounts payable, accrued expenses and other current liabilities in the Company’s consolidated balance sheets approximated their fair values at March 31, 2024 and December 31, 2023 due to their short-term nature. As of each of March 31, 2024 and December 31, 2023, the Company held cash equivalents aggregating approximately $45.9 million and $47.0 million, respectively. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | (5) The Company made no income tax payments during each of the three-month periods ended March 31, 2024 and 2023. There were no interest payments made during either of the three-month periods ended March 31, 2024 or 2023. |
Cash Dividend
Cash Dividend | 3 Months Ended |
Mar. 31, 2024 | |
Cash Dividend | |
Cash Dividend | (6) On December 28, 2023, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock was approximately $42,483,000 ($1,062 per share) on December 31, 2023. The dividend was paid on January 17, 2024 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2024 (See Note 13 to the Consolidated Financial Statements). (6) On December 29, 2022, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the cumulative liquidation value of the Series C Preferred Stock was approximately $42,483,000 ($1,062 per share) on December 31, 2022. The dividend was paid on January 17, 2023 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2023 (See Note 13 to the Condensed Consolidated Financial Statements). |
Loss Per Common Share
Loss Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Loss Per Common Share | |
Loss Per Common Share | (7) Basic earnings (loss) per common share (EPS) is calculated by dividing net income (loss), less any dividends, accretion or reduction or redemption on the Company’s Series C Preferred Stock, by the weighted average number of common shares outstanding during the reported 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 common 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 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. 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 quarters ended March 31, 2024 and 2023, there were no common stock equivalents. There were no stock options or other equity-based incentives outstanding in either such period. Loss per common share information is as follows (in thousands, except per share amounts) for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 Loss Per Common Share – Basic and Diluted: Net income $ 320 $ 197 Dividends on Series C preferred stock (531) (531) Net loss available to common shareholders $ (211) $ (334) Weighted-average common shares outstanding 74,215 74,215 Basic and diluted loss per share $ (0.00) $ (0.00) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Taxes | |
Income Taxes | (8) During the three-month period ended March 31, 2024 the Company recorded approximately $500 of income tax expense. During the comparable period in 2023, the Company recorded $34,500 of income tax benefit. The income tax benefit in the 2023 period was mainly related to a partial reversal of the valuation allowance on its deferred tax assets. 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. Because of the inherent uncertainties, including future interest rates, whether or when an acquisition of a profitable entity will come to fruition and other factors, projecting long-term future performance of the Company is problematical. Accordingly, the Company is only projecting pre-tax book income through March 31, 2025 due to interest rates on its short-term cash investments and the absence of any potentially actionable acquisitions at this time. Upon review of positive and negative evidence in determining a partial reversal of the valuation allowance, the Company has concluded that a partial reversal of the valuation allowance is necessary. Interest rates may fluctuate throughout the period through March 31, 2025. However, the Company does not expect them to return to low rates of the past creating a projected taxable income position. Accordingly, a deferred tax benefit of $1,000 and $36,000 was recorded during the quarters ended March 31, 2024 and 2023, respectively. The Company may acquire businesses, entities or revenue streams that could generate sufficient income so that it can utilize its approximately $102.2 million NOL. To date, no acquisition candidates have been identified that are in an actionable state and, while the Company may ultimately be successful in realizing some or all of the value of its NOLs, the Company cannot provide assurance that it will be able to realize any value of its NOLs. Management of the Company will continue to assess the need for this valuation allowance and will make adjustments when or if appropriate. At March 31, 2024, the Company had federal NOLs of approximately $102.2 million, of which approximately $99.1 million will expire in the years 2025 through 2036, and New Jersey state NOLs of approximately $24.5 million that expire in the years 2031 through 2042. Under the Tax Cuts and Jobs Act, 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 March 31, 2024, the Company has federal research and development (“R&D”) credit carryforwards of approximately $9.4 million that expire in the years 2024 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 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 Consolidated Financial Statements.) The Company has not recorded a liability for unrecognized income tax benefits. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingent Liabilities | |
Commitments and Contingent Liabilities | (9) On January 17, 2024, the Company was notified by the OTCQX Markets Group (the “OTCQX”), the marketplace for the over-the-counter trading of its stock, that it no longer met the standards for continued qualification for the OTCQX, in that its stock bid price had fallen below $0.10 per share for 30 consecutive calendar days. To regain compliance, the Company must maintain a closing bid price of at least $0.10 for 10 consecutive trading days before July 15, 2024. 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, Accrued Expen
Accounts Payable, Accrued Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Accounts Payable, Accrued Expenses | |
Accounts Payable, Accrued Expenses | (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, 2023, we 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 March 31, 2024. Accordingly, at March 31, 2024, the Company recorded a net payable to Merck of approximately $331,000 due to such royalty overpayment claims by Merck. The Company believes that it will receive no additional royalties from Merck. Accrued expenses and other current liabilities consisted of the following as of March 31, 2024 and 2023 (in thousands): March 31, December 31, 2024 2023 Professional and consulting fees $ 184 $ 92 Other 6 16 $ 190 $ 108 |
Section 382 Rights Plan
Section 382 Rights Plan | 3 Months Ended |
Mar. 31, 2024 | |
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 Board 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. |
Rights Offering
Rights Offering | 3 Months Ended |
Mar. 31, 2024 | |
Rights Offering | |
Rights Offering | (12) On September 1, 2020, the Board approved a Rights Offering. For every 1,105 subscription rights held, a stockholder was entitled to purchase one Unit at the subscription price of $1,090. 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. On October 9, 2020, the Rights Offering expired and, as a result of the sale of all 40,000 Units, the Company received approximately $43.6 million in gross proceeds and issued shares of Series C Preferred Stock and shares of common stock such that, following the closing of the Rights Offering, there was an aggregate of 40,000 shares of Series C Preferred Stock outstanding and 74,214,603 shares of common stock outstanding. (12) 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. Holders of Series C Preferred Stock do not have any voting rights and the Series C Preferred Stock is not convertible into shares of the Company’s common stock. The initial liquidation value of the Series C Preferred Stock was $1,000 per share. At December 31, 2021 the liquidation value of the Series C Preferred Stock was $1,062 per share, inasmuch as no dividend was declared or paid in cash. On December 29, 2022, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the liquidation value of the Series C Preferred Stock was $1,062 per share on December 31, 2022. The dividend was paid on January 17, 2023 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2023. On December 28, 2023, the Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share. Accordingly, the liquidation value of the Series C Preferred Stock remained at $1,062 per share on December 31, 2023. The dividend was paid on January 17, 2024 to the holders of record of the Company’s Series C Preferred Stock as of January 10, 2024. Since November 1, 2022, the Company is able to redeem the Series C Preferred Stock at any time, in whole or in part, for an amount based on the liquidation preference per share as in effect at such time. Holders of Series C Preferred Stock have the right to demand that the Company redeem their shares in the event that the Company undergoes a change of control as defined in the Certificate of Designation of the Series C Preferred Stock. |
Series C Preferred Stock
Series C Preferred Stock | 3 Months Ended |
Mar. 31, 2024 | |
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. As of December 31, 2021, the Board had not declared a cash dividend on the Series C Preferred Stock. Accordingly, during the year ended December 31, 2021, the Company recorded a 5% increase to the liquidation preference of approximately $50 per share of Series C Preferred Stock, aggregating approximately $2,023,000, for a cumulative liquidation value of approximately $42,483,000 ($1,062 per share) as of December 31, 2021. Because a cash dividend of 3% was declared for each of 2023 and 2022, at December 31, 2023 and 2022 there was no change to the liquidation value that was recorded as of December 31, 2021. As of March 31, 2024, the Board had not yet determined whether to declare a cash dividend at the end of 2024. Accordingly, the Company accrued an accretion at 5% for the quarter on a pro rata basis (approximately $531,000 or $13 per share) and, as a result, the liquidation value of the Series C Preferred Stock was approximately $43,014,000 ($1,075 per share) at March 31, 2024. There is no prohibition on the repurchase or redemption of Series C Preferred Shares while there is any arrearage in the payment of dividends. Since the redemption of the Series C Preferred Stock is contingently or optionally redeemable, unless and until we undertake a change of control the Series C Preferred Stock has been classified in mezzanine equity on the Consolidated Balance Sheets. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2024 | |
Cash and Cash Equivalents | |
Cash and Cash Equivalents | (14) Cash and Cash Equivalents The Company defines cash equivalents as highly liquid, short-term investments with original maturities of three months or less. These financial instruments potentially subject the Company to concentrations of credit risk. The Company maintains deposit accounts with several financial institutions. These balances are partially insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per depositor, per FDIC-insured bank, per ownership category. Such deposits may exceed FDIC insurance limits. Although the Company currently believes that the financial institutions with whom it does business will be able to fulfill their commitments to the Company, there is no assurance that those institutions will be able to continue to do so. The Company has not experienced any credit losses associated with its balances in such accounts for the three-month periods ended March 31, 2024 and 2023 and the year ended December 31, 2023. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the 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, 2023. |
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 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 and pursuant to the sale of the Company’s former specialty pharmaceutical business 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. Because the Company records revenue only when collection is assured, no provision for uncollectible accounts is established upon recognition of revenues. Contingent payments with third parties and pursuant to the sale of the Company’s former specialty pharmaceutical business are recognized as income when the milestone has been achieved and collection is assured, such payments are non-refundable and no further effort is required on the part of the Company or the other party to complete the earning process. |
Income Taxes | 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) | 3 Months Ended |
Mar. 31, 2024 | |
Loss Per Common Share | |
Schedule of Loss per common share | Loss per common share information is as follows (in thousands, except per share amounts) for the three months ended March 31, 2024 and 2023: Three months ended March 31, 2024 2023 Loss Per Common Share – Basic and Diluted: Net income $ 320 $ 197 Dividends on Series C preferred stock (531) (531) Net loss available to common shareholders $ (211) $ (334) Weighted-average common shares outstanding 74,215 74,215 Basic and diluted loss per share $ (0.00) $ (0.00) |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses (Tables) | 1 Months Ended |
Jan. 31, 2024 | |
Accounts Payable, Accrued Expenses | |
Schedule of Accrued expenses and other current liabilities | Accrued expenses and other current liabilities consisted of the following as of March 31, 2024 and 2023 (in thousands): March 31, December 31, 2024 2023 Professional and consulting fees $ 184 $ 92 Other 6 16 $ 190 $ 108 |
Description of Business (Detail
Description of Business (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 28, 2023 USD ($) $ / shares | Dec. 29, 2022 USD ($) $ / shares | Oct. 09, 2020 $ / shares | Sep. 30, 2020 USD ($) item $ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares | Sep. 23, 2020 $ / shares | Sep. 01, 2020 shares | |
Description of Business | ||||||||||
Amount of operating loss carry forward | $ | $ 102,200,000 | |||||||||
License Maintenance Fee | $ | $ 26,000 | |||||||||
Common stock, shares outstanding | shares | 74,214,603 | 74,214,603 | ||||||||
Rights Offering | ||||||||||
Description of Business | ||||||||||
Rights offering and realized in gross proceeds | $ | $ 43,600,000 | |||||||||
Amount of operating loss carry forward | $ | $ 100,000,000 | |||||||||
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 | ||||||||||
Number of shares per unit | shares | 750 | |||||||||
Common stock, shares outstanding | shares | 74,214,603 | |||||||||
Series C Preferred Stock | ||||||||||
Description of Business | ||||||||||
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% | |||||||||
Initial dividend per share | $ 1,000 | |||||||||
Percentage of annual increase in liquidation preference | 5% | |||||||||
Cash dividend (as percent) | 3% | 3% | 5% | |||||||
Aggregated dividend amount | $ | $ 1,275,000 | $ 1,275,000 | $ 531,000 | |||||||
Preferred stock, liquidation value (in dollars per share) | $ 1,075 | $ 1,062 | $ 1,062 | $ 1,062 | ||||||
Preferred stock, liquidation value | $ | $ 42,483,000 | |||||||||
Dividend per share | $ 31.86 | $ 31.86 | $ 13 | |||||||
Cumulative liquidation value | $ | $ 531,000 | $ 42,483,000 | $ 42,483,000 | $ 2,023,000 | ||||||
Cumulative liquidation value (in dollars per share) | $ 1,075 | $ 1,062 | $ 1,062 | $ 1,062 | ||||||
Series C Preferred Stock | Rights Offering | ||||||||||
Description of Business | ||||||||||
Preferred stock, par value | $ 0.01 | |||||||||
Percentage of dividend on liquidation preference to be paid in cash | 3% | |||||||||
Cumulative liquidation value (in dollars per share) | $ 1,000 | $ 1,062 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2024 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 ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Financial Instruments and Fair Value | ||
Cash and cash equivalents, at carrying value | $ 45.9 | $ 47 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Supplemental Cash Flow Information | ||
Cash paid for income taxes | $ 0 | $ 0 |
Interest paid, net | $ 0 | $ 0 |
Cash Dividend (Details)
Cash Dividend (Details) - Series C Preferred Stock - USD ($) | 3 Months Ended | |||||
Dec. 28, 2023 | Dec. 29, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Dividend | ||||||
Cash dividend (as percent) | 3% | 3% | 5% | |||
Aggregated dividend amount | $ 1,275,000 | $ 1,275,000 | $ 531,000 | |||
Dividend per share | $ 31.86 | $ 31.86 | $ 13 | |||
Cumulative liquidation value | $ 531,000 | $ 42,483,000 | $ 42,483,000 | $ 2,023,000 | ||
Cumulative liquidation value (in dollars per share) | $ 1,075 | $ 1,062 | $ 1,062 | $ 1,062 |
Loss Per Common Share (Details)
Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Loss Per Common Share - Basic and Diluted: | ||
Net income | $ 320 | $ 197 |
Dividends on Series C preferred stock | (531) | (531) |
Net loss available to common shareholders | $ (211) | $ (334) |
Weighted-average common shares outstanding - Basic | 74,215 | 74,215 |
Weighted-average common shares outstanding- Diluted | 74,215 | 74,215 |
Loss per common share - Basic | $ 0 | $ 0 |
Loss per common share - Diluted | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Taxes | ||
Income tax (expense) benefit | $ 1,000 | $ (35,000) |
Deferred income taxes | (1,000) | (36,000) |
Operating loss carryforwards | $ 102,200,000 | |
Tax credit carryforward, limitations on use | . Under the Tax Cuts and Jobs Act, 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 | |
New Jersey state income tax | ||
Income Taxes | ||
Income tax (expense) benefit | $ 500 | $ (34,500) |
Operating loss carryforwards | 24,500,000 | |
Domestic Tax Authority | ||
Income Taxes | ||
Operating loss carryforwards | 99,100,000 | |
Domestic Tax Authority | R & D credit carryforwards | ||
Income Taxes | ||
Tax Credit Carryforward Amount | $ 9,400,000 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) | Jan. 17, 2024 $ / shares |
Commitments and Contingent Liabilities | |
Stock Bid Price | $ 0.10 |
Closing Stock Bid Price | $ 0.10 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts Payable, Accrued Expenses | ||
Professional and consulting fees | $ 184 | $ 92 |
Other | 6 | 16 |
Accrued expenses and other current liabilities, Total | $ 190 | $ 108 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Expenses (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2022 |
Merck | ||
Accounts Payable and Accrued Expenses | ||
Accrued royalties | $ 331,000 | $ 331,000 |
Section 382 Rights Plan (Detail
Section 382 Rights Plan (Details) | Aug. 14, 2020 USD ($) $ / shares shares | Mar. 31, 2024 $ / shares | Dec. 31, 2023 $ / shares |
Section 382 Rights Plan | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |
Section 382 Rights Plan | |||
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 | |||
Section 382 Rights Plan | |||
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 (in dollars per share) | $ / shares | $ 1.20 | ||
Number of votes for fractional share | $ | 1 |
Rights Offering (Details)
Rights Offering (Details) - USD ($) | 3 Months Ended | ||||||||
Dec. 28, 2023 | Dec. 29, 2022 | Oct. 09, 2020 | Sep. 01, 2020 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2020 | |
Rights Offering | |||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||||
Common stock, shares outstanding | 74,214,603 | 74,214,603 | |||||||
Series C Preferred Stock | |||||||||
Rights Offering | |||||||||
Percentage of dividend on liquidation preference to be paid in cash | 3% | ||||||||
Cumulative liquidation value (in dollars per share) | $ 1,075 | $ 1,062 | $ 1,062 | $ 1,062 | |||||
Cash dividend (as percent) | 3% | 3% | 5% | ||||||
Aggregated dividend amount | $ 1,275,000 | $ 1,275,000 | $ 531,000 | ||||||
Dividend per share | $ 31.86 | $ 31.86 | $ 13 | ||||||
Rights Offering | |||||||||
Rights Offering | |||||||||
Number of subscription rights to be held for purchase of a unit | 1,105 | ||||||||
Number of units entitled for 1,105 subscription rights held | 1 | ||||||||
Subscription price per unit of a right | $ 1,090 | ||||||||
Number of common stock eligible for each warrant become exercisable | 1 | 1 | |||||||
Rights Offering | Series C Preferred Stock | |||||||||
Rights Offering | |||||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | ||||||||
Number of common shares for unit | 750 | ||||||||
Percentage of dividend on liquidation preference to be paid in cash | 3% | ||||||||
Cumulative liquidation value (in dollars per share) | $ 1,000 | $ 1,062 | |||||||
Annual increase in percentage of the liquidation preference per share, if dividend not paid in cash | 5% | ||||||||
Rights Offering | Investment Agreement | Icahn Capital LP | |||||||||
Rights Offering | |||||||||
Number of units sold | 40,000 | ||||||||
Issued and gross proceeds | $ 43,600,000 | ||||||||
Common stock, shares outstanding | 74,214,603 | ||||||||
Rights Offering | Investment Agreement | Icahn Capital LP | Series C Preferred Stock | |||||||||
Rights Offering | |||||||||
Common stock, shares outstanding | 40,000 |
Series C Preferred Stock (Detai
Series C Preferred Stock (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Oct. 31, 2020 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Series C Preferred Stock | |||||
Proceeds from issuance of series c preferred stock | $ 40,000,000 | ||||
Series C Preferred Stock | |||||
Series C Preferred Stock | |||||
Rights offering, proceeds (in shares) | 40,000 | ||||
Increase in liquidation preference value (in percentage) | 5% | 5% | |||
Increase in liquidation preference value | $ 50 | ||||
Cumulative liquidation value | 2,023,000 | $ 531,000 | $ 42,483,000 | $ 42,483,000 | |
Preferred stock cumulative liquidation value | $ 42,483,000 | $ 43,014,000 | |||
Cumulative liquidation value (in dollars per share) | $ 1,062 | $ 1,075 | $ 1,062 | $ 1,062 | |
Preferred stock, liquidation preference (in percentage) | 3% | 3% | |||
Preferred stock, increase in liquidation preference (in dollars per share) | $ 13 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 320 | $ 197 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |