$VISK

ENZON PHARMACEUTICALS INC

CIK:0000727510|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
NET SALES	$ 90,131		$ 97,279		$ 176,668	$ 191,467
Cost of sales	79,033		85,645		156,570	165,427
GROSS MARGIN	11,098		11,634		20,098	26,040
Selling, general and administrative	12,149		12,929		24,583	24,624
Amortization of intangibles	535		388		1,071	750
Asset impairment expense	226				226	12,100
Restructuring expense	203		947		566	5,597	$ 7,054
OPERATING LOSS	(2,015)		(2,630)		(6,348)	(17,031)
Interest expense, net	2,704		2,837		5,528	5,597
Other expense (income), net	109		438		(1,074)	(1,717)
LOSS BEFORE INCOME TAXES	(4,828)		(5,905)		(10,802)	(20,911)
Income tax provision	305		14,353		1,053	12,941
NET LOSS	(5,133)	$ (6,722)	(20,258)	$ (13,594)	(11,855)	(33,852)
Less: net loss attributable to noncontrolling interests	(71)		(12)		(104)	(21)
Net loss attributable to Viskase Holdings, Inc	$ (5,062)		$ (20,246)		$ (11,751)	$ (33,831)
WEIGHTED AVERAGE COMMON STOCK
BASIC (in dollars per share)	14,331,620		5,419,340		11,149,115	5,273,964
DILUTED (in dollars per share)	14,331,620		5,419,340		11,149,115	5,273,964
EARNINGS PER SHARE
BASIC (in shares)	$ (0.35)		$ (3.74)		$ (1.05)	$ (6.41)
DILUTED (in shares)	$ (0.35)		$ (3.74)		$ (1.05)	$ (6.41)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (11,855)	$ (33,852)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	8,648	10,290
Amortization of deferred financing fees	842	322
Deferred income taxes	103
Loss on impairment of assets	226	12,100
Changes in operating assets and liabilities:
Receivables	(8,290)	4,462
Inventories	(10,421)	4,848
Other current assets	(4,850)	2,344
Other assets	(237)	11,363
Accounts payable	(3,129)	(5,434)
Accrued liabilities	1,772	(395)
Accrued employee benefits	(338)	(1,503)
Other	9	(2,171)
Total adjustments	(15,665)	36,226
Net cash (used in) provided by operating activities	(27,520)	2,373
Cash flows from investing activities:
Capital expenditures	(16,682)	(16,342)
Net cash used in investing activities	(16,682)	(16,342)
Cash flows from financing activities:
Cash acquired in connection with reverse recapitalization	40,855
Deferred financing costs	(1,958)	(300)
Issuance of common stock	15,000	15,000
Repayment of short-term debt	(11,547)	(5,625)
Proceeds from long-term debt	647	7,758
Net cash provided by financing activities	42,997	16,833
Effect of currency exchange rate changes on cash	(101)	344
Net increase in cash and equivalents	(1,306)	3,208
Cash, equivalents and restricted cash at beginning of period	9,217	5,704
Cash, equivalents and restricted cash at end of period	7,911	8,912
Supplemental cash flow information:
Interest paid less capitalized interest	4,684	5,274
Income taxes paid	2,512	$ 200
Capital Expenditure in Accounts Payable	$ 2,699

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 7,911	$ 9,217
Receivables, net	67,385	60,182
Inventories, net	105,296	96,755
Other current assets	46,745	42,494
Total current assets	227,337	208,648
Property, plant and equipment	493,194	482,326
Less accumulated depreciation	(345,541)	(341,022)
Property, plant and equipment, net	147,653	141,304
Right of use assets	18,094	19,946
Other assets, net	9,821	9,842
Intangible assets, net	12,620	13,401
Goodwill	3,049	3,131
Deferred tax asset	5,909	5,870
Total Assets	424,483	402,142
Current liabilities:
Short-term debt	54,468	141,774
Accounts payable	39,424	44,342
Accrued liabilities	25,495	24,282
Short-term lease liabilities	4,243	4,119
Total current liabilities	123,630	214,517
Long-term debt, net of current maturities	74,929
Long-term liabilities:
Accrued employee benefits	22,609	23,597
Deferred income taxes	1,470	1,557
Long-term lease liabilities	16,200	18,111
Mezzanine equity:
Series C preferred stock - $0.01 par value, 3,000,000 shares authorized, 384 and 0 issued and outstanding (liquidation value $1,129 and $0 per share) at June 30, 2026 and December 31, 2025, respectively	433
Stockholders' equity:
Common stock, $0.01 par value; 170,000,000 shares authorized, 14,371,173 shares issued and 14,331,620 shares outstanding at June 30, 2026 and 170,000,000 shares authorized 6,651,652 shares issued and 6,612,099 shares outstanding at December 31, 2025	143	66
Paid in capital	267,959	213,019
Retained earnings	(23,632)	(11,881)
Accumulated other comprehensive loss	(57,670)	(55,361)
Total Viskase stockholders' equity	186,800	145,843
Deficit attributable to non-controlling interest	(1,587)	(1,483)
Total stockholders' equity	185,213	144,360
Total Liabilities, Mezzanine Equity, and Stockholders' Equity	$ 424,483	$ 402,142