Enzon Pharmaceuticals, Inc. (Enzon) is operating as a public company acquisition vehicle, with limited historical operations and no clinical activities for over ten years. The company entered into an Agreement and Plan of Merger with Viskase Companies, Inc. (Viskase) on June 20, 2025, amended on October 24, 2025. Upon merger completion, Enzon will change its name to Viskase Holdings, Inc., and Viskase will become a wholly-owned subsidiary. Pre-closing Enzon stockholders are anticipated to hold 45% of the combined company's common stock, while Viskase stockholders will hold 55%. Carl C. Icahn and his affiliates are expected to beneficially own approximately 93.32% of the outstanding shares of the combined company post-merger. Stockholders approved a 1-for-100 Reverse Stock Split and the Merger Proposal on February 11, 2026. A Series C Exchange Offer, allowing holders of Series C Preferred Stock to exchange for common stock, commenced on January 30, 2026, and is set to expire on March 9, 2026. Enzon reported a net loss of $3.409 million for the year ended December 31, 2025, compared to a net income of $0.778 million in 2024. Operating loss significantly increased to $5.311 million in 2025 from $1.327 million in 2024, primarily due to $3.955 million in transaction expenses related to the merger. Royalty and milestone revenues were $0 in 2025, down from $26,000 in 2024, as previous licenses were canceled and patents expired. Interest and dividend income decreased by 22% to $1.921 million in 2025 from $2.452 million in 2024, due to lower interest rates and smaller cash balances. The liquidation preference of Series C Preferred Stock increased by 5% (approximately $2.124 million or $53.10 per share) in 2025, as cash dividends were prohibited by the merger agreement. The company maintains a full valuation allowance on its deferred tax assets of approximately $29.7 million as of December 31, 2025. Enzon's common stock was delisted from OTCQX to OTCQB on August 12, 2025, due to its bid price falling below $0.10 per share for 30 consecutive days. The company has no employees, with its executive officer providing services on a consulting basis.