Enzon Pharmaceuticals reported a net loss of $524,000 for the three months ended March 31, 2025, compared to a net income of $320,000 for the same period in 2024. The company's operating loss was $1,002,000, significantly higher than the $326,000 loss in the first quarter of 2024, primarily due to increased general and administrative expenses. Interest and dividend income decreased by 23% to $497,000 due to lower interest rates on smaller balances. General and administrative expenses increased by 207% to $1,002,000, mainly due to higher professional fees. The company's cash and cash equivalents decreased to $44.966 million from $46.859 million at the beginning of the period. Enzon is actively pursuing potential acquisition transactions to utilize its net operating loss carryforwards (NOLs) of approximately $101.9 million. A special committee is evaluating a potential business combination with Viskase Companies, Inc. The company believes its existing cash will be sufficient to fund operations through May 2026. The Board declared a cash dividend of 3% on the Series C Preferred Stock, aggregating approximately $1,275,000 or $31.86 per share, paid on January 9, 2025. The liquidation value of the Series C Preferred Stock was approximately $43,014,000 ($1,075 per share) at March 31, 2025.