Enzon Pharmaceuticals is a dormant shell company with no operations, employees, or meaningful revenue. Historically, Enzon earned royalties from pharmaceutical licensing arrangements tied to its proprietary PEGylation technology, including deals related to PegIntron (marketed by Merck). Those patents have expired and the royalty streams have ended. Enzon is now functioning purely as a public acquisition vehicle. Its defining development is a pending merger with Viskase Companies, a private operating business. Upon closing, Viskase will become a wholly owned subsidiary, Enzon will rename itself Viskase Holdings, and Viskase's pre-closing stockholders will own 55% of the combined company while Enzon's existing stockholders will own 45%. The merger was approved by Enzon stockholders in February 2026. Icahn Enterprises Holdings, which owns approximately 49% of Enzon's common stock and approximately 98% of its Series C Preferred Stock, agreed to support the merger and exchange its preferred stock for common stock prior to closing. In effect, Enzon is serving as a shell into which Viskase is being merged, using Enzon's existing public listing on the OTCQB as the vehicle. The surviving business will be Viskase's.