ENZN · Enzon Pharmaceuticals, Inc.

Enzon Pharmaceuticals, Inc. completed its acquisition of Viskase Companies, Inc. on March 26, 2026, pursuant to an Agreement and Plan of Merger dated June 20, 2025, as amended. The transaction structure involved EPSC Acquisition Corp., a merger sub, merging with and into Viskase, with Viskase surviving as a wholly-owned subsidiary. Concurrent with the closing, Enzon changed its name to Viskase Holdings, Inc. and effected a 1-for-100 reverse stock split. The exchange ratio for Viskase shareholders was set at 0.049118 shares of Enzon common stock per Viskase share. A critical condition to closing—the Minimum Cash Condition requiring Enzon to hold at least $40 million—was satisfied with $40.9 million on hand at the closing date. The filing also includes Viskase's audited financial statements for the year ended December 31, 2025, which reveal significant operational challenges. Viskase reported a net loss of $65.7 million, a substantial widening from the $5.5 million loss in the prior year, driven by a decline in net sales and significant asset impairment and restructuring charges totaling approximately $23.7 million. Furthermore, Viskase's independent auditor, Grant Thornton LLP, included an explanatory paragraph in its audit report regarding substantial doubt about the company's ability to continue as a going concern, citing dependence on a Senior Credit Facility maturing in August 2026. This acquisition transforms Enzon from a pharmaceutical entity into a holding company for a global casing manufacturer, while simultaneously assuming the operational and financial risks associated with Viskase's current performance and liquidity constraints.