Viskase Holdings Reports $6.7M Net Loss, Completes Merger with Viskase Companies

Viskase Holdings, Inc., formerly known as Enzon Pharmaceuticals, Inc., reported a net loss of $6.7 million for the first quarter of 2026, a significant improvement from a net loss of $13.6 million in the same period of the previous year. The company's net sales decreased by 8.1% to $86.5 million, down from $94.2 million in the first quarter of 2025. This decline was primarily attributed to a decrease in sales volume, which accounted for approximately $13 million, although this was partially offset by a favorable foreign currency impact of $4.3 million and a positive product mix effect of $1 million.

The company's cost of sales also saw a reduction, decreasing by 2.8% to $77.5 million compared to $79.8 million in the prior year. This reduction in costs was mainly due to lower sales volumes resulting from temporary production capacity issues related to the company's restructuring plan. Consequently, Viskase's gross margin fell to $9 million, a decrease of 37.5% from $14.4 million in the previous year. Operating expenses were significantly lower, totaling $13.3 million, down from $28.8 million, largely due to the absence of asset impairment charges that had impacted the previous year's results.

In terms of strategic developments, Viskase completed a merger with Viskase Companies, Inc. on March 26, 2026, which resulted in the latter becoming a wholly owned subsidiary of Viskase Holdings. This merger was part of a broader strategy to enhance operational efficiencies and expand market presence. Following the merger, Viskase Holdings had approximately $40.8 million in cash, which is expected to support its operational needs and capital expenditures.

Operationally, Viskase's restructuring plan, which included the closure of its Osceola, Arkansas facility, has led to a reduction in employee headcount and associated costs. The company reported a restructuring expense of $0.4 million for the first quarter of 2026, a significant decrease from $4.7 million in the same period last year. The company is also focused on improving its production capabilities and reducing waste through ongoing capital investments.

Looking ahead, Viskase's management expressed confidence in its ability to refinance its Senior Credit Facility, which is due to mature in August 2027. However, there remains uncertainty regarding the company's ability to secure sufficient funds for refinancing on favorable terms. The company is closely monitoring macroeconomic conditions, including inflation and supply chain disruptions, which could impact its operations and financial performance in the future.