Accounts Payable, Accrued Expenses and Other

12 Months Ended

Dec. 31, 2016

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

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Accounts Payable, Accrued Expenses and Other

In March 2017, Merck notified the Company that it had overpaid Enzon approximately $1.02 million in royalties during the second and third quarters of 2016. This was due to a previous misunderstanding regarding the date on which the Company’s right to receive royalties from U. S. sales of PegIntron expired, which Merck now advises had occurred in February 2016. Merck has notified the Company that it intends to recover such overpayment from the Company by reducing future royalties to which the Company would otherwise be entitled from Merck until the full amount of the overpayment has been recouped. Consequently, it is expected that the Company will receive no payment from Merck during the first quarter of 2017.

The effect of this overpayment to Enzon’s revenue, net of a 25% interest, which the Company sold to a third party in 2007, was recorded in 2016 and amounted to a reduction of royalty revenues of approximately $770,000 and the incurrence of a liability of the same amount, which is reflected as accounts payable in the Company’s consolidated balance sheet at December 31, 2016.

Accrued expenses and other current liabilities consist of the following as of December 31, 2016 and 2015 (in thousands):

	December 31,		December 31,
	2016		2015
Compensation	$	-	$	15
Professional and consulting fees		140		-
Other		30		190
	$	170	$	205