0001104659-26-054911 | 10-Q | XBRL Viewer

Property, Plant and Equipment, net

3 Months Ended

Mar. 31, 2026

Note 5 – Property, Plant and Equipment, net

Depreciation expense associated with property, plant and equipment was $3,812 and $5,018 for the three months ended March 31, 2026 and 2025, respectively.

Property, plant and equipment, net, consists of the following:


(thousands)		March 31, 2026			December 31, 2025
Land and improvements		$	1,797		$	1,880
Buildings and improvements			54,510			55,331
Machinery and equipment			352,275			354,178
Furniture and fixtures			28,981			28,981
Construction in progress			47,938			41,956
Total property plant and equipment		$	485,501		$	482,326

Accumulated depreciation


(thousands)		March 31, 2026			December 31, 2025
Land and improvements		$	535		$	533
Buildings and improvements			31,682			31,691
Machinery and equipment			294,271			292,736
Furniture and fixtures			16,062			16,062
Total accumulated depreciation		$	342,550		$	341,022

Asset Impairment charges of $ - and $12,100 were recorded for the three months ended March 31, 2026 and 2025, respectively, in association with the closing of the Osceola, Arkansas plant and the removal of assets prior to the end of their useful lives. See Note 16 – Restructuring for additional information.

Variable Interest Entity - Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Variable Interest Entity
Net sales	$ 86,537	$ 94,188
Cost of sales	77,537	79,782
GROSS MARGIN	9,000	14,406
Selling, general and administrative	12,434	11,695
Asset impairment		12,100
OPERATING LOSS	(4,333)	(14,401)
Other expense	1,183	2,155
LOSS BEFORE INCOME TAXES	(5,974)	(15,006)
Income tax expense	748	(1,412)
Net (loss) income attributable to Viskase Companies, Inc	(6,689)	(13,585)
VE Netting, LLC
Variable Interest Entity
Net sales	202	217
Cost of sales	212	212
GROSS MARGIN	(10)	5
Selling, general and administrative	15	14
OPERATING LOSS	(25)	(9)
Other expense	9	(8)
LOSS BEFORE INCOME TAXES	(34)	(17)
Net (loss) income attributable to Viskase Companies, Inc	$ (34)	$ (17)

Other Comprehensive Income and Changes in Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2026

Other Comprehensive Income and Changes in Accumulated Other Comprehensive Loss

Other Comprehensive Income and Changes in Accumulated Other Comprehensive Loss

Note 13 – Other Comprehensive Income and Changes in Accumulated Other Comprehensive Loss

Tax effects allocated to each component of other comprehensive income are the following:


	Before-		Tax (Expense)		Net-of-
	Tax Amount		or Benefit		Tax Amount
Balance at March 31, 2026
Foreign currency translation adjustments	$	(1,800)		—	$	(1,800)
Pension liability adjustments		(99)		(71)		(170)
Total other comprehensive (loss) income	$	(1,899)	$	(71)	$	(1,970)


	Before-		Tax (Expense)		Net-of-
	Tax Amount		or Benefit		Tax Amount
Balance at March 31, 2025
Foreign currency translation adjustments	$	2,157		—	$	2,157
Pension liability adjustments		99		—		99
Total other comprehensive (loss) income	$	2,256	$	—	$	2,256

Changes in accumulated other comprehensive loss consist of the following:


	Accrued		Translation
	Employee Benefits		Adjustments		Total
Balance at December 31, 2024	$	(20,958)	$	(44,428)		(65,386)
Other comprehensive income (loss) before
reclassifications		—		2,157		2,157
Reclassifications from accumulated other
comprehensive loss to earnings		99		—		99
Balance at March 31, 2025	$	(20,859)	$	(42,271)	$	(63,130)


	Accrued		Translation
	Employee Benefits		Adjustments			Total
Balance at December 31, 2025	$	(17,404)	$	(37,957)		(55,361)
Other comprehensive income (loss) before
reclassifications		—		(1,800)		(1,800)
Reclassifications from accumulated other
comprehensive loss to earnings		(170)		—		(170)
Balance at March 31, 2026	$	(17,574)	$	(39,757)	$	(57,331)

Summary of Significant Accounting Policies	3 Months Ended
Mar. 31, 2026
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 1 - Summary of Significant Accounting Policies Merger On March 26, 2026, (the “Closing Date”) Viskase Holdings, Inc. (formerly known as Enzon Pharmaceuticals, Inc.) consummated the previously announced transactions pursuant to the Agreement and Plan of Merger, dated as of June 20, 2025, by and among Viskase Companies, Inc., EPSC Acquisition Corp., a wholly owned subsidiary of Enzon Pharmaceuticals, Inc. (“Merger Sub”), and Enzon Pharmaceuticals, Inc. (“Enzon”), as amended by the First Amendment to the Agreement and Plan of Merger, dated as of October 24, 2025 (as amended, the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, on the Closing Date, Merger Sub merged with and into Viskase Companies, Inc., with Viskase Companies, Inc. continuing as the surviving entity following the Merger and as a wholly owned subsidiary of Viskase Holdings, Inc. Promptly following the Merger, Viskase Companies, Inc. converted into a limited liability company under Delaware law and changed its name to “Viskase Companies, LLC”, which we refer to as “Viskase Companies”. Promptly following the Merger, Enzon filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware to change its name to “Viskase Holdings, Inc.” The transactions contemplated by the Merger Agreement are hereinafter referred to as the “Merger.” Unless otherwise indicated or the context otherwise requires, references in these notes to condensed consolidated financial statements to “Viskase” and “the Company” refer to the business and operations of Viskase Companies prior to the Merger and to Viskase Holdings, Inc. and its consolidated subsidiaries following the Merger. See Note 2, Merger, for additional information on the Merger. Nature of Operations Viskase Holdings, Inc. together with its subsidiaries (“we” or the “Company”) is a producer of non-edible cellulosic, fibrous and plastic casings used to prepare and package processed meat products, and provides value-added support services relating to these products, for some of the largest global consumer products companies. We were incorporated in Delaware in 1970. The Company operates eight manufacturing facilities in North America, Europe, South America, and Asia and, as a result, is able to sell its products in nearly one hundred countries throughout the world. Going Concern The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate refinancing of its Senior Credit Facility before its maturity in August 2027. We fully expect the refinancing will be completed before the maturity of its Senior Credit Facility. However, there is no assurance that the Company will be able to obtain sufficient additional funds to refinance these maturities or that such funds, if available, will be obtainable on terms satisfactory to the Company, and therefore substantial doubt exists about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might result from the Company being unable to continue as a going concern. Seasonality Historically, our domestic sales and profits have been seasonal in nature, increasing in the spring and summer months. Sales outside of the United States follow a relatively stable pattern throughout the year. Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company, its subsidiaries and variable interest entity (“VIE”) for which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated in consolidation. Some details and footnotes required under U.S. GAAP have been reduced or omitted to meet regulatory guidelines in the interim financial statements, but the Company believes the information remains clear and accurate. For a more complete understanding, these interim financial statements should be considered alongside the consolidated financial statements and notes included in the Company’s annual report for the year ending December 31, 2025. The Company believes that the accompanying unaudited condensed consolidated financial statements include all necessary adjustments, comprising routine recurring accruals, to accurately reflect the financial position as of March 31, 2026, as well as the operating results and cash flows for the periods presented. However, the operating results for the period ended March 31, 2026 may not be representative of the results expected for the full year ending December 31, 2026. Noncontrolling Interests The Company consolidated its variable interest in a joint venture, VE Netting, LLC, as the Company is identified as the primary beneficiary. Noncontrolling interests reflect the equity ownership held by third parties. These noncontrolling interests are presented as a separate component of equity within the consolidated financial statements, distinct from the Company’s stockholders’ equity. The portion of net (loss) income attributable to noncontrolling interests is reported in the condensed consolidated statements of operations. Use of Estimates in the Preparation of Financial Statements The financial statements are prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and include the use of estimates and assumptions that affect a number of amounts included in the Company’s financial statements, including, among other things, pensions and other postretirement benefits and related disclosures, reserves for excess and obsolete inventory, allowance for credit losses, and income taxes. Management bases its estimates on historical experience and other assumptions that we believe are reasonable. If actual amounts are ultimately different from previous estimates, the revisions are included in the Company’s results for the period in which the actual amounts become known. Historically, the aggregate differences, if any, between the Company’s estimates and actual amounts in any year have not had a significant effect on the Company’s condensed consolidated financial statements. Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts receivable and accounts payable. The carrying amounts of these financial assets and liabilities approximate fair value due to the short maturities of these instruments. Management believes the fair value of the Company’s revolving loans approximate the carrying value due to credit risk or current market rates, which approximate the effective interest rates on those instruments. The fair value of the Company’s term loans is estimated by discounting the future cash flow using the Company’s current borrowing rates for similar types and maturities of debt. Income Taxes We account for income taxes in accordance with ASC 740, Income Taxes (ASC 740). Deferred tax assets and liabilities are measured using enacted tax laws and tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the enactment date. In addition, the amounts of any future tax benefits are reduced by a valuation allowance to the extent such benefits are not expected to be realized on a more likely than not basis. A two-step approach is applied pursuant to ASC 740 in the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes line of our consolidated statements of operations. Restructuring Restructuring charges are incurred for programs in which the Company changes its operations, the scope of a business undertaken by its business units, or the manner in which that business is conducted. Such charges may include employee severance, retention bonuses, facility closure or consolidation costs, lease or contract termination costs, accelerated depreciation and amortization, and other related expenses. The restructuring programs may be implemented due to the sale or discontinuation of a product line, reorganization or management structure changes, headcount rationalization, realignment of operations or products, and/or company-wide cost saving initiatives. The amount and/or frequency of these restructuring charges are not part of the Company’s underlying business. Employee severance costs are generally recognized when payments are probable and amounts are reasonably estimable. Costs related to contracts without future benefit or contract termination are recognized at fair value at the earlier of the contract termination or the cease-use dates. Other exit-related costs are expensed as incurred. Refer to Note 16 – Restructuring for additional details. Variable Interest Entity The Company holds a variable interest in VE Netting, LLC. The joint venture is a manufacturing, marketing and selling company of high-quality netting solutions for the meat and poultry industry. VE Netting, LLC is a Delaware limited liability company with its principal place of business in Lombard, IL. The netting product is manufactured under agreement by Viskase’s affiliate located in Monterrey, Mexico. VE Netting, LLC was determined to be a variable interest entity (VIE) in accordance with ASC Topic 810, Consolidations, for which the Company is the primary beneficiary, as the Company has the power to direct activities that most significantly impact the economic performance and has the right to receive benefits and losses that may potentially be significant. As the primary beneficiary of the VIE, the VIE’s assets, liabilities, and results of operations are included in the Company’s condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three ended March 31, 2026 and March 31, 2025. The other equity holders’ interests are reflected in “Net (loss) income attributable to noncontrolling interests” in the Consolidated Statements of Operations and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets. See Note 14 -Variable Interest Entity for standalone financial information. Other Comprehensive (Loss) Income Other comprehensive (loss) income includes all other non-stockholder changes in equity. Changes in other comprehensive income (loss) for three ended March 31, 2026 and December 31,2025 resulted from changes in foreign currency translation and pension liability. Accumulated other comprehensive (loss) income consists of cumulative changes in foreign currency translation and pension liability. The Company uses the portfolio approach for releasing income tax effects from accumulated other comprehensive (loss) income. Revenue Recognition The Company’s revenues are comprised of product sales to customers, including distributors and end users. The Company’s performance obligation is defined as the promise to deliver the specified products in a purchase order. Revenue is recognized at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer according to the shipping terms dictated in the contract. In most contracts, title transfers upon shipment of the product; however, in some cases, title does not transfer until the customer has received the products at their specified location. Revenue is recorded at the transaction price, which is the amount of consideration the Company expects to receive in exchange for providing its products to customers. The transaction price may be adjusted for estimates of known or expected variable consideration, including consumer incentives, trade promotions, and rebate programs. The Company estimates the amount of variable consideration that will be realized and records the estimate as a reduction to the transaction price. These estimates are based on historical experience, anticipated performance and the Company’s best judgment at the time. In determining whether an estimate of variable consideration is constrained, we consider the likelihood and magnitude of a potential revenue reversal. The Company’s provision for variable consideration is recorded at contract inception and reviewed and updated regularly as new information arises throughout the contract term. Any adjustments due to resolved uncertainties or new information are recognized in the period in which the adjustment is identified. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are excluded from the transaction price, while shipping and handling fees reimbursed by the customer are included in the transaction price and recorded on a gross basis on the income statement. The Company generally does not offer warranties or a right to return on the products it sells except in the instance of a product defect or mis-ship. Payment terms vary by customer; however, the time between invoicing and payment is not significant. None of the Company’s customer contracts as of March 31, 2026 and December 31, 2025 contain a significant financing component. Segments Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. To date, the Company’s chief operating decision maker makes such decisions and assesses performance at the geographic region level, including North America, South America, EMEA, and Asia which are the Company’s four reportable segments under ASC 280. See Note 12, Business Segment Information and Geographic Area Information for further information. Debt The Company accounts for debt in accordance with ASC 470, Debt (ASC 470). Issuance costs for term debt are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. These costs are amortized over the term of the related debt using the interest method under ASC 835-30. The effective interest rate for variable rate debt is determined in accordance with ASC 310-20-35, in which the Company’s policy is to use the variable rate at inception of the debt in the determination of the constant effective yield. Recently Adopted Accounting Pronouncements In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“VIE”). This standard clarifies the guidance in determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability in financial reporting for acquisition transactions effected primarily by exchanging equity interests. ASU 2025-03 requires entities to apply the same factors used for determining the accounting acquirer in other acquisition transactions. The ASU is applied prospectively to all business combinations with acquisition dates occurring on or after the date of initial application. The ASU is effective for all annual reporting periods (and interim periods in annual reporting periods) beginning after December 15, 2026. Early adoption is permitted in interim or annual reporting periods in which financial statements have not yet been issued (or made available for issuance). Management has elected to early adopt ASU 2025-03 in 2025 and did not result in a material impact to our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which required enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard was effective for the Company beginning January 1, 2025 with early adoption permitted. The ASU can be applied on a prospective basis but retrospective application was permitted. The adoption of this guidance modified disclosures in the Company’s consolidated financial statements. Our adoption on prospective basis in 2025 did not result in a material impact on our disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of specific information about costs and expenses within relevant expense captions on the face of the income statement, qualitative descriptions for expense captions not specifically disaggregated quantitatively, and the total amount and definition of selling expenses for interim and annual reporting periods. This standard is effective for the Company’s annual reporting period beginning January 1, 2027 and interim reporting periods beginning January 1, 2028 and should be applied on a retrospective or prospective basis, with early adoption permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements. In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. The update introduces a practical expedient that permits an entity to assume that conditions as of the balance sheet date remain unchanged over the life of current accounts receivable and current contract assets when estimating expected credit losses. The amendments are intended to simplify the application of the current expected credit loss (“CECL”) model to short-term receivables and contract assets arising from transactions accounted for under Topic 606. The standard is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 on its condensed consolidated financial statements and related disclosures.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 1 - Summary of Significant Accounting Policies

Merger

On March 26, 2026, (the “Closing Date”) Viskase Holdings, Inc. (formerly known as Enzon Pharmaceuticals, Inc.) consummated the previously announced transactions pursuant to the Agreement and Plan of Merger, dated as of June 20, 2025, by and among Viskase Companies, Inc., EPSC Acquisition Corp., a wholly owned subsidiary of Enzon Pharmaceuticals, Inc. (“Merger Sub”), and Enzon Pharmaceuticals, Inc. (“Enzon”), as amended by the First Amendment to the Agreement and Plan of Merger, dated as of October 24, 2025 (as amended, the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, on the Closing Date, Merger Sub merged with and into Viskase Companies, Inc., with Viskase Companies, Inc. continuing as the surviving entity following the Merger and as a wholly owned subsidiary of Viskase Holdings, Inc. Promptly following the Merger, Viskase Companies, Inc. converted into a limited liability company under Delaware law and changed its name to “Viskase Companies, LLC”, which we refer to as “Viskase Companies”.

Promptly following the Merger, Enzon filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware to change its name to “Viskase Holdings, Inc.”

The transactions contemplated by the Merger Agreement are hereinafter referred to as the “Merger.” Unless otherwise indicated or the context otherwise requires, references in these notes to condensed consolidated financial statements to “Viskase” and “the Company” refer to the business and operations of Viskase Companies prior to the Merger and to Viskase Holdings, Inc. and its consolidated subsidiaries following the Merger. See Note 2, Merger, for additional information on the Merger.

Nature of Operations

Viskase Holdings, Inc. together with its subsidiaries (“we” or the “Company”) is a producer of non-edible cellulosic, fibrous and plastic casings used to prepare and package processed meat products, and provides value-added support services relating to these products, for some of the largest global consumer products companies. We were incorporated in Delaware in 1970. The Company operates eight manufacturing facilities in North America, Europe, South America, and Asia and, as a result, is able to sell its products in nearly one hundred countries throughout the world.

Going Concern

The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate refinancing of its Senior Credit Facility before its maturity in August 2027.

We fully expect the refinancing will be completed before the maturity of its Senior Credit Facility. However, there is no assurance that the Company will be able to obtain sufficient additional funds to refinance these maturities or that such funds, if available, will be obtainable on terms satisfactory to the Company, and therefore substantial doubt exists about the Company’s ability to continue as a going concern.

The condensed consolidated financial statements do not include any adjustments that might result from the Company being unable to continue as a going concern.

Seasonality

Historically, our domestic sales and profits have been seasonal in nature, increasing in the spring and summer months. Sales outside of the United States follow a relatively stable pattern throughout the year.

Basis of Presentation and Principles of Consolidation

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company, its subsidiaries and variable interest entity (“VIE”) for which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated in consolidation.

Some details and footnotes required under U.S. GAAP have been reduced or omitted to meet regulatory guidelines in the interim financial statements, but the Company believes the information remains clear and accurate. For a more complete understanding, these interim financial statements should be considered alongside the consolidated financial statements and notes included in the Company’s annual report for the year ending December 31, 2025.

The Company believes that the accompanying unaudited condensed consolidated financial statements include all necessary adjustments, comprising routine recurring accruals, to accurately reflect the financial position as of March 31, 2026, as well as the operating results and cash flows for the periods presented. However, the operating results for the period ended March 31, 2026 may not be representative of the results expected for the full year ending December 31, 2026.

Noncontrolling Interests

The Company consolidated its variable interest in a joint venture, VE Netting, LLC, as the Company is identified as the primary beneficiary. Noncontrolling interests reflect the equity ownership held by third parties. These noncontrolling interests are presented as a separate component of equity within the consolidated financial statements, distinct from the Company’s stockholders’ equity. The portion of net (loss) income attributable to noncontrolling interests is reported in the condensed consolidated statements of operations.

Use of Estimates in the Preparation of Financial Statements

The financial statements are prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and include the use of estimates and assumptions that affect a number of amounts included in the Company’s financial statements, including, among other things, pensions and other postretirement benefits and related disclosures, reserves for excess and obsolete inventory, allowance for credit losses, and income taxes. Management bases its estimates on historical experience and other assumptions that we believe are reasonable. If actual amounts are ultimately different from previous estimates, the revisions are included in the Company’s results for the period in which the actual amounts become known. Historically, the aggregate differences, if any, between the Company’s estimates and actual amounts in any year have not had a significant effect on the Company’s condensed consolidated financial statements.

Financial Instruments

The Company’s financial instruments include cash and cash equivalents, accounts receivable and accounts payable. The carrying amounts of these financial assets and liabilities approximate fair value due to the short maturities of these instruments. Management believes the fair value of the Company’s revolving loans approximate the carrying value due to credit risk or current market rates, which approximate the effective interest rates on those instruments. The fair value of the Company’s term loans is estimated by discounting the future cash flow using the Company’s current borrowing rates for similar types and maturities of debt.

Income Taxes

We account for income taxes in accordance with ASC 740, Income Taxes (ASC 740). Deferred tax assets and liabilities are measured using enacted tax laws and tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the enactment date. In addition, the amounts of any future tax benefits are reduced by a valuation allowance to the extent such benefits are not expected to be realized on a more likely than not basis.

A two-step approach is applied pursuant to ASC 740 in the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes line of our consolidated statements of operations.

Restructuring

Restructuring charges are incurred for programs in which the Company changes its operations, the scope of a business undertaken by its business units, or the manner in which that business is conducted. Such charges may include employee severance, retention bonuses, facility closure or consolidation costs, lease or contract termination costs, accelerated depreciation and amortization, and other related expenses. The restructuring programs may be implemented due to the sale or discontinuation of a product line, reorganization or management structure changes, headcount rationalization, realignment of operations or products, and/or company-wide cost saving initiatives. The amount and/or frequency of these restructuring charges are not part of the Company’s underlying business. Employee severance costs are generally recognized when payments are probable and amounts are reasonably estimable. Costs related to contracts without future benefit or contract termination are recognized at fair value at the earlier of the contract termination or the cease-use dates. Other exit-related costs are expensed as incurred. Refer to Note 16 – Restructuring for additional details.

Variable Interest Entity

The Company holds a variable interest in VE Netting, LLC. The joint venture is a manufacturing, marketing and selling company of high-quality netting solutions for the meat and poultry industry. VE Netting, LLC is a Delaware limited liability company with its principal place of business in Lombard, IL. The netting product is manufactured under agreement by Viskase’s affiliate located in Monterrey, Mexico. VE Netting, LLC was determined to be a variable interest entity (VIE) in accordance with ASC Topic 810, Consolidations, for which the Company is the primary beneficiary, as the Company has the power to direct activities that most significantly impact the economic performance and has the right to receive benefits and losses that may potentially be significant. As the primary beneficiary of the VIE, the VIE’s assets, liabilities, and results of operations are included in the Company’s condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three ended March 31, 2026 and March 31, 2025. The other equity holders’ interests are reflected in “Net (loss) income attributable to noncontrolling interests” in the Consolidated Statements of Operations and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets. See Note 14 -Variable Interest Entity for standalone financial information.

Other Comprehensive (Loss) Income

Other comprehensive (loss) income includes all other non-stockholder changes in equity. Changes in other comprehensive income (loss) for three ended March 31, 2026 and December 31,2025 resulted from changes in foreign currency translation and pension liability.

Accumulated other comprehensive (loss) income consists of cumulative changes in foreign currency translation and pension liability. The Company uses the portfolio approach for releasing income tax effects from accumulated other comprehensive (loss) income.

Revenue Recognition

The Company’s revenues are comprised of product sales to customers, including distributors and end users. The Company’s performance obligation is defined as the promise to deliver the specified products in a purchase order. Revenue is recognized at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer according to the shipping terms dictated in the contract. In most contracts, title transfers upon shipment of the product; however, in some cases, title does not transfer until the customer has received the products at their specified location.

Revenue is recorded at the transaction price, which is the amount of consideration the Company expects to receive in exchange for providing its products to customers.

The transaction price may be adjusted for estimates of known or expected variable consideration, including consumer incentives, trade promotions, and rebate programs. The Company estimates the amount of variable consideration that will be realized and records the estimate as a reduction to the transaction price. These estimates are based on historical experience, anticipated performance and the Company’s best judgment at the time. In determining whether an estimate of variable consideration is constrained, we consider the likelihood and magnitude of a potential revenue reversal. The Company’s provision for variable consideration is recorded at contract inception and reviewed and updated regularly as new information arises throughout the contract term. Any adjustments due to resolved uncertainties or new information are recognized in the period in which the adjustment is identified.

Sales, value add, and other taxes collected from customers and remitted to governmental authorities are excluded from the transaction price, while shipping and handling fees reimbursed by the customer are included in the transaction price and recorded on a gross basis

on the income statement. The Company generally does not offer warranties or a right to return on the products it sells except in the instance of a product defect or mis-ship.

Payment terms vary by customer; however, the time between invoicing and payment is not significant. None of the Company’s customer contracts as of March 31, 2026 and December 31, 2025 contain a significant financing component.

Segments

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. To date, the Company’s chief operating decision maker makes such decisions and assesses performance at the geographic region level, including North America, South America, EMEA, and Asia which are the Company’s four reportable segments under ASC 280. See Note 12, Business Segment Information and Geographic Area Information for further information.

Debt

The Company accounts for debt in accordance with ASC 470, Debt (ASC 470). Issuance costs for term debt are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. These costs are amortized over the term of the related debt using the interest method under ASC 835-30. The effective interest rate for variable rate debt is determined in accordance with ASC 310-20-35, in which the Company’s policy is to use the variable rate at inception of the debt in the determination of the constant effective yield.

Recently Adopted Accounting Pronouncements

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity (“VIE”). This standard clarifies the guidance in determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability in financial reporting for acquisition transactions effected primarily by exchanging equity interests. ASU 2025-03 requires entities to apply the same factors used for determining the accounting acquirer in other acquisition transactions. The ASU is applied prospectively to all business combinations with acquisition dates occurring on or after the date of initial application. The ASU is effective for all annual reporting periods (and interim periods in annual reporting periods) beginning after December 15, 2026. Early adoption is permitted in interim or annual reporting periods in which financial statements have not yet been issued (or made available for issuance). Management has elected to early adopt ASU 2025-03 in 2025 and did not result in a material impact to our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures, which required enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard was effective for the Company beginning January 1, 2025 with early adoption permitted. The ASU can be applied on a prospective basis but retrospective application was permitted. The adoption of this guidance modified disclosures in the Company’s consolidated financial statements. Our adoption on prospective basis in 2025 did not result in a material impact on our disclosures.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of specific information about costs and expenses within relevant expense captions on the face of the income statement, qualitative descriptions for expense captions not specifically disaggregated quantitatively, and the total amount and definition of selling expenses for interim and annual reporting periods. This standard is effective for the Company’s annual reporting period beginning January 1, 2027 and interim reporting periods beginning January 1, 2028 and should be applied on a retrospective or prospective basis, with early adoption permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements.

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets. The update introduces a practical expedient that permits an entity to assume that conditions as of the balance sheet date remain unchanged over the life of current accounts receivable and current contract assets when estimating expected credit losses. The amendments are intended to simplify the application of the current expected credit loss (“CECL”) model to short-term receivables and contract assets arising from transactions accounted for under Topic 606. The

standard is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 on its condensed consolidated financial statements and related disclosures.

Capital Stock, Treasury Stock and Paid in Capital (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2026 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) Vote $ / shares shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 $ / shares shares	Dec. 31, 2004 USD ($) shares	Mar. 26, 2026 $ / shares shares	Dec. 31, 2024 shares
Capital Stock, Treasury Stock and Paid in Capital
Common stock, shares authorized		170,000,000		170,000,000		170,000,000
Common stock, par value (in dollars per share) \| $ / shares		$ 0.01		$ 0.01		$ 0.01
Series C preferred stock, shares authorized		3,000,000		3,000,000		3,000,000
Series C preferred stock, par value (in dollars per share) \| $ / shares		$ 0.01		$ 0.01		$ 0.01
Series C preferred stock, shares issued		384		0
Series C preferred stock, shares outstanding		384		0
Series C preferred stock, cash dividend as percentage of liquidation preference						3.00%
Series C preferred stock, liquidation preference (in dollars per share) \| $ / shares		$ 1,129		$ 0		$ 1,000
Series C preferred stock, liquidation preference, increase, percentage						5.00%
Treasury stock, shares outstanding					0
Common stock, shares issued		14,371,173		6,651,652
Common stock, shares outstanding		14,331,620		6,612,099		14,331,620
Number of votes per common stock \| Vote		1
Dividends declared per share \| $ / shares		$ 0		$ 0
Dividends paid per share \| $ / shares		$ 0		$ 0
Number of shares issued and sold before adjustments	25,862,070
Issue price \| $ / shares	$ 0.58
Private placement of common stock \| $	$ 15,000	$ 15,000	$ 15,000
Share exchange ratio	0.049118
Number of adjusted shares issued	1,270,288
Common stock
Capital Stock, Treasury Stock and Paid in Capital
Purchase price of shares acquired \| $					$ 298
Common stock, shares issued		14,331,620	5,419,340	6,612,099			5,068,499
Private placement of common stock \| $	$ 13	$ 13	$ 4
Number of adjusted shares issued		1,270,288	350,841
Paid in capital
Capital Stock, Treasury Stock and Paid in Capital
Private placement of common stock \| $	$ 14,987	$ 14,987	$ 14,996
Viskase companies
Capital Stock, Treasury Stock and Paid in Capital
Number of shares repurchased					805,270

Merger - Obtained assets and liabilities (Details) - Enzon $ in Thousands	Mar. 26, 2026 USD ($)
Merger
Cash and cash equivalents	$ 40,854
Prepaid expenses and other current assets	160
Accrued expenses and other current liabilities	(565)
Net assets acquired	$ 40,449

Other Comprehensive Income and Changes in Accumulated Other Comprehensive Loss - Tax effects allocated to each component of other comprehensive income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other Comprehensive Income and Changes in Accumulated Other Comprehensive Loss
Before-Tax Amount	$ (1,899)	$ 2,256
Tax (Expense) or Benefit	(71)
Other comprehensive (loss) income, net of tax	(1,970)	2,256
Foreign currency translation adjustments
Other Comprehensive Income and Changes in Accumulated Other Comprehensive Loss
Before-Tax Amount	(1,800)	2,157
Other comprehensive (loss) income, net of tax	(1,800)	2,157
Pension liability adjustments
Other Comprehensive Income and Changes in Accumulated Other Comprehensive Loss
Before-Tax Amount	(99)	99
Tax (Expense) or Benefit	(71)
Other comprehensive (loss) income, net of tax	$ (170)	$ 99

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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+ Details

Capital Stock, Treasury Stock and Paid in Capital

3 Months Ended

Mar. 31, 2026

Capital Stock, Treasury Stock and Paid in Capital

Capital Stock, Treasury Stock and Paid in Capital

Note 9 – Capital Stock, Treasury Stock and Paid in Capital

As discussed in Note 2, Merger, the previously announced Merger between Viskase Companies, Merger Sub, and Enzon, was completed on March 26, 2026. The shares of legacy Viskase Companies, prior to the Merger, have been retroactively restated as shares reflecting the Exchange Ratio established in the Merger.

Authorized Capital Stock

Immediately following the Closing, the Company’s authorized capital stock consists of 170,000,000 shares of common stock, par value $0.01 per share, and 3,000,000 shares of preferred stock, par value $0.01 per share, as provided in the amended and restated certificate of incorporation of Enzon dated July 13, 2010.

Preferred Stock

As of March 31, 2026, 384 shares of preferred stock designated as Series C Preferred Stock were issued and outstanding. As of December 31, 2025, no shares of preferred stock were issued and outstanding.

The terms of the Series C Preferred Stock provide, on an annual basis, that the Board may, at its sole discretion, cause a dividend with respect to the Series C Preferred Stock to be paid in cash to the holders in an amount equal to 3% of the liquidation preference as in effect at such time (initially $1,000 per share). If the dividend is not so paid in cash, the liquidation preference is adjusted and increased annually by an amount equal to 5% of the liquidation preference per share as in effect at such time, that is not paid in cash to the holders on such date.

The Company is able to redeem for cash the Series C Preferred Stock at any time, in whole or in part, for an amount based on the liquidation preference per share as in effect at such time. Additionally, the holders of Series C Preferred Stock have the right to redeem their shares of Series C Preferred Stock for cash at any time, following the Merger, in whole or in part, for an amount based on the liquidation preference per share as in effect at such time. Accordingly, the Series C Preferred Stock has been classified in mezzanine equity on the condensed consolidated balance sheet.

The holders of Series C Preferred Stock have no special voting rights and their consent will not be required for taking any corporate action.

Treasury Stock

In 2004, Viskase Companies purchased 805,270 shares of its common stock from the underwriter for a purchase price of $298. These shares were accounted for as treasury shares. All Viskase Companies treasury shares were cancelled in connection with the Merger and are no longer outstanding.

Common Stock

The Company had 14,371,173 and 6,651,652 shares issued and 14,331,620 and 6,612,099 shares outstanding as of March 31, 2026 and December 31, 2025, respectively.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors, subject to the preferential dividend rights of Preferred Stock, if any. As of March 31, 2026 and December 31, 2025, no cash dividends had been declared or paid.

In January 2026, Viskase Companies entered into a securities purchase agreement with an affiliate of Icahn Enterprises L.P. (“IELP”) pursuant to which it issued and sold 25,862,070 shares of its common stock at a purchase price of $0.58 per share, resulting in aggregate cash proceeds of approximately $15,000 of which $13 was recorded within common stock and $14,987 was recorded within paid in capital. The share amount of 25,862,070 has been retroactively adjusted within the condensed consolidated statements of stockholders’ equity to reflect the exchange of Viskase Companies common shares for Viskase Holdings, Inc. common shares at an exchange ratio of 0.049118, resulting in 1,270,288 shares.

- Definition

The entire disclosure for equity.

+ References

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total Viskase stockholders' equity Previously reported	Total Viskase stockholders' equity	Common stock Previously reported	Common stock Adjustment	Common stock	Paid in capital Previously reported	Paid in capital Adjustment	Paid in capital	Treasury stock Previously reported	Treasury stock Adjustment	Retained earnings Previously reported	Retained earnings	Accumulated other comprehensive loss Previously reported	Accumulated other comprehensive loss	Noncontrolling Interest Previously reported	Noncontrolling Interest	Previously reported	Total
Beginning balance (in shares) at Dec. 31, 2024			103,190,665,000	(98,122,166)	5,068,499
Beginning balance at Dec. 31, 2024	$ 171,309	$ 171,309	$ 1,040	$ (989)	$ 51	$ 182,343	$ 691	$ 183,034	$ (298)	$ 298	$ 53,610	$ 53,610	$ (65,386)	$ (65,386)	$ (1,321)	$ (1,321)	$ 169,988	$ 169,988
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)		(13,585)										(13,585)				(9)		(13,594)
Foreign currency translation adjustment		2,157												2,157				2,157
Pension liability adjustment, net of tax		99												99				99
Private placement of common stock (in shares)					350,841
Private placement of common stock		15,000			$ 4			14,996										15,000
Ending balance (in shares) at Mar. 31, 2025					5,419,340
Ending balance at Mar. 31, 2025		174,980			$ 54			198,030				40,025		(63,130)		(1,330)		$ 173,650
Beginning balance (in shares) at Dec. 31, 2025																		0
Mezzanine Equity Series C Preferred Stock
Equity consideration issued for acquisition (Note 2) (in shares)																		384
Equity consideration issued for acquisition (Note 2)																		$ 433
Ending balance (in shares) at Mar. 31, 2026																		384
Ending balance at Mar. 31, 2026																		$ 433
Beginning balance (in shares) at Dec. 31, 2025			134,617,157	(128,005,058)	6,612,099													6,651,652
Beginning balance at Dec. 31, 2025	$ 145,843	145,843	$ 1,346	$ (1,280)	$ 66	$ 212,037	$ 982	213,019	$ (298)	$ 298	$ (11,881)	(11,881)	$ (55,361)	(55,361)	$ (1,483)	(1,483)	$ 144,360	$ 144,360
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss)		(6,689)										(6,689)				(33)		(6,722)
Foreign currency translation adjustment		(1,800)												(1,800)				(1,800)
Pension liability adjustment, net of tax		(170)												(170)				(170)
Private placement of common stock (in shares)					1,270,288
Private placement of common stock		15,000			$ 13			14,987										15,000
Equity consideration issued for acquisition (Note 2) (in shares)					6,449,233
Equity consideration issued for acquisition (Note 2)		40,016			$ 64			39,952										$ 40,016
Ending balance (in shares) at Mar. 31, 2026					14,331,620													14,371,173
Ending balance at Mar. 31, 2026		$ 192,200			$ 143			$ 267,958				$ (18,570)		$ (57,331)		$ (1,516)		$ 190,685

Merger - Non-cash transactions (Details) - Enzon $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Merger
Prepaids and other current assets acquired in connection with the Merger	$ 160
Other liabilities assumed in connection with the Merger	565
Series C preferred stock historically outstanding at Enzon that remained outstanding following the Merger	$ 433

Net Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net (loss) income	$ (6,722)	$ (13,594)
Less: Net (loss) attributable to noncontrolling interests	(33)	(9)
Net (loss) income attributable to Viskase Companies, Inc	(6,689)	(13,585)
Net (loss) income available to common stockholders, basic	(6,689)	(13,585)
Net (loss) income available to common stockholders, diluted	$ (6,689)	$ (13,585)
Denominator:
Weighted-average common shares outstanding, basic	7,931,249	5,126,972
Weighted-average common shares outstanding, diluted	7,931,249	5,126,972
Net (loss) income per share attributable to common stockholders, Basic	$ (0.84)	$ (2.65)
Net (loss) income per share attributable to common stockholders, Diluted	$ (0.84)	$ (2.65)

Debt Obligations - Debt Maturity (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Debt Obligations
2026	$ 51,104
2027	80,625
Revolving Credit Facility
Debt Obligations
2026	30,500
Term Loan
Debt Obligations
2026	7,500
2027	80,625
Other
Debt Obligations
2026	$ 13,104

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
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+ Details

Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventories, Net
Raw materials	$ 27,021	$ 27,141
Work in process	42,765	38,106
Finished products	29,060	31,508
Total inventories, net	98,846	96,755
Inventory reserve	$ 3,457	$ 3,613

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (6,689)	$ (13,585)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Revenue Recognition

3 Months Ended

Mar. 31, 2026

Revenue Recognition

Revenue Recognition

Note 17 – Revenue Recognition

The following table summarizes net sales by product line:


		Three Months			Three Months
		Ended			Ended
		March 31, 2026			March 31, 2025
Net Sales by product line
Nojax		$	46,715		$	52,113
Fibrous			24,674			25,192
Large			1,634			2,542
Plastic			10,758			12,375
Traded Goods			2,023			1,995
Other			733			(29)

Total		$	86,537		$	94,188

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Restructuring

3 Months Ended

Mar. 31, 2026

Restructuring

Restructuring

Note 16 – Restructuring

On March 26, 2025, the Company announced that it would cease production at the Osceola, Arkansas facility effective May 31, 2025 (the “2025 Plant Closure Program”). In connection with the plant closure, 210 employees were separated under the separation plan resulting in severance of approximately $4,600 included in the restructuring and related costs for the year ended December 31, 2025. The plant closure resulted in an impairment of $9,600 related to the property, plant and equipment and $2,500 related to inventory which are recorded as Asset impairment charge in the condensed consolidated statement of operations for the three months ended March 31, 2025.

Restructuring and related expense consists of the following in the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025, respectively:


	Three months ended		Three months ended
(in thousands)	March 31, 2026		March 31, 2025
Severance and other personnel costs	$	—	$	4,650
Transfer and disposal costs and professional fees		363		—
	$	363	$	4,650

The following table summarizes the activities as of March 31, 2026 and December 31, 2025:


(in thousands)	March 31, 2026		December 31, 2025
Beginning balance	$	153	$	—
Provision		363		7,054
Payments		(516)		(6,901)
Ending balance	$	—	$	153

In addition, we continue to review our global businesses and may take additional restructuring actions where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
NET SALES	$ 86,537	$ 94,188
Cost of sales	77,537	79,782
GROSS MARGIN	9,000	14,406
Selling, general and administrative	12,434	11,695
Amortization of intangibles	536	362
Loss on impairment of assets		12,100
Restructuring expense	363	4,650	$ 7,054
OPERATING LOSS	(4,333)	(14,401)
Interest expense, net	2,824	2,760
Other expense (income), net	(1,183)	(2,155)
LOSS BEFORE INCOME TAXES	(5,974)	(15,006)
Income tax provision (benefit)	748	(1,412)
NET LOSS	(6,722)	(13,594)
Less: net (loss) attributable to noncontrolling interests	(33)	(9)
Net (loss) income attributable to Viskase Companies, Inc	$ (6,689)	$ (13,585)
WEIGHTED AVERAGE COMMON SHARES
BASIC	7,931,249	5,126,972
DILUTED	7,931,249	5,126,972
EARNINGS PER SHARE
BASIC	$ (0.84)	$ (2.65)
DILUTED	$ (0.84)	$ (2.65)

Receivables, Net (Tables)

3 Months Ended

Mar. 31, 2026

Receivables, Net

Schedule of receivables net


(thousands)		March 31, 2026			December 31, 2025
Accounts receivable, gross		$	65,782		$	63,123
Less allowance for credit losses			(2,949)			(2,941)
Receivables, net		$	62,833		$	60,182

Retirement Plans (Details) - USD ($) $ in Thousands	3 Months Ended
Retirement Plans (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pension benefits
Employer contribution to pension benefits	$ 518	$ 551
Savings Plans
Defined contribution plan, expense	236	371
U.S. Pension Benefits
Component of net period benefit cost
Interest cost	1,170	1,218
Expected return on plan assets	(1,228)	(1,191)
Amortization of actuarial loss	(6)	(22)
Net periodic benefit cost (credit)	(52)	48
Non U.S. Pension Benefits
Component of net period benefit cost
Service cost	97	81
Interest cost	207	171
Expected return on plan assets	(7)	(6)
Amortization of prior service cost	1
Amortization of actuarial loss	106	21
Net periodic benefit cost (credit)	$ 192	$ 225
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)

Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other Current Assets
Prepaid expenses	$ 21,673	$ 19,709
Supplies	18,603	18,988
Other	4,043	3,797
Total other current assets	$ 44,283	$ 42,494

Inventories, Net (Tables)

3 Months Ended

Mar. 31, 2026

Inventories, Net

Schedule of inventories net


(thousands)		March 31, 2026			December 31, 2025
Raw materials		$	27,021		$	27,141
Work in process			42,765			38,106
Finished products			29,060			31,508
Total inventories, net		$	98,846		$	96,755

Net Earnings (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of basic and diluted net (loss) income per share

Basic and diluted net (loss) income per share attributable to common stockholders was calculated as follows (dollar amounts in thousands):


		Three Months Ended			Three Months Ended
		March 31, 2026			March 31, 2025
Numerator:
Net (loss) income		$	(6,722)		$	(13,594)
Less: Net (loss) attributable to noncontrolling interests			(33)			(9)
Net (loss) income attributable to common stockholders		$	(6,689)		$	(13,585)
Less: Dividends on Series C Preferred Stock			—			—
Net (loss) income available to common stockholders		$	(6,689)		$	(13,585)



Denominator:
Weighted-average common shares outstanding, basic and diluted			7,931,249			5,126,972
Net (loss) income per share attributable to common stockholders, basic and diluted		$	(0.84)		$	(2.65)

Merger

3 Months Ended

Mar. 31, 2026

Merger

Merger

Note 2 - Merger

As discussed in Note 1, Summary of Significant Accounting Policies, on March 26, 2026, the previously announced Merger between Viskase Companies, Merger Sub, and Enzon, was completed pursuant to the Merger Agreement.

Prior to the Closing Date of the Merger, the following occurred:

●

On January 30, 2026, Enzon commenced an offer to each holder of Enzon Series C Preferred Stock, other than the IEH Parties, to exchange each share of Enzon Series C Preferred Stock beneficially owned by such non-IEH party for a number of shares of Enzon Common Stock equal to (i) the aggregate liquidation value of the share divided by (ii) $7.83, which reflects the Enzon 20-Day volume weighted average price calculated in accordance with the Merger Agreement (the “Series C Exchange Offer”).

Of the 723 shares of Enzon Series C Preferred Stock held by non-IEH Parties, holders of 339 shares elected to participate in the Series C Exchange Offer and exchanged such shares for shares of Enzon Common Stock prior to the Closing Date. The holders of the remaining 384 shares of Enzon Series C Preferred Stock did not elect to exchange their shares, and those shares remained outstanding as of the Closing Date.

●

On March 11, 2026, a majority of the holders of Enzon Common Stock approved the 1-for-100 reverse stock split (the “Reverse Stock Split”). On March 24, 2026, Enzon effectuated the Reverse Stock Split pursuant to which every one hundred (100) shares of Enzon’s issued and outstanding common stock were combined into one (1) share of Enzon Common Stock.

●

On March 25, 2026, each share of Enzon’s Series C Non-Convertible Redeemable Preferred Stock, par value $0.01 per share (the “Enzon Series C Preferred Stock”) beneficially owned by Icahn Enterprises Holdings L.P. and certain of its affiliates (together, the “IEH Parties”) was exchanged for a number of shares of Enzon Common Stock equal to (i) the aggregate liquidation value of such shares of Enzon Series C Preferred Stock divided by (ii) the Enzon 20-day volume weighted average price of the Enzon Common Stock (the “IEH Share Exchange”). Accordingly, as of March 25, 2026, 5,658,396 shares of Enzon Common Stock were issued the IEH Parties in respect of the 39,277 shares of Enzon Series C Preferred Stock previously held by the IEH Parties.

On the Closing Date of the Merger, the following occurred:

●

Each share of Viskase Companies common stock issued and outstanding immediately prior to the Merger (other than shares held by Viskase Companies as treasury shares), which totaled 160,479,226 shares, was exchanged into the right to receive 0.049118 shares (the “Exchange Ratio”) of Viskase Holdings, Inc. common stock for a total of 7,882,387 shares.

●

Each share of Viskase Companies common stock issued and outstanding and held by Viskase Companies as treasury shares, which totaled 805,270 shares, was automatically cancelled and ceased to exist.

On the Closing Date, following the IEH Share Exchange, Series C Exchange Offer, and Reverse Stock Split, Enzon had 6,449,233 shares of common stock and 384 shares of Series C preferred stock issued and outstanding. Upon the Closing, these securities continue to reflect 6,449,233 shares of Viskase Holdings, Inc. common stock and 384 shares of Viskase Holdings, Inc. Series C preferred stock, respectively.

As of the Closing Date, legacy Viskase Companies shareholders and legacy Enzon shareholders held 55.0% and 45.0% of the voting rights of the Viskase Holdings, Inc. common stock, respectively.

The following table presents the total shares of Viskase Holdings, Inc. common stock outstanding immediately after the closing of the Merger:


Shares held by legacy Enzon common stockholders following Reverse Stock Split (prior to IEH Share Exchange and Series C Exchange Offer)		742,005
Shares held by IEH Parties subsequent to IEH Share Exchange		5,658,396
Shares held by non-IEH Parties subsequent to Series C Exchange Offer		48,832
Subtotal - Equity consideration issued for acquisition		6,449,233
Exchange of shares of Viskase Companies, Inc. common stock for shares of Viskase Holdings, Inc. common stock		7,882,387
Total shares of Viskase Holdings, Inc. common stock		14,331,620

The Merger was accounted for as a reverse recapitalization and not a business combination under ASC 805. Under this method of accounting, Enzon was treated as the acquired company for accounting purposes, whereas Viskase was treated as the accounting acquirer. This determination was primarily based on the fact that subsequent to the Merger, legacy Viskase shareholders have a majority of the voting power of the combined company, legacy Viskase comprises all of the ongoing operations of the combined entity, legacy Viskase comprises a majority of the governing body of the combined company, and legacy Viskase senior management comprises all of the senior management of the combined company.

In accordance with this method of accounting, the Merger was treated as the equivalent of Viskase issuing shares for the net assets of Enzon, accompanied by a recapitalization. The net assets of Enzon were stated at historical cost, with no goodwill or other intangible assets recorded, and the operations prior to the Merger are those of Viskase. The shares and net loss per common share of legacy Viskase Companies, prior to the Merger, have been retroactively restated as shares reflecting the Exchange Ratio established in the Merger.

As part of the recapitalization, the Company obtained the assets and liabilities listed below (in thousands):


Cash and cash equivalents	$	40,854
Prepaid expenses and other current assets		160
Accrued expenses and other current liabilities		(565)
Net assets acquired	$	40,449

The Company did not capitalize any transaction costs in connection with the Merger.

The following table presents non-cash transactions associated with the Merger which were excluded from the condensed consolidated statements of cash flows:


		For the three
		months ended
Description		March 31, 2026
Prepaids and other current assets acquired in connection with the Merger		$	160
Other liabilities assumed in connection with the Merger			565
Series C preferred stock historically outstanding at Enzon that remained outstanding following the Merger			433

Restructuring (Details) $ in Thousands	3 Months Ended		12 Months Ended
Restructuring (Details) $ in Thousands	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) employee
Restructuring
Number of employees separated \| employee			210
Restructuring expense	$ 363	$ 4,650	$ 7,054
Impairment of property, plant and equipment		9,600
Inventory impairment		2,500
Severance and other personnel costs
Restructuring
Restructuring expense		$ 4,650	$ 4,600

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Inventories, Net

3 Months Ended

Mar. 31, 2026

Inventories, Net

Inventories, Net

Note 4 – Inventories, Net

Inventories net, consists of the following:


(thousands)		March 31, 2026			December 31, 2025
Raw materials		$	27,021		$	27,141
Work in process			42,765			38,106
Finished products			29,060			31,508
Total inventories, net		$	98,846		$	96,755

As of March 31, 2026 and December 31, 2025, the Company had an inventory reserve of $3,457 and $3,613, respectively.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 28,619	$ 9,217
Receivables, net	62,833	60,182
Inventories, net	98,846	96,755
Other current assets	44,283	42,494
Total current assets	234,581	208,648
Property, plant and equipment	485,501	482,326
Less accumulated depreciation	(342,550)	(341,022)
Property, plant and equipment, net	142,951	141,304
Right of use assets	18,806	19,946
Other assets, net	10,667	9,842
Intangible assets, net	12,894	13,401
Goodwill	3,073	3,131
Deferred tax asset	5,902	5,870
Total Assets	428,874	402,142
Current liabilities:
Short-term debt	51,104	141,774
Accounts payable	36,893	44,342
Accrued liabilities	24,792	24,282
Short-term lease liabilities	4,148	4,119
Total current liabilities	116,937	214,517
Long-term debt, net of current maturities	79,730
Long-term liabilities:
Accrued employee benefits	22,621	23,597
Deferred income taxes	1,495	1,557
Long-term lease liabilities	16,973	18,111
Mezzanine equity:
Series C preferred stock - $0.01 par value, 3,000,000 shares authorized, 384 and 0 issued and outstanding (liquidation value $1,129 and $0 per share) at March 31, 2026 and December 31, 2025, respectively	433
Stockholders' equity:
Common stock, $0.01 par value; 170,000,000 shares authorized, 14,371,173 shares issued and 14,331,620 shares outstanding at March 31, 2026 and 170,000,000 shares authorized 6,651,652 shares issued and 6,612,099 shares outstanding at December 31, 2025	143	66
Paid in capital	267,959	213,019
Retained earnings	(18,570)	(11,881)
Accumulated other comprehensive loss	(57,331)	(55,361)
Total Viskase stockholders' equity	192,201	145,843
Deficit attributable to non-controlling interest	(1,516)	(1,483)
Total stockholders' equity	190,685	144,360
Total Liabilities, Mezzanine Equity, and Stockholders' Equity	$ 428,874	$ 402,142

Debt Obligations - Foreign lines of credit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Obligations
Borrowings	11,631	11,631
Foreign Lines of Credit
Debt Obligations
Maximum availability	$ 12,200
Borrowings under the lines of credit	$ 11,378
Current interest rate	3.91%

Retirement Plans

3 Months Ended

Mar. 31, 2026

Retirement Plans

Retirement Plans

Note 8 – Retirement Plans

The Company has contributed $518 and $551 to pension benefits in the U.S. during the three months ended March 31, 2026 and March 31, 2025, respectively.

The Company and its subsidiaries have defined contribution and defined benefit plans varying by country and subsidiary.

The Company’s operations in the United States, France, Philippines and Germany historically offered defined benefit retirement plans (“Plan”) to their employees. Most of these benefits have been terminated, resulting in various reductions in liabilities and curtailment gains.

In connection with our adoption of FASB issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, the components of net periodic benefit cost other than the service cost component are included in the line item other expense in the income statement.

The following sets forth the components of net periodic benefit cost for the periods indicated:


		U.S. Pension Benefits
		Three Months Ended		Three Months Ended
		March 31, 2026		March 31, 2025
Component of net period benefit cost
Service cost		$	—	$	—
Interest cost			1,170		1,218
Expected return on plan assets			(1,228)		(1,191)
Amortization of prior service cost			—		—
Amortization of actuarial loss			6		22
		$	(52)	$	48

			Non U.S. Pension Benefits
		Three Months Ended		Three Months Ended
		March 31, 2026		March 31, 2025
Component of net period benefit cost
Service cost		$	97	$	81
Interest cost			207		171
Expected return on plan assets			(7)		(6)
Amortization of prior service cost			1		—
Amortization of actuarial loss			(106)		(21)
		$	192	$	225

Savings Plans

The Company also has defined contribution savings and similar plans for eligible employees, which vary by subsidiary. The Company’s aggregate contributions to these plans are based on eligible employee contributions and certain other factors. The Company expenses for these plans for the three months ended March 31, 2026 and March 31, 2025 were approximately $236 and $371, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 715
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
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-Section 55
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Senior Credit Facility (Details) $ in Thousands		3 Months Ended
Senior Credit Facility (Details) $ in Thousands	Apr. 16, 2026	Mar. 31, 2026	Jan. 23, 2026 USD ($)	Dec. 31, 2025	Jul. 26, 2025 USD ($)	Sep. 30, 2022 USD ($)	Oct. 09, 2020 USD ($)
SOFR \| Subsequent
Debt Obligations
Basis spread on variable rate	1.00%
Closing of the Enzon Merger by December 31, 2025
Debt Obligations
Mandatory prepayments					$ 15,000
Closing of the Enzon Merger after December 31, 2025
Debt Obligations
Mandatory prepayments					$ 11,250
Senior credit facility
Debt Obligations
Consolidated leverage ratio				4
Maximum amount of certain indebtedness			$ 100
Maximum advance			$ 50
Current interest rate		7.66%
Senior credit facility \| Federal Funds Rate \| Subsequent
Debt Obligations
Basis spread on variable rate	0.50%
Senior credit facility \| Revolving Credit Facility
Debt Obligations
Maximum availability						$ 37,000	$ 30,000
Term Loan
Debt Obligations
Term loan							$ 150,000
Effective interest rate		9.14%
Senior Credit Facility (other than Swingline Loans) \| Subsequent
Debt Obligations
Minimum interest rate	0.00%
U.S. dollar denominated loans \| Subsequent
Debt Obligations
Minimum interest rate	1.00%

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Taxes

Income Taxes

Note 10 – Income Taxes

For the three months ended March 31, 2026, we recorded an income tax expense of $748 on pre-tax loss of $(5,974) compared to an income tax benefit of $1,412 on pre-tax loss of $(15,006) for the three months ended March 31, 2025. Our effective income tax rate was (12.5)% and 9.4% for the three months ended March 31, 2026 and 2025, respectively.

For the three months ended March 31, 2026 the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to a valuation allowance against US deferred tax assets and the jurisdictional mix of earnings and operating losses expected for the year.

For the three months ended March 31, 2025 the effective tax rate was lower than the statutory federal rate of 21%, for corporations, primarily due to the jurisdictional mix of earnings and operating losses expected for the year.

- Definition

The entire disclosure for income tax.

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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 04, 2026
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-12957
Entity Registrant Name	Viskase Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-2372868
Entity Address, Postal Zip Code	60148
Entity Address, Address Line One	333 East Butterfield Road, Suite 400
Entity Address, City or Town	Lombard
Entity Address State Or Province	IL
City Area Code	630
Local Phone Number	874-0700
Title of 12(b) Security	None
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,331,620
Entity Central Index Key	0000727510
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
No Trading Symbol Flag	true

Other Comprehensive Income and Changes in Accumulated Other Comprehensive Loss - Changes in accumulated other comprehensive loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Changes in accumulated other comprehensive loss
Beginning balance	$ 144,360	$ 169,988
Ending balance	190,685	173,650
Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss
Beginning balance	(55,361)	(65,386)
Other comprehensive income (loss) before reclassifications	(1,800)	2,157
Reclassifications from accumulated other comprehensive loss to earnings	(170)	99
Ending balance	(57,331)	(63,130)
Accrued Employee Benefits
Changes in accumulated other comprehensive loss
Beginning balance	(17,404)	(20,958)
Reclassifications from accumulated other comprehensive loss to earnings	(170)	99
Ending balance	(17,574)	(20,859)
Translation Adjustments
Changes in accumulated other comprehensive loss
Beginning balance	(37,957)	(44,428)
Other comprehensive income (loss) before reclassifications	(1,800)	2,157
Ending balance	$ (39,757)	$ (42,271)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Summary of Significant Accounting Policies
Merger	Merger On March 26, 2026, (the “Closing Date”) Viskase Holdings, Inc. (formerly known as Enzon Pharmaceuticals, Inc.) consummated the previously announced transactions pursuant to the Agreement and Plan of Merger, dated as of June 20, 2025, by and among Viskase Companies, Inc., EPSC Acquisition Corp., a wholly owned subsidiary of Enzon Pharmaceuticals, Inc. (“Merger Sub”), and Enzon Pharmaceuticals, Inc. (“Enzon”), as amended by the First Amendment to the Agreement and Plan of Merger, dated as of October 24, 2025 (as amended, the “Merger Agreement”). Pursuant to the terms of the Merger Agreement, on the Closing Date, Merger Sub merged with and into Viskase Companies, Inc., with Viskase Companies, Inc. continuing as the surviving entity following the Merger and as a wholly owned subsidiary of Viskase Holdings, Inc. Promptly following the Merger, Viskase Companies, Inc. converted into a limited liability company under Delaware law and changed its name to “Viskase Companies, LLC”, which we refer to as “Viskase Companies”. Promptly following the Merger, Enzon filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of Delaware to change its name to “Viskase Holdings, Inc.” The transactions contemplated by the Merger Agreement are hereinafter referred to as the “Merger.” Unless otherwise indicated or the context otherwise requires, references in these notes to condensed consolidated financial statements to “Viskase” and “the Company” refer to the business and operations of Viskase Companies prior to the Merger and to Viskase Holdings, Inc. and its consolidated subsidiaries following the Merger. See Note 2, Merger, for additional information on the Merger.
Nature of Operations	Nature of Operations Viskase Holdings, Inc. together with its subsidiaries (“we” or the “Company”) is a producer of non-edible cellulosic, fibrous and plastic casings used to prepare and package processed meat products, and provides value-added support services relating to these products, for some of the largest global consumer products companies. We were incorporated in Delaware in 1970. The Company operates eight manufacturing facilities in North America, Europe, South America, and Asia and, as a result, is able to sell its products in nearly one hundred countries throughout the world.
Going Concern	Going Concern The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate refinancing of its Senior Credit Facility before its maturity in August 2027. We fully expect the refinancing will be completed before the maturity of its Senior Credit Facility. However, there is no assurance that the Company will be able to obtain sufficient additional funds to refinance these maturities or that such funds, if available, will be obtainable on terms satisfactory to the Company, and therefore substantial doubt exists about the Company’s ability to continue as a going concern. The condensed consolidated financial statements do not include any adjustments that might result from the Company being unable to continue as a going concern.
Seasonality	Seasonality Historically, our domestic sales and profits have been seasonal in nature, increasing in the spring and summer months. Sales outside of the United States follow a relatively stable pattern throughout the year.
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company, its subsidiaries and variable interest entity (“VIE”) for which the Company is the primary beneficiary. All inter-company accounts and transactions have been eliminated in consolidation. Some details and footnotes required under U.S. GAAP have been reduced or omitted to meet regulatory guidelines in the interim financial statements, but the Company believes the information remains clear and accurate. For a more complete understanding, these interim financial statements should be considered alongside the consolidated financial statements and notes included in the Company’s annual report for the year ending December 31, 2025. The Company believes that the accompanying unaudited condensed consolidated financial statements include all necessary adjustments, comprising routine recurring accruals, to accurately reflect the financial position as of March 31, 2026, as well as the operating results and cash flows for the periods presented. However, the operating results for the period ended March 31, 2026 may not be representative of the results expected for the full year ending December 31, 2026.
Noncontrolling Interests	Noncontrolling Interests The Company consolidated its variable interest in a joint venture, VE Netting, LLC, as the Company is identified as the primary beneficiary. Noncontrolling interests reflect the equity ownership held by third parties. These noncontrolling interests are presented as a separate component of equity within the consolidated financial statements, distinct from the Company’s stockholders’ equity. The portion of net (loss) income attributable to noncontrolling interests is reported in the condensed consolidated statements of operations.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The financial statements are prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America and include the use of estimates and assumptions that affect a number of amounts included in the Company’s financial statements, including, among other things, pensions and other postretirement benefits and related disclosures, reserves for excess and obsolete inventory, allowance for credit losses, and income taxes. Management bases its estimates on historical experience and other assumptions that we believe are reasonable. If actual amounts are ultimately different from previous estimates, the revisions are included in the Company’s results for the period in which the actual amounts become known. Historically, the aggregate differences, if any, between the Company’s estimates and actual amounts in any year have not had a significant effect on the Company’s condensed consolidated financial statements.
Financial Instruments	Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts receivable and accounts payable. The carrying amounts of these financial assets and liabilities approximate fair value due to the short maturities of these instruments. Management believes the fair value of the Company’s revolving loans approximate the carrying value due to credit risk or current market rates, which approximate the effective interest rates on those instruments. The fair value of the Company’s term loans is estimated by discounting the future cash flow using the Company’s current borrowing rates for similar types and maturities of debt.
Income Taxes	Income Taxes We account for income taxes in accordance with ASC 740, Income Taxes (ASC 740). Deferred tax assets and liabilities are measured using enacted tax laws and tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the enactment date. In addition, the amounts of any future tax benefits are reduced by a valuation allowance to the extent such benefits are not expected to be realized on a more likely than not basis. A two-step approach is applied pursuant to ASC 740 in the recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return. The first step is to determine if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained in an audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. We recognize interest and penalties related to uncertain tax positions in our provision for income taxes line of our consolidated statements of operations.
Restructuring	Restructuring Restructuring charges are incurred for programs in which the Company changes its operations, the scope of a business undertaken by its business units, or the manner in which that business is conducted. Such charges may include employee severance, retention bonuses, facility closure or consolidation costs, lease or contract termination costs, accelerated depreciation and amortization, and other related expenses. The restructuring programs may be implemented due to the sale or discontinuation of a product line, reorganization or management structure changes, headcount rationalization, realignment of operations or products, and/or company-wide cost saving initiatives. The amount and/or frequency of these restructuring charges are not part of the Company’s underlying business. Employee severance costs are generally recognized when payments are probable and amounts are reasonably estimable. Costs related to contracts without future benefit or contract termination are recognized at fair value at the earlier of the contract termination or the cease-use dates. Other exit-related costs are expensed as incurred. Refer to Note 16 – Restructuring for additional details.
Variable Interest Entity	Variable Interest Entity The Company holds a variable interest in VE Netting, LLC. The joint venture is a manufacturing, marketing and selling company of high-quality netting solutions for the meat and poultry industry. VE Netting, LLC is a Delaware limited liability company with its principal place of business in Lombard, IL. The netting product is manufactured under agreement by Viskase’s affiliate located in Monterrey, Mexico. VE Netting, LLC was determined to be a variable interest entity (VIE) in accordance with ASC Topic 810, Consolidations, for which the Company is the primary beneficiary, as the Company has the power to direct activities that most significantly impact the economic performance and has the right to receive benefits and losses that may potentially be significant. As the primary beneficiary of the VIE, the VIE’s assets, liabilities, and results of operations are included in the Company’s condensed consolidated financial statements as of March 31, 2026 and December 31, 2025 and for the three ended March 31, 2026 and March 31, 2025. The other equity holders’ interests are reflected in “Net (loss) income attributable to noncontrolling interests” in the Consolidated Statements of Operations and “Noncontrolling interests” in the Condensed Consolidated Balance Sheets. See Note 14 -Variable Interest Entity for standalone financial information.
Other Comprehensive (Loss) Income	Other Comprehensive (Loss) Income Other comprehensive (loss) income includes all other non-stockholder changes in equity. Changes in other comprehensive income (loss) for three ended March 31, 2026 and December 31,2025 resulted from changes in foreign currency translation and pension liability. Accumulated other comprehensive (loss) income consists of cumulative changes in foreign currency translation and pension liability. The Company uses the portfolio approach for releasing income tax effects from accumulated other comprehensive (loss) income.
Revenue Recognition	Revenue Recognitionon the income statement. The Company generally does not offer warranties or a right to return on the products it sells except in the instance of a product defect or mis-ship.
Segments	Segments Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. To date, the Company’s chief operating decision maker makes such decisions and assesses performance at the geographic region level, including North America, South America, EMEA, and Asia which are the Company’s four reportable segments under ASC 280. See Note 12, Business Segment Information and Geographic Area Information for further information.
Debt	Debt The Company accounts for debt in accordance with ASC 470, Debt (ASC 470). Issuance costs for term debt are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. These costs are amortized over the term of the related debt using the interest method under ASC 835-30. The effective interest rate for variable rate debt is determined in accordance with ASC 310-20-35, in which the Company’s policy is to use the variable rate at inception of the debt in the determination of the constant effective yield.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncementsstandard is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-05 on its condensed consolidated financial statements and related disclosures.

Debt Obligations

3 Months Ended

Mar. 31, 2026

Debt Obligations

Debt Obligations

Note 7 – Debt Obligations

Debt obligations consist of the following:


(thousands)		March 31, 2026			December 31, 2025
Short-term debt:
Senior credit facility		$	38,000		$	130,375
Europe Line of Credit			13,104			11,631
Other			—			598
Less: short term deferred financing costs			—			(830)
Total short-term debt			51,104			141,774

Long-term debt:
Senior credit facility		$	80,625		$	—
Less: long-term deferred financing costs			(895)			—
Total long-term debt, net			79,730			—
Total debt		$	130,834		$	141,774

Senior Credit Facility

On October 9, 2020, the Company and certain of its subsidiaries, entered into a certain Credit Agreement (the “Credit Agreement”) with the various lenders named therein and Bank of America, N.A., as administrative agent for the lenders (the “Administrative Agent”), providing for a $150,000 term loan (the “Term Loan”) and a $30,000 revolving credit facility (the “Revolving Credit Facility” and together with the Term Loan, the “Senior Credit Facility”) as amended by the First Amendment to Credit Agreement dated as of August 13, 2021, the Second Amendment to Credit Agreement dated as of August 10, 2022 and as further amended by the Limited Waiver and Third Amendment to Credit Agreement dated as of February 14, 2025 (the “Third Amendment”) as described below.

The Second Amendment to the Senior Credit Facility increased the commitment of the New Revolving Credit Facility to $37,000 and transitioned Term Loans on September 30, 2022 and Revolving Loans on August 30, 2022 from LIBOR Loans to SOFR Loans. Amended terms of the facility are stated below.

The Third Amendment includes a waiver on covenants for the year ended December 31, 2024, and a relief period for year 2025 (the “Covenant Relief Period”). During the Covenant Relief period, the consolidated leverage ratio was increased to 4.00X through December 31, 2025. The consolidated fixed charge coverage ratio was modified to include only maintenance capital expenditures and a year-to-date build basis for quarter end calculation. On December 31, 2025, the consolidated fixed charge coverage ratio returned to an LTM basis. During the Covenant Relief Period, restricted payments, permitted acquisitions and other investments as defined by the Credit Agreement were not allowed and the accordion feature of the credit facility, which allowed for an increase in borrowings under the facility was suspended.

On July 26, 2025, the Company entered into the Fourth Amendment to its Senior Credit Facility. There were no changes to the facility amounts or maturity dates and repayment terms remained largely unchanged except for mandatory prepayments equal to $15,000 upon the closing of the Enzon Merger by December 31, 2025 or $11,250 if after December 31, 2025. The amendment also allows for certain exclusions relative to the merger for its financial covenants and EBIDTA addback amounts.

On October 10, 2025, we finalized the fifth amendment to our credit agreement, which modified certain of our financial covenants.

On January 23, 2026, we finalized the sixth amendment to our credit agreement, which includes a waiver on covenants for the year ended December 31, 2025. The Sixth Amendment, among other items, (i) requires Viskase to cooperate with the Administrative Agent’s financial advisor by providing access to Viskase’s facilities, financial information and senior management as required by the financial advisor and to reimburse the Administrative Agent for reasonable costs and fees associated with the engagement of the financial advisor’s services; (ii) subject to exceptions enumerated in the Sixth Amendment, Viskase and certain of its subsidiaries may not incur certain types of indebtedness of an aggregate of more than $100 at any one time; and (iii) Viskase and certain of its subsidiaries may not advance to officers, directors, and employees an aggregate amount greater than $50 at any one time.

On April 16, 2026, we finalized the Seventh Amendment to our Credit Agreement, which extends the Maturity Date from August 13, 2026 until August 13, 2027, amends the definition of Applicable Rate to increase the interest rate, amends the definition of Consolidated EBITDA to address the treatment of certain restructuring and transaction related costs and expenses, amends the definition of Permitted Transfers to allow the disposition of the equipment, real property and improvements of the Osceola Facility and the real property and improvements of the Chicago Property, and amends certain thresholds for obligations under the Existing Credit Agreement.

The interest rates per annum applicable to the Amended Senior Credit Facility (other than in respect of Swingline Loans) will be SOFR, but in any event, not less than 0.00%, plus the Applicable Rate (as defined below), or, for U.S. dollar denominated loans only, made to the Company at the option of the Company, the Base Rate, defined as the highest of: (a) the Federal Funds Rate plus one-half percent (0.50%); (b) the Bank of America prime rate; and (c) the one (1) month SOFR (adjusted daily) plus one percent (1.00%), but in any case not less than 1.00%, plus the Applicable Rate. Applicable Rate means, with respect to the Amended Senior Credit Facility, a percentage per annum to be determined in accordance with the applicable pricing grid set forth in the Amended Senior Credit Facility based upon the Company’s Consolidated Coverage Ratio as reflected in a quarterly Compliance Certificate. Each Swingline Loan shall bear interest at the Base Rate plus the Applicable Rate for Base Rate loans under the New Revolving Credit Facility.

As of March 31, 2026, our current interest rate is 7.66%. The effective interest rate of the Term Loan as of March 31, 2026 is 9.14%, which is determined in accordance with ASC 310-20-35, based on the variable rate in effect at inception of the instrument.

The Company may prepay the Amended Senior Credit Facility, in whole or in part, at any time without premium or penalty, subject to reimbursement of the Lenders’ breakage and redeployment costs in the case of prepayment of SOFR borrowings and foreign currency borrowings bearing interest at a rate other than SOFR. Each such prepayment of the New Term Facility shall be applied as directed by the Company. The unutilized portion of the commitments under the Amended Senior Credit Facility may be irrevocably reduced or terminated by the Company at any time without penalty.

The Amended Senior Credit Facility is guaranteed by each existing and future direct and indirect wholly owned material domestic Restricted Subsidiary and foreign Restricted Subsidiary of the Company (other than any Brazilian subsidiary). The Amended Senior Credit Facility is secured by substantially all assets of the Company and its material domestic Restricted Subsidiaries, with the exception of real property.

The Amended Senior Credit Facility contains various covenants which restrict the Company’s ability to, among other things, incur indebtedness, create liens on our assets, make investments, enter into merger, consolidation or acquisition transactions, dispose of assets (other than in the ordinary course of business), make certain restricted payments, enter into sale and leaseback transactions and transactions with affiliates, in each case subject to permitted exceptions. The Amended Senior Credit Facility also requires that we comply with certain financial covenants, including meeting a consolidated leverage ratio and consolidated fixed charge coverage ratio.

The Company is in compliance with the amended covenants as of March 31, 2026.

Foreign Lines of Credit

In its foreign operations, the Company has unsecured lines of credit with various banks providing approximately $12,200 of availability. There were borrowings of $11,378 under the lines of credit at March 31, 2026 and borrowings of $11,631 under the lines of credit at December 31, 2025. As of March 31, 2026, our current interest rate is 3.91%. The line of credit is an uncommitted facility that can be terminated at any time with payment on demand.

Debt Maturity

The aggregate maturities of debt ⁽¹⁾ for each of the next five years are:


		2026			2027			2028			2029			2030			Thereafter
Term Loan		$	7,500		$	80,625		$	—		$	—		$	—		$	—
Revolving Credit Facility			30,500			—			—			—			—			—
Other			13,104			—			—			—			—			—
Total aggregate maturities		$	51,104		$	80,625		$	—		$	—		$	—		$	—

(1)	The aggregate maturities of debt represent amounts to be paid at maturity and not the current carrying value of the debt.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Receivables, Net

3 Months Ended

Mar. 31, 2026

Receivables, Net

Receivables, Net

Note 3 – Receivables, Net

Receivables net, consist of the following:


(thousands)		March 31, 2026			December 31, 2025
Accounts receivable, gross		$	65,782		$	63,123
Less allowance for credit losses			(2,949)			(2,941)
Receivables, net		$	62,833		$	60,182

Net Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Earnings (Loss) Per Share

Note 15 – Net Earnings (Loss) Per Share

Basic and diluted net (loss) income per share attributable to common stockholders was calculated as follows (dollar amounts in thousands):


		Three Months Ended			Three Months Ended
		March 31, 2026			March 31, 2025
Numerator:
Net (loss) income		$	(6,722)		$	(13,594)
Less: Net (loss) attributable to noncontrolling interests			(33)			(9)
Net (loss) income attributable to common stockholders		$	(6,689)		$	(13,585)
Less: Dividends on Series C Preferred Stock			—			—
Net (loss) income available to common stockholders		$	(6,689)		$	(13,585)



Denominator:
Weighted-average common shares outstanding, basic and diluted			7,931,249			5,126,972
Net (loss) income per share attributable to common stockholders, basic and diluted		$	(0.84)		$	(2.65)

Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2026

Other Current Assets

Schedule of the other current assets


		March 31,			December 31,
(thousands)		2026			2025
Prepaid expenses		$	21,673		$	19,709
Supplies			18,603			18,988
Other			4,043			3,797
Total other current assets		$	44,283		$	42,494

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net loss	$ (6,722)	$ (13,594)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and Amortization	4,228	5,380
Amortization of deferred financing fees	439	151
Loss on impairment of assets	34
Loss on impairment of assets		12,100
Changes in operating assets and liabilities:
Receivables	(3,415)	(1,186)
Inventories	(3,321)	(5,663)
Other current assets	(1,769)	(3,435)
Other assets		(203)
Accounts payable	(4,533)	3,660
Accrued liabilities	(901)	3,950
Accrued employee benefits		(670)
Other	(355)	(361)
Total adjustments	(9,593)	13,723
Net cash (used in) provided by operating activities	(16,315)	129
Cash flows from investing activities:
Capital expenditures	(8,985)	(7,351)
Net cash used in investing activities	(8,985)	(7,351)
Cash flows from financing activities:
Cash acquired in connection with reverse recapitalization	40,855
Deferred financing costs	(504)	(300)
Issuance of common stock	15,000	15,000
Repayment of short-term debt	(11,250)	(7,512)
Proceeds from long-term debt	647
Net cash provided by financing activities	44,748	7,188
Effect of currency exchange rate changes on cash	(46)	83
Net increase in cash and equivalents	19,402	49
Cash, equivalents and restricted cash at beginning of period	9,217	5,704
Cash, equivalents and restricted cash at end of period	28,619	5,753
Supplemental cash flow information:
Interest paid less capitalized interest	2,385	2,609
Income taxes paid	315	$ 277
Capital Expenditure in Accounts Payable	$ 1,461

Merger (Tables)

3 Months Ended

Mar. 31, 2026

Merger

Schedule of common stock outstanding after close of merger


Shares held by legacy Enzon common stockholders following Reverse Stock Split (prior to IEH Share Exchange and Series C Exchange Offer)		742,005
Shares held by IEH Parties subsequent to IEH Share Exchange		5,658,396
Shares held by non-IEH Parties subsequent to Series C Exchange Offer		48,832
Subtotal - Equity consideration issued for acquisition		6,449,233
Exchange of shares of Viskase Companies, Inc. common stock for shares of Viskase Holdings, Inc. common stock		7,882,387
Total shares of Viskase Holdings, Inc. common stock		14,331,620

Schedule of obtained assets and liabilities

As part of the recapitalization, the Company obtained the assets and liabilities listed below (in thousands):


Cash and cash equivalents	$	40,854
Prepaid expenses and other current assets		160
Accrued expenses and other current liabilities		(565)
Net assets acquired	$	40,449

Schedule of non-cash transaction associated with merger


		For the three
		months ended
Description		March 31, 2026
Prepaids and other current assets acquired in connection with the Merger		$	160
Other liabilities assumed in connection with the Merger			565
Series C preferred stock historically outstanding at Enzon that remained outstanding following the Merger			433

Restructuring (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring

Schedule of restructuring and related expenses


	Three months ended		Three months ended
(in thousands)	March 31, 2026		March 31, 2025
Severance and other personnel costs	$	—	$	4,650
Transfer and disposal costs and professional fees		363		—
	$	363	$	4,650

Schedule of restructuring activity


(in thousands)	March 31, 2026		December 31, 2025
Beginning balance	$	153	$	—
Provision		363		7,054
Payments		(516)		(6,901)
Ending balance	$	—	$	153

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2026

Retirement Plans

Schedule of components of net periodic benefit cost


		U.S. Pension Benefits
		Three Months Ended		Three Months Ended
		March 31, 2026		March 31, 2025
Component of net period benefit cost
Service cost		$	—	$	—
Interest cost			1,170		1,218
Expected return on plan assets			(1,228)		(1,191)
Amortization of prior service cost			—		—
Amortization of actuarial loss			6		22
		$	(52)	$	48

			Non U.S. Pension Benefits
		Three Months Ended		Three Months Ended
		March 31, 2026		March 31, 2025
Component of net period benefit cost
Service cost		$	97	$	81
Interest cost			207		171
Expected return on plan assets			(7)		(6)
Amortization of prior service cost			1		—
Amortization of actuarial loss			(106)		(21)
		$	192	$	225

Property, Plant and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment, net

Schedule of property, plant and equipment, net,


(thousands)		March 31, 2026			December 31, 2025
Land and improvements		$	1,797		$	1,880
Buildings and improvements			54,510			55,331
Machinery and equipment			352,275			354,178
Furniture and fixtures			28,981			28,981
Construction in progress			47,938			41,956
Total property plant and equipment		$	485,501		$	482,326


(thousands)		March 31, 2026			December 31, 2025
Land and improvements		$	535		$	533
Buildings and improvements			31,682			31,691
Machinery and equipment			294,271			292,736
Furniture and fixtures			16,062			16,062
Total accumulated depreciation		$	342,550		$	341,022

Business Segment Information and Geographic Area Information (Tables)

3 Months Ended

Mar. 31, 2026

Business Segment Information and Geographic Area Information

Schedule of information relating to segments

The following table reflects the results of the Company’s segments:


	Three Months Ended March 31, 2026
	North		South						Corporate
	America		America		EMEA		Asia		and Other		Consolidated
Sales from external customers	$	33,375	$	11,387	$	33,899	$	7,876	$	—	$	86,537
Intersegment net sales		3,116		—		17,725		—		—	$	20,841
		36,491		11,387		51,624		7,876		—		107,378

Reconciliation of revenue
Elimination of intersegment sales										(20,841)		(20,841)
Total consolidated net sales												86,537

Cost of sales		(34,585)		(10,218)		(46,672)		(6,903)		20,841		(77,537)
Selling and marketing		(1,015)		(432)		(991)		(66)		—		(2,504)
General and administrative		(5,914)		(519)		(2,701)		(238)		—		(9,372)
Research and development		(389)		(11)		(128)		(30)		—		(558)
Amortization of intangibles		(29)		(120)		(387)		—		—		(536)
Asset impairment charge		—		—		—		—		—		—
Restructuring expense and related expense		(363)		—		—		—		—		(363)
Segment operating income		(5,804)		87		745		639		—		(4,333)

Interest expense, net												2,824
Other (expense) income, net												(1,183)
Net (loss) income before income taxes												(5,974)


	Three Months Ended March 31, 2025
	North	South			Corporate
	America	America	EMEA	Asia	and Other	Consolidated
Sales from external customers	43,485	11,322	30,016	9,365	—		94,188
Intersegment net sales	9,826	73	11,044	—	—		20,943
	53,311	11,395	41,060	9,365	—		115,131

Reconciliation of revenue
Elimination of intersegment sales					(20,943)		(20,943)
Total consolidated net sales							94,188

Cost of sales	(47,306)	(10,165)	(34,745)	(8,509)	20,943		(79,782)
Selling and marketing	(1,108)	(375)	(836)	(38)	—		(2,357)
General and administrative	(5,185)	(572)	(2,710)	(209)	—		(8,676)
Research and development	(532)	(12)	(103)	(15)	—		(662)
Amortization of intangibles	(27)	—	(335)	—	—		(362)
Asset impairment charge	(12,100)	—	—	—	—		(12,100)
Restructuring expense and related expense	(4,650)	—	—	—	—		(4,650)
Segment operating income	(17,597)	271	2,331	594	—		(14,401)

Interest expense, net						$	2,760
Other (expense) income, net						$	(2,155)
Net (loss) income before income taxes							(15,006)

The following table reflects the Company’s inventory by segment:


		March 31, 2026			December 31, 2025
North America		$	32,688		$	30,678
South America			19,931			19,160
EMEA			34,543			37,767
Asia			11,684			9,150
Consolidated inventory		$	98,846		$	96,755

Schedule of long-lived assets by country, which include property and equipment, net, operating lease right-of-use assets, net, and other assets, net

The following table reflects the Company’s expenditures for long-lived assets by segment for the three ended March 31, 2026 and 2025:


		March 31, 2026			December 31, 2025
North America		$	6,007		$	6,481
South America			—			15
EMEA			524			869
Asia			76			9
Total expenditure for long- lived assets		$	6,607		$	7,374

Total long-lived assets by country, which include property and equipment, net, operating lease right-of-use assets, net, and other assets, net, consists of the following:


		March 31, 2026			December 31, 2025
United States		$	97,143		$	92,876
France			28,634			29,630
Brazil			12,657			12,337
Poland			10,935			11,671
Philippines			7,792			8,356
Other international			15,263			16,220
Consolidated long-lived assets		$	172,424		$	171,092

Business Segment Information and Geographic Area Information - Geographic Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Geographic Information
Long-lived assets	$ 172,424	$ 171,092
U.S. Pension Benefits
Geographic Information
Long-lived assets	97,143	92,876
France
Geographic Information
Long-lived assets	28,634	29,630
Brazil
Geographic Information
Long-lived assets	12,657	12,337
Poland
Geographic Information
Long-lived assets	10,935	11,671
Philippines
Geographic Information
Long-lived assets	7,792	8,356
Other international
Geographic Information
Long-lived assets	$ 15,263	$ 16,220

Related-Party Transactions

3 Months Ended

Mar. 31, 2026

Related-Party Transactions

Related-Party Transactions

Note 11 – Related-Party Transactions

As of March 31, 2026, and December 31, 2025, IELP owned approximately 93.68% and 92.8% of our outstanding common stock, respectively.

Equity Private Placement of Common Stock

In January 2026, Viskase entered into a securities purchase agreement with AEP pursuant to which it issued and sold 25,862,070 shares of its common stock at a purchase price of $0.58 per share, resulting in aggregate cash proceeds of approximately $15.0 million. Prior to the completion of this Private Placement, IELP beneficially owned approximately 92.82% of the Company’s outstanding common stock. As a result of these Private Placements, IELP is the beneficial owner of approximately 94.0% of the Company’s outstanding common stock.

Pension Liabilities

Applicable pension and tax laws make each member of a “controlled group” of entities, generally defined as entities in which there is at least an 80% common ownership interest, jointly and severally liable for certain pension plan obligations of any member of the controlled group. These pension obligations include ongoing contributions to fund the plan, as well as liability for any unfunded liabilities that may exist at the time the plan is terminated. In addition, the failure to pay these pension obligations when due may result in the creation of liens in favor of the pension plan or the Pension Benefit Guaranty Corporation (“PBGC”) against the assets of each member of the controlled group.

As a result of the Equity Private Placement, IELP became the beneficial owner of more than 80% of the shares of our common stock and the Company became subject to the pension liabilities of all entities in which Mr. Icahn has a direct or indirect ownership interest of at least 80%. One such entity, ACF Industries LLC (“ACF”), is the sponsor of several pension plans.

On January 31, 2025, the Executive Committee of ACF approved a resolution to terminate its qualified pension plans, which are frozen and no longer accrues benefits. As of December 31, 2024, the fair value of this plan’s assets exceeded its benefit obligation. The termination of the plan is effective January 31, 2025, is subject to the appropriate regulatory approvals, and is expected to be completed in fiscal year 2026 or early 2027. The ACF LLC ultimate settlement obligation will depend upon both the nature and timing of participant settlements and prevailing market conditions.

In connection with the Equity Private Placement, the Company entered into an agreement with Icahn Enterprises Holdings L.P. pursuant to which Icahn Enterprises Holdings L.P. has agreed to indemnify us and our subsidiaries from losses resulting from any imposition of certain pension funding or termination liabilities that may be imposed on us and our subsidiaries or our assets as a result of being a member of the Icahn controlled group.

Based on the contingent nature of potential exposure related to these affiliate pension obligations and the indemnification from Icahn Enterprises Holdings L.P., no liability has been recorded in the accompanying consolidated financial statements.

Tax Allocation

Following the equity private placement, IELP became the beneficial owner of more than 80% of the outstanding equity interests of Viskase Companies. Accordingly, Viskase Companies became a member of the consolidated group of IEP Corporate Subsidiary for U.S. federal income tax purposes. As a result, the IEP Corporate Subsidiary and Viskase Companies entered into a tax allocation agreement for the allocation of certain income tax items. Viskase Companies and its subsidiaries consented to join the IEP Corporate Subsidiary’s federal consolidated return and, if elected by the IEP Corporate Subsidiary, certain state consolidated returns. In those jurisdictions where Viskase Companies and its subsidiaries will file consolidated returns with the IEP Corporate Subsidiary, Viskase Companies will pay to the IEP Corporate Subsidiary any tax it would have owed had it and its subsidiaries continued to file as a separate consolidated group. To the extent that the IEP Corporate Subsidiary consolidated group is able to reduce its tax liability as a result of including Viskase Companies and its subsidiaries in its consolidated group, the IEP Corporate Subsidiary will pay Viskase Companies 20% of such reduction on a current basis and Viskase Companies will be treated as if it would carry forward for its own use under the tax allocation agreement, 80% of the items that caused the tax reduction (the “Excess Tax Benefits”). Moreover, if Viskase Companies and its subsidiaries should ever become deconsolidated from the IEP Corporate Subsidiary, the IEP Corporate Subsidiary will reimburse Viskase Companies for any tax liability in post-consolidation years that Viskase Companies and its subsidiaries would have avoided had they actually had the Excess Tax Benefits for their own consolidated group use. The cumulative payments to Viskase Companies by the IEP Corporate Subsidiary post-consolidation will not exceed the cumulative reductions in tax to the IEP Corporate Subsidiary group resulting from the use of the Excess Tax Benefits by the IEP Corporate Subsidiary group.

IELP has not entered into any tax allocation agreement with Viskase Holdings, Inc., the parent company of Viskase Companies.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Other Current Assets

3 Months Ended

Mar. 31, 2026

Other Current Assets

Other Current Assets

Note 6 – Other Current Assets

Other current assets consist of the following:


		March 31,			December 31,
(thousands)		2026			2025
Prepaid expenses		$	21,673		$	19,709
Supplies			18,603			18,988
Other			4,043			3,797
Total other current assets		$	44,283		$	42,494

Merger (Details)	Mar. 26, 2026 $ / shares shares	Mar. 25, 2026 D $ / shares shares	Mar. 11, 2026	Jan. 30, 2026 D $ / shares shares	Jan. 24, 2026	Mar. 31, 2026 $ / shares shares	Jan. 31, 2026	Dec. 31, 2025 $ / shares shares
Merger
Series C preferred stock, shares outstanding						384		0
Series C preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01					$ 0.01		$ 0.01
Share exchange ratio							0.049118
Number of shares issued						14,371,173		6,651,652
Number of shares outstanding	14,331,620					14,331,620		6,612,099
Series C preferred stock issued						384		0
Enzon
Merger
Number of trading days \| D		20		20
Series C preferred stock, shares outstanding	384
Reverse stock split, ratio			0.01		0.01
Series C preferred stock, par value (in dollars per share) \| $ / shares		$ 0.01
Number of shares issued	6,449,233
Number of shares outstanding	6,449,233
Series C preferred stock issued	384
Enzon \| Viskase Holdings Inc.
Merger
Ownership percentage held by legacy enzon	45.00%
Viskase companies \| Viskase Holdings Inc.
Merger
Ownership percentage held by legacy viskase	55.00%
Non-IEH parties
Merger
Series C preferred stock, exchange price \| $ / shares				$ 7.83
Non-IEH parties \| Enzon
Merger
Series C preferred stock, shares outstanding				723
Number of shares participated in exchange				339
Number of non-participant shares				384
IEH parties \| Enzon
Merger
Series C preferred stock, shares outstanding		39,277
Shares issued upon conversion of series c preferred stock		5,658,396
Enzon \| Viskase companies
Merger
Pre-merger shares outstanding	160,479,226
Share exchange ratio	0.049118
Shares issued to acquirer upon exchange of pre-merger shares	7,882,387
Number of treasury stock of acquirer cancelled	805,270

Summary of Significant Accounting Policies (Details)	3 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2026 facility segment
Summary of Significant Accounting Policies
Number of manufacturing facilities \| facility	8
Number of reportable segments \| segment	4

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Debt Obligations

Schedule of debt obligations


(thousands)		March 31, 2026			December 31, 2025
Short-term debt:
Senior credit facility		$	38,000		$	130,375
Europe Line of Credit			13,104			11,631
Other			—			598
Less: short term deferred financing costs			—			(830)
Total short-term debt			51,104			141,774

Long-term debt:
Senior credit facility		$	80,625		$	—
Less: long-term deferred financing costs			(895)			—
Total long-term debt, net			79,730			—
Total debt		$	130,834		$	141,774

Schedule of debt maturity


		2026			2027			2028			2029			2030			Thereafter
Term Loan		$	7,500		$	80,625		$	—		$	—		$	—		$	—
Revolving Credit Facility			30,500			—			—			—			—			—
Other			13,104			—			—			—			—			—
Total aggregate maturities		$	51,104		$	80,625		$	—		$	—		$	—		$	—

Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property, Plant and Equipment, net
Total property plant and equipment	$ 485,501		$ 482,326
Total accumulated depreciation	342,550		341,022
Depreciation expense	3,812	$ 5,018
Asset Impairment charges		$ 12,100
Land and improvements
Property, Plant and Equipment, net
Total property plant and equipment	1,797		1,880
Total accumulated depreciation	535		533
Buildings and improvements
Property, Plant and Equipment, net
Total property plant and equipment	54,510		55,331
Total accumulated depreciation	31,682		31,691
Machinery and equipment
Property, Plant and Equipment, net
Total property plant and equipment	352,275		354,178
Total accumulated depreciation	294,271		292,736
Furniture and fixtures
Property, Plant and Equipment, net
Total property plant and equipment	28,981		28,981
Total accumulated depreciation	16,062		16,062
Construction in progress
Property, Plant and Equipment, net
Total property plant and equipment	$ 47,938		$ 41,956

Business Segment Information and Geographic Area Information

3 Months Ended

Mar. 31, 2026

Business Segment Information and Geographic Area Information

Business Segment Information and Geographic Area Information

Note 12 – Business Segment Information and Geographic Area Information

The Company defines operating segments as components of the organization for which discrete financial information is available and operating results are evaluated regularly by the Company’s chief executive officer, who is the Chief Operating Decision Maker (“CODM”), in order to assess performance and allocate resources. Characteristics of the Company which were relied upon in making the determination of reportable segments include the geographic region in which the Company operates and the information that is regularly reviewed by the CODM for the purpose of assessing performance and allocating resources.

The Company’s operations are viewed in geographic regions of North America, South America, EMEA, and Asia which are the Company’s four reportable segments under ASC 280. The primary business of each of the geographic regions is manufacturing and selling cellulosic food casings. The Company’s casing products have similar characteristics and customers and share operations support functions such as sales, public relations, supply chain management, various research and development support, in addition to the general and administrative functions of human resources, legal, finance, and information technology.

The Company uses Operating Income, which is defined as profit or loss from operations before interest income, interest expense, other expense, net and income taxes, to assess the profitability of each segment. The Company’s reporting package does not include interest revenue, interest expense or income taxes allocated to individual segments and these items are not considered components of segment operating income. The CODM monitors actual Operating Income results relative to operating plan and forecast to assess the performance of the business and allocate resources.

Segment assets regularly reviewed by the CODM are inclusive only of inventory.

The following table reflects the results of the Company’s segments:


	Three Months Ended March 31, 2026
	North		South						Corporate
	America		America		EMEA		Asia		and Other		Consolidated
Sales from external customers	$	33,375	$	11,387	$	33,899	$	7,876	$	—	$	86,537
Intersegment net sales		3,116		—		17,725		—		—	$	20,841
		36,491		11,387		51,624		7,876		—		107,378

Reconciliation of revenue
Elimination of intersegment sales										(20,841)		(20,841)
Total consolidated net sales												86,537

Cost of sales		(34,585)		(10,218)		(46,672)		(6,903)		20,841		(77,537)
Selling and marketing		(1,015)		(432)		(991)		(66)		—		(2,504)
General and administrative		(5,914)		(519)		(2,701)		(238)		—		(9,372)
Research and development		(389)		(11)		(128)		(30)		—		(558)
Amortization of intangibles		(29)		(120)		(387)		—		—		(536)
Asset impairment charge		—		—		—		—		—		—
Restructuring expense and related expense		(363)		—		—		—		—		(363)
Segment operating income		(5,804)		87		745		639		—		(4,333)

Interest expense, net												2,824
Other (expense) income, net												(1,183)
Net (loss) income before income taxes												(5,974)


	Three Months Ended March 31, 2025
	North	South			Corporate
	America	America	EMEA	Asia	and Other	Consolidated
Sales from external customers	43,485	11,322	30,016	9,365	—		94,188
Intersegment net sales	9,826	73	11,044	—	—		20,943
	53,311	11,395	41,060	9,365	—		115,131

Reconciliation of revenue
Elimination of intersegment sales					(20,943)		(20,943)
Total consolidated net sales							94,188

Cost of sales	(47,306)	(10,165)	(34,745)	(8,509)	20,943		(79,782)
Selling and marketing	(1,108)	(375)	(836)	(38)	—		(2,357)
General and administrative	(5,185)	(572)	(2,710)	(209)	—		(8,676)
Research and development	(532)	(12)	(103)	(15)	—		(662)
Amortization of intangibles	(27)	—	(335)	—	—		(362)
Asset impairment charge	(12,100)	—	—	—	—		(12,100)
Restructuring expense and related expense	(4,650)	—	—	—	—		(4,650)
Segment operating income	(17,597)	271	2,331	594	—		(14,401)

Interest expense, net						$	2,760
Other (expense) income, net						$	(2,155)
Net (loss) income before income taxes							(15,006)

The following table reflects the Company’s inventory by segment:


		March 31, 2026			December 31, 2025
North America		$	32,688		$	30,678
South America			19,931			19,160
EMEA			34,543			37,767
Asia			11,684			9,150
Consolidated inventory		$	98,846		$	96,755

The following table reflects the Company’s expenditures for long-lived assets by segment for the three ended March 31, 2026 and 2025:


		March 31, 2026			December 31, 2025
North America		$	6,007		$	6,481
South America			—			15
EMEA			524			869
Asia			76			9
Total expenditure for long- lived assets		$	6,607		$	7,374

Geographic Information

Total long-lived assets by country, which include property and equipment, net, operating lease right-of-use assets, net, and other assets, net, consists of the following:


		March 31, 2026			December 31, 2025
United States		$	97,143		$	92,876
France			28,634			29,630
Brazil			12,657			12,337
Poland			10,935			11,671
Philippines			7,792			8,356
Other international			15,263			16,220
Consolidated long-lived assets		$	172,424		$	171,092

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 54
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 16: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
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-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org/280/tableOfContent

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

+ Details

Receivables, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Receivables, Net
Accounts receivable, gross	$ 65,782	$ 63,123
Less allowance for credit losses	(2,949)	(2,941)
Receivables, net	$ 62,833	$ 60,182

Merger - Common stock outstanding (Details) - shares	Mar. 26, 2026	Mar. 31, 2026	Dec. 31, 2025
Merger
Total shares of Viskase Holdings, Inc. common stock	14,331,620	14,331,620	6,612,099
Viskase companies
Merger
Exchange of shares of Viskase Companies, Inc. common stock for shares of Viskase Holdings, Inc. common stock	7,882,387
Enzon
Merger
Shares held by legacy Enzon common stockholders following Reverse Stock Split (prior to IEH Share Exchange and Series C Exchange Offer)	742,005
Shares held by IEH Parties subsequent to IEH Share Exchange	5,658,396
Shares held by non-IEH Parties subsequent to Series C Exchange Offer	48,832
Subtotal - Equity consideration issued for acquisition	6,449,233

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue Recognition

Schedule of net sales by product line


		Three Months			Three Months
		Ended			Ended
		March 31, 2026			March 31, 2025
Net Sales by product line
Nojax		$	46,715		$	52,113
Fibrous			24,674			25,192
Large			1,634			2,542
Plastic			10,758			12,375
Traded Goods			2,023			1,995
Other			733			(29)

Total		$	86,537		$	94,188

Business Segment Information and Geographic Area Information - Results (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Business Segment Information and Geographic Area Information
Number of reportable segments \| segment	4
Net sales	$ 86,537	$ 94,188
Cost of sales	(77,537)	(79,782)
Selling and marketing	(2,504)	(2,357)
General and administrative	(9,372)	(8,676)
Research and development	(558)	(662)
Amortization of intangibles	(536)	(362)
Asset impairment charge		(12,100)
Restructuring expense and related expense	(363)	(4,650)	$ (7,054)
OPERATING LOSS	(4,333)	(14,401)
Interest expense, net	2,824	2,760
Other expense (income), net	(1,183)	(2,155)
LOSS BEFORE INCOME TAXES	(5,974)	(15,006)
Inventories	98,846		96,755
Expenditure for long- lived assets	6,607	7,374
Operating segments
Business Segment Information and Geographic Area Information
Net sales	107,378	115,131
Intersegment
Business Segment Information and Geographic Area Information
Net sales	(20,841)	(20,943)
Corporate and Other
Business Segment Information and Geographic Area Information
Cost of sales	20,841	20,943
North America
Business Segment Information and Geographic Area Information
Net sales	33,375	43,485
Inventories	32,688		30,678
Expenditure for long- lived assets	6,007	6,481
North America \| Operating segments
Business Segment Information and Geographic Area Information
Net sales	36,491	53,311
Cost of sales	(34,585)	(47,306)
Selling and marketing	(1,015)	(1,108)
General and administrative	(5,914)	(5,185)
Research and development	(389)	(532)
Amortization of intangibles	(29)	(27)
Asset impairment charge		(12,100)
Restructuring expense and related expense	(363)	(4,650)
OPERATING LOSS	(5,804)	(17,597)
North America \| Intersegment
Business Segment Information and Geographic Area Information
Net sales	(3,116)	(9,826)
South America
Business Segment Information and Geographic Area Information
Net sales	11,387	11,322
Inventories	19,931		19,160
Expenditure for long- lived assets		15
South America \| Operating segments
Business Segment Information and Geographic Area Information
Net sales	11,387	11,395
Cost of sales	(10,218)	(10,165)
Selling and marketing	(432)	(375)
General and administrative	(519)	(572)
Research and development	(11)	(12)
Amortization of intangibles	(120)
OPERATING LOSS	87	271
South America \| Intersegment
Business Segment Information and Geographic Area Information
Net sales		(73)
EMEA
Business Segment Information and Geographic Area Information
Net sales	33,899	30,016
Inventories	34,543		37,767
Expenditure for long- lived assets	524	869
EMEA \| Operating segments
Business Segment Information and Geographic Area Information
Net sales	51,624	41,060
Cost of sales	(46,672)	(34,745)
Selling and marketing	(991)	(836)
General and administrative	(2,701)	(2,710)
Research and development	(128)	(103)
Amortization of intangibles	(387)	(335)
OPERATING LOSS	745	2,331
EMEA \| Intersegment
Business Segment Information and Geographic Area Information
Net sales	(17,725)	(11,044)
Asia
Business Segment Information and Geographic Area Information
Net sales	7,876	9,365
Inventories	11,684		$ 9,150
Expenditure for long- lived assets	76	9
Asia \| Operating segments
Business Segment Information and Geographic Area Information
Net sales	7,876	9,365
Cost of sales	(6,903)	(8,509)
Selling and marketing	(66)	(38)
General and administrative	(238)	(209)
Research and development	(30)	(15)
OPERATING LOSS	$ 639	$ 594

Variable Interest Entity

3 Months Ended

Mar. 31, 2026

Variable Interest Entity

Variable Interest Entity

Note 14 – Variable Interest Entity

The Company holds a variable interest in a joint venture for which the Company is the primary beneficiary, the joint venture, VE Netting, LLC.

The following table summarizes the carrying amount of the VIEs’ assets and liabilities included in the Company’s Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025:


		March 31, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	99		$	43
Receivables, net			40			73
Inventories			350			390
Other current assets			93			63

Property, plant and equipment			1,278			1,278
Less: Accumulated depreciation			(1,030)			(998)
Property, plant and equipment,net			248			280

Other assets			13			14
Total Assets		$	843		$	863
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities			749			735
Total Liabilites			749			735

Paid in capital			2,931			2,931
Retained earnings			(2,837)			(2,803)
Total Stockholder Equity			94			128
Total Liabilities and Stockholders’ Equity		$	843		$	863

All assets in the above table can only be used to settle obligations of the consolidated VIE. Liabilities are nonrecourse obligations. Amounts presented in the table above are adjusted for intercompany eliminations.

The following table summarizes the Statement of Operations of the VIE included in the Company’s Consolidated Statement of Operations for the three months ended March 31, 2026 and March 31, 2025:


		Three Months			Three Months
		Ended			Ended
		March 31, 2026			March 31, 2025
Net sales		$	202		$	217
Cost of sales			212			212
Gross margin			(10)			5

Selling, general and administrative			15			14
Asset impairment			—			—

Operating loss			(25)			(9)

Other expense			9			(8)
Loss before income taxes			(34)			(17)

Income tax expense			—			—

Net loss		$	(34)		$	(17)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Net loss	$ (6,722)	$ (13,594)
Pension liability adjustment	(170)	99
Foreign currency translation adjustment	(1,800)	2,157
Other comprehensive (loss) income, net of tax	(1,970)	2,256
Comprehensive loss	(8,692)	(11,338)
Less: comprehensive loss attributable to noncontrolling interests	(33)	(9)
Net comprehensive loss attributable to Viskase Holdings, Inc	$ (8,659)	$ (11,329)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
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+ Details

Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Recognition (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Revenue Recognition
Net sales	$ 86,537	$ 94,188
Nojax
Revenue Recognition
Net sales	46,715	52,113
Fibrous
Revenue Recognition
Net sales	24,674	25,192
Large
Revenue Recognition
Net sales	1,634	2,542
Plastic
Revenue Recognition
Net sales	10,758	12,375
Traded Goods
Revenue Recognition
Net sales	2,023	1,995
Other
Revenue Recognition
Net sales	$ 733	$ (29)

- Definition

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+ Details

Related-Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Feb. 01, 2025
Related-Party Transactions
Number of adjusted shares issued	1,270,288
Purchase price per share	$ 0.58
Aggregate cash proceeds		$ 15,000	$ 15,000
Related party \| Viskase Holdings Inc.
Related-Party Transactions
Number of adjusted shares issued	25,862,070
Purchase price per share	$ 0.58
Aggregate cash proceeds	$ 15,000
Related party \| IELP \| Viskase Holdings Inc.
Related-Party Transactions
Ownership interest (in percent)	92.82%	93.68%		92.80%	94.00%

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+ Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Taxes
Income tax expense	$ 748	$ (1,412)
Pre-tax loss	$ (5,974)	$ (15,006)
Effective income tax rate	(12.50%)	9.40%
Statutory federal rate	21.00%	21.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

Variable Interest Entity (Tables)

3 Months Ended

Mar. 31, 2026

Variable Interest Entity

Schedule of variable interest entity


		March 31, 2026			December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$	99		$	43
Receivables, net			40			73
Inventories			350			390
Other current assets			93			63

Property, plant and equipment			1,278			1,278
Less: Accumulated depreciation			(1,030)			(998)
Property, plant and equipment,net			248			280

Other assets			13			14
Total Assets		$	843		$	863
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities			749			735
Total Liabilites			749			735

Paid in capital			2,931			2,931
Retained earnings			(2,837)			(2,803)
Total Stockholder Equity			94			128
Total Liabilities and Stockholders’ Equity		$	843		$	863


		Three Months			Three Months
		Ended			Ended
		March 31, 2026			March 31, 2025
Net sales		$	202		$	217
Cost of sales			212			212
Gross margin			(10)			5

Selling, general and administrative			15			14
Asset impairment			—			—

Operating loss			(25)			(9)

Other expense			9			(8)
Loss before income taxes			(34)			(17)

Income tax expense			—			—

Net loss		$	(34)		$	(17)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Short-term debt:
Less: short term deferred financing costs		$ (830)
Total short-term debt	$ 51,104	141,774
Long-term debt:
Long-term debt	80,625
Less: long term deferred financing costs	(895)
Total long-term debt, net	79,730
Total debt	130,834	141,774
Senior credit facility
Short-term debt:
Short-term debt	38,000	130,375
Europe Line of Credit
Short-term debt:
Short-term debt	$ 13,104	11,631
Other
Short-term debt:
Short-term debt		$ 598

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Mar. 26, 2026	Dec. 31, 2025
Mezzanine equity
Series C preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Series C preferred stock, shares authorized	3,000,000	3,000,000	3,000,000
Series C preferred stock, shares issued	384		0
Series C preferred stock, shares outstanding	384		0
Series C preferred stock, liquidation preference (in dollars per share)	$ 1,129	$ 1,000	$ 0
Common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized	170,000,000	170,000,000	170,000,000
Common stock, shares issued	14,371,173		6,651,652
Common stock, shares outstanding	14,331,620	14,331,620	6,612,099

Restructuring - Restructuring and related expenses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Restructuring
Restructuring expense	$ 363	$ 4,650	$ 7,054
Severance and other personnel costs
Restructuring
Restructuring expense		$ 4,650	$ 4,600
Transfer and disposal costs and professional fees
Restructuring
Restructuring expense	$ 363

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Other Comprehensive Income and Changes in Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2026

Other Comprehensive Income and Changes in Accumulated Other Comprehensive Loss

Schedule of tax effects allocated to each component of other comprehensive income


	Before-		Tax (Expense)		Net-of-
	Tax Amount		or Benefit		Tax Amount
Balance at March 31, 2026
Foreign currency translation adjustments	$	(1,800)		—	$	(1,800)
Pension liability adjustments		(99)		(71)		(170)
Total other comprehensive (loss) income	$	(1,899)	$	(71)	$	(1,970)


	Before-		Tax (Expense)		Net-of-
	Tax Amount		or Benefit		Tax Amount
Balance at March 31, 2025
Foreign currency translation adjustments	$	2,157		—	$	2,157
Pension liability adjustments		99		—		99
Total other comprehensive (loss) income	$	2,256	$	—	$	2,256

Schedule of changes in accumulated other comprehensive loss


	Accrued		Translation
	Employee Benefits		Adjustments		Total
Balance at December 31, 2024	$	(20,958)	$	(44,428)		(65,386)
Other comprehensive income (loss) before
reclassifications		—		2,157		2,157
Reclassifications from accumulated other
comprehensive loss to earnings		99		—		99
Balance at March 31, 2025	$	(20,859)	$	(42,271)	$	(63,130)


	Accrued		Translation
	Employee Benefits		Adjustments			Total
Balance at December 31, 2025	$	(17,404)	$	(37,957)		(55,361)
Other comprehensive income (loss) before
reclassifications		—		(1,800)		(1,800)
Reclassifications from accumulated other
comprehensive loss to earnings		(170)		—		(170)
Balance at March 31, 2026	$	(17,574)	$	(39,757)	$	(57,331)

Restructuring - Restructuring activity (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Restructuring Reserve [Roll Forward]
Beginning balance	$ 153
Provision	363	$ 4,650	$ 7,054
Payments	$ (516)		(6,901)
Ending balance			$ 153

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Variable Interest Entity - Carrying amount of assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 28,619	$ 9,217
Receivables, net	62,833	60,182
Inventories	98,846	96,755
Other current assets	44,283	42,494
Property, plant and equipment	485,501	482,326
Less accumulated depreciation	(342,550)	(341,022)
Property, plant and equipment, net	142,951	141,304
Other assets	10,667	9,842
Total Assets	428,874	402,142
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	116,937	214,517
Paid in capital	267,959	213,019
Retained earnings	(18,570)	(11,881)
Total Viskase stockholders' equity	192,201	145,843
Total Liabilities, Mezzanine Equity, and Stockholders' Equity	428,874	402,142
VE Netting, LLC
Current assets:
Cash and cash equivalents	99	43
Receivables, net	40	73
Inventories	350	390
Other current assets	93	63
Property, plant and equipment	1,278	1,278
Less accumulated depreciation	(1,030)	(998)
Property, plant and equipment, net	248	280
Other assets	13	14
Total Assets	843	863
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities	749	735
Total Liabilites	749	735
Paid in capital	2,931	2,931
Retained earnings	(2,837)	(2,803)
Total Viskase stockholders' equity	94	128
Total Liabilities, Mezzanine Equity, and Stockholders' Equity	$ 843	$ 863

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false