What Enlivex Therapeutics does

Enlivex Therapeutics Ltd. (Nasdaq: ENLV) is an Israel-domiciled, clinical-stage biopharmaceutical company developing Allocetra, an off-the-shelf allogeneic cell therapy composed of mononuclear cells from non-HLA-matched healthy donors induced to an apoptotic state. Allocetra is designed to restore macrophage homeostasis by expressing phosphatidylserine as a primary "eat me" signal, and is currently in a global Phase IIb trial for moderate-to-severe age-related knee osteoarthritis under FDA IND clearance and Danish Medicines Agency approval, with trial sites in the United States, Denmark, and Poland. The therapeutic platform has been administered to over 250 patients across prior studies with a favorable safety profile, and Phase II data showed a 72% reduction in pain and a 109% improvement in function in knee osteoarthritis patients aged 60 and older; IP protection includes Australian Patent 2020340629 covering Allocetra in osteoarthritis through at least 2040.

Since November 2025, Enlivex has executed a strategic pivot to a dual-strategy model that overlays a digital asset treasury on its clinical operations. The company raised $212 million in a private placement and an additional $21 million in debt financing from The Lind Partners to acquire RAIN tokens — the governance and utility token of the Rain decentralized prediction-markets protocol on Arbitrum — at a roughly 55% discount to market via an option from the Rain Foundation exercisable through December 31, 2027. As of June 2026, the company held approximately 79.57 billion RAIN tokens valued at ~$1.14 billion, with Treasury NAV per Share of $4.67 against an equity market capitalization of roughly $188.5 million. RAIN has been listed on Gate, HTX, Kraken, and KuCoin, and ENLV ordinary shares have been tokenized on Ondo Global Markets to provide non-US investor access. The reported FY2025 net income of $1.23 billion is attributable entirely to unrealized appreciation of these treasury and treasury-related derivative assets (totaling $2.31 billion), not to operating revenue, and the company remains pre-revenue on its therapeutic program.

The company is led by CEO Dr. Oren Hershkovitz, CFO Shachar Shlosberger, CMO Dr. Einat Galamidi, and Executive Chairman Shai Novik; former Italian Prime Minister Matteo Renzi joined the Board in November 2025 to advise on treasury and policy strategy. Enlivex received a Nasdaq minimum bid price notice in May 2026 with a compliance period ending November 2026, signaling a near-term equity-listing risk that is material to investors given the divergence between the equity market cap and the underlying treasury NAV.

Name

Enlivex Therapeutics

Legal name

Enlivex Therapeutics Ltd.

Website

https://enlivex.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Enlivex Therapeutics is a clinical-stage Israeli biotech developing Allocetra, an off-the-shelf macrophage-reprogramming cell therapy in Phase IIb for age-related knee osteoarthritis, which since late 2025 has overlaid a RAIN-token digital asset treasury strategy funded by a $212M private placement to anchor the company as a Nasdaq-listed vehicle for prediction-markets exposure.

Ownership category

akta.pro rank

Product category

Clinical-Stage Cell Therapy Immunotherapy

NAICS

Securities and Commodity Exchanges (52321), Investment Banking and Securities Intermediation (523150), Miscellaneous Intermediation (523910)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Prediction Markets & Event-Based On-Chain Trading (FSADABAM)

Keywords

• Cell therapy immunotherapy
• Macrophage reprogramming
• Osteoarthritis treatment
• Digital asset treasury
• Prediction markets protocol

Headquarters

HQ city

Ness Ziona

HQ country

Israel

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Digital Asset Treasury Appreciation: The company generates gains through appreciation of its RAIN token holdings. Treasury and treasury-related derivative assets reached $2.31 billion. Net income of $1.23 billion and diluted EPS of $25.48 reported for FY 2025, driven by unrealized appreciation in treasury assets.
2. Clinical Development Pipeline: Pre-commercial stage. Allocetra is in Phase IIb clinical trials for knee osteoarthritis. No therapeutic revenue yet. The company continues advancing clinical development of its immunotherapy programs targeting inflammatory conditions associated with aging.
3. Token Listing and Exchange Services: The company benefits from RAIN token listings on cryptocurrency exchanges (Gate, HTX, Kraken, KuCoin), which expand market access and secondary liquidity for its treasury assets.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Enlivex is a clinical-stage biopharmaceutical company developing Allocetra™, an off-the-shelf, allogeneic cell therapy composed of apoptotic mononuclear cells designed to reprogram macrophages and restore immune homeostasis, with Phase IIb trials underway for moderate-to-severe age-related knee osteoarthritis. In parallel, the company operates a digital asset treasury strategy anchored in RAIN tokens—the governance and utility token of the Rain decentralized prediction markets protocol built on Arbitrum—providing institutional investors with public-market exposure to prediction markets infrastructure through Nasdaq-listed ENLV shares.

Product overview

Enlivex Therapeutics operates as a quality longevity company with a dual-strategy model combining clinical development with a digital asset treasury. The company's core clinical product is Allocetra™, an off-the-shelf allogeneic cell therapy targeting macrophage homeostasis for treatment of age-related osteoarthritis. Alongside its clinical programs, Enlivex operates a prediction markets treasury strategy built around the Rain (RAIN) protocol on Arbitrum, holding significant RAIN token reserves as digital capital assets. The company positions itself as the first publicly traded company providing investors exposure to decentralized prediction markets infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• Allocetra™ Off-the-shelf, allogeneic cell therapy composed of mononuclear cells derived from non-HLA matched healthy donors and induced to an apoptotic state. The therapy expresses phosphatidylserine (PtdSer), a primary 'eat me' signal that triggers macrophage modulation and restores homeostatic state. Designed for intravenous infusion or intra-articular injection to treat inflammatory conditions including moderate-to-severe age-related knee osteoarthritis and sepsis. Currently in Phase IIb clinical trials across the U.S., Denmark, and Poland.
• RAIN Token Digital Asset Treasury Corporate digital asset treasury strategy anchoring Enlivex's reserves in RAIN, the governance and utility token of the Rain decentralized prediction markets protocol on the Arbitrum network. The treasury held approximately 79.57 billion RAIN tokens valued at roughly $1.14 billion as of June 20, 2026, with a Treasury NAV per Share of $4.67. Provides investors with public-market access to prediction markets infrastructure via Nasdaq-listed ENLV shares.

Quantifiable outcome

• 72% reduction in pain and 109% improvement in function in Phase IIa knee osteoarthritis trial
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and supporting.

• HTX Cryptocurrency ExchangecoreChannel Partner/ Reseller/ Distributor · 29 April 2026RAIN token listed on HTX, one of the world's largest digital asset platforms serving over 160 countries with approximately $3.3 trillion in annual trading volume and 59 million users.
• Ondo Global MarketscoreTechnology or Integration · 8 April 2026Enlivex's ordinary shares tokenized and launched on Ondo Global Markets' platform, allowing non-US investors to gain exposure to the company's shares through digital infrastructure.
• Kraken Cryptocurrency ExchangecoreChannel Partner/ Reseller/ Distributor · 9 February 2026RAIN token listed on Kraken, the second-largest US-based cryptocurrency exchange, increasing token access and expanding secondary market liquidity.
• KuCoin Cryptocurrency ExchangecoreChannel Partner/ Reseller/ Distributor · 1 January 2026RAIN token listed on KuCoin cryptocurrency exchange, expanding global market access and secondary liquidity for Enlivex's digital asset treasury holding.
• Greenberg TraurigsupportingImplementation/ SI/ Consulting Partner · 24 November 2025Legal counsel advising Enlivex on $212 million private placement to fund adoption of RAIN prediction markets token treasury strategy.
• Matteo Renzi (Former Italian Prime Minister)supportingStrategic or Co-development Partner · 24 November 2025Appointed to Board of Directors effective November 24, 2025, to assist with treasury and policy strategy as the company implements its prediction markets digital asset treasury strategy.
• Rain FoundationcoreStrategic or Co-development PartnerStrategic partnership providing option to acquire up to 272 billion RAIN tokens at discounted prices. Tokens purchased at $0.0033 per RAIN, representing approximately 55% discount to market price. Option exercisable through December 31, 2027.
• Gate Cryptocurrency ExchangecoreChannel Partner/ Reseller/ DistributorRAIN token listed on Gate exchange, ranked second globally in 24-hour spot trading volume with over 54 million users. Listing expands market access and secondary liquidity for Enlivex's primary treasury asset.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MicroStrategy: The pioneer and most prominent public company using its balance sheet to accumulate a single crypto asset (Bitcoin) as a treasury reserve. Enlivex mirrors this model with RAIN, including the use of capital raises and convertible debt to acquire discounted tokens, and equity trading at a discount to underlying asset value.
• Marathon Digital Holdings: Public digital asset company with a treasury anchored in Bitcoin. Enlivex shares the playbook of raising capital to accumulate a single on-chain asset and trading at NAV-discounted valuations, though Marathon's asset is BTC versus Enlivex's RAIN.
• Polymarket: The largest decentralized prediction markets protocol. Enlivex's entire treasury thesis rests on Rain's ability to compete against Polymarket; the two are direct rivals in the on-chain event-contract category.
• Kalshi: CFTC-regulated U.S. prediction market exchange. Kalshi is the regulated, fiat-native counterpart to Rain, and a key competitor for institutional flow that Enlivex is positioning to capture via public equity exposure.
• Riot Platforms: Public digital asset company holding significant Bitcoin reserves on its balance sheet. Enlivex follows the same public-company-as-crypto-treasury template, with a different underlying token.
• Mesoblast: Clinical-stage allogeneic cell therapy company with late-stage trials in inflammatory conditions. Comparable to the Allocetra platform in modality (off-the-shelf cell therapy) and regulatory stage (Phase IIb/III).

Broad incumbents

• Coinbase Global: Largest U.S.-listed crypto exchange, including listings of RAIN tokens that support Enlivex's secondary liquidity. Operates in the broader digital-asset infrastructure stack that Enlivex's treasury strategy depends on.
• Galaxy Digital: Public crypto-focused financial services and asset management firm. Enlivex's hybrid model (capital markets access + digital asset treasury + institutional investor focus) most closely mirrors Galaxy's broader market profile, though at a much earlier stage.

Emerging players

• Augur / Threshold Network: Earlier-generation decentralized prediction market protocol. Competes with Rain for on-chain prediction market share and represents the technical lineage Enlivex is indirectly exposed to through its RAIN holdings.

Regional players

• Pluristem Therapeutics: Israel-based clinical-stage cell therapy company. Directly comparable to Enlivex's legacy biopharmaceutical identity (allogeneic cell therapy targeting inflammatory conditions) prior to the crypto treasury pivot, and a useful benchmark for the pre-pivot Enlivex equity story.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/enlivex-therapeutics
• Xx.com/enlivext

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds12 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Enlivex Therapeutics