Enlivex Therapeutics Ltd.

Enlivex Therapeutics Ltd. (ENLV) reported extraordinary FY 2025 results driven by unrealized gains on digital assets, posting net income of $1.24B versus a $15.0M net loss in FY 2024. Operating loss narrowed slightly to $15.0M from $15.9M, reflecting stable R&D expenses of $9.2M (down 13% YoY) amid clinical advancements in osteoarthritis therapy Allocetra. Key drivers included $363.2M income on digital assets (primarily RAIN tokens) and $1.27B gain from fair value change in RAIN purchase option, offset by $382.6M taxes. Balance sheet strengthened with total assets at $2.33B (up from $27.7M), including $606.8M digital assets and $1.71B option value; equity rose to $1.93B. Cash used in operations was $10.4M, with $10.4M financing inflows from share issuances. EPS surged to $27 basic ($25 diluted) from -$0.73. No revenues generated; focus remains on clinical trials. Management states existing resources suffice through 2027, but additional funding needed for commercialization. Digital treasury strategy introduces volatility risks.

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