0001213900-26-033857
SEC filingEnlivex 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.
Enlivex reported FY 2025 net income of $1.24B, a dramatic turnaround from $15.0M net loss in 2024, propelled by non-operating gains. Operating loss improved marginally to $15.0M from $15.9M, with R&D at $9.2M (down 13% YoY) and G&A at $5.8M (up 18%). Total assets ballooned to $2.33B from $27.7M, driven by $606.8M digital assets and $1.71B RAIN option. Equity reached $1.93B. Cash burn persisted: operating -$10.4M, offset by $10.4M financing. EPS leaped to $27 basic from -$0.73. Gains from digital assets ($363.2M) and option revaluation ($1.27B) dominated, with $382.6M tax charge.
No revenues reported in FY 2025 or prior years; company remains pre-commercial, focused on clinical-stage immunotherapy Allocetra for osteoarthritis. Single operating segment per disclosures.
No gross margins due to zero revenue. Operating margin N/A; pre-tax income $1.62B reflects non-cash gains. R&D 61% of opEx; G&A 39%.
Operating cash -$10.4M (vs. -$13.0M 2024). Investing -$1.3M (digital purchases $19.5M offset by deposits). Financing $10.4M from shares. Cash $1.9M; total liquidity bolstered by $606.8M digital assets. Liabilities $392.1M (deferred tax $382.6M); low debt.
Resources sufficient through 2027 per management; additional capital needed for trials/approval. Phase IIb OA trial topline Q2/Q3 2027. Digital treasury (RAIN) exposes to volatility; seek collaborations for sepsis.