Enlivex Ltd Dossier
Qualitative Analysis
Business overview
Enlivex Ltd. (formerly known as Enlivex Therapeutics Ltd. until a name change in February 2026) is an Israel-based clinical-stage macrophage reprogramming immunotherapy company. The company's primary therapeutic candidate is Allocetra™, an off-the-shelf cell therapy designed to restore macrophage homeostasis. Allocetra™ targets indications with high unmet medical needs, primarily focusing on age-related knee osteoarthritis (currently in Phase IIa/IIb clinical trials) and organ failure associated with adult sepsis (Phase II). In late 2025, Enlivex introduced a highly unique dual-strategy business model by establishing a decentralized digital asset treasury centered on the RAIN protocol, a decentralized predictions and options protocol built on the Arbitrum network. Under this strategy, Enlivex holds substantial RAIN tokens as its primary treasury reserve asset, aiming to provide its public shareholders with direct exposure to the growth of the prediction markets sector alongside its core biotech pipeline.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Enlivex operates a unique dual-engine model that combines traditional clinical-stage biotechnology development with a crypto-centric treasury strategy. The company utilizes the RAIN token (the governance token of the decentralized prediction markets Rain protocol on Arbitrum) as its primary reserve asset, aiming to provide investors with exposure to the prediction markets ecosystem while funding its core R&D operations.
Expected impact: Provides substantial non-dilutive treasury appreciation and liquidity to fund clinical operations, as demonstrated by a record net income of $1.23 billion in FY2025 driven by RAIN token valuation gains.
Advancing Allocetra™, an off-the-shelf, allogeneic macrophage-reprogramming cell therapy, into late-stage clinical trials for the treatment of moderate-to-severe, age-related primary knee osteoarthritis (KOA).
Expected impact: Establishes Allocetra™ as a leading disease-modifying therapy for millions of patients suffering from primary knee osteoarthritis, paving the way for a pivotal Phase III trial.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
Enables Enlivex to systematically acquire RAIN tokens at a significant discount to market prices, reinforcing its prediction markets treasury strategy and driving balance sheet growth.
Terms: Enlivex holds an option to acquire up to 272,121,212,121 RAIN tokens from the Rain Foundation at a fixed purchase price of $0.0033 per token, representing an approximate 55% discount to market prices as of late April 2026. The option expires on December 31, 2027.
Expands secondary market liquidity and global investor access to Enlivex's equity by creating a tokenized representation of its ordinary shares.
Terms: Ondo Finance launched 'ENLVon', a tokenized representation of Enlivex's ordinary shares, on Ondo's Global Markets platform on April 8, 2026.