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Enlivex (NASDAQ: ENLV) nets $1.23B in 2025 on digital treasury gains

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6-K

Rhea-AI Filing Summary

Enlivex Ltd. reported a strong turnaround for the year ended December 31, 2025, with net income of $1.23 billion and diluted earnings per ordinary share of $25.48. Management explains that these earnings were driven primarily by appreciation in the value of its treasury and treasury-related derivative assets.

The company describes itself as a quality longevity business powered by a prediction markets treasury. Its dual strategy pairs development of Allocetra™, an immunotherapy targeting inflammatory conditions of aging such as age-related osteoarthritis, with a treasury model built around the RAIN decentralized prediction markets protocol.

Enlivex is hosting an earnings webcast at 09:00 am Eastern Time to discuss these results and its outlook, available via online registration and through the investor relations section of its website.

Positive

  • Exceptionally strong 2025 profitability: Enlivex reports net income of $1.23 billion and diluted EPS of $25.48 for the year ended December 31, 2025, driven by appreciation in its treasury and treasury-related derivative assets.
  • Clearly articulated dual strategy: The company combines a clinical-stage quality longevity platform (Allocetra™ for age-related osteoarthritis and other inflammatory conditions) with a prediction markets treasury centered on the RAIN protocol, offering exposure to an emerging digital infrastructure segment.

Negative

  • Earnings heavily dependent on digital asset valuations: Management notes that 2025 profitability was driven by unrealized appreciation in treasury and treasury-related derivative assets, which are exposed to risks such as price volatility, trading volume, liquidity, and evolving regulation in digital asset markets.
  • Heightened regulatory and market uncertainty: The forward-looking statements section flags significant legal, commercial, regulatory, tax, and market uncertainties around digital assets and prediction markets, which could materially affect the performance and stability of Enlivex’s treasury strategy.

Insights

Enlivex posts outsized 2025 profit largely from treasury asset appreciation, not core operations.

Enlivex reports net income of $1.23 billion and diluted EPS of $25.48 for the year ended December 31, 2025. Management attributes this primarily to unrealized appreciation in treasury and treasury-related derivative assets tied to prediction markets infrastructure.

The business model combines Allocetra™ quality longevity therapeutics with a digital-asset-based prediction markets treasury centered on the RAIN protocol. This creates exposure to decentralized forecasting markets alongside clinical development focused on age-related osteoarthritis and aging-related inflammation.

Given the reliance on valuation gains in digital assets, results may be sensitive to volatility, liquidity, and regulatory conditions in crypto and prediction markets. Forward-looking statements highlight risks around digital asset pricing, trading volume, exchange infrastructure, tax treatment, and potential correlation between digital assets and Enlivex’s ordinary shares.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

 

For the month of: March 2026

 

Commission file number: 001-36578

 

ENLIVEX LTD.

(Translation of registrant’s name into English)

 

14 Einstein Street, Nes Ziona, Israel 7403618

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F         Form 40-F 

 

 

  

 

 

On March 25, 2026, Enlivex Ltd. a company organized under the laws of the State of Israel (“Enlivex”), issued a press release announcing Enlivex’s financial results and business highlights for the year ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

 

Exhibit No.    
     
99.1   Press Release

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Enlivex Ltd.
  (Registrant)
   
  By: /s/ Oren Hershkovitz
  Name: Title:

Oren Hershkovitz

Chief Executive Officer

 

Date: March 25, 2026

 

2

 

Exhibit 99.1

  

Enlivex Reports Full-Year 2025 Results: Profit (Net Income) of $1.23 Billion and Diluted Earnings Per Share (EPS) of $25.48

 

Earnings Driven by Treasury and Treasury-Related Asset Appreciation

Nes-Ziona, Israel, March 25, 2026 -- Enlivex Ltd. (Nasdaq: ENLV; “Enlivex” or “the Company”) today reported financial results and business highlights for the year ended December 31, 2025.

Net income for the year ended December 31, 2025 was $1.23 Billion and diluted earnings per ordinary share (EPS) was $25.48, driven by appreciation in the valuation of the Company’s treasury and treasury-related derivative assets. Enlivex is a quality longevity Company powered by a Prediction Markets Treasury, reflecting the Company’s dual strategy spanning quality longevity therapeutics and prediction markets infrastructure.

 

Full Year 2025 Financial Summary (audited balance sheet data as of December 31, 2025)

 

Net income: $1.23 Billion
Diluted earnings per share (EPS): $25.48
Total treasury and treasury-related derivative assets: $2.31 Billion
Shareholders’ equity: $1.93 Billion
Cash, cash equivalents, and short-term investments in digital assets: $30.0 million

 

Shai Novik, Executive Chairman of Enlivex, stated, "2025 marked a pivotal year for Enlivex as we advanced our vision of becoming a quality longevity company powered by a Prediction Markets Treasury. Our clinical operations continue to progress with Allocetra™ and its potential to restore mobility and independence in aging populations. In parallel, our treasury operations establish exposure to prediction markets infrastructure through the RAIN protocol, creating a capital strategy designed to align long-term shareholder value with the growth of decentralized forecasting markets. Together, these two strategies position Enlivex to pursue innovation in quality longevity therapeutics while developing an innovative treasury model for a public company, which contributed to strong profitability for Enlivex in 2025 based on the unrealized appreciation in the Company’s treasury and treasury-related derivative assets."

 

Enlivex Dual Strategy

Enlivex’s strategy combines a clinical-stage immunotherapy platform focused on quality longevity therapeutics, including macrophage reprogramming therapies targeting the growing longevity market, with a treasury model anchored in the RAIN decentralized prediction markets protocol. The Company believes this dual structure provides public market investors exposure to emerging prediction markets infrastructure while the Company continues to advance its clinical development programs focused on improving healthspan and quality of life.

 

 

 


Enlivex 2025 Earnings Webcast

A webcast to discuss the Company’s financial results, outlook and related matters will be held at 09:00 am (ET) today. The webcast will be open to the public.

 

Members of the public who would like to participate in the webcast should register in advance via the following link: https://redchip.zoom.us/webinar/register/WN_WDBHk6K7SgKbhmmKy58Tvw

 

After registering, participants will receive a confirmation email containing information about joining the webcast. The webcast will also be accessible as an audio webcast through the Investor Relations section of the Company’s website, www.enlivex.com/investors.

 

About Enlivex Ltd. (Nasdaq: ENLV)

Enlivex is a quality longevity company powered by a prediction markets treasury. The Company is advancing Allocetra™, an advanced clinical-stage immunotherapy targeting inflammatory conditions associated with aging with a primary focus on age-related osteoarthritis.

In addition to its clinical programs, Enlivex operates a prediction markets treasury strategy built around the Rain protocol, the leading decentralized prediction markets infrastructure on Arbitrum. This dual strategy combines the development of quality longevity therapeutics with exposure to the emerging prediction markets ecosystem.

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by words such as “expects,” “plans,” “projects,” “will,” “may,” “anticipates,” “believes,” “should,” “would,” “could,” “intends,” “estimates,” “suggests,” “target,” “has the potential to,” “goal,” and other words of similar meaning, including statements relating to the anticipated benefits of the Company’s digital asset treasury strategy; the assets to be held by the Company; the expected future market, price, trading activity, and liquidity of the RAIN token; the impact of expanded exchange listings and increased token liquidity on market participation and accessibility; the potential effects of digital asset liquidity on the liquidity of the Company’s ordinary shares; macroeconomic, political, and regulatory conditions surrounding digital assets; the Company’s plans for value creation and strategic positioning; market size and growth opportunities; regulatory conditions; competitive position; technological and market trends; future financial condition and performance; expected clinical trial results; market opportunities for the results of current clinical studies and preclinical experiments; and the effectiveness of, and market opportunities for, ALLOCETRA™ programs. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the risk of failure to realize the anticipated benefits of the Company’s digital asset treasury strategy; changes in business, market, financial, political, and regulatory conditions; risks relating to the Company’s operations and business, including the highly volatile nature of the price, trading volume, and liquidity of RAIN and other cryptocurrencies; risks associated with digital asset exchange listings, trading venues, and market infrastructure; the risk that the price and liquidity of the Company’s ordinary shares may be correlated with the price or liquidity of the digital assets it holds; risks related to increased competition in the industries in which the Company operates; risks relating to significant legal, commercial, regulatory, and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; and those risks and uncertainties identified in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements, except as required by applicable law.

 

ENLIVEX CONTACT

 

Shachar Shlosberger, CFO
Enlivex Ltd.
shachar@enlivex.com

 

 

 

 

FAQ

What were Enlivex (ENLV) full-year 2025 earnings and EPS?

Enlivex reported net income of $1.23 billion for 2025 and diluted earnings per ordinary share of $25.48. Management states these results were mainly driven by appreciation in the valuation of its treasury and treasury-related derivative assets rather than traditional operating income.

What drove Enlivex’s strong 2025 profit performance?

The company explains that 2025 profit was primarily driven by unrealized appreciation in its treasury and treasury-related derivative assets. These assets are tied to Enlivex’s prediction markets treasury strategy, which is built around the RAIN decentralized prediction markets protocol on Arbitrum.

How does Enlivex describe its dual business strategy?

Enlivex presents a dual strategy: a clinical-stage quality longevity platform developing Allocetra™ immunotherapy for aging-related inflammatory conditions, and a prediction markets treasury anchored in the RAIN protocol. This aims to provide public investors exposure to both longevity therapeutics and emerging prediction markets infrastructure.

What is Allocetra™ in Enlivex’s pipeline?

Allocetra™ is described as an advanced clinical-stage immunotherapy targeting inflammatory conditions associated with aging, with a primary focus on age-related osteoarthritis. Enlivex views this program as central to its quality longevity strategy focused on improving healthspan and quality of life in aging populations.

What risks does Enlivex highlight around its digital asset treasury?

Enlivex flags risks including the highly volatile price, trading volume, and liquidity of RAIN and other cryptocurrencies, uncertainties around digital asset exchanges and infrastructure, potential correlation with its ordinary share price, and significant regulatory and tax uncertainty affecting digital assets generally.

How can investors access Enlivex’s 2025 earnings webcast?

Enlivex is hosting a webcast at 09:00 am Eastern Time to discuss its 2025 results and outlook. Participants can register through the provided Zoom webinar link, and an audio webcast will be available via the investor relations section of the company’s website.

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