TLDR
- Enlivex Therapeutics (ENLV) is raising $212 million through a PIPE deal at $1.00 per share, an 11.5% premium to its Nov. 21 closing price
- Funds will be paid in a mix of U.S. dollars and stablecoin USDT to launch a RAIN prediction-markets token treasury strategy
- The company will continue developing Allocetra, its osteoarthritis treatment that recently showed positive Phase IIa trial results
- ENLV shares jumped approximately 85% after the opening bell following the announcement
- The deal involves selling 212 million ordinary shares with proceeds supporting both the crypto strategy and clinical development
Enlivex Therapeutics announced a $212 million capital raise on Monday that marks an unusual pivot for the clinical-stage biotech company. The firm is combining traditional drug development with a new cryptocurrency-focused treasury strategy.
Enlivex Therapeutics Ltd., ENLV
The company secured the funding through a private investment in public equity deal. Under the agreement, Enlivex will sell 212 million ordinary shares at $1.00 each.
This price represents an 11.5% premium over the stock’s closing price on November 21, 2025. The payment structure is equally unconventional, with proceeds coming in both U.S. dollars and the stablecoin USDT.
The capital will fund Enlivex’s entry into the RAIN prediction markets token treasury strategy. RAIN operates as a decentralized predictions and options protocol built on the Arbitrum blockchain network. The platform allows participants to trade on expectations of future events.
Shai Novik, chairman of Enlivex’s board, pointed to growing institutional interest in prediction market companies. He specifically cited Polymarket and Kalshi as examples of the space maturing. The company sees strong growth potential in this sector.
Dual Strategy Approach
Despite this crypto pivot, Enlivex plans to maintain its focus on drug development. The company continues working on Allocetra, a therapy designed to treat knee osteoarthritis. Allocetra represents the company’s core business as a macrophage reprogramming immunotherapy developer.
Recent clinical results for Allocetra have been encouraging. The company reported positive six-month efficacy data from the Phase IIa portion of its trial. The study involves patients with moderate to severe knee osteoarthritis and operates as a randomized, multi-country Phase I/II trial.
These positive results preceded Monday’s announcement. The clinical news had already sent the stock up double digits before the PIPE deal was revealed.
Market Response
Investors reacted strongly to the announcement. ENLV shares jumped approximately 85% in the minutes following the opening bell on Monday.
The stock movement reflects both the clinical progress and the new treasury strategy. The premium pricing of the PIPE deal also suggests investor confidence in the company’s plans.
Enlivex operates as an Israel-based development-stage biopharmaceutical company. The firm holds a market capitalization of approximately $35.46 million. The company’s balance sheet shows a current ratio of 6.43 and a debt-to-equity ratio of 0.04.
Financial Position
The company currently reports no revenue. Its EPS stands at negative 0.55. Return on equity sits at negative 59.16%.
Institutional ownership accounts for 11.5% of shares. The stock’s beta of 2.91 indicates high volatility relative to the broader market.
The company’s entry into prediction markets represents a growing trend among public companies exploring crypto treasury strategies. The RAIN protocol’s decentralized nature allows for trading on various future event outcomes. The Arbitrum blockchain provides the underlying infrastructure for these transactions.
The $212 million raise ranks as one of the larger PIPE deals in the biotech sector this year. The combination of traditional equity and stablecoin funding marks a new approach to biotech financing. The premium pricing suggests strong demand for the offering despite the company’s pre-revenue status.
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