Enlivex Therapeutics Ltd.

ENLV

$1.09

-6.47%

N/A-$0.08

Healthcare

Biotechnology

NASDAQ

Active Trading

Enlivex Therapeutics Ltd., established in 2005 and based in Nes Ziona, Israel, operates as a clinical-stage biotechnology firm dedicated to macrophage reprogramming ...

Supply Chain of ENLV

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Sartorius AG

Merck KGaA (MilliporeSigma)

A.S. Novik Ltd.

Lonza Group AG

Bio-Techne Corporation

Thermo Fisher Scientific Inc.

NYSE:TMO

Potential supplier of cell culture media, GMP-grade reagents, and single-use bioprocessing consumables for Allocetra cGMP manufacturing

Sartorius AG

ETR:SRT3

Potential supplier of single-use bioreactors, filtration systems, and bioprocess consumables for cell therapy manufacturing

Merck KGaA (MilliporeSigma)

ETR:MRK

Potential supplier of GMP-grade raw materials, cell culture media components, and bioprocessing equipment

Danaher Corporation (Cytiva)

NYSE:DHR

Potential supplier of bioprocess chromatography systems, filtration, and cell therapy manufacturing equipment

A.S. Novik Ltd.

Related party consulting and management services provider (controlled by Executive Chairman Shai Novik); disclosed in SEC filings

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

BeiGene Ltd. (BeOne Medicines)

Mount Sinai Health System

Khalpey AI Lab

Clinical Trial Sites (Global)

BTIG, LLC

BeiGene Ltd. (BeOne Medicines)

NASDAQ:BGNE

Clinical collaboration partner evaluating Allocetra + tislelizumab (anti-PD-1) in Phase 1/2a solid tumor trial. BeiGene supplies tislelizumab; Enlivex supplies Allocetra. No revenue generated.

Mount Sinai Health System

Research collaboration to evaluate Allocetra in combination with immune checkpoint inhibitors for solid tumors (announced March 2021). Academic research partnership.

Khalpey AI Lab

AI collaboration (announced November 2025) for unveiling potential biomarkers and predicting osteoarthritis onset/progression using Allocetra data.

Clinical Trial Sites (Global)

Phase 2b knee OA trial enrolling in US, Israel, Denmark, and other EU countries. Phase 1/2a solid tumor trial in Israel. Phase 1 TMJ OA at Sheba Medical Center, Israel. No commercial distribution exists.

BTIG, LLC

At-the-market (ATM) sales agent (November 2025). Financial intermediary for equity offerings, not a product distributor.

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Mustang Bio, Inc.

Cellect Biotechnology Ltd.

Enlivex Therapeutics Ltd. (Historical - Pre-Rename)

Mustang Bio, Inc.

NASDAQ:MBIO

Clinical-stage cell therapy company with in-house manufacturing; similar development-stage risk profile and no commercial revenue. Pre-commercial cell therapy pipeline with CDMO/manufacturing partnerships.

Cellect Biotechnology Ltd.

NASDAQ:APOP

Israeli clinical-stage biotechnology company developing cell therapy technologies; geographic peer with similar exposure to Israel-based operations, regulatory pathways, and capital market dynamics.

Enlivex Therapeutics Ltd. (Historical - Pre-Rename)

NASDAQ:ENLV

Same entity before the February 2026 name change and before the RAIN treasury pivot. Historical operations as a pure-play cell therapy developer provide a baseline for evaluating the strategic transformation.

Geographic

Region-level exposures that can distort the supply network.

Geographic

Israel

United States

Global (Cryptocurrency)

Enlivex Ltd. (Parent)

Enlivex Therapeutics R&D Ltd.

US Clinical Trial Sites (Phase 2b OA)

RAIN Protocol / Prediction Markets Ecosystem

Israel

Manufacturing concentration and operational headquarters

Enlivex Ltd. (Parent)NASDAQ:ENLVAll Allocetra cGMP manufacturing occurs at a single facility in Ness Ziona, Israel. Single-point-of-failure for supply chain. Exposure to geopolitical instability, regional conflict, and potential manufacturing disruptions.

Enlivex Therapeutics R&D Ltd.Primary operating subsidiary in Israel; conducts all R&D and clinical manufacturing operations. Workforce and operations concentrated in Israel.

United States

Clinical trial operations and regulatory dependency

US Clinical Trial Sites (Phase 2b OA)First US patient dosed May 2026. FDA IND clearance obtained March 2026. Regulatory dependency on FDA for eventual approval. Clinical supply chain requires cold-chain logistics from Israel to US sites.

Global (Cryptocurrency)

Digital asset treasury exposure (RAIN token)

RAIN Protocol / Prediction Markets EcosystemEnlivex holds ~79.6B RAIN tokens valued at ~$1.14B (June 2026). Treasury value is entirely dependent on RAIN token market price, which is subject to extreme volatility, regulatory actions, and protocol risks.

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Other

Critical

Single-product dependency: Allocetra is Enlivex's only pipeline asset. If clinical trials fail or regulatory approval is delayed, the entire cell therapy program is at risk. No approved products, zero commercial revenue.

Other

Critical

Crypto/Treasury concentration risk: As of June 2026, ~$1.14B of corporate treasury is held in RAIN tokens. Enlivex's net income ($1.23B in FY2025) is entirely from digital asset appreciation, not operations. Severe volatility and regulatory risk.

Other

High

Cash burn dependency on capital markets: Pre-treasury strategy, Enlivex had ~$20M cash with $13M annual burn (mid-2025). Post-$212M placement, the company relies on private placement and ATM equity sales for operating runway.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Allocetra Cell Therapy (Clinical-Stage Pipeline)

0.0%

$0.0B

No commercial revenue. All manufacturing is in-house at own cGMP facility for clinical trial supply only. No third-party CDMO dependency confirmed; reliance on raw material and equipment suppliers for cell therapy production.

RAIN Token Treasury / Digital Asset Strategy

100.0%

$1.2B

Non-operational income from RAIN token appreciation ($1.14B treasury NAV as of June 2026). Not supply-chain-related; exposes company to cryptocurrency volatility and regulatory risk. This segment has no traditional supply chain.

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