Enlivex Therapeutics (ENLV) Registration Filing summary

Company overview and business model

• Clinical-stage immunotherapy company focused on macrophage reprogramming, developing Allocetra™, an off-the-shelf cell therapy targeting immune system rebalancing for conditions with unmet medical needs, especially osteoarthritis and sepsis.

• Allocetra™ aims to restore macrophage homeostasis, potentially resolving inflammatory diseases as a stand-alone or combination therapy.

• Main clinical focus is on osteoarthritis, with additional programs in sepsis and other inflammatory disorders.

• In 2024, reported positive interim results in a Phase I/II knee osteoarthritis trial and advanced multiple clinical programs.

• Plans to seek external collaboration or out-licensing for sepsis program due to limited internal resources.

Financial performance and metrics

• As of May 1, 2025, market value of outstanding ordinary shares held by non-affiliates was approximately $27.8 million, based on 23,849,935 shares outstanding.

• Net tangible book value as of December 31, 2024, was $23.59 million, or $0.997 per share.

• Offering up to 8,800,000 ordinary shares could increase net tangible book value to $32.40 million, with immediate dilution of $0.0514 per share to new investors at a $1.05 offering price.

Use of proceeds and capital allocation

• Net proceeds intended for clinical, regulatory, manufacturing, and R&D activities, potential acquisitions and in-licensing, and general corporate purposes.

• Management retains broad discretion over allocation of proceeds, with actual use dependent on business needs and market conditions.