Enlivex Therapeutics Ltd. completed a private investment in public equity (PIPE) on November 24, 2025, issuing 212 million ordinary shares at $1.00 each, a premium of 11.5% over the November 21 closing price. The transaction is expected to generate approximately $212 million in gross proceeds.
The company will deploy the proceeds to launch its first RAIN prediction‑markets token treasury strategy, holding the RAIN token—built on the Arbitrum network—as its primary treasury reserve asset. This move makes Enlivex the first publicly‑listed biotech to adopt a digital‑asset‑centric treasury policy, positioning it at the intersection of biotechnology and emerging blockchain finance.
In addition to the capital raise, Enlivex announced that former Italian Prime Minister Matteo Renzi will join the board of directors effective November 24. Renzi’s appointment brings governance experience and a high‑profile perspective, and he has expressed enthusiasm for blockchain technologies and prediction‑driven models. Chairman Shai Novik welcomed Renzi, noting that his expertise will help the company build shareholder value.
Enlivex remains a development‑stage biopharmaceutical company with zero revenue and net losses of $7.5 million for the nine months ended September 30, 2025, and $2.21 million for the third quarter of 2025. The $212 million raise provides a significant liquidity cushion, allowing the company to continue clinical development of Allocetra for knee osteoarthritis while investing in the RAIN token strategy.
The announcement was met with a positive market reaction, with analysts adjusting their outlooks. D. Boral Capital downgraded Enlivex from “Buy” to “Hold” on the same day, citing the inherent risks of holding a prediction‑market token as a treasury reserve. Despite the downgrade, the market viewed the capital infusion and strategic pivot favorably.
While the RAIN token strategy offers potential upside through exposure to a fast‑growing prediction‑market sector, it also introduces volatility and regulatory uncertainty. Enlivex’s management acknowledges these risks but believes the digital‑asset approach can complement its traditional biopharmaceutical pipeline and provide new avenues for value creation.
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