Enlivex is a clinical-stage Israeli biopharmaceutical company with two distinct and unrelated activities: developing a cell therapy for osteoarthritis and holding a cryptocurrency treasury anchored in a decentralized prediction markets token. Enlivex's lead clinical asset is Allocetra, a macrophage reprogramming therapy that works by injecting early apoptotic cells derived from healthy donor blood directly into a target joint, reprogramming overactivated immune cells to reduce chronic inflammation. The primary target is moderate to severe knee osteoarthritis, where current treatments are limited to pain management and joint replacement. Enlivex completed a Phase IIa trial with positive results in patients aged 60+, and FDA cleared the IND for a Phase IIb trial in March 2026, with topline data expected in 2027. Enlivex has no approved products and no commercial revenue, and intends to commercialize Allocetra through licensing or partnerships rather than building its own sales infrastructure. Alongside the clinical business, Enlivex holds the RAIN token — a governance and utility token for a DeFi prediction markets protocol built on Arbitrum — as its primary treasury asset, with a fair value of approximately $607M at year-end 2025. Enlivex manages this treasury through an external asset manager authorized to pursue yield via staking and liquidity provision, and holds an exclusive option to purchase additional RAIN tokens through December 2027. RAIN token price appreciation and depreciation will be a major driver of Enlivex's financial results going forward.