aibioEnlivex amends $21.0 million Lind note and resets conversion price
Tickers ENLV
Enlivex deleted a market capitalization default from its Lind note and revised conversion and prepayment terms. Outstanding principal rose to $19.2 million.
Key facts
- Company
- Enlivex Ltd. (NASDAQ: ENLV)
- News type
- Debt Financing
- Primary source
- Enlivex Ltd. 6-K (2026-08-11)
Enlivex Ltd., an Israeli company, amended a Senior Secured Convertible Promissory Note that it issued on March 23, 2026 to Lind Global Asset Management XIV, LLC, a Delaware limited liability company. The original principal was $21.0 million, and the note was due March 23, 2027. The amendment is dated August 11, 2026 and was reported the same day in a Form 6-K signed by Chief Executive Officer Oren Hershkovitz. The filing names no placement agent, underwriter, financial advisor or counsel.
What changed in the note
The amendment deletes an event of default that would have occurred if the company's market capitalization stayed below $75.0 million for ten consecutive trading days. Lind waived the event of default that had already occurred. Outstanding principal rose from approximately $16.3 million to $19.2 million. The 6-K does not say why the principal rose or whether any new cash came with it, or how the company will use the amended note.
The maturity date now runs until the company has repaid the outstanding principal in full. Monthly payments fall from approximately $2.3 million to $1.2 million. Lind may waive any single monthly payment, in which case the maturity date extends by one more month.
Interest of 10.0% a year now accrues on each calendar day that the company's market capitalization is below $75.0 million. Lind may convert the note into ordinary shares from time to time, and any conversion is credited against the next monthly payment or payments. The conversion price is now the lower of $40.37625 and 80% of the average of the three lowest daily volume weighted average prices in the 20 trading days before Lind's conversion notice.
For six months after the amendment, the company may prepay in cash at a premium of 2.5%, down from 5.0%.
The treasury and the pipeline
The 20-F describes Enlivex as a quality longevity company whose lead candidate, Allocetra, is a macrophage reprogramming therapy in knee osteoarthritis. The company reported positive six-month efficacy data from the Phase IIa stage of a randomized Phase I/II trial in November 2025, and says the results point to an age-related responder group. The 20-F describes the results only as positive and gives no patient numbers or effect sizes for them. The company is still preparing to begin a randomized, double-blind, placebo-controlled Phase IIb trial. It received FDA clearance of its IND in March 2026 and expects three and six-month topline data in the second quarter and third quarter of 2027.
The company also runs a digital asset treasury. It launched a treasury reserve policy on November 24, 2025, in connection with a private placement, and acquired RAIN tokens under it. The 20-F says it may acquire other digital assets. The fair value of that treasury was $606.781 million at December 31, 2025. On March 23, 2026, the company partly exercised an option to buy RAIN tokens for $10 million. The 20-F says its asset manager may stake, lend or sell the tokens, and that the value of these holdings is subject to crypto risk factors described elsewhere in the filing.
Financial position
Research and development expense was $9.2 million in 2025, against $10.6 million in 2024. The 20-F reports net income of $1.24 billion for 2025, after a net loss of $15.0 million in 2024. That profit sits beside $9.2 million of research spending and $10.4 million of cash used in operations, and the figures given here do not state what produced it. Cash used in operations was $10.4 million in 2025, down from $13.0 million in 2024.
Year-end cash and cash equivalents were $1.9 million at the end of 2025, against $3.3 million a year earlier. Short-term investments were $198,000 at the end of 2024.
The company had $1.9 million of cash at the end of 2025, against $10.4 million of operating cash use in 2025. Its treasury is valued in digital assets, and the note's default and conversion terms both depend on the share price. A share price drop therefore makes the 10.0% interest more likely to accrue and raises the number of shares Lind can receive, while the company's cash on hand stays small.