Enlivex gets Nasdaq bid price notice, has until November 9, 2026

The notice and the deadline

Enlivex Ltd. (Nasdaq: ENLV) said on May 15, 2026 that Nasdaq had sent it a notice. The closing bid price of its ordinary shares in the 30 consecutive business days before the notice did not meet the $1.00 minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2). Under Rule 5810(c)(3)(A), the company has 180 calendar days, until November 9, 2026, to regain compliance. To do that, the closing bid price must be at least $1.00 for a minimum of 10 consecutive business days before that date. Nasdaq can extend the period at its discretion, and it would then confirm compliance in writing. If the company cannot regain compliance by November 9, 2026, it may qualify for a second period of 180 calendar days. To qualify, it must meet the continued listing requirement for market value of publicly held shares and the other initial listing standards for the Nasdaq Capital Market, except bid price. It must also say in writing that it intends to cure the deficiency, by a reverse stock split if necessary. If it does not qualify, or fails in the second period, Nasdaq will notify it of possible delisting, and the company could appeal to a Hearings Panel.

Two businesses in one filing

The 20-F filed on March 25, 2026 calls the company a quality longevity company powered by a prediction markets treasury. Its clinical work is focused on osteoarthritis, and its lead candidate, Allocetra, is described as a macrophage reprogramming therapy. In November 2025 the company reported six-month efficacy data from the Phase IIa stage of a randomized, multi-country Phase I/II trial, ENX-CL-05-001, in patients with moderate to severe knee osteoarthritis. The company says the six-month data repeat the three-month results and point to an age-related responder population. The company is preparing a Phase IIb global, randomized, double-blind, placebo-controlled trial of intra-articular Allocetra injections in age-related primary knee osteoarthritis. The FDA cleared the trial's IND application in March 2026, and the company expects the trial to run in several European countries as well. Topline three-month and six-month data are expected in the second quarter and third quarter of 2027. The treasury carries the larger number in the filing. On November 24, 2025, in connection with a private placement, the company launched a cryptocurrency and digital asset Treasury Reserve Policy and acquired RAIN tokens. On March 23, 2026, it partly exercised an option to buy 3,030,303,030 RAIN tokens at $0.0033 per token, for $10 million. The filing gives the fair value of the digital asset treasury at December 31, 2025 as $606.781 million. The filing says the asset manager may use staking, restaking, liquid staking and decentralized finance strategies to try to enhance returns on the RAIN holdings. It adds: "We cannot assure you that any such strategies will be available to us."

The cash position

Cash and cash equivalents were $1.9 million at December 31, 2025, down from $3.3 million a year earlier. Short-term investments were $198,000 at the end of 2024. Cash used in operations was $10.4 million in 2025, against $13.0 million in 2024. Research and development expense was $9.2 million in 2025, against $10.6 million in 2024. The company reported net income of $1.24 billion for 2025, against a net loss of $15.0 million for 2024. The contrast is sharp. At year end the operating cash balance was $1.9 million, while the digital asset treasury carried a fair value of $606.781 million, and the March RAIN purchase cost $10 million. The treasury is a fair value figure, not cash.

What comes next

The first Nasdaq deadline is November 9, 2026. The company's topline data are not due until the second quarter of 2027, after that date.

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