aibioEnlivex gets Nasdaq delisting notice, plans appeal and 1-for-16 reverse split
Tickers ENLV
Because Enlivex already did a reverse split within the past 12 months, it is not entitled to a 180-day period to regain compliance.
Key facts
- Company
- Enlivex Ltd. (NASDAQ: ENLV)
- News type
- Listings
- Primary source
- Enlivex (SEC Form 6-K, Exhibit 99.1)
The notice
Enlivex Ltd. (Nasdaq: ENLV) said on October 27, 2026 that it had received a delisting notice from the Listing Qualifications Department of The Nasdaq Stock Market Inc. The notice is dated October 26, 2026. It says the closing bid price of the company's ordinary shares did not meet the $1.00 minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) during the 30 consecutive business days before October 22, 2026. Nasdaq says the company is not entitled to a 180-day period to regain compliance, because it effected a reverse share split within the preceding 12 months. The release does not identify that earlier split.
The appeal and the reverse split
The company plans to appeal the staff's delisting determination by asking for an oral hearing before the Nasdaq Hearings Panel under Nasdaq Listing Rule 5815. The hearing request stays any suspension or delisting while the appeal is pending, and the shares keep trading on the Nasdaq Capital Market in the meantime. The company says it cannot give assurances that the appeal will succeed, or that its ordinary shares will keep trading on the Nasdaq Capital Market after the hearing. The company also says it has effected a 1-for-16 reverse split, effective the same day, "in an effort to regain compliance with Nasdaq listing rules and provide support for the Appeal." The bid price test in the notice covers the 30 business days before October 22, 2026, which is before the split took effect.
What the company is building
The company describes itself as a quality longevity company powered by a prediction markets treasury. Its lead candidate, Allocetra, is a macrophage reprogramming therapy in clinical development for age-related primary knee osteoarthritis. The 20-F filed on March 25, 2026 reports six-month efficacy data from the Phase IIa stage of a randomized, multi-country Phase I/II trial, announced in November 2025, and says the company is preparing a Phase IIb trial. The FDA cleared the IND for that trial in March 2026. Topline three-month and six-month data are expected in the second quarter and third quarter of 2027. The treasury side is built on RAIN, a token of a prediction markets protocol on the Arbitrum network. On March 23, 2026, the company partially exercised an option to acquire 3,030,303,030 RAIN tokens at $0.0033 per token, for $10 million. The fair value of the digital asset treasury at December 31, 2025 was $606.781 million.
Cash and spending
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 treasury is not cash. The 20-F says the asset manager may use staking, restaking and decentralized finance strategies to try to enhance returns, and it adds: "We cannot assure you that any such strategies will be available to us." Year-end operating cash of $1.9 million sits next to a treasury with a fair value of $606.781 million.
What comes next
The next step is the hearing request under Rule 5815. Until the Panel decides, the shares keep trading on the Nasdaq Capital Market. The company's Phase IIb topline data are not due until 2027.