Breaking Down Enlivex Therapeutics Ltd. (ENLV) Financial Health: Key Insights for Investors

You're looking at Enlivex Therapeutics Ltd., a clinical-stage biotech, and trying to map the risk against the potential reward, which is defintely the right move. This isn't a revenue story yet-it's a burn-rate and balance sheet story. The latest Q3 2025 reports show the company is managing its cash better, posting a net loss of $7.53 million for the nine months ended September 30, 2025, a significant improvement from the prior year's $9.84 million loss, but still a serious cash drain. That said, you can't ignore the total assets dropping to $20.9 million by September 2025, down from $27.7 million at the end of 2024, which means the runway is getting shorter. The market capitalization is only around $24.34 million, making it a micro-cap with high volatility tied entirely to its Allocetra clinical progress. How long can they sustain the R&D without a major funding event? That's the only question that matters right now.

Revenue Analysis

You need to know the bottom line on revenue for Enlivex Therapeutics Ltd. (ENLV): the company is a clinical-stage biopharmaceutical firm, which means it is currently pre-revenue. This is the single most important fact for any investor to grasp right now.

For the 2025 fiscal year, Wall Street analysts are in clear consensus, forecasting the company's annual revenue to be $0. This isn't a surprise; it's the reality for a biotech focused on research and development (R&D) like Enlivex, whose lead product, Allocetra, is still in clinical trials and not yet approved for commercial sale. To be fair, this is a capital-intensive phase, and the company's financial health is better measured by its cash runway and burn rate than by sales.

Understanding Enlivex Therapeutics Ltd.'s Revenue Streams

Since product sales revenue is zero, the company's financial inflow primarily comes from equity financing, grants, and strategic collaborations. This is how they fund their critical work on Allocetra, their cell-based immunotherapy designed to treat severe inflammatory conditions. Here's the quick math on their core focus:

• Primary Revenue Sources: Currently $0 from product sales. The company relies on capital markets and financing activities.
• Core Asset Focus: Allocetra, a macrophage reprogramming immunotherapy in clinical trials for conditions like sepsis and acute respiratory distress syndrome (ARDS).
• Year-over-Year Growth: The revenue growth rate is technically N/A, as you can't calculate a percentage increase from zero.

What this estimate hides is the significant capital expenditure required to move Allocetra through its pipeline. For the nine months ending September 30, 2025, Enlivex Therapeutics Ltd. reported a net loss of $7.53 million. That's the cost of doing business in clinical-stage biotech.

Segment Contribution and Near-Term Risks

There is no breakdown of different business segments contributing to overall revenue because, well, the overall revenue is zero. All financial focus is on the single product pipeline. Still, you need to watch the strategic shifts that signal financial pressure.

A significant change is the company's push to manage its cash burn. Over the course of the third quarter of 2023 and the first half of 2024, Enlivex Therapeutics Ltd. reduced its workforce by approximately 50%. This is a defintely a clear signal of cost containment. Also, instead of internally funding the next steps for the sepsis clinical program, the company plans to seek external collaboration or out-licensing opportunities. This is a smart, risk-mitigating move to preserve capital, but it also means the development timeline is now tied to finding a partner.

To put the financial situation in context, look at the analyst consensus for their losses, which shows a slight improvement in the near-term cash burn, even with no revenue:

If you're interested in the deeper dive on their valuation and strategy, you can find more analysis in Breaking Down Enlivex Therapeutics Ltd. (ENLV) Financial Health: Key Insights for Investors.

Next Step: Finance: Model the cash runway based on the Q3 2025 cash and cash equivalents of approximately $19.5 million and the current quarterly burn rate to see how long they can operate without a partnership or new financing by the end of the year.

Profitability Metrics

You need to understand that Enlivex Therapeutics Ltd. (ENLV) is a clinical-stage biotechnology company, which means its financial profile looks very different from a mature, revenue-generating business. The direct takeaway is that the company is currently not profitable, as it has no commercial revenue, but it is showing a positive trend in controlling its net loss.

For the nine months ended September 30, 2025, the company reported a net loss of approximately $7.53 million. This is the simple reality of a biotech firm focused entirely on research and development (R&D) for its Allocetra platform. Since there is no product sales, the Gross Profit is $0, making the Gross Profit Margin 0%. That's the quick math.

The Operating Profit Margin and Net Profit Margin are both deeply negative. For the trailing twelve months (TTM) ending September 30, 2025, the net loss was $12.70 million. This loss is primarily driven by operating expenses, specifically R&D and general and administrative (G&A) costs, which are necessary to advance clinical trials.

Profitability Trends and Operational Efficiency

While the company is losing money, the trend in managing that loss is a key signal. The net loss for the nine months ended September 30, 2025, was $7.53 million, which is an improvement from the $9.84 million loss reported for the same period in the prior year (2024). This shows that management is defintely becoming more efficient at controlling the cash burn, or perhaps R&D expenses are being managed more tightly as trials progress.

Operational efficiency in a development-stage biotech like Enlivex Therapeutics Ltd. isn't about maximizing gross margin-it's about minimizing the net loss while maximizing the output from R&D spending. The reduction in net loss suggests a positive step in cost management, even as core clinical programs continue.

• Gross Margin: 0% (No revenue).
• Nine-Month Net Loss (2025): $7.53 million.
• Nine-Month Net Loss (2024): $9.84 million.
• Loss reduction: $2.31 million improvement year-over-year.

Industry Comparison: Biotech Benchmarks

Comparing Enlivex Therapeutics Ltd.'s profitability ratios to the broader Biotechnology industry average reveals a critical distinction between commercial-stage and development-stage companies. The industry average, as of November 2025, reflects the performance of hundreds of companies, many of which do have approved products and revenue streams.

Here's how Enlivex Therapeutics Ltd. stacks up against the average for the sector:

What this estimate hides is the nature of the business. The industry average Gross Profit Margin of 86.3% is high because, for successful drug companies, the cost of goods sold (COGS) is low compared to the price of the drug. Enlivex Therapeutics Ltd. will only see a Gross Margin when Allocetra is approved and generating sales. For now, its 0% Gross Margin is simply a function of its pre-commercial stage. To be fair, the industry's average Net Profit Margin is also deeply negative at -177.1%, showing that losses are common in this capital-intensive sector, so Enlivex Therapeutics Ltd.'s negative margin is not an outlier in terms of direction, only in its specific magnitude.

For a deeper look at the capital structure supporting these R&D efforts, you should check out Exploring Enlivex Therapeutics Ltd. (ENLV) Investor Profile: Who's Buying and Why?

Debt vs. Equity Structure

You're looking at Enlivex Therapeutics Ltd.'s capital structure, and the immediate takeaway is simple: the company is a pure-play equity story. As of the third quarter of the 2025 fiscal year, Enlivex Therapeutics Ltd. operates with zero long-term or short-term debt, which is a rare but defintely clear position in the biotech space. This means their growth is funded entirely by shareholder equity and cash reserves, not by borrowing.

For a clinical-stage company, this debt-free status is a double-edged sword. It removes the risk of a credit crunch or interest rate exposure, but it also signals a heavy reliance on equity financing (selling shares) or partnerships to fund their cash burn. Here's the quick math from the Q3 2025 balance sheet:

• Total Debt (Long-Term and Short-Term): $0.0
• Total Shareholder Equity: Approximately $17.5 million
• Total Liabilities (Non-Debt): Approximately $3.5 million

The company has no interest-bearing debt to service. That's a clean balance sheet.

The Debt-to-Equity (D/E) ratio is the clearest metric here. Enlivex Therapeutics Ltd.'s D/E ratio is 0%. Compare this to the broader Biotechnology industry, where the average D/E ratio hovers around 0.17. Even a ratio of 1.377 is sometimes cited for the sector, reflecting the high capital needs for clinical trials. Enlivex Therapeutics Ltd. is an extreme outlier on the conservative side, sitting at a D/E ratio that is a fraction of the industry average.

What this low leverage hides is the constant need for cash to push their Allocetra™ product pipeline forward. Since there are no debt issuances or credit ratings to track, their financing strategy centers on equity funding (which dilutes your stake) and securing non-dilutive funding (like a partnership or grant). The CEO has explicitly stated they are pursuing a potential partnership with a larger company and 'securing other non-dilutive funding opportunities' following positive Phase IIa Allocetra™ results. This is the critical financing lever to watch for, as it provides cash without diluting shareholders further.

Their capital structure is simple: it's all equity, all the time. For a deeper dive into the company's prospects, you can check out the full post on Breaking Down Enlivex Therapeutics Ltd. (ENLV) Financial Health: Key Insights for Investors.

Liquidity and Solvency

You're looking at Enlivex Therapeutics Ltd. (ENLV) and the first thing to check is if they have enough cash to run their clinical trials and operations. The short answer is yes, for now, but the burn rate is the real story. As of the most recent reporting period, the company maintains a very strong balance sheet liquidity position, but its lack of revenue means it is still on a cash-intensive path toward commercialization.

The company's liquidity ratios are defintely robust. Based on the latest available figures, Enlivex Therapeutics Ltd.'s short-term assets were approximately $21.3 million, comfortably exceeding its short-term liabilities of about $3.3 million.

• Current Ratio: The current ratio sits at approximately 6.45. This means the company has $6.45 in current assets for every $1.00 in current liabilities.
• Quick Ratio (Acid-Test Ratio): Similarly, the quick ratio is around 6.43. For a clinical-stage biotech company with no revenue, the current and quick ratios are nearly identical and extremely high, which is a significant strength.

A ratio this high signals exceptional short-term financial health, showing Enlivex Therapeutics Ltd. can easily meet its immediate obligations. This is a common and necessary trait for a pre-revenue biotech firm; they need a large cash cushion to fund research and development (R&D).

Working Capital and Cash Flow Trends

The working capital (current assets minus current liabilities) is a solid $18.0 million (calculated as $21.3M - $3.3M). However, the trend is one of capital consumption. The total assets decreased from $27.7 million at the end of 2024 to $20.9 million by September 2025, which reflects the ongoing cash burn.

The cash flow statement overview confirms the operational reality of a clinical-stage company. The cash flow from operations is consistently negative, meaning the company is spending cash to develop its assets, primarily its Allocetra™ immunotherapy. For the trailing twelve months leading up to June 2025, the cash burn was approximately $13 million. This negative operating cash flow is the norm in this industry.

Here's the quick math on the cash runway: with approximately $20 million in cash in June 2025 and an annual cash burn of $13 million, the company had an estimated cash runway of about 19 months. This is the single most important metric for a company like this. It tells you exactly how long they can operate before needing to raise more capital.

The financing cash flow has historically been positive when the company raises capital, typically through equity offerings. Since Enlivex Therapeutics Ltd. is virtually debt-free, any future financing will likely be dilutive equity raises or non-dilutive partnerships. Analysts expect the company to reach cash flow breakeven in about four years, so expect more funding rounds or a major partnership before then. For more on who is funding these operations, you should check out Exploring Enlivex Therapeutics Ltd. (ENLV) Investor Profile: Who's Buying and Why?

Liquidity Strengths and Concerns

The primary strength is the high liquidity and zero debt, offering flexibility. The major concern is the cash burn rate. The company's net loss for the nine months ending September 2025 was $7.5 million, which is a significant drain on the balance sheet. The cash runway of 19 months is adequate, but it puts a clear timeline on the need for a major clinical or business catalyst to secure the next round of funding or a partnership.

The action here is simple: track the cash balance and the cash burn rate every quarter. If the burn rate accelerates without a corresponding positive clinical development, the runway shrinks, and the risk of a highly dilutive financing event rises.

Valuation Analysis

You're looking at Enlivex Therapeutics Ltd. (ENLV) and trying to figure out if the current price is a bargain or a trap. For a clinical-stage biotech company like this, traditional valuation metrics are defintely tricky, but they still give us a critical reference point against the market's expectations.

The core takeaway is this: Wall Street sees a massive upside, but the current financials reflect a pre-revenue stage, meaning the stock's value is purely a bet on their drug pipeline, specifically Allocetra. The average analyst price target sits at a highly optimistic $10.00, suggesting a potential upside of over 920% from the mid-November 2025 trading price of around $0.98. That's a huge gap, which tells you the market is waiting for a major clinical catalyst.

Here's the quick math on the key ratios and stock performance:

• Price-to-Earnings (P/E) Ratio: Not meaningful. Enlivex Therapeutics Ltd. is not yet profitable, which is common for biotech companies in this phase. The consensus Earnings Per Share (EPS) forecast for the 2025 fiscal year is negative, at approximately -$0.45.
• Price-to-Book (P/B) Ratio: The P/B ratio is approximately 1.02. This suggests the stock is trading very close to its net asset value, which is considered good value when compared to the US Biotechnology industry average of around 2.5x.
• Enterprise Value-to-EBITDA (EV/EBITDA): The trailing 12-month EV/EBITDA is negative, at approximately -0.4x as of September 2025. Like the P/E ratio, a negative EV/EBITDA is expected when a company has negative earnings before interest, taxes, depreciation, and amortization (EBITDA), confirming its pre-commercial status.

The valuation story here is less about current earnings and more about future potential. The market capitalization is small, around $21.77 million, so any positive clinical trial news can cause a massive swing.

Stock Price Trends and Analyst Consensus

Looking at the last 12 months, the stock price has been volatile but has generally trended down, showing a decrease of about -9.87% year-over-year as of November 2025, with a 52-week low of $0.81 set in late 2024. Still, the analyst community is overwhelmingly bullish.

The consensus rating from analysts is a 'Strong Buy,' with all covering analysts currently recommending a buy or strong buy. This strong conviction is a direct reflection of the potential they see in the Allocetra platform, especially after positive data from trials like the Phase IIa in moderate-to-severe knee osteoarthritis, which was presented in October 2025.

Here's the breakdown of the analyst price targets:

What this estimate hides is the binary risk of clinical-stage companies. If the trials fail, the price moves to zero. If they succeed, the upside is truly explosive, aligning with that $10.00 target. Also, don't expect income from this stock; the dividend yield is 0.00%, and the company has no dividend history, which is standard for a company reinvesting all capital into R&D.

To understand the strategic backbone of this valuation, you should review the company's long-term goals: Mission Statement, Vision, & Core Values of Enlivex Therapeutics Ltd. (ENLV).

Next Step: Review the upcoming December 2025 earnings report for any updates on the cash runway and Phase II/III trial timelines, as cash burn is the primary near-term risk for a company with $0 in revenue.

Risk Factors

You're looking at Enlivex Therapeutics Ltd. (ENLV), a clinical-stage biotech, and need to know the cold, hard risks. The direct takeaway is that while the company has promising Phase IIa data for Allocetra™, its near-term financial stability remains the primary concern, defined by a significant cash burn and a pipeline that is still years from potential commercialization.

From a financial perspective, the most immediate internal risk is liquidity. The company operates with no revenue and expects to incur losses for the foreseeable future. For the nine months ending September 30, 2025, Enlivex reported a net loss of approximately $7.5 million. This operating deficit is chipping away at its capital base; total assets decreased from $27.7 million at the end of 2024 to $20.9 million by September 2025. That's a defintely concerning trend for a company with an accumulated deficit of roughly $132.4 million as of mid-2025. The analyst consensus for 2025 Earnings Per Share (EPS) is a loss of $-0.45, underscoring the ongoing cash requirements. They need more cash, plain and simple.

The core strategic risk is rooted in the nature of biotechnology: clinical development risk. Allocetra™, their lead product, must navigate a long, costly, and uncertain path to market. The risks are manifold:

• Clinical Trial Failure: The product may fail to achieve expected efficacy or safety in later-stage trials (Phase IIb, Phase III), even following positive Phase IIa results for knee osteoarthritis.
• Regulatory Hurdles: Unexpected safety or manufacturing issues, or changes in pharmaceutical industry regulation, could delay or prevent market approval.
• Competitive and IP Risk: Competitors developing treatments for conditions like osteoarthritis or sepsis could launch first, or intellectual property disputes could arise.

What this estimate hides is the binary nature of biotech stock. One strong Phase III readout could change everything; one failure could send the stock plummeting. You can check out the investor landscape in more detail here: Exploring Enlivex Therapeutics Ltd. (ENLV) Investor Profile: Who's Buying and Why?

To be fair, Enlivex is not sitting idle. They have clear mitigation strategies to extend their runway and de-risk the pipeline. Operationally, they undertook a significant cost-saving measure by reducing their workforce by approximately 50% over the course of Q3 2023 and the first half of 2024, focusing resources on the most promising inflammatory and auto-immune verticals. They are also utilizing an At-The-Market (ATM) Agreement to raise capital, which brought in net proceeds of approximately $197,000 from the sale of 164,656 ordinary shares in the first half of 2025.

Their strategic roadmap is a clear plan to mitigate the development risk by hitting key milestones:

This roadmap provides clear catalysts, but the success of each step is a massive unknown. Still, the management team is emphasizing the cost-effectiveness and scalability of Allocetra™ as an off-the-shelf cell therapy, which would be a competitive advantage if it reaches commercialization.

Next step: Track the November 2025 six-month Phase IIa data readout for Allocetra™ to gauge the next level of efficacy risk.

Growth Opportunities

You're looking at Enlivex Therapeutics Ltd. (ENLV), a clinical-stage biotech, so your growth analysis has to pivot from traditional metrics like current sales to clinical milestones and market potential. The direct takeaway is this: near-term growth is entirely dependent on the success of their lead product, Allocetra™ (a cell-based immunotherapy), which targets massive, underserved markets like knee osteoarthritis (KOA) and sepsis.

The reality for a company at this stage is clear. Analysts project $0 in revenue for the 2025 fiscal year, and the forecast for the full-year 2025 net loss per share is around -$0.58. This is expected. The real value driver is the clinical pipeline, which is why the company's Q2 2024 cash and short-term deposits of $25.9 million are so important-it funds the science that creates future revenue.

Allocetra™: The Core Growth Driver

The entire future growth story hinges on Allocetra™, a novel therapeutic that aims to reprogram macrophages, a type of primary immune cell, to restore immune balance (macrophage homeostasis). This is a fundamentally different approach than simply treating symptoms.

The most compelling data point is in Knee Osteoarthritis (KOA), a condition affecting over 32 million Americans with few effective treatments. The positive Phase IIa topline results for primary KOA patients showed a 72% reduction in pain and a 109% improvement in function in the Allocetra™ arm versus placebo. That's a game-changer if it holds up, considering the US market for KOA is a multi-billion dollar opportunity.

Another significant market is sepsis, a life-threatening inflammatory condition. Allocetra™ showed a favorable safety profile and a potential indication of effect in high-risk sepsis patients, specifically those whose sepsis originated from urinary tract infections.

• KOA: 72% pain reduction is a massive signal.
• Sepsis: Targeting high-risk UTI-originating cases.
• PsA: Phase 1 trial for psoriatic arthritis is underway.

Competitive Edge and Strategic Roadmap

Enlivex Therapeutics Ltd. holds a strong competitive advantage because Allocetra™ is an 'off-the-shelf' allogeneic cell therapy. This means it uses cells from healthy donors and is formulated and cryogenically preserved for immediate use, which makes it a far more cost-effective and logistically simpler solution than patient-specific cell therapies.

The company is defintely aware that clinical success must translate into commercial strategy. Following the positive KOA data, the CEO is actively pursuing a potential partnership with a larger pharmaceutical company that has an interest in the osteoarthritis space. This is the clearest path to non-dilutive funding and market expansion.

Here is the quick look at the near-term catalysts:

The next concrete step for you is to monitor the six-month data readout expected this November 2025, as it will be the first test of the treatment's durability-a key factor for any chronic disease therapy. For more on the company's long-term vision, you can review their Mission Statement, Vision, & Core Values of Enlivex Therapeutics Ltd. (ENLV).