Enlivex Therapeutics (ENLV) investor relations material

Transaction rationale and treasury strategy

• Recent private placement with Rain Foundation aims to mitigate market cap risk and improve future financing options, offering shares at a premium in RAIN tokens or cash equivalents.

• Rain Foundation, a non-profit stewarding the Rain protocol, reinvests gains into protocol growth, potentially benefiting Enlivex's treasury holdings.

• The transaction is subject to shareholder approval, with Enlivex retaining the right to terminate before approval.

• Rain protocol's deflationary model uses profits to buy and burn RAIN tokens, potentially increasing token value and treasury asset value.

• The foundation currently owns about 8-9% of Enlivex shares and participated in previous financings.

Rain protocol progress and projections

• Rain protocol has seen exponential trading volume growth, with a 622% increase from June to July after launching version 2 and starting marketing efforts.

• Industry prediction markets are projected to reach $1 trillion in annual trading volume within five years.

• Rain Foundation projects $1.3B in trading volume and $49M in gross fees for 2027, rising to $33B and $1.2B respectively by 2029.

• All net revenue is used to buy and burn RAIN tokens, with up to $600M in market orders projected for 2029.

• Management acknowledges risks and early-stage status of Rain, but sees recent milestones as promising for treasury value.

Clinical development and Allocetra study results

• Allocetra targets age-related osteoarthritis, a major unmet need affecting 32M adults in the US, with market size expected to grow to $16B by 2030.

• Phase I/IIa study in 149 patients showed statistically and clinically meaningful improvements in pain and function for patients aged 60+, with a favorable safety profile.

• Effect size compares favorably to current painkillers, with durable benefits observed over six months.

• Phase IIb study is ongoing, focusing on patients over 64, with top-line six-month data expected by mid-2027.

• Allocetra received RMAT designation from the FDA, providing intensive agency interaction, potential for reduced development timelines, and external validation of the approach.