Enhanced Group (ENHA) Registration filing summary

Company overview and business model

• Operates at the intersection of sports entertainment, performance science, and lifestyle wellness, with two main business lines: Enhanced Games (multi-sport events allowing medically supervised performance enhancement) and Live Enhanced (subscription-based telehealth and wellness platform).

• Asset-light, partnership-driven model leverages third-party telehealth, production, and distribution partners while retaining control of brand, technology, and customer relationships.

• Enhanced Games aims to disrupt traditional sports by permitting performance-enhancing substances under medical supervision, with a focus on safety, scientific advancement, and athlete autonomy.

• Live Enhanced offers OTC supplements and clinician-guided protocols, with plans for AI-driven personalization and expanded product offerings.

Financial performance and metrics

• For the six months ended June 30, 2026: $17.7 million in revenue (primarily from sponsorships), $78.4 million net loss, and $19.6 million in cash and cash equivalents.

• Accumulated deficit of $110.4 million as of June 30, 2026; substantial doubt exists about ability to continue as a going concern without additional capital.

• Major expenses include $59.7 million in event costs, $23.8 million in SG&A, and $12.5 million in transaction expenses for the first half of 2026.

• No revenue in 2024 or 2025; 2025 net loss was $26.7 million, driven by ramp-up in G&A, athlete, and marketing expenses.

Use of proceeds and capital allocation

• No proceeds from the resale of shares by selling securityholders; may receive proceeds from PIPE Warrant exercises, to be used for working capital and general corporate purposes.

• Recent $50 million private placement in three tranches, with proceeds used to repay a $11.75 million working capital note and fund operations.

• Ongoing need to raise additional capital to support growth; current cash insufficient for 12 months of operations.