The capital structure appears highly distorted, with $582.5 million in goodwill accounting for a significant portion of the $2.3 billion in total assets, while actual cash reserves remain critically low at $2.0 million.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 1.74B | 25.99M | 33.76M | 52.33M | 86.44M | 38.12M | 16.42M | 10.28M | 3.62M | 10.54M | 20.39M | 32.88M | 5.68M | 156K |
| Cash & Short-Term Investments | 5.87M | 23.61M | 27.32M | 48.12M | 84.13M | 35.71M | 12.01M | 9.78M | 3.53M | 6.87M | 7.29M | 10.58M | 5.55M | 146K |
| Cash Only | 2.01M | 3.3M | 813K | 47.82M | 11.2M | 5.67M | 3.95M | 9.74M | 3.53M | 6.87M | 7.29M | 10.58M | 5.55M | 146K |
| Short-Term Investments | 3.86M | 20.2M | 26.51M | 299K | 72.93M | 30.03M | 8.06M | 40K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 235K | 1.3M | 0 | 0 | 1.09M | 0 | -1.1M | 213K | 0 | 52K | 145K | 93K | 26K | 10K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 1.18M | -12.2M | 0 | 1.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | 552.9 | - | - | 1.84K | - | - | - | - | - | - | - |
| Other Current Assets | 1.73B | 198K | 5.11M | 0 | 1.2M | 1.17M | 3.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 583.82M | 1.69M | 3.07M | 15.31M | 8.7M | 2.24M | 1.14M | 757K | 426 | 89K | 124K | 69K | 7K | 0 |
| Property, Plant & Equipment | 938K | 1.15M | 2.58M | 14.9M | 8.22M | 2.14M | 1.06M | 685K | 388 | 71K | 91K | 60K | 2K | 0 |
| Fixed Asset Turnover | - | - | - | - | - | 1.06x | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 582.51M | 0 | 0 | 0 | 0 | 0 | 410K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 374K | 531K | 308K | 307K | 3K | 89K | 76K | 56K | 0 | 11K | 33K | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 10K | 179K | 105K | 482K | 8K | -329K | 16K | 38 | 7K | 0 | 9K | 5K | 0 |
| Total Assets | 2.33B | 27.69M | 36.83M | 67.64M | 95.15M | 40.36M | 17.56M | 11.03M | 3.62M | 10.63M | 20.52M | 32.95M | 5.69M | 156K |
| Asset Turnover | - | - | - | - | - | 0.06x | - | - | - | - | - | - | - | - |
| Asset Growth % | 8304.66% | -24.83% | -45.55% | -28.91% | 135.75% | 129.83% | 59.14% | 204.64% | -65.93% | -48.19% | -37.74% | 479.56% | 3544.87% | - |
| Total Current Liabilities | 9.02M | 3.8M | 6.06M | 6.61M | 4.72M | 4.37M | 5.98M | 1.13M | 460K | 1.93M | 2.51M | 2.28M | 131K | 81K |
| Accounts Payable | 3.81M | 811K | 827K | 1.95M | 878K | 463K | 316K | 173K | 19K | 32K | 1.41M | 1.28M | 46K | 74K |
| Days Payables Outstanding | 4.19K | 543.15 | 361.5 | 915.08 | 586.94 | 590.89 | 388.35 | 521.86 | 577.92 | 467.2 | 30.32K | 93.81K | - | - |
| Short-Term Debt | 0 | 235K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.89M | -93K | 1.57M | 759K | 1.07M | 1.17M | 3.4M | 0 | 403K | 1.5M | 639K | 0 | 59K | 0 |
| Current Ratio | 193.24x | 6.84x | 5.57x | 7.92x | 18.32x | 8.72x | 2.75x | 9.09x | 7.87x | 5.46x | 8.11x | 14.42x | 43.35x | 1.93x |
| Quick Ratio | 193.24x | 6.84x | 5.57x | 7.74x | 20.91x | 8.72x | 2.50x | 9.09x | 7.87x | 5.46x | 8.11x | 14.42x | 43.35x | 1.93x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 383.03M | 299K | 686K | 4.19M | 5.39M | 499K | 298K | 198K | 0 | 0 | 70K | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 383K | 299K | 686K | 4.19M | 5.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 382.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 499K | 0 | 198K | 0 | 0 | 70K | 0 | 0 | 0 |
| Total Liabilities | 392.05M | 4.1M | 6.75M | 10.8M | 10.11M | 4.87M | 6.28M | 1.33M | 460K | 1.93M | 2.58M | 2.28M | 131K | 81K |
| Total Debt | 641K | 534K | 1.03M | 4.85M | 617K | 203K | 123K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -1.37M | -2.77M | 219K | -42.98M | -10.59M | -5.47M | -3.83M | -9.74M | -3.53M | -6.87M | -7.29M | -10.58M | -5.55M | -146K |
| Debt / Equity | 0.00x | 0.02x | 0.03x | 0.09x | 0.01x | 0.01x | 0.01x | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -1153.85x | -1154.92x | -2075.29x | -4.90x | -58.80x | -1630.83x | -1231.29x | - | - | - | - | - | -572.50x | - |
| Total Equity | 1.93B | 23.59M | 30.08M | 56.84M | 85.04M | 35.49M | 11.28M | 9.71M | 3.16M | 8.7M | 17.93M | 30.67M | 5.55M | 75K |
| Equity Growth % | 8102.76% | -21.59% | -47.07% | -33.16% | 139.63% | 214.55% | 16.24% | 206.96% | -63.65% | -51.49% | -41.54% | 452.19% | 7306.67% | - |
| Book Value per Share | 39.90 | 1.15 | 1.62 | 3.09 | 4.76 | 2.69 | 1.30 | 21.05 | 7.38 | 21.88 | 50.40 | 100.08 | 20.43 | 0.00 |
| Total Shareholders' Equity | 1.93B | 23.59M | 30.08M | 56.84M | 85.04M | 35.49M | 11.28M | 9.71M | 3.16M | 8.7M | 17.93M | 30.67M | 5.55M | 75K |
| Common Stock | 28.73M | 2.69M | 2.14M | 2.12M | 2.11M | 1.65M | 1.15M | 396K | 45K | 45K | 39K | 39K | 29K | 20K |
| Retained Earnings | 1.11B | -127.11M | -112.09M | -83.03M | -51.97M | -37.5M | -25.67M | -16.29M | -45.75M | -39.81M | -23.79M | -8.42M | -1.4M | -229K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 1.1M | 1.1M | 1.1M | 1.1M | 1.1M | 977K | -1.3M | -2.25M | -1.5K | -40K | -22K | -5K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to the 2025Q4 balance sheet, Enlivex holds only $2.0 million in cash, a figure that appears insufficient to sustain ongoing clinical operations given the company's historical quarterly burn rates and the absence of any meaningful commercial revenue streams to offset these persistent R&D expenditures.
The current cash position represents a precarious buffer that likely necessitates immediate external financing or a strategic partnership to avoid a total cessation of clinical activities. Investors should monitor the company's ability to secure non-dilutive funding, as the current liquidity profile suggests that the firm is operating at the absolute limit of its financial viability.
As reported in recent financial statements, the company's equity base has been significantly impacted by accumulated deficits, with retained earnings reaching $1.1 billion in 2025Q4, a figure that warrants further investigation due to its potential distortion by non-operating accounting adjustments rather than core operational performance.
The reliance on equity-based financing to bridge the gap between clinical development and commercialization suggests that existing shareholders face a high probability of further dilution. The quality of this equity is questionable, as it does not reflect a foundation of profitable operations but rather the accumulation of historical losses and non-cash accounting entries.
Based on the 2025Q4 balance sheet, the company's asset base is heavily skewed toward intangible assets, specifically $582.5 million in goodwill, which may not provide the necessary liquidity or tangible support required to navigate the current clinical-stage funding challenges facing the organization.
The presence of significant goodwill on the balance sheet appears to be an accounting artifact that does not contribute to the company's operational flexibility or its ability to meet short-term liabilities. This asset mix highlights a business model that is entirely dependent on the future success of its pipeline rather than current tangible assets.
As indicated by the 2025Q4 filings, the reported total assets of $2.3 billion and equity of $1.9 billion appear disconnected from the company's actual cash position of $2.0 million, suggesting that non-operating accounting items are significantly distorting the perceived financial health of the firm.
Analysts should be cautious of headline balance sheet figures, as they may mask the underlying reality of a company that is effectively burning through its remaining cash reserves. The discrepancy between reported equity and liquid assets suggests that the balance sheet may not be a reliable indicator of the company's true operational runway or its ability to survive without immediate capital intervention.
Quick answers to the most common questions about buying ENLV stock.
As of 2025, Enlivex Therapeutics Ltd. (ENLV) had total assets of $2.33B including $1.74B in current assets.
Enlivex Therapeutics Ltd. (ENLV) carries total debt of $0.6M, offset by $5.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Enlivex Therapeutics Ltd. (ENLV) has total shareholders' equity (book value) of $1.93B ($39.90 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Enlivex Therapeutics Ltd. (ENLV) reported a current ratio of 193.24x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.