The company remains in a pre-revenue stage with persistent operational deficits, highlighted by a $5.9 million operating loss in 2025Q4 despite anomalous non-operating net income reporting.
| 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 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 2.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | -100% | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 332K | 545K | 835K | 777K | 546K | 286K | 297K | 121K | 12K | 25K | 17K | 5K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | 12.56% | - | - | - | - | - | - | - | - |
| Gross Profit | -332K | -545K | -835K | -777K | -546K | -286K | -297K | -121K | -12K | -25K | -17K | -5K | 0 | 0 |
| Gross Margin % | - | - | - | - | - | -12.56% | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | 39.08% | 34.73% | -7.46% | -42.31% | -90.91% | 3.7% | -145.45% | -908.33% | 52% | -47.06% | -240% | - | - | - |
| Operating Expenses | 14.67M | 14.99M | 29.39M | 25.8M | 19.29M | 9.79M | 8.62M | 5.3M | 5.96M | 15.87M | 15.48M | 7.08M | 1.15M | 226K |
| OpEx % of Revenue | - | - | - | - | - | 429.73% | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 5.68M | 4.91M | 6.14M | 6.7M | 6.24M | 3.6M | 2.75M | 937K | 3.44M | 6.99M | 7.78M | 2.64M | 416K | 86K |
| SG&A % of Revenue | - | - | - | - | - | 158.19% | - | - | - | - | - | - | - | - |
| Research & Development | 8.92M | 10.13M | 19.23M | 18.69M | 12.88M | 6.09M | 5.72M | 4.25M | 2.52M | 8.88M | 7.69M | 4.44M | 732K | 140K |
| R&D % of Revenue | - | - | - | - | - | 267.28% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 61K | -48K | 4.02M | 402K | 167K | 97K | 145K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -15M | -15.54M | -29.39M | -25.8M | -19.29M | -9.79M | -8.62M | -5.3M | -5.96M | -15.87M | -15.48M | -7.08M | -1.15M | -226K |
| Operating Margin % | - | - | - | - | - | -429.73% | - | - | - | - | - | - | - | - |
| Operating Income Growth % | 3.45% | 47.15% | -13.95% | -33.75% | -97.12% | -13.53% | -62.65% | 11.02% | 62.47% | -2.52% | -118.59% | -516.72% | -407.96% | - |
| EBITDA | -14.67M | -14.99M | -28.56M | -25.02M | -18.74M | -9.5M | -8.32M | -5.18M | -5.94M | -15.84M | -15.46M | -7.08M | -1.14M | -226K |
| EBITDA Margin % | - | - | - | - | - | -417.17% | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 2.15% | 47.51% | -14.15% | -33.5% | -97.3% | -14.14% | -60.72% | 12.87% | 62.48% | -2.47% | -118.5% | -518.99% | -405.75% | - |
| D&A (Non-Cash Add-back) | 332K | 545K | 835K | 777K | 546K | 286K | 297K | 121K | 12K | 25K | 17K | 5K | 5K | 0 |
| EBIT | -15M | -15.01M | -29.05M | -25.8M | -19.29M | -9.79M | -8.62M | -5.3M | -5.92M | -15.81M | -15.33M | -7.02M | -1.15M | -229K |
| Net Interest Income | 779K | 1.06M | 1.55M | -4.43M | -208K | 219K | 231K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 792K | 1.07M | 1.56M | 835K | 120K | 225K | 238K | 138K | 39K | 90K | 186K | 85K | 0 | 0 |
| Interest Expense | 13K | 13K | 14K | 5.26M | 328K | 6K | 7K | 0 | 0 | 0 | 0 | 0 | 2K | 0 |
| Other Income/Expense | 1.63B | 522K | 327K | -5.26M | 4.82M | -2.04M | -765K | 1.06M | -67K | -1.86M | 135K | 58K | 3K | -3K |
| Pretax Income | 1.62B | -15.01M | -29.07M | -31.06M | -14.47M | -11.82M | -9.38M | -4.24M | -5.92M | -15.81M | -15.34M | -7.02M | -1.15M | -229K |
| Pretax Margin % | - | - | - | - | - | -519.28% | - | - | - | - | - | - | - | - |
| Income Tax | 382.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28K | 216K | 24K | 0 | 2K | 0 |
| Effective Tax Rate % | 23.65% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.47% | -1.37% | -0.16% | 0% | -0.17% | 0% |
| Net Income | 1.24B | -15.01M | -29.07M | -31.06M | -14.47M | -11.82M | -9.38M | -4.9M | -5.95M | -16.02M | -15.37M | -7.02M | -1.15M | -229K |
| Net Margin % | - | - | - | - | - | -519.28% | - | - | - | - | - | - | - | - |
| Net Income Growth % | 8329.17% | 48.35% | 6.41% | -114.68% | -22.36% | -26% | -91.47% | 17.56% | 62.89% | -4.28% | -118.81% | -513.28% | -400% | - |
| Net Income (Continuing) | 1.24B | -15.01M | -29.07M | -31.06M | -14.47M | -11.82M | -9.38M | -4.24M | -5.95M | -16.02M | -15.37M | -7.02M | -1.15M | -229K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 25.48 | -0.73 | -1.56 | -2.31 | -0.54 | -1.05 | -1.17 | -10.63 | -13.88 | -40.29 | -43.19 | -22.91 | -4.21 | -0.01 |
| EPS Growth % | 3590.41% | 53.21% | 32.47% | -327.78% | 48.57% | 10.26% | 88.99% | 23.41% | 65.55% | 6.71% | -88.52% | -444.18% | - | - |
| EPS (Basic) | 27.04 | -0.73 | -1.56 | -2.31 | -0.54 | -1.05 | -1.17 | -10.63 | -14.35 | -40.29 | -43.19 | -22.91 | -4.21 | -0.01 |
| Diluted Shares Outstanding | 48.5M | 20.51M | 18.57M | 18.39M | 17.86M | 13.17M | 8.65M | 461.03K | 428.24K | 397.65K | 355.76K | 306.49K | 271.85K | 27.18M |
| Basic Shares Outstanding | 45.7M | 20.51M | 18.57M | 18.39M | 17.86M | 13.17M | 8.65M | 461.03K | 414.2K | 397.65K | 355.76K | 306.49K | 271.85K | 27.18M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As indicated by the company's recent financial disclosures, Enlivex continues to operate without commercial revenue, with R&D expenditures reaching $3.0 million in 2025Q4, underscoring a persistent reliance on external capital to sustain the development of its Allocetra platform amidst a complete absence of top-line inflows.
The company's cost structure is entirely dominated by clinical development activities, which remain the primary driver of the ongoing operating losses. Investors should note that the lack of revenue generation necessitates a high degree of fiscal discipline, yet the current R&D spend remains elevated relative to the company's dwindling cash position.
Based on the 2025Q4 income statement, the reported net income of $1.2 billion appears to be a significant anomaly, likely driven by non-operating accounting adjustments rather than core business performance, which remains characterized by consistent quarterly operating losses and a lack of sustainable commercial revenue streams.
The disconnect between the massive net income figure and the underlying operating loss of $5.9 million warrants extreme caution for analysts attempting to model future profitability. This volatility suggests that non-cash items or one-time financial events are distorting the bottom line, masking the true extent of the company's cash burn.
According to historical income statements, Enlivex exhibits no operating leverage, as the company consistently reports negative gross profit and rising SG&A costs, reflecting a business model that is currently unable to scale its infrastructure ahead of any potential commercialization of its therapeutic candidates.
The inability to generate gross profit means that every dollar of SG&A and R&D expense directly exacerbates the company's net loss. Without a clear path to revenue, the current operating structure appears unsustainable, placing significant pressure on management to secure non-dilutive funding or strategic partnerships.
As reported in recent filings, the company's cash position has reached a critical low of approximately $2 million, creating a precarious environment where the reliance on a single Phase II sepsis readout poses an existential threat to the firm's ability to continue as a going concern.
Short-sellers would likely focus on the high probability of a dilutive equity raise, which appears increasingly necessary given the current burn rate. The lack of a diversified pipeline further amplifies the risk, as any clinical setback would likely result in a total loss of value for current shareholders.
Quick answers to the most common questions about buying ENLV stock.
For fiscal year 2025, Enlivex Therapeutics Ltd. (ENLV) reported total revenue of $0.0M.
Enlivex Therapeutics Ltd. (ENLV) is profitable, generating $1.24B in net income for the fiscal year ending 2025.