Hello, this is Craig Brelsford with RedChip Companies. Thank you for joining today's event with Enlivex Therapeutics, which trades on the Nasdaq under the ticker ENLV. With us today, we have Oren Hershkovitz, Chief Executive Officer of Enlivex, and Shai Novik, Chairman of Enlivex. We will begin with a brief presentation in a moment. Then we will open the event to your questions. Welcome to everyone joining us today on Zoom and across our social media platforms. To submit your question, we invite you to join us on Zoom. Use the link provided. Once in Zoom, click the Q&A button at the bottom of your window and type your question into the text box. Before we begin, please allow me to read the safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements. Any statements that are not historical fact should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties. Oren and Shai, please go right ahead. Thank you very much, Craig. Good morning, and thank you all for joining us today. My name is Oren Hershkovitz. I'm the CEO of Enlivex Therapeutics, and I'm joined by Mr. Shai Novik, the Executive Chairman of Enlivex Therapeutics. We wanted to hold this call today because we know our recent private placement announcement raised real questions about the rationale behind it and the transaction itself and RAIN tokens and the funding partner and so on. We take this feedback really seriously and wanted to address it today with you directly, rather than talk around it. We have three things we want to accomplish today. The first one is we'll walk you through the rationale, as we see it, behind the transaction itself. Second, we'll provide additional updates on the RAIN progress, the milestones, and so on. Lastly, we'll talk about our progress in our clinical development and our recent RMAT designation. With that, I encourage you to go through our forward-looking statement. As always, the discussion will include today forward-looking statements. We direct participants to the cautionary statements at the beginning of the presentation, in particular with regards to the risks regarding forward-looking statements. We also direct participants to our 20-F where the risks are provided. With that, I suggest that we'll start. A quick really overview on Enlivex Therapeutics. We are a public company traded on the Nasdaq, the world's first healthspan and wealthspan company, which means that we actually have two pillars. The first one is what we call our quality longevity pillar, in which we focus on advancing our late-stage clinical therapy, Allocetra, in targeting the treatment of age-related osteoarthritis and, in general, addressing the quality of life decline associated with aging population, which result through limited mobility and so on. The second pillar is our prediction-market treasury. We have, at the end of 2025, conducted a transformative transaction where we introduced a treasury strategy centered around the prediction market and specifically around the Rain protocol, which is a decentralized prediction market. We actually operate those two pillars in parallel. With that, we'll move to Shai to present the recent transaction and our rationale behind it. Please, Shai, go ahead. Thank you, Oren. Hi, everyone. Thank you for joining the call. We hope that it's going to be very constructive. One of the things that we are always concerned about, anyone who has been involved with Wall Street for a long time knows that market capitalization risk is a real constraint on our ability to fund a potential phase III and initiate the buildup of a U.S. manufacturing facility. What has kind of transpired over the past six months, the market has assigned a low value to the combined quality longevity and treasury portfolio relative to our own view of the intrinsic value. We take this as a market signal to plan around. We also consider potential negative effect on capital structure. We are concerned that this dynamic could persist at least through the second quarter of 2027, the current expected timing for the phase IIb top-line data. A successful phase IIb readout will require substantial additional capital to fund a pivotal phase III program and a commercial manufacturing facility. Now historically, positive clinical data reprices a stock higher, but relative to the market cap and not on a fully de-risked valuation. Short-term investors may be satisfied with selling the stock with relatively small appreciation from their cost basis. While long-term investors may not be interested to sell at all under that particular structure, essentially, with respect to these financial constraints at low market capitalization, they present real difficulties of raising capital for companies. Company size can meaningfully affect our ability to raise capital. When we are at a low market cap, our financing options may be more limited, potentially available in smaller amounts, less favorable terms, not available at all. While in general, larger market cap companies have higher probability to raise various forms of capital, including debt, potentially, larger amounts of capital, and on better terms. Therefore, we believed that it is prudent to seek to mitigate the negative dynamics in the company's market cap to potentially improve our financing capacities in the future. With respect, specifically with the Rain Foundation transaction that we announced, it's a premium priced in-kind investment, most likely from the Rain Foundation. The counterparty is the Rain Foundation. The foundation intends to purchase Enlivex shares in RAIN tokens at a premium to the market price at the time that we announce. It's going to be $6 per share if funded in RAIN. If they decide to invest some of that in cash or cash equivalents, it's going to be $5 a share. The Rain Foundation is a non-profit entity that stewards the Rain protocol. Enlivex is disclosed as one of the largest institutional holders of RAIN and has an existing relationship with the foundation through its treasury strategy. As a non-profit organization, the foundation does not distribute profit to its constituents. The capital it generates is redirected into activities that benefit the Rain protocol. These protocol-promoting activities could potentially be enhancing the protocol brand, customer acquisition, liquidity for the platform. All of those would potentially increase trading volumes and profits on the protocol. As you know from our various disclosures, the Rain protocol has an automatic feature that uses approximately 50% of the profits generated on the Rain Platform to acquire RAIN in the open market and permanently burn it. This is a deflationary model, okay. Essentially there are automatic market orders that go out to buy the token, and then they burn it. It's all based on the actual profits of the protocol. Why this could be potentially a shareholder-friendly structure? The mechanism is as follows: because the foundation reinvests its gains into the protocol and protocol growth rather than distributing them, a realized gain, if it happens, on the Enlivex equity position held by the foundation, can potentially translate into higher trading volumes, fees, and buy and burn activity for the RAIN token in general. Remember, right? We have a treasury portfolio. It's an asset, and Enlivex holding a very large position. In this sense, potential capital gains that may be realized by the foundation on its Enlivex shares, there is a plausible path back to the existing shareholders through the appreciation of the company's own treasury strategy, rather than purely being extracted from the company. The RAIN financing that is discussed on the following slides is intended to be additive, not a substitute for other financings Enlivex may pursue, including dedicated clinical manufacturer financing ahead or alongside anticipated phase IIb data. Just to summarize that particular point, there is a potential value loop. The Rain Foundation investing in Enlivex by purchasing Enlivex shares in RAIN tokens at a premium price to the market value. The market cap risk is potentially mitigated. Increased long-term value potential, as we described. The foundation may profit from a realized gain on those shares, if any. The foundation's objective is to reinvest profits into the Rain protocol. The Rain protocol potentially thereafter increases profitability, which may lead to increased interest by institutional investors and also increases the protocol token buy and burn, may increase the token price. Theoretically, a lot of this value can go into the Enlivex treasury holding value. Right. Potentially increase it substantially as a result of those potential reinvestments. Existing shareholders that were there in Enlivex prior to this potential transaction with the foundation may benefit tremendously from the overall appreciation of the other side of the business, okay. The treasury side. Just to make sure it's clear to everyone, the deal that we announced has not closed, and it's subject to shareholder approval, okay. That shareholder approval will be only after we submit a proxy. Because there is at least a 30-day notice, it is going to take a while to obtain shareholder approval. In the share purchase agreement, we have inserted a termination clause. We have a right to terminate the agreement at any time prior to receiving such shareholder approval. It is at the sole discretion of Enlivex. The foundation cannot terminate on their side. We can terminate on our side. This essentially gives the board of Enlivex continued optionality to walk away from the transaction if circumstances change materially before the shareholder vote. This is with respect to the rationale behind the transaction, which hopefully you can also consider to be shareholder-friendly and risk mitigating. With respect to RAIN itself, maybe this is an appropriate time to provide some update that we have received from the Rain Foundation. Before we get into the RAIN data, we want to frame how we think about the gap between our market cap and our disclosed treasury net asset value. We believe that a substantial part of that gap reflects that RAIN is still in early stages of development, and the equity market has not yet assigned a value to that at this stage. In terms of recent execution, including the version 2 protocol version launch and progress in the foundation's projected milestones as depicted in the following slide, is the potential initial evidence base for that thesis. If RAIN continues to deliver against its projected plan, we believe this gap has room to potentially narrow over time. This is kind of a real-time that we received from the Rain Foundation in terms of the trading volume of prediction markets that is starting to accumulate on that prediction market platform. You can see that there is a substantial exponential increase so far in recent months. You can see that in July versus June, there was 622% increase in the trading volume. You can see that it kind of happened around this time right here. Some of the primary reasons that they introduced version 2 of the protocol, which is much better, according to them. They also informed us that they have a substantially enhanced liquidity within the protocol, which was helpful, and they also initiated their first marketing campaign. Sorry, I'm clicking too fast. In a way, we hope that this is an indication that they have an ability to execute. We'll obviously see that in the future. In terms of the prediction markets, as you know, prediction markets, including RAIN, but the overall industry is projected to reach $1 trillion in annual trading volume in over the next five years or so. RAIN themselves, that's the data that they provided us with their stated business milestones. I think it's important that we go through that, and so everybody has a chance to really grasp and understand what could be the implication of this, assuming that they reach those milestones. They anticipate that their gross trading volume will be $1.3 billion in 2027, $12 billion in 2028, and $33 billion in 2029. That means that their gross fees will be $49 million in 2027, $436 million in 2028, and $1.2 billion in 2029. These are their projections. Their net revenue, which essentially, as we said, this is a not-for-profit organization. They take all their net revenue, and they use it to buy and burn the RAIN token. They expect to reach all the way up to $600 million of market orders of buying the RAIN token in 2029. These are very substantial numbers. As you remember, it's a deflationary model, and this could potentially, if they execute and they reach this could potentially create value for our own treasury portfolio when we have a long-term view. At this point in time, I would like to transfer the rest of the presentation to Oren to discuss the quality longevity side of our business. Go ahead, Oren. Thank you very much, Shai. Again, just as a reminder to everyone, we're focused on our clinical development on osteoarthritis, which is a disease where there is a cartilage degradation, low-grade inflammation, and severe pain and limited functionality. Actually, it's one of the most common life-debilitating disease, and as such, is defined as a serious disease by the FDA. One of the reasons is that it's actually sort of a pandemic. We're talking about a disease where only in the U.S., in the United States, we have 32 million adults suffering from osteoarthritis, out of which 14 million have knee osteoarthritis. 14 million adults in the U.S. solely. This number is projected to grow to 75 million by 2040. The market size is $7 billion as of today, expected to grow to almost $16 billion in 2030. It's striking that there are currently no effective treatment to osteoarthritis. This is still an unmet medical need, and what we have is painkillers, steroids, which we have limited ability to use because they have adverse events, long-term complications, and so on. Really not effective treatment, and at the end of the day, people are doing knee replacement or hip replacement surgery. Osteoarthritis is really, and specifically knee osteoarthritis, is an age-related disease, right? It has been reported to have increased risk of mortality and comorbidities, and definitely a decline quality of life. If most of the patients actually are above the age of 60, and the prevalence of the whole population above age of 60 is more than 30%, these numbers are remarkable. We definitely have here a huge, serious unmet medical condition, and we think, and we believe, and we hope that with Allocetra we can address at least some of those problems. With that, we went out and did our phase I/IIa study, which we reported the top-line data three months and six months by the end of last year, and study is following those patients until 12 months. It was a double-blind, randomized, controlled study in 149 patients. Primary objective was safety, but we also assessed the efficacy endpoints, which are the same ones that are used for late-stage pivotal studies or phase III studies, that is assessment of pain and assessment of function using validated questionnaires and additional set of efficacy endpoints. We can move to the next slide. This is a summary of the data that we obtained from that phase IIa study. I think the most important thing, you can see a lot of figures in the right-hand side, but you have the three months and the six months improvement of pain. You can see that at the age 60 and above, it becomes statistically significant, and most importantly, clinically meaningful data, which means it's not just statistically relevant, it's clinically relevant. We see that at three months and at six months, and we see that both in pain and function, and actually, we see that in various other secondary endpoints that we assessed. We cannot present all data today. On top of that, we had a favorable safety profile, no serious adverse events. We also monitored not just specific time points, but actually patients reported their weekly pain at home, and we followed that for up to six months. You can see on the bright blue, the placebo group, and on the dark blue, the Allocetra group. At the age of 60 and 64, which is the two bottom ones, you can see how the curve opens up quite nicely. Actually, there's a huge difference, again, statistically meaningful and clinically meaningful at the age of 64 and above. You can see that it's durable. The effect of Allocetra is maintained flat throughout those six months. One can say, "Okay, what does it mean? Okay, they're getting better. Is it enough?" In order to try to compare that to either drugs, painkillers and drugs that are used to treat today, because that's what we have, or drugs in development, what we have is what we call standardized effect. Without getting into details, it's actually a measure that we can compare, in a normalized way, our effect to other drugs. On the Y-axis, you have the function, on the X-axis, you have the pain. You can see that they are nicely correlated, but at the end of the day, if you take, for instance, NSAIDs, painkillers, they're somewhere around 0.4, and you can see where Allocetra is positioned in this aging population. This is really promising data. Again, we need to demonstrate that that results in our phase IIb study and the phase III study, but this is already very promising at this stage. With that data, we moved on to a phase IIb study. That's a study that focused in knee osteoarthritic patient with a primary age-related disease. It's a randomized, double-blind, placebo-controlled, multi-country study. Patients are with knee osteoarthritis above the age of 64, and the primary endpoint is co-primary, actually, pain reduction and improvement in function at three months, and we're also assessing six months and 12 months follow-up. In terms of where we are with that study The study status is we dosed already the first patient in the U.S. in May. The study actually continues to recruit. We recruit patients in very experienced sites using very experienced, what we call CRO, running the study, both in the U.S. and in Denmark. We expect to receive the six months top-line data by mid-2027. One thing that we want to discuss today is the fact that we received an RMAT designation by the agency, by the FDA, and we're now heading into a meeting, which is called Type B meeting with the FDA, to discuss our overall development plan. What is RMAT and why we think it's a very important designation? We can move to the next slide. RMAT stands for Regenerative Medicine Advanced Therapy designation. It's actually a designation that is very selective. It's a high-bar designation, the majority of applicants are actually not receiving that by the FDA, because FDA must receive affirmatively convinced preliminary clinical evidence that suggests that your drug may treat a serious or life-threatening disease that has no cure currently, right? Most of the RMAT, again, this is for advanced therapy, that's for cell and gene therapies, most of it is eventually granted for either cancer or life-threatening, as I said, or really rare genetic diseases. It's less common to receive an RMAT designation for osteoarthritis, for knee osteoarthritis in this case. The third bullet that I want to emphasize is that this was granted by the FDA based on the data we submitted from the phase I/IIa that I've just presented. Right? Clearly, we are very excited. Clearly, key opinion leaders that we work with, we did several webinars with them, are very excited about the data. Actually, we see this as kind of potentially underscoring how compelling the data in primary age-related is seen by the FDA, this is very important. What does that mean? What RMAT means for Allocetra path forward? The first point is that it allows you an intensive interaction with the FDA, including the Type B meeting that I'm talking about, because FDA want to work with you. He sees the potential, want to work with the companies to develop this drug and to increase the likelihood that it will be approved eventually. Potentially, it reduces risks of kind of late-stage issues or surprises with the FDA. Also, again, overall development plan is discussed with the agency already at early stages. That could improve the probability, potentially, for success. It also could minimize or reduce the development time, which is reflected in the next point. Potentially reduce development timelines, again, due to intensive interactions. Again, FDA capacity is limited, he allocates some of this capacity to this type of drugs that receive those designations because he sees the potential. Plus, there's a shorter FDA review over the standard pathway. Another thing that you could do when you get this designation is that you can do a rolling submission. You don't have to wait everything till the end and then submit it as a single package. You can submit as you move along, that could potentially, again, shorten the review time and approval. Overall, we believe that the FDA willingness to grant RMAT specifically based on this age-related data that we provided is presumably an external validation of our decision to concentrate in our phase IIb enrollment in patients above the age of 64. Again, it's the responder subpopulation data that are presented in our phase IIa data. With that, we conclude the presentation, we are open for questions. Thank you, Oren. Just to remind everyone, if you wish to submit a question, click the Q&A button to begin, and there will be a text box that appears. You can type in your question and submit it to the team. Please do not use the raise hand tool, as we will not be taking spoken questions today. Maybe, Shai, the first one, does the foundation hold Enlivex stock, yes or no? I guess we were not entirely clear on that specific question. You're on mute, if you want to take this one. I apologize. Sorry, Oren, what was the question? Does the foundation hold Enlivex stock, yes or no? I guess we were not 100% clear about that, and maybe you want to address that. If the foundation today owns Enlivex shares? Yeah. Yes. The foundation today is a shareholder of Enlivex already. They participated in the November financing that we have conducted. Let me go through this. Just one second. Sorry, there are a lot of questions. Yeah, many questions. Trying to go one by one. Yeah. Look, there is a question here. It relates to the Rain protocol. It says, "While trading volume looks healthy, total value locked remains low, suggesting that the prediction platform has not yet achieved meaningful adoption, or that raised the fear that maybe RAIN price can collapse," or something like that. We definitely understand. Look, we've always said that this selection of Rain protocol, obviously Rain is at its initial stages. As any business in initial stages, it may be not successful or may be successful. We think that the recent demonstration of higher trading volumes in the protocol, their ability to bring in a lot of liquidity into the system, which is something that is very critical as far as we are told into these businesses, would help them become a prominent force. I think we don't need to forget, and I think we mentioned it earlier, that prediction markets overall are expected to grow dramatically into the future. Rain, in our opinion, represents a very unique player in that marketplace because it is a decentralized prediction market. Essentially, this means that even if Polymarket and Kalshi continue to dominate the market and be extremely successful, that does not mean that Rain is competing specifically with them directly. Rain is going after something else, which is the decentralized part of that universe. We think that, as always, it all depends on their level of execution. This is not us. We're not running Rain. Probably when you heard us during the presentation, you heard the conviction that Oren talks about the quality longevity business and the clinical trials and the desire to help people and change the world of osteoarthritis forever and be the first drug in a long time that actually provides something real to patients. When we talk about our treasury, we are a little reserved just because we're not 100% experts in neither prediction markets or, and we don't run this business. We own a treasury portfolio. I also want to mention something that I wanted to echo, something that Oren said. When we are running this company and looking at our future objectives, I don't know how many of you on the call today are 60+ years old. I don't know how many of you, in your family or friends or group of friends, have 60+ year old people, and how many of those or you guys have knee problems, right? Actually experiencing firsthand what it means to be debilitated by those issues and really going to the orthopedist, and they're injecting steroids, and then you come back after three months and they're doing this and doing this, and there's really nothing, until eventually, God forbid, at the end of the day, you have to go to do a surgery or something like this and do a knee replacement surgery and so forth. For us, everything that we do, I just want to make it very clear, everything that we do on the product development side is we want to be helping tens of millions of people around the world have better lives, okay? This is what we do. We have a treasury portfolio, and we're doing this, and we're doing this. That's true. That's correct, but this is our primary goal, okay? We are very, very focused on that. When we talk to you about moving forward with that program, we need to wait to see what the results are going to be of the ongoing program. The results may, God forbid, not be good. Who knows, right? It's a clinical trial that runs. The results may be very good. We don't know. Under the assumption that the results are actually positive, we want to be in a position to move as fast as possible into the best phase III that we can structure, and at the same time, already potentially have the capital to build our first large manufacturing facility that would support the product once it's commercialized. We would rather try to go fast and be in a position to move everything quickly and start commercialization activities earlier, okay. This is essentially what we are trying to do, and I just wanted to echo on what Oren said. I just want to refer to some other questions. Okay. Let's see Yes. Maybe the token goes down to zero price tomorrow. Is this still a going concern? Look, we have a treasury portfolio of tokens. Hopefully, it's not going to go down to zero tomorrow. As we said, there is a theoretical possibility that a year or two from now, or something like this, the execution of RAIN will not be as satisfactory. RAIN will not be as valuable. Maybe the token will be less. That's a scenario that we all could face. It could be the other way around. It could be highly successful. Regardless of that, essentially, we're going to try to do whatever we can to keep the company as a going concern, complete this next, sorry, this ongoing clinical trial, and try to make sure that we are in a position to move forward, as we discussed with phase III and a manufacturing facility. Yeah. I maybe want to say one word about that. The fact of the data that we presented, which was provided by the Rain Foundation, suggesting that as they start to reach those milestones, we can see the cumulative volume going up, and that's aligned with the overall trend that occurs in prediction markets. Yes, it could go to zero, but I think what we're trying to say today is we're at least seeing, or start to see some potential materialize in terms of the relationship between achieving some of those important milestones. Again, this is a business that they run from end of last year. We all want to see this materialize, but some things take some time. We're starting to see this happening now. That's why we thought it's important to convey and to present this data to you today. It doesn't mean that it necessarily they'll meet their milestone later on, but it does suggest that they're starting to do some of those, achieving some of those milestones. Another question here. This is something that close to our hearts as well. Why has the value of the stock dropped so much when you have good data? We have been wondering about that for a long time, as you know, sometimes things kind of make sense, sometimes they don't. We don't know today to tell you whether we're going to be successful on the clinical development side. We don't know if the treasury portfolio going to be successful on that side. We don't know. There is a possibility, we need to put it on the table, that both will fail. That, I don't know, a year from now, two years from now, we're going to all take a look and see, oh, the clinical trial has failed despite the expectations that maybe it's going to have good data. On the other side, despite the expectations that RAIN management will execute to their business milestones, they haven't done that, and RAIN is not working that well. Obviously, maybe somebody who sold the stock at some point is right. Maybe there is no future. However, maybe there is a big future with this. We cannot give any stock advice. We don't know if the stock's going to go up or it's going to go down. We also can share our frustration, okay, that we are not sure that there is enough appreciation in the market by investors for both sides of our business. Let me just say that. Our market cap today, whether you take Site A or Site B, I think that someone could argue that it's a little bit puzzling, but again, we cannot give any. We don't know where the stock's going to go from here. It's going to go down, it's going to go up. We just don't know. We're thinking about the long term. Everything that we are doing, we're trying to figure out whether we can create long-term shareholder value. While we are very upset about short-term movements, from our history, we know that sometimes they don't reflect real value. Sometimes they do. The other question that we have here, which is interesting, how does management see the two sides of the business reinforcing each other over the next few years? This combination is unusual. How does it work with a long-term vision? Maybe I can start. Maybe Oren you can chime in after that. It is unusual. We have a big treasury for the company with prediction markets. Fundamentally, anybody who's a shareholder today, if we are ignoring the risk for a second that comes from these sides of the business, we're talking about opportunities, potential opportunities. Each shareholder today essentially is a shareholder that long-term shareholder value driver can come either from the clinical longevity side or from the prediction market side, or from both. First of all, there is some internal diversification, if you may. Right? You own one stock. It has two distinct value propositions that can come out of it. If, God forbid, one of them fails, maybe the other one hopefully could do well, even though both could not do well, right? Both could do very well, right? Obviously there's another interesting feature here, which is theoretically, if and when Rain executes to their plan, they meet their objectives. The treasury portfolio becomes of higher value. We see stronger liquidity in the markets that we can take advantage of. Theoretically, we could manufacture our own possible future cash flows to support the continued development of the quality longevity business. Oren, you want to say something about that, or? No, I think that addresses some of the questions that were made here, how we are seeing our possibility to eventually generate yield from the Rain treasury, to support the clinical development. I think that's part of what Shai was trying to say. It's part of what we're trying to say today. I mean, at the end of the day, we are one of the largest holders in Rain. We as such, we need to have sufficient liquidity to be able to generate some yield without potentially affecting dramatically the coin itself and so on. We are following the progress as presented today with the Rain Foundation and the Rain Protocol, in order to eventually, potentially, maybe at a certain stage, to do just what Shai just said. A short question here. You had the board member who was involved with Merck. Is he still there? Yes. Our Vice Chairman of the Board is Dr. Roger J. Pomerantz. He was the head of business development for Merck. He was also involved with Flagship Pioneering. I'm sure you're familiar with one of the most luxurious life sciences venture funds in the U.S. An additional highly respected businesses, and he's definitely on our board of directors. Another question here, which I think this is something that we need to take to heart. Most shareholders are intrigued by Allocetra's potential. It seems the market doesn't understand the Rain Foundation and maybe you think that Enlivex should try to explain the whole RAIN thing and the Rain Foundation better. Maybe there's a need to explain this more. I think what we have taken, the feedback that we have taken from the market in recent days for sure, was that maybe we have not done enough from an IR perspective, to make sure that we explain everything in extra format, right? I'm not sure. We've tried to do everything. Our filings have detailed explanation of everything. Sometimes it's not just in the public filing. Sometimes it's also important to add to that, right? I think what we're going to try to do is and you saw that from our press releases. We're trying every three weeks or so to provide a press release that has a RAIN update on what's going on with RAIN, right, and what's going on with the protocol and so forth. Maybe we can think about how we try to do even more of that with investors. Let's see. What else? I think we need to take maybe last questions. Yeah, maybe. We're seeing most of the questions. Some are repetitive, and we cannot address all of them. We apologize in advance. Yeah, sorry. We'll take them into account, and try to address them at the latest date in various means. Would it make sense to take a more balanced treasury approach with a portion held in RAIN and a portion converted to US dollars? I think that strategically, definitely we would consider how do we best manage and leverage the treasury operation. That also obviously includes the maturity of the Rain protocol, the ability of the Rain protocol to execute on their business plan, potentially list on bigger exchanges, potentially have much higher liquidity profile for the token. That would obviously allow us much greater flexibility in starting to mitigate other risks and have additional balanced approaches if we can. All right. Look, there are a lot of questions here. I think we're even over time. Let's see if there's something else here that we can quickly respond to. Let's see. How much does the foundation own today? They own, I believe, something like 8% or 9%, something like that. Let's see. Since the Allocetra is also so promising, do we not have other more traditional options for financing? I think that's something that clearly we're trying and are trying always to do. I think that the phase IIb data, assuming that it will be positive, this will be a late stage data, and hopefully we can do more traditional options. Again, as we suggested today, we still see the value of our strategy, the treasury strategy, and we're still hopeful that this will materialize eventually to additional financing or funding of the operations. There's a question here, why wouldn't you use in the future RAIN tokens, and we also have an option to buy additional RAIN, to fund all the future phase III and build up a manufacturing facility? That is theoretically definitely a possibility if at that point in time, as we said, RAIN would continue to execute, will be an accepted brand by institutional investors in the U.S., hopefully listed on additional exchanges with greater liquidity profile, allowing us to figure out how do we use some of that value in helping us getting to the goals that we stated initially in the presentation, which are primarily, assuming, we don't know, but assuming success of the phase IIb running right now, as we said, an optimized phase III and a production facility, manufacturing facility, and initiation of commercial operations. Everything is headed this way. This is what we're trying to do, okay? Just to be clear. Okay, we're six minutes past. We apologize for some of the delays. We're sorry for some of the questions we couldn't respond to. We thank everybody for joining the call today, and we look forward to having additional clarification calls with you in the future. Thank you very much. Thank you everyone. Okay, Oren and Shai, thank you. Thank you very much, Oren. Let me just give some ways for participants to get in touch with you. You can call us at 1-800-RED-CHIP. You can also email us at ENLV@redchip.com. You can visit the information page created by RedChip for Enlivex, it's enlvinfo.com. There, you can view and download the investor presentation and fact sheet and sign up for news alerts on Enlivex. Finally, join RedChip's next webinar with Nexalin Technology on Monday, August 3rd at 4:15 P.M. U.S. Eastern. Register for all RedChip webinars at redchip.com/events. Thanks again to our many participants today and thank you Oren and Shai. Thank you, Craig. Thank you everyone. Thank you very much. Thank you everyone for joining us today, and goodbye.