Prof. Philip Conaghan presented the 6-month findings from our Phase 2a study of Allocetra™ in moderate-to-severe knee osteoarthritis at EULAR 2026 in London.
His full interview was published last week on @touchIMMUNOLOGY. Here is a summary of the main messages:
Safety at 6 months remained in line with the earlier 3-month data. As observed in the 3-month data, a numerical improvement over placebo in efficacy was demonstrated without reaching statistical significance.
A predefined machine-learning based analysis to identify responder population showed a signal of increasing benefit with age — emerging in patients over 60 and strengthening in older age groups.
That finding is consistent with the immune mechanism Allocetra™ is designed to address: macrophages become more pro-inflammatory with age, and that is the population where the therapy appears to have the most to offer.
A Phase 2b study focused on an older OA population is now ongoing to assess the response in older knee osteoarthritis patients.
Prof. Conaghan is a leading Key Opinion Leader in osteoarthritis, Director of the NIHR Biomedical Research Centre at the University of Leeds, and one of the lead investigators on this program.
His full interview is linked below.
I have spent almost twenty years in drug development, and the thing that still surprises me is how often diseases that look unrelated turn out to share the same machinery.
When we first tested our therapy, it was in some of the hardest cases in medicine.
Sepsis and severe COVID, patients in the ICU whose immune systems had turned against them.
What we were seeing in those patients was a specific type of immune cell, a macrophage, stuck in the wrong state and driving the damage forward instead of resolving it.
So we built Allocetra to reset those cells. Those studies gave us a clear picture of the mechanism. And that picture informed a pivot to a chronic indication where the same biology operates over years rather than hours, with a more defined patient population and a regulatory path we could map with precision.
That was osteoarthritis. A disease most people think of as simple wear and tear turns out to be driven by the same immune cells, caught in the same wrong state, in the joint instead of the bloodstream. On the surface it has nothing in common with sepsis. Underneath, it is the same problem.
That is the part of this field most people miss. Progress often comes from seeing one mechanism across diseases nobody thought to connect, and then building something that addresses the cause rather than the symptom.
That is the work I find worth doing.
The average person now spends 9.6 years in poor health at the end of life.
That is the global gap between lifespan and healthspan, according to data published in JAMA Network Open. Life expectancy has grown over the past two decades, but the quality of those added years has not kept up.
Adding years to life is not the only goal. Extending the time that is actually worth living is the harder challenge.
That is the problem quality longevity was built to solve.
More than 370 million people are living with knee osteoarthritis worldwide, and in the U.S., more than half of those diagnosed will eventually undergo total knee replacement.
Roughly one million knee and hip replacements are performed every year in the U.S., with osteoarthritis as the primary driver. Orthopedic surgery has become the default downstream answer to a condition with no approved disease-modifying upstream intervention available.
That is the gap Allocetra was built to close. We developed our quality longevity program not to delay surgery, but to address knee OA before it reaches that point.
$1.14 billion. That is the current value of the RAIN tokens held in the Enlivex treasury.
The holding totals 79,568,550,005 RAIN, or roughly 7% of the total supply.
The @Rain__Protocol has recently entered the top three global prediction markets, alongside Polymarket and Kalshi, following a $100 million liquidity injection from the Rain Foundation.
Our economic model was built around this protocol because we believe durable value accrues at the infrastructure layer of prediction markets.
Rain Protocol's entry into the top three is that thesis in motion.
Yesterday, RAIN was listed on @Gate, one of the world's largest cryptocurrency exchanges by spot trading volume.
Founded in 2013, Gate serves more than 54 million users globally and ranks among the top three platforms by 24-hour spot volume.
Each major listing extends the market around RAIN, the asset at the center of the Enlivex treasury and the native token of the @Rain__Protocol. Broader worldwide access and added liquidity strengthen the position on which our dual-strategy model is built.
This is what the @Rain__Protocol infrastructure makes possible.
Until now, centralized platforms decided what markets could be traded. The list was set, and the categories were predefined.
Rain Trade, one of the first products built on the Rain Protocol, changes that: anyone can create a prediction market around any outcome, in any language.
This is what gets built when the prediction markets infrastructure is open.
Prediction markets offer high-frequency, continuously updating forecasts that have utility far beyond trading.
One area: macroeconomic forecasting at the Fed level.
A Federal Reserve Board working paper examined prediction market pricing on CPI and unemployment as a real-time tool for assessing expectations, uncertainty, and market reactions.
Two indicators at the center of every Fed policy decision, now with a new forecasting layer that updates continuously.
Prediction markets are no longer only a trading venue. They are becoming a relevant signal for researchers and policymakers monitoring macroeconomic expectations.
Enlivex provides regulated exposure to this financial category through a Nasdaq-listed equity, with a corporate treasury anchored to the @Rain__Protocol.
$136.8 billion. That is the annual economic burden of osteoarthritis in the United States alone.
The figure has more than doubled in the past decade, and direct medical costs alone reach $65 billion. Arthritis, of which OA is the most common form, now surpasses tobacco-related health effects, cancer, and diabetes in annual economic cost in the U.S.
Unlike many other areas, osteoarthritis still has no approved disease-modifying therapy. Current options manage the symptoms.
Our clinical program was developed to take a different approach, targeting the immune dysfunction driving the disease at the cellular level.
The largest IPO in market history was tokenized.
SpaceX was listed on Nasdaq at a valuation near $1.75 trillion, and on the same day, tokenized shares were made available on @OndoFinance Global Markets.
Enlivex has been on this platform since April. Through ENLVon, investors worldwide can already access our dual-strategy model through the same infrastructure that just handled one of the most significant listings in financial history.
Our quality longevity clinical program and our prediction markets treasury were designed from the outset to be accessible to a global investor base. That infrastructure is now operating at scale.
From $1.2 billion to more than $25 billion per month in a single year.
The growth of prediction markets is not only in trading activity. As more capital flows in, the data becomes a stronger signal for risk models, macro analysis, and financial decision-making.
The sector is moving from trading venues into a data layer for global finance.
@Rain__Protocol now ranks among the top three prediction markets globally, alongside Polymarket and Kalshi, following a $100 million liquidity commitment from the Rain Foundation.
Our treasury was built around RAIN to capture the economics of this transition.
Our quality longevity mission continues to expand its footprint worldwide.
Allocetra patent protection now extends to Australia, covering the use of our cell therapy in patients with osteoarthritis through at least 2040.
This adds to the intellectual property secured across multiple major jurisdictions as Phase 2b advances globally with patients enrolled in the United States, Denmark, and Poland.
People are living longer.
But longevity becomes meaningful when quality of life can be preserved.
That is the gap between lifespan and healthspan, and why quality longevity is central to the Enlivex mission.
Allocetra produced a clinically meaningful, statistically significant improvement over placebo in both pain and function at 6 months in patients with age-related knee osteoarthritis.
These results are being presented from the podium at EULAR 2026 in London this week.
EULAR reviews more than 4,000 abstracts each year and selects only a fraction for oral presentation.
The patients who responded (idiopathic disease, age 60 and older) represent more than half of the total knee osteoarthritis market.
The same dataset advanced Allocetra into its next trial, now enrolling across the United States, Denmark, and Poland.
Last night at @proofoftalk 2026, Enlivex hosted a curated dinner for around 40 founders, allocators, and operators shaping where digital assets go next.
Our CEO, @OrenHershkovitz, presented the full Enlivex architecture: a quality longevity clinical program and a prediction markets treasury anchored in @Rain__Protocol, operating as one integrated model.
Bringing the full thesis directly to the people defining this space is how we close the gap between what Enlivex has built and how the market understands it.
Thank you to everyone who joined us. It was a night to remember.
@proofoftalk 2026 is underway at the Louvre Palace in Paris.
Day one brought together leaders across asset management, banking, policy, digital assets, and media for one of the most significant institutional summits in digital finance this year.
The Enlivex team is in the room.
Enlivex holds 79,568,550,005 RAIN tokens, currently valued at approximately $1.16 billion.
According to the Rain Foundation, @Rain__Protocol has surpassed 29,000 users and burned more than 100 million RAIN tokens through its buyback-and-burn mechanism, as of April 27, 2026.
Five industry leaders have now joined the Rain Foundation's advisory board.
The new appointments span blockchain infrastructure, digital asset markets, and decentralized finance: @fiftyfly, former Chief Executive Officer of https://t.co/BMM2sPOXLj; Dennis Liu, crypto analyst and technical research specialist; @Route2FI, DeFi strategist and macro analyst; David Airey, Chief Operating Officer of @crypto_banter; and Danny Frishman, veteran technology entrepreneur in blockchain and digital innovation.
The advisory board expansion signals institutional depth in the infrastructure underlying that position.
Polymarket. Kalshi. Rain.
That is the current global prediction markets podium, according to the Rain Foundation.
@Rain__Protocol was not there six months ago. The Rain Foundation's $100 million liquidity commitment, comprising $50 million in USDT and $50 million in RAIN tokens, reflects serious conviction in the protocol's trajectory.
Enlivex holds roughly 79 billion RAIN tokens valued at approximately $899 million. When we structured that position, we believed Rain would become the leading decentralized infrastructure layer for prediction markets.
This week, that thesis was reinforced.