Enlivex Ltd.

Recent Developments – Reverse Split

On February 3, 2026, the Company's shareholders approved a resolution authorizing the Board of Directors (the “Board”) to effect a reverse share split of the ordinary shares at a ratio ranging from 1-for-2 to 1-for-20, with the final ratio and effective date to be determined by the Board within 12 months of the approval date. On June 5, 2026, the Board approved the implementation of a 1-for-15 reverse share split of the ordinary shares, which the Company announced on July 7, 2026 and became effective on July 9, 2026. The reverse split reduced the number of issued and outstanding ordinary shares from 252,480,222 to approximately 16,832,017. All share and per share amounts presented in this Operating and Financial Review and Prospects have been retroactively adjusted to reflect the reverse share split, which, upon effectiveness, resulted in the adjustment of the Company’s authorized share capital from NIS 950,000,000, divided into 2,375,000,000 ordinary shares with a nominal value of NIS 0.40 each, to NIS 950,000,000, divided into 158,333,333 ordinary shares with a nominal value of NIS 6.00 each. “NIS” refers to New Israeli Shekels.