ENTXHIGH SIGNALRISK10-K

ENTX faces substantial doubt about its ability to continue as a going concern with cash resources projected to last only through mid-third quarter 2026.

The company's explicit going concern warning indicates severe liquidity constraints despite recent capital raising that substantially increased assets and equity. With revenue dropping significantly and operating losses expanding, ENTX faces an urgent need for additional financing within months.

Comparing 2026-03-27 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

ENTX's balance sheet shows meaningful expansion in assets and equity, suggesting recent capital raising activity, though cash reserves declined modestly to $7.1M. Revenue fell substantially while R&D expenses grew notably and operating losses expanded to $11.5M. The overall picture reveals a development-stage company burning through capital at an accelerating pace with minimal revenue generation.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+87.3%
$1.2M→$2.2M

Current liabilities surged 87.3% — significant near-term obligations; verify ability to meet short-term debt.

Revenue
P&L
-76.8%
$181K→$42K

Revenue declined 76.8% — significant demand weakness or market share loss warrants investigation.

Current Assets
Balance Sheet
+70.5%
$9.0M→$15.3M

Current assets grew 70.5% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+70.3%
$9.4M→$16.0M

Asset base grew 70.3% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+62.1%
$8.1M→$13.1M

Equity base grew 62.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

R&D Expense
P&L
+33.5%
$4.5M→$6.0M

R&D investment increased 33.5% — signals commitment to future product development, though near-term margin impact.

Operating Income
P&L
-20.3%
-$9.6M→-$11.5M

Operating profitability softening — costs rising faster than revenue, watch for margin recovery plan.

Net Income
P&L
-19.9%
-$9.5M→-$11.4M

Net income declined 19.9% — review whether driven by operations, interest costs, or non-recurring items.

Cash & Equivalents
Balance Sheet
-17.9%
$8.7M→$7.1M

Cash decreased 17.9% — monitor burn rate and upcoming capital needs.

SG&A Expense
P&L
+17.1%
$340K→$398K

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2026-03-27
PRIOR — 2025-03-28
ADDED
- 1638097 - 2026 00-0000000 1 Other development expenses include materials and productions and others.
Other segment expenses include payroll and related expenses, share-based compensation, legal and audit and related fees and others.
0001638097 false FY Represents an amount less than one thousand U.S.
As of March 23, 2026, the registrant had 46,622,239 ordinary shares, par value NIS 0.0000769 per share ( Ordinary Shares ) outstanding.
The Company may seek to raise capital through debt or equity financings to or through other strategic initiatives.
Management has performed an analysis of our ability to continue as a going concern and our current cash resources should be sufficient to fund our operating expenses through the middle of the third quarter of 2026; however, as a result of recurring losses, substantial doubt exists about the Company s ability to continue as a going concern for a period of at least twelve months from the date of this Annual Report; Your rights and responsibilities as our shareholder will be governed by Israeli law, which may differ in some respects from the rights and responsibilities of shareholders of U.S.
corporations; and Security, political and economic instability in the Middle East may harm our business, including the Iran War, the Israel-Hamas War and its proxies and its impact on our operations and workforce.
Our pipeline includes differentiated, first-in-class oral peptides targeting PTH(1-34), GLP-1/Glucagon and GLP-2: Currently, most protein therapies are administered via frequent intravenous, subcutaneous or intramuscular injections.
From a technical standpoint, oral delivery of peptides and therapeutic proteins is challenging due to the enzymatic degradation within the gastrointestinal tract and poor absorption into the blood stream.
We leverage our N-Tab platform, which is designed to simultaneously stabilize large (4kD+) hydrophilic peptides in the gastrointestinal tract and promote their absorption into the bloodstream.
REMOVED
- 1638097 - 2025 Represents an amount less than one thousand U.S.
25% vest on the first anniversary of the date of grant and the remaining 75% of the options vest in twelve equal quarterly installments following the first anniversary of the grant date.
33.33% vest on the first anniversary of the date of grant and the remaining 66.67% of the options vest in eight equal quarterly installments following the first anniversary of the grant date.
As of March, 20, 2025, the registrant had 45,420,676 ordinary shares, par value NIS 0.0000769 per share ( Ordinary Shares ) outstanding.
corporations; and Security, political and economic instability in the Middle East may harm our business, including the duration and intensity of the ongoing Israel-Hamas War and its impact on our operations and workforce.
Our pipeline includes five differentiated, first-in-class oral peptide programs targeting PTH(1-34), GLP-1 and GLP-2: Currently, most protein therapies are administered via frequent intravenous, subcutaneous or intramuscular injections.
From a technical standpoint, oral delivery of therapeutic proteins is challenging due to the enzymatic degradation within the gastrointestinal tract and poor absorption into the blood stream due to the protein s polarity and molecular weight.
We leverage our N-Tab platform, which is designed to simultaneously stabilize the peptide in the gastrointestinal tract and promote its absorption into the bloodstream.
7 EB613 Program Our most advanced product candidate, EB613, oral PTH(1-34), is being developed as the first oral, osteoanabolic (bone building) once-daily tablet treatment for post-menopausal women with low bone mineral density ( BMD ) and high-risk osteoporosis.
Anabolic drugs are indicated for the treatment of very high-risk osteoporosis patients as first line therapy and as second line treatment in osteoporosis patients who cannot tolerate or progress on other osteoporosis drugs.
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