Enhanced is a controversial sporting event — and a set of smaller events — that lets athletes use FDA-approved drugs and enhancements to improve their performance while being monitored by a doctor.
That’s the product people see. The bet is bigger than the product.
The bet is that if you incentivize athletes better than they’ve ever been incentivized, you can draw in talented and popular athletes. Popular athletes draw a viewers. And while you’re doing that, you’re also catching a wave that’s already started: people, many of them younger, using molecules to look better, feel better, and perform better. Health is part of it. Vanity is part of it. Looksmaxxing is part of it. It’s all part of this early trend. Optimize the body.
GLP-1s are the case study, and they’re not just a health story. Watch someone who’s lost a lot of weight on them. Yes, they lost the weight. They also look more confident. Happier. More themselves. A better version of the same person. That phenomenon — people becoming their best self with a molecule — is the tip of the iceberg. Peptides are going to be a huge part of what comes next. Imagine two or three of them picking up steam the way GLP-1s did.
Two businesses. One idea. The Games get the attention. The clinic is where the real upside lives.
The Ugly that the Market Sees
Start with the cash.
The 10-Q, as of June 30: $19.6 million of cash. They used $44 million of operating cash in the first half. Accounts payable and accrued expenses were $40.1 million. The filing says there is substantial doubt they can continue as a going concern within twelve months. Current cash is not enough.
They also showed $17.7 million of revenue, almost all of it two non-cash sponsorships, and direct to consumer telehealth that “was not material.” Net loss was $61.9 million in the quarter.
That’s not a made-up bear case. The market sees an early company that hasn’t produced much revenue, has burned a ton of money, and isn’t really selling much on the telehealth platform. Left with only those facts the picture looks grim.
What I the Market is Missing
They’re missing the alignment. Christian Angermayer, the executive chairman, owns about 28% of the economic stock (37.0 million Class A) and all of the Class B. Those Class B shares are 10 votes each. That’s the vote. He controls the company. Maximilian Martin, the CEO, owns about 9% of the economic stock (11.4 million Class A) plus options on another 1.93 million. His exposure is economic, not control.
This week the insiders put more money in on top of a previous PIPE offering they participated in.
The remaining PIPE closed August 14. Code A, not P. Apeiron took 2,120,823 Class A at $3.89. Martin took 1,285,347 at $3.89. That’s about $8.3 million and $5.0 million — the last tranche the 10-Q still called expected. It is now on a Form 4.
Then the open-market buys, code P, through the 19th:
August 14: Apeiron bought 150,000 at $1.97
August 17: 200,000 at $1.65
August 18: 93,000 at $1.70
August 19: 1,619,316 at $1.66
August 19: 55,000 at $1.64
That’s about 2.12 million shares, roughly $3.6 million of stock bought in the market after the 10-Q said DTC was not material.
The insiders are in. That matters at a company this early, because the story is not “they already figured out telehealth.” The story is “they have the right backers to give them time to iterate on this novel but massive opportunity.”
They have a lot to prove. I’m not pretending otherwise. They’re on the ground floor of enhancement going mainstream. The Games are how you get into that movement with a brand instead of a performance-marketing budget.
And as they iterate, they can find more viral athletes. One athlete who can single-handedly pull an audience is a lot cheaper than a marketing budget.
They’re counting the wrong shares
People are putting voting shares into the market cap. Those shares are only voting shares. They are not economic shares. They cannot be sold. Counting them as if they were the same thing as the stock you can actually own makes no sense.
The 10-Q, as of August 13: 128,972,162 Class A and 258,837,933 Class B. Then the last PIPE tranche closed August 14 and issued about 3.4 million more Class A. Live economic count is about 132.4 million basic. Class A is the economic stock. Class B is 10 votes a share and has no claim on cash. No dividend. No liquidation. You can’t sell it as the stock.
Add the in-the-money options and awards (10.4 million options at $1.23, 0.5 million top-ups, 0.8 million consultant warrants) and the diluted economic count is about 144 million. That’s the denominator I use.
The June PIPE sold stock at $3.89 plus about 12.9 million warrants struck at $3.89. Those warrants were out of the money at about $1.70, so they stayed out of that 144 million. For 24 months, a bona fide cheaper capital raise resets the warrant strike to the new price and increases the warrant share count so the old roughly $50 million of aggregate exercise power is unchanged. 12.9 million times $3.89 is about $50 million. At $1.65 that is about 30 million warrant shares, now at the money, so they get counted. Holders did not write a new check for the extra rights. regular shareholders get hit by the new primary shares and by the warrant pile waking up. $3.89 is the trigger line.
If they do not sell new stock, there is no extra dilution. They might stretch on remaining PIPE cash if burn falls and they do not stage another Games. If they raise at these prints which I find unlikely, the economic slice gets about 20 to 35 percent smaller.
I do not see a raise at today’s price as likely near term. The band is still what happens if they raise below $3.89. Insider buys at $1.66 do not mean they will not print new stock. The burn makes a later raise likely. The PIPE makes that raise sting more for common if it is under $3.89. The PIPE did not create the hole. It priced the next rescue in PIPE holders’ favor, including insiders.
At about $1.65 that gives you three numbers, and only one of them is real:
~$220 million. Class A basic. Understates dilution.
~$240 million. Class A diluted. The economic company.
~$650 million. Class A plus Class B at the same price. Fiction. At the older prints, that same mistake is how screeners got to a billion.
If your screener is showing a $600 million or $1 billion company, it’s counting shares that cannot be sold. Refresh the tape on publication day. The shares don’t change the point.
What the Games actually proved
Three things.
Controversy draws a crowd. People showed up. People watched. You don’t get that from a quiet clinic launch.
You can attract good athletes, even when the whole thing is radioactive. That should get easier, not harder, as more athletes join. The first ones take the reputational hit. The next ones have cover.
And the enhancements work. There were a lot of personal bests — and they came from athletes in their 30s. That’s the demonstration. Nobody buying a peptide protocol is trying to break a world record. They’re trying to get back to the version of themselves from ten years ago. The Games showed that product, in public, on the exact customer.
The smaller events are the same proof on a cheaper stage. If those keep drawing viewers, the Games aren’t a one-off stunt. They’re a format.
Where the advantage is
The edge, if they get there, is brand and marketing efficiency. Once the Games are more established, they have attention. They have influencers and athletes who can draw a crowd by themselves. That is cheaper marketing than what a normal telehealth company has to buy. Competitors spend on ads. Enhanced spends on a spectacle that keeps paying, and on talent that is the ad.
They’re also deeply involved in optimizing these athletes’ performances — protocols, monitoring, what actually moved a personal best. That is a lab. Those insights can turn into the same kind of custom treatment for telehealth customers. Not a generic peptide stack. The thing they just ran on a 32-year-old who got faster.
Two more.
They own the public demo. Most clinics tell you the product works. Enhanced can show it, on television, on people. That’s a brand advantage you cannot buy with a Facebook ad.
And they can be the name of the category. If enhancement is going mainstream, someone gets to be the brand people think of. The Games are how you try to take that slot.
That’s the moat you actually need, because the molecules are commodities. Martin has already said as much. People will still buy them — and potentially pay a premium — from a source they trust. The brand, the public demo, the athlete lab, the doctor-monitored Games: those are trust signals. Together they make Enhanced a more trusted source than a gray-market shop or a generic telehealth cart. Trust is how you sell a commodity at a premium.
What would have to go right
I don’t need telehealth to be a finished business this year. I need to see that it isn’t staying zero.
i need to see some revenue coming in on the telehealth side. They launched in May. If the next two quarters still say telehealth “was not material,” the brand didn’t turn into a store. That is when thesis is becoming invalidated.
They made a specific point on the burn, and it’s worth repeating in their words. CFO Sid Banthiya on the August 13 call: Games, athletes, and event costs were $52 million in Q2. He said he would not treat that $52 million as a run-rate figure. Transaction costs were another $10.9 million that quarter, $12.5 million year to date — deal costs, not the operating company. SG&A was $16.6 million, but $4.2 million of that was non-cash Rumble ad inventory and $6.9 million was stock-based compensation. What’s left, he said, is about $5.5 million a quarter: $1.8 million of salaries, $1.6 million of performance marketing, and the rest. That’s the lean they want you to underwrite. Building the first Games is not the same as running the next ones. I want to see that $5.5 million, not just hear it.
The billionaire backers can buy time to iterate — and time for peptides to get approved. If even two or three of those molecules do what GLP-1s did, the clinic is sitting in front of a much bigger market than “a sports event with a store.”
Risks
This can go to zero. I’m not dressing that up. Cash burn was quite high. They are still deeply unprofitable. The 10-Q already says there is substantial doubt they can continue as a going concern. If the $52 million quarter is the run-rate after all, and telehealth stays empty, the backers are funding a hole.
If peptides don’t get approved and stay a gray-market thing, the telehealth upside is limited. A lot of the wave I described only works if this becomes a normal, doctor-supervised product — not something you buy in a group chat.
If they don’t attract famous enough or good enough talent, the Games and the smaller events fail to attract enough attention. No athletes, no crowd. No crowd, no brand. No brand, the clinic is just another store.
Two more.
They may have to raise again. If they do it below $3.89, dilution becomes a big concern.
And if peptides do get approved, they become a crowded market. CEO Martin has already said the molecules are rather commodities.
Horizon
This is a multi-year bet on enhancement going mainstream, using a controversial sport as the distribution. The market is pricing the early mess. I’m pricing the wave, the athletes, and the time the insiders can buy.
This is not investment advice.
Sources
Q2 2026 Form 10-Q (cash $19.6 million, H1 operating cash used $44.0 million, accounts payable and accrued expenses $40.1 million, revenue, DTC “not material,” going concern, share count as of August 13). PIPE SPA / S-1 (12,853,468 warrants at $3.89; 24-month anti-dilution ratchet). August 13 earnings call (CFO Sid Banthiya on $52 million not run-rate, $10.9 million transaction, ~$5.5 million residual SG&A). Company Games results (personal bests, athlete ages). Form 4s through August 19: Apeiron open-market P on August 14 (150,000 @ $1.9708), 17 (200,000 @ $1.6521), 18 (93,000 @ $1.7012), and 19 (1,619,316 @ $1.66 and 55,000 @ $1.6433); Apeiron PIPE close August 14 (2,120,823 @ $3.89, acc. 0001193125-26-357979); Martin PIPE close August 14 (1,285,347 @ $3.89, acc. 0001628280-26-057808).