Here are 1-3 brief analogies for Entero Therapeutics (ENTO):

• Think of Moderna in its early clinical stages, but entirely focused on novel therapies for gut and metabolic diseases instead of vaccines.

• A biotech company aiming to develop breakthrough drugs for conditions like IBS and Type 2 Diabetes, similar to how Vertex Pharmaceuticals specializes in cystic fibrosis treatments, but for the gut.

• ENT-001: A novel, oral, small molecule TREM-1 inhibitor designed to reduce inflammation and tissue damage in gastrointestinal diseases, currently in development for conditions like Crohn's disease and ulcerative colitis.

Entero Therapeutics (symbol: ENTO) is a clinical-stage biotechnology company focused on the research and development of therapeutic approaches for gastrointestinal diseases. As of its latest public filings, the company is primarily engaged in drug discovery and development and has not yet commercialized any products.

Therefore, Entero Therapeutics does not currently have "major customers" in the traditional sense that purchase its products or services. The company has explicitly stated in its financial disclosures that it has not generated any revenue from product sales to date and does not expect to do so in the foreseeable future.

Instead of customers, the company's financial operations are supported primarily through:

• Investor Funding: Capital raised through equity offerings and other financing activities to fund its research and development pipeline.
• Potential Future Collaborations: While not current major customers, clinical-stage biotechnology companies like Entero Therapeutics often seek strategic partnerships or licensing agreements with larger pharmaceutical companies (e.g., Pfizer (NYSE: PFE), Johnson & Johnson (NYSE: JNJ), Merck & Co. (NYSE: MRK)) for co-development, commercialization, or distribution of their drug candidates, should they advance through clinical trials. These would be partners or licensees, rather than direct customers of a marketed product.

In summary, ENTO is pre-revenue from product sales and thus does not have an identifiable list of major customers at this time.

Richard Paolone, Interim Chief Executive Officer

Mr. Paolone was appointed interim CEO of Entero Therapeutics on February 14, 2025. He is a Toronto-based securities lawyer with extensive experience in corporate finance, securities law, and mergers and acquisitions. He has played a key role in advising on a range of strategic business initiatives and has represented numerous companies in both private and public offerings of debt and equity securities. His advisory work has been pivotal to several successful M&A and go-public transactions. Mr. Paolone has also served as a director or officer for several private and publicly traded companies.

Anna Skowron, Chief Financial Officer

Ms. Skowron was appointed Interim Chief Financial Officer on March 7, 2025. She has served as Principal of Skowron Accounting Professional Corporation since 2015. With over 14 years of accounting-related experience, Ms. Skowron specializes in financial reporting, compliance, corporate governance, and business strategy. She has played a key role in various business acquisitions and capital raising initiatives across multiple industries. Previously, Ms. Skowron served as Global Financial Controller at a multi-national North American domiciled technology provider and managed consolidated reporting for a global steel corporation.

Jack Syage, Ph.D., Chief Scientific Officer

Dr. Syage transitioned to the role of Chief Scientific Officer. He previously served as CEO and Co-Founder of ImmunogenX, which developed treatments for celiac disease before its combination with Entero Therapeutics (formerly First Wave BioPharma). Prior to that, he founded Syagen Technology, Inc. and, as CEO, led its growth, culminating in its successful acquisition by French multinational Safran S.A. in 2011. Dr. Syage is also an investor and co-founder of several other companies.

Entero Therapeutics (NASDAQ: ENTO) has a product pipeline in both biopharmaceuticals and, more recently, artificial intelligence (AI) infrastructure through its subsidiary Grid AI.

For its biopharmaceutical products:

• Latiglutenase, a therapeutic for celiac disease, targets approximately 3.3 million patients in the U.S..
• Adrulipase, designed to treat exocrine pancreatic insufficiency (EPI), addresses 40,000 cystic fibrosis patients and 95,000 chronic pancreatitis patients in the U.S.. The U.S. market for existing pancreatic enzyme replacement therapies (PERTs), which Adrulipase aims to improve upon, was estimated at approximately $1.4 billion in 2019.
• For Capeserod, being developed for various gastrointestinal indications, specific addressable market size in monetary terms was not identified in the provided information.

Entero Therapeutics has also recently expanded into the AI infrastructure market with its subsidiary Grid AI. This market, focusing on energy orchestration for hyperscale AI data centers, is cited as a $2.5 billion market globally, with expectations to quadruple by 2033. Goldman Sachs estimates the addressable market for next-generation energy-optimization and digital-dispatch platforms to be $10-20 billion. This market is linked to an estimated incremental hyperscale power demand of more than 50 GW by 2028-2030.

Entero Therapeutics (NASDAQ: ENTO) is undergoing a significant strategic shift, with expected future revenue growth driven by a combination of its recently acquired AI technology and continued development of a key biopharmaceutical asset. For the next 2-3 years, the primary drivers of revenue growth are anticipated to be:

1. Commercialization and Adoption of GRID AI's Energy Orchestration Technology: Entero Therapeutics has acquired GRID AI, pivoting its focus to the intersection of artificial intelligence and energy infrastructure. This move positions the company to address the accelerating energy demands of AI data centers. GRID AI's technology is designed to orchestrate energy systems, ensuring they can keep pace with AI's power consumption. The market for AI data centers is projected to experience substantial growth, with Goldman Sachs estimating a 50% jump in global data center demand by 2027 and more than doubling by 2030, creating a significant opportunity for GRID AI's solutions.
2. Expansion and Market Penetration in the AI/Energy Infrastructure Sector: The strategic acquisition of GRID AI enables Entero Therapeutics to target a multibillion-dollar market in energy management that is expected to quadruple by 2033. The company aims to achieve revenue growth by expanding the reach and adoption of GRID AI's technology, which is crucial for managing the power requirements and volatility introduced by AI data centers and renewable energy sources.
3. Advancement and Potential Commercialization of Adrulipase: Despite the new focus on AI, Entero Therapeutics intends to continue its prior operations, including the development of Adrulipase. Adrulipase is a recombinant lipase enzyme being developed for patients with exocrine pancreatic insufficiency (EPI) associated with cystic fibrosis and chronic pancreatitis. The company's future plans include advancing the Adrulipase program with the intent to initiate a Phase 2b clinical trial in the second half of 2025. Successful progression through clinical trials and eventual commercialization of Adrulipase would introduce a biopharmaceutical revenue stream.

Share Issuance

• Entero Therapeutics executed a 1-for-3 reverse stock split in August 2025, reducing its outstanding common stock from approximately 4.77 million shares to 1.59 million shares.
• The company completed a $3.0 million private placement of pre-funded and common warrants to institutional investors in August 2025, with proceeds designated for general corporate purposes and working capital.
• In October 2025, Entero Therapeutics entered into a $5 million Securities Purchase Agreement, with an initial closing of $500,000 through a promissory note and a warrant to purchase up to 200,000 shares of common stock.

Inbound Investments

• Entero Therapeutics secured a $2 million revolving loan agreement in February 2025 to strengthen its balance sheet and provide working capital.
• The company received gross proceeds of $500,000 from the initial closing of a $5 million Securities Purchase Agreement in October 2025.
• An August 2025 private placement of warrants generated $1.0 million at closing, with an additional $2.0 million expected upon the effectiveness of a resale registration statement.

Outbound Investments

• In October 2025, Entero Therapeutics acquired 100% of Grid AI Corp, a grid-edge, AI-driven software and device platform, marking a strategic shift for the company.
• Following the Grid AI acquisition, Entero Therapeutics announced a Letter of Intent in November 2025 to integrate the LV Grid engineering team and intellectual property into Grid AI, aiming to accelerate its expansion into the hyperscaler AI data center market.