Enliven Therapeutics, Inc. (ELVN)

Price$59.32Cached quoteAs of 2026-09-05 23:59 UTC

AI: Fair-priced

Price checkAfter roughly quadrupling this year, the shares now embed substantial success, so we judge them fairly priced.

Shares closed yesterday near their twelve-month high, having climbed about fourfold since the start of the year. The whole business is valued near $4.3 billion; subtracting roughly $0.9 billion in cash and investments leaves about $3.4 billion paying for a company with no approved medicine. That equals nearly five times its accounting net worth, and the quote sits modestly below the average analyst target. Strong data justify optimism, yet today's price already assumes years of successful testing and launch, so the evidence feels balanced rather than cheap or expensive.

Big pictureEnliven has no revenue yet and burns cash each quarter, but its funding should last into 2030.

This is a testing-stage drug developer: sales are zero, and losses are widening. The half-year net loss reached $56 million, up from about $54 million a year earlier, and the latest quarterly loss of $32 million missed forecasts. Day-to-day operations consumed about $38 million in cash over six months, and spending will climb as the late-stage leukemia trial starts. Management says its $895 million war chest funds operations into 2030, so no emergency fundraising appears needed before the next major test results.

Business strengthA large cash pile with almost no debt and encouraging leukemia data give real downside cushion.

Enliven holds $895 million in cash and investments against total liabilities of only about $15 million, with no borrowings — unusual protection for a money-losing drug developer. Its lead pill, ELVN-001, treats chronic myeloid leukemia, a blood cancer. In the mid-stage trial, 61% of patients on the chosen dose reached a deep remission benchmark, comparing well with older drugs tested in less-sick groups. Regulators granted the program a fast-review label and agreed on the final test design, reducing scientific risk.

What could change the storyHeavy past dilution, a single-drug lineup, and years-long trial timelines are the main risks from here.

Share count grew about half again in eighteen months, from 49 million to 73 million, largely through a share sale about two months ago that raised about $460 million at prices roughly a third below today's level. After shelving its second drug candidate last year, everything now rides on ELVN-001. The pivotal trial only starts later this year, with results likely years away; this business moves on binary test outcomes rather than economic cycles, so disappointing numbers, slow enrollment, or another big raise would hurt, while strong early signs could lift the stock further.

AI: News

Strong leukemia data in EuropeUpdated trial results showed most patients responding, strengthening the drug's best-in-class pitch ahead of final testing.

At a major European blood-cancer conference early this summer, Enliven presented updated results for ELVN-001: 61% of patients on the selected once-daily dose achieved a deep remission benchmark, rising to 67% among earlier-treated patients, with tolerable side effects across 161 participants. These rates compare favorably with historical results for approved rivals. Because investor interest in biotech stocks hinges on such data, the presentation helped drive this year's rally, though the exact price impact is hard to isolate.

FDA agrees on Phase 3 designRegulators signed off on the final trial blueprint and granted fast-track review, clearing the path to pivotal testing.

Disclosed with quarterly results earlier this month, the outcome of Enliven's meeting with the FDA locks in the 80 mg once-daily dose and a comparison against doctors' choice of existing treatments for previously treated leukemia patients. The agency also granted fast-track status, which can speed review. The pivotal trial is slated to begin in the second half of this year. Removing design uncertainty lowers the chance of costly do-overs, a key reason analysts turned more positive.

Upsized share sale raised $460 millionEnliven sold new shares in June at a much lower price than today, funding trials but diluting owners.

About two months ago the company priced an upsized offering at $37.50 per share, and underwriters exercised their option in full, lifting gross proceeds to about $460 million and extending the cash runway into 2030. Shares outstanding jumped roughly a quarter within weeks. The stock has since traded far above the sale price, suggesting investors welcomed the funding, though that gap cannot prove cause. Future raises remain possible before any product earns revenue.

Wall Street coverage turns upbeatSeveral brokers launched or raised ratings this month, with targets well above the current quote.

Within the past week, William Blair began coverage with a positive rating and Mizuho lifted its target to $73; days earlier Barclays started coverage with a $78 target, citing the upcoming pivotal trial. The average analyst target sits near $75, roughly a quarter above the recent quote, though one firm keeps a sell rating. Such coverage often attracts fund flows, but its effect on price is hard to separate from the clinical news driving it.

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Free cash flow

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$0	$0	$0	$0	—	—	—
Research & development	$85.9M	$80.8M	$64.6M	$31.0M	$38.4M	$32.2M	$19.0M
Operating expenses	$119.7M	$104.6M	$83.5M	$38.8M	$51.4M	$41.7M	$24.1M
Operating income	−$119.7M	−$104.6M	−$83.5M	−$38.8M	−$51.4M	−$41.7M	−$24.1M
EBITDA	−$119.4M	−$104.3M	−$83.2M	−$38.6M	−$51.3M	−$41.6M	−$24.1M
Net income	−$103.7M	−$89.0M	−$71.6M	−$37.7M	−$51.4M	−$41.4M	−$23.5M
Basic EPSper basic share	-$1.83	-$1.89	-$2.01	-$12.05	-$2.37	-$3.53	-$33.40
Diluted EPSper diluted share	-$1.83	-$1.89	-$2.01	-$12.05	-$2.37	-$3.53	-$33.40

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.69%of listed shares

FMR LLC10.03M shares · Jun 30, 2026

View holders

Top 20 reported holders of ELVN
Holder	% owned
FMR LLC	13.69%10.03M shares
ORBIMED ADVISORS LLC	9.25%6.78M shares
Polar Capital Holdings Plc	8.78%6.43M shares
BlackRock, Inc.	5.95%4.36M shares
Vestal Point Capital, LP	5.46%4M shares
Commodore Capital LP	4.47%3.28M shares
PRICE T ROWE ASSOCIATES INC /MD/	3.96%2.9M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.51%2.57M shares
CITADEL ADVISORS LLC	2.82%2.07M shares
Fairmount Funds Management LLC	2.53%1.86M shares
Siren, L.L.C.	2.42%1.77M shares
Bellevue Group AG	2.03%1.49M shares
GEODE CAPITAL MANAGEMENT, LLC	1.92%1.41M shares
First Light Asset Management, LLC	1.86%1.36M shares
STATE STREET CORP	1.66%1.21M shares
Pictet Asset Management Holding SA	1.59%1.16M shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	1.48%1.08M shares
NOVO HOLDINGS A/S	1.37%1M shares
First Turn Management, LLC	1.30%954.36K shares
SAMLYN CAPITAL, LLC	1.25%912.64K shares

Percentages use 73.25M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)187$78.60M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 22, 2026Form 4	ORBIMED ADVISORS LLC +2TenPercentOwner	SellCommon Stock · indirect	46.8K	$45.00	$2.10M	6.56M
Jun 22, 2026Form 4	ORBIMED ADVISORS LLC +2TenPercentOwner	SellCommon Stock · indirect	787.0K	$45.38	$35.72M	6.60M
Jun 22, 2026Form 4	ORBIMED ADVISORS LLC +2TenPercentOwner	SellCommon Stock · indirect	1.5K	$45.00	$66.5K	219.4K
Jun 22, 2026Form 4	ORBIMED ADVISORS LLC +2TenPercentOwner	SellCommon Stock · indirect	24.8K	$45.38	$1.13M	220.9K
Jun 17, 2026Form 4 · 10b5-1	Hohl BenjaminCHIEF FINANCIAL OFFICER	SellCommon Stock	1.2K	$44.75	$55.4K	51.0K