Highlights

  • Enliven reported a second quarter 2026 net loss of $32,485 thousand, or $0.49 per share, compared with $25,335 thousand a year earlier.
  • Cash, cash equivalents and marketable securities were $895.2 million at June 30, 2026, after a $460.0 million gross-proceeds public offering.
  • The company is preparing a planned pivotal trial of ELVN-001 and is exploring strategic alternatives for ELVN-002.
  • Research and development expenses were $28,996 thousand for the quarter, compared with $21,491 thousand in the second quarter of 2025.

Enliven Therapeutics, Inc. (NASDAQ: ELVN) shares were trading at USD 43.95 on October 27, 2026, up 5.93%, with a relative volume at time of 2.32. The clinical-stage biopharmaceutical company closed a public offering on June 15, 2026 and filed its quarterly report for the quarter ended June 30, 2026 on August 5, 2026, which reported a net loss and cash of $895.2 million.

Enliven is incorporated in Delaware and lists its principal executive offices in Burlingame, California. It is a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule therapeutics. Its lead program, ELVN-001, targets breakpoint cluster region-Abelson (BCR-ABL) in chronic myeloid leukemia (CML) and has received orphan drug designation for CML. The company has no products approved for commercial sale, has not generated revenue,. Its fiscal year ends December 31, and it had 67 full-time employees at June 30, 2026.

Second Quarter Results

For the three months ended June 30, 2026, Enliven reported no revenue and a net loss of $32,485 thousand, or $0.49 per share, compared with a net loss of $25,335 thousand, or $0.49 per share, in the same quarter of 2025.

Research and development expenses were $28,996 thousand, compared with $21,491 thousand, an increase of $7.5 million. The company attributed the increase to higher internal costs, including $5.5 million of stock-based compensation, and to a $2.3 million increase in ELVN-001 costs. General and administrative expenses were $8,213 thousand, compared with $7,093 thousand. Other income, net, was $4,724 thousand, compared with $3,249 thousand.

For the six months, the net loss was $56,112 thousand, or $0.87 per share, compared with $53,879 thousand, or $1.05. The company reported an accumulated deficit of $403.3 million at June 30, 2026 and net losses of $103.7 million for 2025 and $89.0 million for 2024. It stated that it expects operating losses and negative operating cash flows to continue for the foreseeable future.

Public Offering, Cash and Dilution

On June 15, 2026, Enliven closed an underwritten public offering of 10,533,334 shares of common stock at $37.50 per share, and pre-funded warrants to purchase 1,733,333 shares at $37.499 per pre-funded warrant. Aggregate gross proceeds were $460.0 million, before issuance costs of $27.4 million. The pre-funded warrants have an exercise price of $0.001 per share, and all remained unexercised and outstanding at June 30, 2026.

Net cash provided by financing activities was $473,471 thousand for the six months, and net cash used in investing activities was $399,040 thousand. Cash, cash equivalents and marketable securities were $895.2 million at June 30, 2026. Through that date, the company had sold shares under its Open Market Sale Agreement for gross proceeds of $40.0 million, and $200.0 million of common stock remained available for sale under that agreement. As of July 28, 2026, 73,270,761 shares of common stock were outstanding.

Pipeline and Planned Milestones

Enliven is evaluating ELVN-001 in a Phase 1 clinical trial in adults with CML and is preparing for a planned ELVN-001 pivotal trial. To prioritize ELVN-001 and its pivotal trial, the company is exploring strategic alternatives for the ELVN-002 program and is no longer pursuing its development.

The company does not provide financial guidance. It said that, based on its current operating plan, which includes the continued advancement of ELVN-001 and preparations for the planned pivotal trial, its existing cash, cash equivalents and marketable securities will be sufficient to fund planned operating expenses and capital expenditure requirements for at least the next 12 months from the filing date. It also stated that it will require additional capital, which it expects to finance through equity or debt financings, loans or other capital sources.