Enliven Therapeutics Announces Closing of Upsized Public Offering of Common Stock and Pre-Funded Warrants and Full Exercise of the Underwriters' Option to Purchase Additional Shares

Enliven Therapeutics (Nasdaq: ELVN) closed an upsized underwritten public offering of common stock and pre-funded warrants, including full exercise of the underwriters' option.

Rhea-AI Summary

Enliven Therapeutics (Nasdaq: ELVN) closed an upsized underwritten public offering of common stock and pre-funded warrants, including full exercise of the underwriters' option.

The company sold 10,533,334 common shares at $37.50 and pre-funded warrants for 1,733,333 shares at $37.499, raising about $460 million in gross proceeds.

Positive

• Upsized equity and pre-funded warrant offering raised about $460 million gross
• Underwriters fully exercised option to purchase 1.6 million additional shares
• All securities sold by Enliven, providing direct capital to the company

Negative

• Issuance of 10,533,334 new shares dilutes existing ELVN shareholders
• Pre-funded warrants for 1,733,333 shares create additional future dilution potential

Argus Jun 16 session

+0.45% close to close Open Argus

Details

News Market Reaction – ELVN

On Jun 16, the first trading day after this news, ELVN closed 0.45% above the previous close.

Data tracked by StockTitan Argus for the Jun 16 session.

Market Context

This announcement finalizes a sizeable equity financing, with 10,533,334 common shares and 1,733,333...

Analysis

This announcement finalizes a sizeable equity financing, with 10,533,334 common shares and 1,733,333 pre-funded warrants raising about $460.0M before expenses. It follows recent positive clinical data and prior upsized offering disclosures, highlighting management’s push to resource development plans. Investors may watch how frequently ELVN taps the market, how efficiently proceeds support key programs, and whether subsequent clinical or regulatory milestones offset dilution concerns.

Key Figures

Common shares offered: 10,533,334 shares Underwriters' option shares: 1,600,000 shares Pre-funded warrants: 1,733,333 warrants +4 more

Common shares offered

10,533,334 shares

Upsized underwritten public offering, including overallotment shares

Underwriters' option shares

1,600,000 shares

Additional common stock via fully exercised option

Pre-funded warrants

1,733,333 warrants

Pre-funded warrants issued in lieu of common stock

Offering price per share

$37.50

Public offering price for common stock

Pre-funded warrant price

$37.499

Price per pre-funded warrant to the public

Warrant exercise price

$0.001 per share

Exercise price for each pre-funded warrant

Gross proceeds

$460.0 million

Gross proceeds from the offering before fees and expenses

Previous Offering Reports

5 past events · Latest: Jun 11

Same Type 5 events

1. Jun 11

   Offering priced

   24h Move

   +12.5%

   Priced upsized offering of shares and pre-funded warrants at $37.50.

2. Jun 11

   Offering proposed

   24h Move

   +12.5%

   Proposed $250M offering plus $37.5M underwriters’ option.

3. Jun 16

   Offering closed

   24h Move

   -5.6%

   Closed 2025 offering raising about $230M including full underwriters’ option.

4. Jun 13

   Offering priced

   24h Move

   +11.4%

   Priced 2025 offering with 8.39M shares at $19.66 plus warrants.

5. Jun 13

   Offering proposed

   24h Move

   +11.4%

   Proposed $200M offering with $30M underwriters’ option in 2025.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

pre-funded warrants, underwritten public offering, exercise price, prospectus supplement

4 terms

pre-funded warrants financial

"in lieu of common stock to certain investors, pre-funded warrants to purchase 1,733,333 shares"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

underwritten public offering financial

"it has closed its upsized underwritten public offering of 10,533,334 shares"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

exercise price financial

"less the $0.001 per share exercise price for each pre-funded warrant"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

prospectus supplement regulatory

"has filed with the SEC a final prospectus supplement and accompanying prospectus"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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BURLINGAME, Calif., June 15, 2026 /PRNewswire/ -- Enliven Therapeutics, Inc. (Enliven or the Company) (Nasdaq: ELVN), a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule therapeutics, today announced that it has closed its upsized underwritten public offering of 10,533,334 shares of its common stock, which includes the full exercise of the underwriters' option to purchase 1,600,000 additional shares of its common stock, at a price to the public of $37.50 per share and, in lieu of common stock to certain investors, pre-funded warrants to purchase 1,733,333 shares of its common stock at a price to the public of $37.499 per pre-funded warrant, which represents the per share public offering price of each share of Enliven's common stock less the $0.001 per share exercise price for each pre-funded warrant. All of the shares and pre-funded warrants were sold by Enliven. The gross proceeds from the offering were approximately $460.0 million before deducting underwriting discounts and commissions and other offering expenses.

Jefferies, Goldman Sachs & Co. LLC, Morgan Stanley and Barclays acted as joint book-running managers for the offering. Mizuho also acted as a book-running manager and LifeSci Capital acted as a passive book-running manager for the offering. Baird acted as lead manager and Jones acted as manager for the offering.

The offering was made pursuant to a Registration Statement on Form S-3ASR, including a base prospectus, which became automatically effective upon filing with the U.S. Securities and Exchange Commission (SEC) on August 13, 2025, and Enliven has filed with the SEC a final prospectus supplement and accompanying prospectus relating to the offering. These documents can be accessed for free through the SEC's website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at Prospectus_Department@Jefferies.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at Prospectus-ny@ny.email.gs.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at prospectus@morganstanley.com; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by telephone at (888) 603-5847, or by email at barclaysprospectus@broadridge.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of any such state or jurisdiction.

About Enliven Therapeutics
Enliven is a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule therapeutics to help people not only live longer, but live better. Enliven aims to address existing and emerging unmet needs with a precision medicine approach that improves survival and enhances overall well-being. Enliven's discovery process combines deep insights in clinically validated biological targets and differentiated chemistry to design potentially first-in-class or best-in-class therapies. Enliven is based in Burlingame, California.

View original content to download multimedia:https://www.prnewswire.com/news-releases/enliven-therapeutics-announces-closing-of-upsized-public-offering-of-common-stock-and-pre-funded-warrants-and-full-exercise-of-the-underwriters-option-to-purchase-additional-shares-302800759.html

SOURCE Enliven Therapeutics, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Enliven Therapeutics (NASDAQ: ELVN) announce on June 15, 2026?

Enliven Therapeutics announced the closing of an upsized public offering of common stock and pre-funded warrants. According to Enliven, the deal included the full exercise of underwriters' option to purchase additional shares, increasing total capital raised and confirming investor demand.

How much capital did Enliven Therapeutics (ELVN) raise in the June 2026 offering?

Enliven raised approximately $460 million in gross proceeds from the June 2026 equity offering. According to Enliven, this total comes before underwriting discounts, commissions, and other expenses, and includes both common stock and pre-funded warrant sales to investors.

How many Enliven Therapeutics (ELVN) shares were sold in the June 2026 offering?

Enliven sold 10,533,334 shares of common stock in the June 2026 offering. According to Enliven, this figure includes 1,600,000 additional shares from the full exercise of underwriters' option, with all shares sold directly by the company for capital raising.

What are the terms of the pre-funded warrants in the Enliven (ELVN) June 2026 deal?

The pre-funded warrants allow purchase of 1,733,333 Enliven common shares at a $0.001 exercise price. According to Enliven, the warrants were sold at $37.499 each, reflecting the $37.50 share price minus the nominal exercise price embedded in the pre-funded structure.

At what price did Enliven Therapeutics (ELVN) sell shares in the June 2026 offering?

Enliven priced its June 2026 common stock offering at $37.50 per share. According to Enliven, pre-funded warrants were priced at $37.499 each, matching the share price less the $0.001 per share exercise price associated with the warrant structure.

What does the June 2026 Enliven (ELVN) stock offering mean for existing shareholders?

The offering increases Enliven’s share count and introduces additional pre-funded warrants, diluting existing holders. According to Enliven, all securities were primary issuances, meaning the approximately $460 million in gross proceeds go to the company rather than selling shareholders.