Enliven Therapeutics (Nasdaq: ELVN) plans $400M stock and warrant sale
Rhea-AI Filing Summary
Enliven Therapeutics priced an upsized underwritten public offering of 8,933,334 shares of common stock at $37.50 per share and pre-funded warrants to purchase up to 1,733,333 shares at $37.499 each. All securities are being sold by the company, with expected gross proceeds of about $400.0 million.
Net proceeds are expected to be approximately $376.0 million, or $432.4 million if underwriters fully exercise a 1,600,000-share option. The offering, made off an effective Form S-3ASR shelf, is expected to close on or about June 15, 2026, subject to customary conditions. The pre-funded warrants are exercisable immediately at $0.001 per share and include ownership caps between 4.99% and 19.99%.
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Insights
Enliven raises sizable primary equity capital through an upsized offering.
Enliven Therapeutics is conducting an upsized underwritten public offering combining common stock and pre-funded warrants, targeting gross proceeds of about $400.0 million. All securities are primary, so the transaction brings new capital directly onto the company’s balance sheet rather than cashing out existing holders.
Net proceeds are estimated at $376.0 million, or $432.4 million if the underwriters exercise a 1,600,000-share option in full. The use of pre-funded warrants at a $0.001 exercise price and ownership caps of 4.99% or 9.99%, adjustable up to 19.99%, helps manage large investor positions while controlling beneficial ownership thresholds.
The deal is issued under an automatic shelf registration on Form S-3ASR, with closing expected on June 15, 2026, subject to customary conditions. Future disclosures in periodic reports can clarify how the new capital supports Enliven’s clinical programs and operating runway.
8-K Event Classification
Key Figures
Key Terms
underwritten public offering financial
Pre-Funded Warrants financial
cashless exercise financial
Registration Statement on Form S-3ASR regulatory
Fundamental Transaction financial
Offering Details
FAQ
What is Enliven Therapeutics (ELVN) offering in this equity deal?
How much capital will Enliven Therapeutics (ELVN) raise from the offering?
When is the Enliven Therapeutics (ELVN) offering expected to close?
What are the key terms of Enliven Therapeutics’ pre-funded warrants?
Under which SEC registration is the Enliven (ELVN) offering being made?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On June 11, 2026, Enliven Therapeutics, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Jefferies LLC, Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and Barclays Capital Inc. as representatives (the “Representatives”) of the several underwriters named therein (collectively, the “Underwriters”), relating to the issuance and sale in a public offering (the “Offering”) of 8,933,334 shares of the Company’s common stock, par value $0.001 per share, at a price to the public of $37.50 per share (the “Firm Shares”), and, in lieu of Firm Shares to certain investors, pre-funded warrants to purchase 1,733,333 Shares (the “Pre-Funded Warrants”) at a price to the public of $37.499 per Pre-Funded Warrant, which represents the per share public offering price for the Firm Shares less the $0.001 exercise price for each such Pre-Funded Warrant. Additionally, the Company has granted the Underwriters an option exercisable for 30 days from the date of the Underwriting Agreement to purchase up to an additional 1,600,000 shares of common stock (together with the Firm Shares, the “Shares”) at the public offering price, less underwriting discounts and commissions. All of the Shares and Pre-Funded Warrants in the Offering are being sold by the Company.
The net proceeds to the Company from the Offering are expected to be approximately $376.0 million, or approximately $432.4 million if the Underwriters exercise in full their option to purchase additional shares, in each case after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The Offering is expected to close on June 15, 2026, subject to the satisfaction of customary closing conditions.
The Underwriting Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended (the “Securities Act”), other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by such parties.
The Offering is being made pursuant to the Company’s effective registration statement on Form S-3ASR (File No. 333-289582) (the “Registration Statement”), which became effective automatically upon filing with the Securities and Exchange Commission (the “SEC”) on August 13, 2025, as supplemented by a prospectus supplement, dated June 11, 2026.
Each Pre-Funded Warrant will have an exercise price of $0.001 per share. The exercise price of the Pre-Funded Warrants and the number of shares of common stock issuable upon exercise of each Pre-Funded Warrant are subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. The Pre-Funded Warrants are exercisable from the date of issuance and do not expire. Each Pre-Funded Warrant is exercisable, in the holder’s discretion, by (i) payment in full in immediately available funds for the number of shares of common stock purchased upon exercise, or (ii) a cashless exercise, in which case the holder would receive upon such exercise the net number of shares of common stock determined according to the formula set forth in the Pre-Funded Warrant. Under the Pre-Funded Warrants, the Company may not effect the exercise of any Pre-Funded Warrants, and a holder will not be entitled to exercise any portion of any Pre-Funded Warrant that, upon giving effect to such exercise, would result in the aggregate number of shares of common stock beneficially owned by such holder (together with its affiliates) exceeding 4.99% (or at the election of such holder prior to the issuance of such warrant, 9.99%) of the total number of shares of common stock issued and outstanding following such exercise, as such percentage ownership is determined in accordance with the terms of the Pre-Funded Warrants, which percentage may be changed at the holder’s election to a higher or lower percentage not in excess of 19.99% upon at least 61 days’ notice to the Company.
In the event of a Fundamental Transaction (as defined in the Pre-Funded Warrants), a holder of Pre-Funded Warrants will be entitled to receive, upon exercise of the Pre-Funded Warrants, the same amount and kind of securities, cash or property that such holder would have received had they exercised the Pre-Funded Warrants immediately prior to such Fundamental Transaction without regard to any limitations on exercise contained in the Pre-Funded Warrants.
The foregoing descriptions of the terms of the Underwriting Agreement and the Pre-Funded Warrants do not purport to be complete and are each qualified in their entirety by reference to the Underwriting Agreement and the form of Pre-Funded Warrant, respectively, which are filed as Exhibit 1.1 and Exhibit 4.1 hereto and are incorporated herein by reference.
A copy of the opinion of Wilson Sonsini Goodrich & Rosati, P.C. relating to the validity of the Shares, the Pre-Funded Warrants and the shares underlying the Pre-Funded Warrants is filed as Exhibit 5.1 hereto and is incorporated by reference into the Registration Statement.
| Item 7.01 | Regulation FD Disclosure. |
On June 11, 2026, the Company issued a press release announcing the pricing of the Offering. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this Item 7.01, including the related information set forth in the press release attached hereto as Exhibit 99.1, is being “furnished” and shall not be deemed “filed” with the Securities and Exchange Commission for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended) concerning the Company and other matters that involve substantial risks and uncertainties. These statements may discuss goals, intentions and expectations as to future plans, events, or otherwise, based on current beliefs of the management of the Company, as well as assumptions made by, and information currently available to, management of the Company. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” and other similar expressions or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Statements that are not historical facts are forward-looking statements. Forward-looking statements in this Current Report on Form 8-K include, but are not limited to, statements about the Company’s expectations regarding the expected net proceeds from the Offering and the expected closing date of the Offering. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various risks and uncertainties, including, without limitation: uncertainties related to market conditions and the satisfaction of customary closing conditions related to the Offering, and other risks and uncertainties, including those more fully described in the Company’s filings with the SEC, which may be found in the section titled “Risk Factors” in the Company’s Annual and Quarterly Reports on Form 10-K and 10-Q filed with the SEC and in the Company’s future reports to be filed with the SEC. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. However, readers should carefully review the reports and documents the Company files or furnishes from time to time with the SEC, particularly its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
See the Exhibit Index below, which is incorporated by reference herein.
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 1.1 | Underwriting Agreement, dated as of June 11, 2026, among Enliven Therapeutics, Inc. and the Representatives. | |
| 4.1 | Form of Pre-Funded Warrant. | |
| 5.1 | Opinion of Wilson Sonsini Goodrich & Rosati, P.C. | |
| 23.1 | Consent of Wilson Sonsini Goodrich & Rosati, P.C. (included in Exhibit 5.1). | |
| 99.1 | Press Release dated June 11, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Enliven Therapeutics, Inc. | ||||||
| Date: June 12, 2026 | By: | /s/ Benjamin Hohl | ||||
| Name: | Benjamin Hohl | |||||
| Title: | Chief Financial Officer and Head of Corporate Development | |||||
Exhibit 99.1
Enliven Therapeutics Announces Pricing of Upsized Public Offering of Common Stock and Pre-Funded Warrants
BURLINGAME, CA, June 11, 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 priced its previously announced upsized underwritten public offering of 8,933,334 shares of its common stock at a price to the public of $37.50 per share and, in lieu of common stock to investors who so choose, pre-funded warrants to purchase up to 1,733,333 shares of Enliven’s 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 are being sold by Enliven. The gross proceeds from the offering are expected to be approximately $400.0 million before deducting underwriting discounts and commissions and other offering expenses. The offering is expected to close on or about June 15, 2026, subject to the satisfaction of customary closing conditions. In addition, Enliven has granted the underwriters a 30-day option to purchase up to an additional 1,600,000 shares of its common stock at the public offering price, less the underwriting discounts and commissions.
Jefferies, Goldman Sachs & Co. LLC, Morgan Stanley and Barclays are acting as joint book-running managers for the offering. Mizuho is also acting as a book-running manager and LifeSci Capital is acting as a passive book-running manager for the offering. Baird is acting as lead manager and Jones is acting as manager for the offering.
The offering is being 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 preliminary prospectus supplement and accompanying prospectus relating to the offering. A final prospectus supplement and accompanying prospectus relating to the offering will also be filed with the SEC. These documents can be accessed for free through the SEC’s website at www.sec.gov. When available, 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.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements about Enliven within the meaning of the federal securities laws, including those related to the timing of the closing of the offering and the expected gross proceeds. These forward-looking statements are neither promises nor guarantees and are subject to a variety of risks and uncertainties, including but not limited to: the satisfaction of customary closing conditions; prevailing market conditions; general economic and market conditions as well as geopolitical developments; and other risks. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in documents that Enliven files from time to time with the Securities and Exchange Commission, including the registration statement and the preliminary prospectus supplement relating to the public offering. These forward-looking statements are made as of the date of this press release, and Enliven assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Investors
ir@enliventherapeutics.com
Media
media@enliventherapeutics.com