OrbiMed funds trim Enliven Therapeutics (NASDAQ: ELVN) stake with 860K-share sale

Rhea-AI Filing Summary

Enliven Therapeutics, Inc. reported that investment entities affiliated with OrbiMed executed open-market sales of its Common Stock. On June 22, 2026, the entities sold a combined 860,123 shares of Enliven at prices around $45–$45.38 per share.

After these transactions, one OrbiMed-affiliated fund reported 6,601,878 shares of Enliven Common Stock indirectly owned, while another reported 220,882 shares. The OrbiMed reporting entities and their related general partners and adviser disclaim beneficial ownership of the securities beyond any pecuniary interest.

Insights

Insider transactions analyst

OrbiMed-linked funds sold 860k Enliven shares but retain large positions.

Investment entities associated with OrbiMed Advisors LLC reported open-market sales totaling 860,123 shares of Enliven Therapeutics Common Stock at about $45–$45.38 per share on June 22, 2026. All transactions involve non-derivative Common Stock.

Following these sales, one OrbiMed-affiliated fund still holds 6,601,878 shares and another holds 220,882 shares, indicating that significant indirect positions remain. The reporting entities expressly disclaim beneficial ownership beyond their pecuniary interests, so these trades reflect portfolio activity by OrbiMed-managed funds rather than personal insider transactions.

Insider Trade Summary

Net Seller: 860,123 shares ($39,014,046)

Net Sell 4 txns

Insider ORBIMED ADVISORS LLC, OrbiMed Capital GP VII LLC, OrbiMed Genesis GP LLC

Role 10% Owner | 10% Owner | 10% Owner

Sold 860,123 shs ($39.01M)

Type	Security	Shares	Price	Value
Sale	Common Stock	24,846	$45.38	$1.13M
Sale	Common Stock	1,477	$45.00	$66K
Sale	Common Stock	787,024	$45.38	$35.72M
Sale	Common Stock	46,776	$45.00	$2.10M

Holdings After Transaction: Common Stock — 220,882 shares (Indirect, See Footnotes)

Footnotes (1)

1. These securities are held of record by OrbiMed Genesis Master Fund, L.P. ("Genesis"). OrbiMed Genesis GP LLC ("Genesis GP") is the general partner of Genesis. OrbiMed Advisors LLC ("OrbiMed Advisors"), a registered investment adviser under the Investment Advisers Act, is the managing member of Genesis GP. By virtue of such relationships, Genesis GP and OrbiMed Advisors may be deemed to have voting and investment power over the securities held by Genesis and may be deemed to have beneficial ownership over such securities. OrbiMed Advisors exercises voting and investment power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and W. Carter Neild, each of whom disclaims beneficial ownership of the shares held by Genesis. These securities are held of record by OrbiMed Private Investments VII, LP ("OPI VII"). OrbiMed Capital GP VII LLC ("GP VII") is the general partner of OPI VII and OrbiMed Advisors is the managing member of GP VII. By virtue of such relationships, GP VII and OrbiMed Advisors may be deemed to have voting and investment power over the securities held by OPI VII and may be deemed to have beneficial ownership over such securities. OrbiMed Advisors exercises voting and investment power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and W. Carter Neild, each of whom disclaims beneficial ownership of the shares held by OPI VII. This report on Form 4 is filed by OrbiMed Advisors, GP VII, and Genesis GP. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a 1(a) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), except to the extent of its pecuniary interest therein, if any. This report on Form 4 shall not be deemed an admission that any of the Reporting Persons is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose.

Key Figures

Total shares sold: 860,123 shares Sale price tranche 1: $45.00 per share Sale price tranche 2: $45.38 per share +3 more

6 metrics

Total shares sold 860,123 shares Net open-market sales on June 22, 2026

Sale price tranche 1 $45.00 per share Common Stock open-market sale

Sale price tranche 2 $45.38 per share Common Stock open-market sale

Shares held after by larger fund 6,601,878 shares Indirect Common Stock holdings after sales

Shares held after by smaller fund 220,882 shares Indirect Common Stock holdings after sales

Net buy/sell direction Net sell of 860,123 shares Form 4 transaction summary

Key Terms

open-market sale, beneficial ownership, ten percent owner, Investment Advisers Act, +1 more

5 terms

open-market sale financial

"transaction_action is described as an open-market sale of Common Stock"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

beneficial ownership regulatory

"may be deemed to have beneficial ownership over such securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

ten percent owner regulatory

"each OrbiMed reporting entity is indicated as a ten percent owner"

Investment Advisers Act regulatory

"OrbiMed Advisors LLC is a registered investment adviser under the Investment Advisers Act"

Section 16 regulatory

"not deemed an admission of beneficial ownership for the purpose of Section 16"

Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/24/2026 - 07:20 PM Accepted by SEC EDGAR 06/24/2026 - 07:19 PM Learn about SEC filing dates

FAQ

What did OrbiMed-related entities do in this Enliven Therapeutics (ELVN) Form 4?

OrbiMed-affiliated investment entities reported open-market sales of Enliven Therapeutics Common Stock. On June 22, 2026, they sold a combined 860,123 shares at prices near $45–$45.38 per share, reducing but not eliminating their indirect holdings.

How many Enliven Therapeutics (ELVN) shares were sold in total?

The reporting OrbiMed-affiliated entities sold a combined 860,123 shares of Enliven Therapeutics Common Stock. These sales were executed as open-market transactions at prices around $45–$45.38 per share on June 22, 2026, according to the Form 4 summary data.

At what prices did OrbiMed entities sell Enliven Therapeutics (ELVN) shares?

The reported sales occurred at prices of about $45.00 and $45.38 per Enliven share. Individual transactions show blocks sold at each price level, all classified as open-market sales of non-derivative Common Stock on June 22, 2026, by OrbiMed-linked entities.

How many Enliven Therapeutics (ELVN) shares do the OrbiMed-affiliated funds hold after the sales?

After the reported sales, one OrbiMed-affiliated fund holds 6,601,878 Enliven shares, and another holds 220,882 shares. These positions are reported as indirect holdings, with the OrbiMed entities disclaiming beneficial ownership beyond any pecuniary interest in the securities.

Who actually holds the Enliven Therapeutics (ELVN) shares reported in this Form 4?

The shares are held of record by OrbiMed Genesis Master Fund, L.P. and OrbiMed Private Investments VII, LP. OrbiMed Advisors LLC and related general partners may be deemed to share voting and investment power, but they disclaim beneficial ownership beyond pecuniary interests.

Are these Enliven Therapeutics (ELVN) trades personal insider sales by individuals at OrbiMed?

No. The filing states the sales are by OrbiMed-managed funds, not individuals. OrbiMed Advisors and its principals act through management entities and explicitly disclaim beneficial ownership of the funds’ Enliven shares, except to the extent of any pecuniary interest they may have.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ORBIMED ADVISORS LLC

(Last) (First) (Middle)

601 LEXINGTON AVENUE

54TH FLOOR

(Street)

NEW YORK NEW YORK 10022

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Enliven Therapeutics, Inc. [ ELVN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/22/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/22/2026		S		24,846	D	$45.38	220,882	I	See Footnotes(1)(3)
Common Stock	06/22/2026		S		1,477	D	$45	219,405	I	See Footnotes(1)(3)
Common Stock	06/22/2026		S		787,024	D	$45.38	6,601,878	I	See Footnotes(2)(3)
Common Stock	06/22/2026		S		46,776	D	$45	6,555,102	I	See Footnotes(2)(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

ORBIMED ADVISORS LLC

(Last) (First) (Middle)

601 LEXINGTON AVENUE

54TH FLOOR

(Street)

NEW YORK NEW YORK 10022

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

OrbiMed Capital GP VII LLC

(Last) (First) (Middle)

601 LEXINGTON AVENUE, 54TH FLOOR

(Street)

NEW YORK NEW YORK 10022

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

OrbiMed Genesis GP LLC

(Last) (First) (Middle)

601 LEXINGTON AVENUE, 54TH FLOOR

(Street)

NEW YORK NEW YORK 10022

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. These securities are held of record by OrbiMed Genesis Master Fund, L.P. ("Genesis"). OrbiMed Genesis GP LLC ("Genesis GP") is the general partner of Genesis. OrbiMed Advisors LLC ("OrbiMed Advisors"), a registered investment adviser under the Investment Advisers Act, is the managing member of Genesis GP. By virtue of such relationships, Genesis GP and OrbiMed Advisors may be deemed to have voting and investment power over the securities held by Genesis and may be deemed to have beneficial ownership over such securities. OrbiMed Advisors exercises voting and investment power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and W. Carter Neild, each of whom disclaims beneficial ownership of the shares held by Genesis.

2. These securities are held of record by OrbiMed Private Investments VII, LP ("OPI VII"). OrbiMed Capital GP VII LLC ("GP VII") is the general partner of OPI VII and OrbiMed Advisors is the managing member of GP VII. By virtue of such relationships, GP VII and OrbiMed Advisors may be deemed to have voting and investment power over the securities held by OPI VII and may be deemed to have beneficial ownership over such securities. OrbiMed Advisors exercises voting and investment power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and W. Carter Neild, each of whom disclaims beneficial ownership of the shares held by OPI VII.

3. This report on Form 4 is filed by OrbiMed Advisors, GP VII, and Genesis GP. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein for purposes of Rule 16a 1(a) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), except to the extent of its pecuniary interest therein, if any. This report on Form 4 shall not be deemed an admission that any of the Reporting Persons is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose.

	/s/ Carl L. Gordon, Member of OrbiMed Advisors LLC	06/22/2026
	/s/ Carl L. Gordon, Member of OrbiMed Capital GP VII LLC	06/22/2026
	/s/ Carl L. Gordon, Member of OrbiMed Genesis GP LLC	06/22/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)