OrbiMed funds trim Enliven Therapeutics (ELVN) stake with 281,408-share sale

Rhea-AI Filing Summary

Enliven Therapeutics, Inc. disclosed that investment entities affiliated with OrbiMed executed open-market sales of its Common Stock. OrbiMed-related holders sold 272,322 shares at $45.02 per share and an additional 9,086 shares at the same price. After these transactions, the reporting entities’ indirect holdings reported in this filing were 7,388,902 shares and 245,728 shares, respectively. Footnotes explain that OrbiMed Genesis Master Fund, L.P. and OrbiMed Private Investments VII, LP hold the shares of record, and OrbiMed-affiliated general partners and OrbiMed Advisors may be deemed to share voting and investment power while disclaiming beneficial ownership beyond any pecuniary interest.

Insider Trade Summary

Net Seller: 281,408 shares ($12,668,988)

Net Sell 2 txns

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

Role null | null | null

Sold 281,408 shs ($12.67M)

Type	Security	Shares	Price	Value
Sale	Common Stock	9,086	$45.02	$409K
Sale	Common Stock	272,322	$45.02	$12.26M

Holdings After Transaction: Common Stock — 245,728 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 or Gupta is a beneficial owner of such securities for the purpose of Section 16 of the Exchange Act, or for any other purpose.

Key Figures

Shares sold (block 1): 272,322 shares Shares sold (block 2): 9,086 shares Net shares sold: 281,408 shares +3 more

6 metrics

Shares sold (block 1) 272,322 shares Common Stock sold at $45.02 on 2026-06-15

Shares sold (block 2) 9,086 shares Common Stock sold at $45.02 on 2026-06-15

Net shares sold 281,408 shares Aggregate reported sales from transaction summary

Sale price $45.02 per share Price for both reported Common Stock sales

Holdings after sale (Genesis-related) 7,388,902 shares Total Common Stock following larger sale

Holdings after sale (OPI VII-related) 245,728 shares Total Common Stock following smaller sale

Key Terms

open-market sale, beneficial ownership, pecuniary interest, Investment Advisers Act, +2 more

6 terms

open-market sale financial

"transaction_action: "open-market sale""

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 financial

"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.

pecuniary interest financial

"except to the extent of its pecuniary interest therein, if any"

Investment Advisers Act regulatory

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

Section 16 regulatory

"for the purpose of Section 16 of the Exchange Act, or for any other purpose"

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.

ten percent owner financial

"is_ten_percent_owner: 1"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 06/17/2026 - 07:45 PM Accepted by SEC EDGAR 06/17/2026 - 07:45 PM Learn about SEC filing dates

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

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)
06/15/2026

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	06/15/2026		S		9,086	D	$45.02	245,728	I	See Footnotes(1)(3)
Common Stock	06/15/2026		S		272,322	D	$45.02	7,388,902	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 or Gupta 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	06/17/2026
	/s/ Carl L. Gordon, Member of OrbiMed Capital GP VII LLC	06/17/2026
	/s/ Carl L. Gordon, Member of OrbiMed Genesis GP LLC	06/17/2026
	** 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)

FAQ

What insider transactions did OrbiMed-related entities report for Enliven Therapeutics (ELVN)?

OrbiMed-affiliated entities reported two open-market sales of Enliven Therapeutics Common Stock. They sold 272,322 shares at $45.02 per share and a further 9,086 shares at the same price, reflecting net reported sales of 281,408 shares on that date.

Who actually holds the Enliven Therapeutics (ELVN) shares involved in these Form 4 sales?

The shares are held of record by OrbiMed Genesis Master Fund, L.P. and OrbiMed Private Investments VII, LP. OrbiMed Genesis GP LLC, OrbiMed Capital GP VII LLC, and OrbiMed Advisors LLC may be deemed to share voting and investment power through their roles over these funds.

How many Enliven Therapeutics (ELVN) shares do the OrbiMed-related entities report holding after the sales?

Following the reported transactions, one OrbiMed-related holder reports 7,388,902 Enliven Therapeutics shares, while another reports 245,728 shares. These positions are reported as indirect holdings associated with the OrbiMed-managed investment funds referenced in the Form 4 footnotes.

Were the Enliven Therapeutics (ELVN) insider transactions open-market sales or another type of trade?

Both transactions are coded as “S” and described as open-market or private sales. Each involved Common Stock of Enliven Therapeutics sold at $45.02 per share, indicating routine sale transactions rather than option exercises or other derivative-related activity in this filing.

Do OrbiMed Advisors and related entities claim full beneficial ownership of the Enliven (ELVN) shares?

The Form 4 footnotes state that OrbiMed Advisors and related general partners may be deemed beneficial owners through voting and investment power. However, each reporting person disclaims beneficial ownership except to the extent of its pecuniary interest in the securities reported.

Are there any Enliven Therapeutics (ELVN) derivative securities reported for these OrbiMed entities?

The insider data for this Form 4 shows only non-derivative Common Stock transactions and an empty derivativeSummary. That indicates no options, warrants, or other derivative securities are reported in connection with these specific OrbiMed-related transactions.