OrbiMed cuts Enliven Therapeutics (ELVN) holdings to 9.5% of shares

Rhea-AI Filing Summary

OrbiMed Advisors LLC and affiliated entities filed Amendment No. 5 to their Schedule 13D on Enliven Therapeutics, Inc., reporting a reduction in beneficial ownership. They now report beneficial ownership of 6,774,507 Enliven common Shares, representing 9.5% of the 71,422,989 Shares outstanding as set out in the issuer’s June 12, 2026 Rule 424(b)(5) prospectus.

OPI VII holds 6,555,102 Shares, or about 9.2% of the class, while Genesis holds 219,405 Shares, or about 0.3%. On June 22, 2025, these funds and BIOG executed multiple open‑market sales at prices of $45.38 and $45.00 per Share. The filing states that the reporting persons may buy or sell additional Shares over time depending on market conditions and other factors but do not currently have specific plans for corporate control or strategic actions at the issuer.

Key Figures

Shares outstanding: 71,422,989 Shares Total OrbiMed beneficial ownership: 6,774,507 Shares (9.5%) OPI VII holding: 6,555,102 Shares (9.2%) +5 more

8 metrics

Shares outstanding 71,422,989 Shares Issuer’s outstanding Shares per Rule 424(b)(5) prospectus dated June 12, 2026

Total OrbiMed beneficial ownership 6,774,507 Shares (9.5%) Combined position reported by OrbiMed reporting persons

OPI VII holding 6,555,102 Shares (9.2%) OrbiMed Private Investments VII, LP position in Enliven

Genesis holding 219,405 Shares (0.3%) OrbiMed Genesis Master Fund, L.P. position in Enliven

OPI VII sale at $45.38 787,024 Shares at $45.38 Open‑market sale on June 22, 2025

OPI VII sale at $45.00 46,776 Shares at $45.00 Additional open‑market sale on June 22, 2025

Genesis sales on June 22, 2025 24,846 Shares at $45.38; 1,477 at $45.00 Genesis open‑market dispositions

BIOG sales on June 22, 2025 29,385 Shares at $45.38; 1,747 at $45.00 BIOG open‑market dispositions; BIOG now holds 0 Shares

Key Terms

beneficial ownership, Schedule 13D, Rule 424(b)(5) Prospectus, investment adviser, +2 more

6 terms

beneficial ownership financial

"the beneficial ownership of the outstanding Shares that the Reporting Persons may be deemed to beneficially own decreased by more than 1%"

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.

Schedule 13D regulatory

"Amendment No. 5 ("Amendment No. 5") to supplements and amends the Statement on of OrbiMed Advisors LLC"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Rule 424(b)(5) Prospectus regulatory

"based upon 71,422,989 outstanding Shares as set forth in the Issuer's Final Rule 424(b)(5) Prospectus filed with the SEC on June 12, 2026"

investment adviser financial

"OrbiMed Advisors, a limited liability company organized under the laws of Delaware and a registered investment adviser under the Investment Advisers Act of 1940"

An investment adviser is a person or firm that professionally manages money and gives recommendations about buying, selling, or holding investments. Like a financial coach or guide, they have a legal duty to act in a client's best financial interest, so their advice, fees and potential conflicts can directly affect returns and risk — making their role important for investors who want informed, accountable help with portfolios.

dispositive power financial

"Shared Dispositive Power 6,774,507.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

voting power financial

"Shared Voting Power 6,774,507.00"

Voting power is the ability shareholders have to influence a company's major decisions—like electing the board, approving mergers, or changing corporate rules—based on the voting rights attached to the shares they hold. For investors it matters because greater voting power is like holding more keys to a building: it gives you a stronger say over management choices and the company’s strategy, which can affect future value and risk.

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

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Available on EDGAR 06/24/2026 - 07:16 PM Accepted by SEC EDGAR 06/24/2026 - 07:15 PM Learn about SEC filing dates

FAQ

How much of Enliven Therapeutics (ELVN) does OrbiMed now beneficially own?

OrbiMed Advisors and affiliates report beneficial ownership of 6,774,507 Enliven common Shares, equal to 9.5% of the 71,422,989 Shares outstanding. This stake is primarily held through OrbiMed Private Investments VII, LP and OrbiMed Genesis Master Fund, L.P., which OrbiMed entities manage.

Which OrbiMed funds hold Enliven Therapeutics (ELVN) Shares and in what amounts?

OrbiMed Private Investments VII, LP holds 6,555,102 Enliven Shares, representing about 9.2% of the class, while OrbiMed Genesis Master Fund, L.P. holds 219,405 Shares, representing about 0.3%. Together, these holdings total 6,774,507 Shares reported as beneficially owned by OrbiMed entities.

What Enliven Therapeutics (ELVN) stock sales did OrbiMed report in this amendment?

On June 22, 2025, OPI VII sold 833,800 Enliven Shares in total at prices of $45.38 and $45.00 per Share. On the same date, Genesis sold 26,323 Shares, and BIOG sold 31,132 Shares, at those same prices in open‑market transactions.

Why did OrbiMed file Amendment No. 5 to its Schedule 13D on Enliven (ELVN)?

Amendment No. 5 was filed because OrbiMed’s beneficial ownership of Enliven Shares decreased by more than 1%. The filing updates ownership percentages, details recent open‑market sales on June 22, 2025, and restates OrbiMed’s ability to buy or sell Shares based on future conditions.

Does OrbiMed indicate any plans to change control at Enliven Therapeutics (ELVN)?

The filing states OrbiMed may buy or sell Enliven Shares depending on business, market, and other factors, but it does not outline plans for mergers, asset sales, board changes, or other control actions. It specifically notes no current proposals for the corporate events typically listed in Schedule 13D.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 5)

Enliven Therapeutics, Inc.

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

29337E102

(CUSIP Number)

OrbiMed Advisors LLC
601 Lexington Avenue, 54th Floor
New York, NY, 10022
(212) 739-6400

OrbiMed Capital GP VII LLC
601 Lexington Avenue, 54th Floor
New York, NY, 10022
(212) 739-6400

OrbiMed Genesis GP LLC
601 Lexington Avenue, 54th Floor
New York, NY, 10022
(212) 739-6400

OrbiMed Capital LLC
601 Lexington Avenue, 54th Floor
New York, NY, 10022
(212) 739-6400

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

06/22/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 29337E102

1

Name of reporting person

ORBIMED ADVISORS LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,774,507.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,774,507.00

11

Aggregate amount beneficially owned by each reporting person

6,774,507.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.5 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP Number(s): 29337E102

1

Name of reporting person

ORBIMED CAPITAL GP VII LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 6,555,102.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 6,555,102.00

11

Aggregate amount beneficially owned by each reporting person

6,555,102.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.2 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 29337E102

1

Name of reporting person

ORBIMED GENESIS GP LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 219,405.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 219,405.00

11

Aggregate amount beneficially owned by each reporting person

219,405.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0.3 %

14

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13D

CUSIP Number(s): 29337E102

1

Name of reporting person

ORBIMED CAPITAL LLC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

0.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

0 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: COMMON STOCK
(b)	Name of Issuer: Enliven Therapeutics, Inc.
(c)	Address of Issuer's Principal Executive Offices: 6200 Lookout Road, Boulder, COLORADO , 80301.
Item 1 Comment: This Amendment No. 5 ("Amendment No. 5") to Schedule 13D supplements and amends the Statement on Schedule 13D of OrbiMed Advisors LLC ("OrbiMed Advisors"), OrbiMed Capital GP VII LLC ("OrbiMed GP"), OrbiMed Genesis GP LLC ("OrbiMed Genesis"), and OrbiMed Capital LLC ("OrbiMed Capital") (collectively, the "Reporting Persons") originally filed with the Securities and Exchange Commission (the "SEC") on February 28, 2023, as amended by Amendment No. 1 filed with the SEC on April 4, 2024, Amendment No. 2 filed with the SEC on May 20, 2024, Amendment No. 3 filed with the SEC on June 17, 2025, and Amendment No. 4 filed with the SEC on June 17, 2026. This Amendment No. 5 is being filed to report that as a result of the transactions described in Item 5 below, the beneficial ownership of the outstanding Shares that the Reporting Persons may be deemed to beneficially own decreased by more than 1%.
Item 2.	Identity and Background
(a)	OrbiMed Advisors, a limited liability company organized under the laws of Delaware and a registered investment adviser under the Investment Advisers Act of 1940, as amended. OrbiMed GP, a limited liability company organized under the laws of Delaware. OrbiMed Genesis, a limited liability company organized under the laws of Delaware. OrbiMed Capital, a limited liability company organized under the laws of Delaware and a registered investment adviser under the Investment Advisers Act of 1940, as amended. Carl L. Gordon, a United States citizen. Sven H. Borho, a German and Swedish citizen. W. Carter Neild, a United States citizen. Geoffrey C. Hsu, a United States citizen. C. Scotland Stevens, a United States citizen. David P. Bonita, a United States citizen. Peter A. Thompson, a United States citizen. Matthew S. Rizzo, a United States citizen. Mona Ashiya, a United States citizen. Trey Block, a United States citizen.
(b)	601 Lexington Avenue, 54th Floor, New York, New York 10022.
(c)	OrbiMed Advisors is the managing member or general partner of certain entities as more particularly described in Item 6 below. OrbiMed GP is the general partner of a limited partnership as more particularly described in Item 6 below. OrbiMed Genesis is the general partner of a limited partnership as more particularly described in Item 6 below. OrbiMed Capital is the investment advisor of an investment trust as more particularly described in Item 6 below. Carl L. Gordon is a member of OrbiMed Advisors. Sven H. Borho is a member of OrbiMed Advisors. W. Carter Neild is a member of OrbiMed Advisors. Geoffrey C. Hsu is a member of OrbiMed Advisors. C. Scotland Stevens is a member of OrbiMed Advisors. David P. Bonita is a member of OrbiMed Advisors. Peter A. Thompson is a member of OrbiMed Advisors. Matthew S. Rizzo is a member of OrbiMed Advisors. Mona Ashiya is a member of OrbiMed Advisors. Trey Block is the Chief Financial Officer of OrbiMed Advisors.
(d)	Not applicable.
(e)	Not applicable.
(f)	Item 2(a) is incorporated herein by reference.
Item 3.	Source and Amount of Funds or Other Consideration
	Not applicable.
Item 4.	Purpose of Transaction
	The Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer's business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in general and those for the Issuer's Shares in particular, as well as other developments and other investment opportunities. Based upon such review, the Reporting Persons will take such actions in the future as the Reporting Persons may deem appropriate in light of the circumstances existing from time to time. If the Reporting Persons believe that further investment in the Issuer is attractive, whether because of the market price of Shares or otherwise, they may acquire Shares or other securities of the Issuer either in the open market or in privately negotiated transactions. Similarly, depending on market and other factors, the Reporting Persons may determine to dispose of some or all of the Shares currently owned by the Reporting Persons or otherwise acquired by the Reporting Persons either in the open market or in privately negotiated transactions. Except as set forth in this Schedule 13D, the Reporting Persons have not formulated any plans or proposals which relate to or would result in: (a) the acquisition by any person of additional securities of the Issuer or the disposition of securities of the Issuer, (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries, (c) a sale or transfer of a material amount of the assets of the Issuer or any of its subsidiaries, (d) any change in the present Board of Directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board, (e) any material change in the Issuer's capitalization or dividend policy of the Issuer, (f) any other material change in the Issuer's business or corporate structure, (g) any change in the Issuer's charter or bylaws or other instrument corresponding thereto or other action which may impede the acquisition of control of the Issuer by any person, (h) causing a class of the Issuer's securities to be deregistered or delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association, (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act or (j) any action similar to any of those enumerated above.
Item 5.	Interest in Securities of the Issuer
(a)	The following disclosure is based upon 71,422,989 outstanding Shares as set forth in the Issuer's Final Rule 424(b)(5) Prospectus filed with the SEC on June 12, 2026. As of the date of this filing, OrbiMed Private Investments VII, LP ("OPI VII"), a limited partnership organized under the laws of Delaware, holds 6,555,102 Shares constituting approximately 9.2% of the issued and outstanding Shares. OrbiMed GP is the general partner of OPI VII, pursuant to the terms of the limited partnership agreement of OPI VII, and OrbiMed Advisors is the managing member of OrbiMed GP, pursuant to the terms of the limited liability company agreement of OrbiMed GP. As a result, OrbiMed Advisors and OrbiMed GP share power to direct the vote and disposition of the Shares held by OPI VII and may be deemed directly or indirectly, including by reason of their mutual affiliation, to be the beneficial owners of the Shares held by OPI VII. OrbiMed Advisors exercises this investment and voting 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. As of the date of this filing, OrbiMed Genesis Master Fund, L.P. ("Genesis"), a limited partnership organized under the laws of the Cayman Islands, holds 219,405 Shares constituting approximately 0.3% of the issued and outstanding Shares. OrbiMed Genesis is the general partner of Genesis, pursuant to the terms of the limited partnership agreement of Genesis, and OrbiMed Advisors is the managing member of OrbiMed Genesis, pursuant to the terms of the limited liability company agreement of OrbiMed Genesis. As a result, OrbiMed Advisors and OrbiMed Genesis share power to direct the vote and disposition of the Shares held by Genesis and may be deemed, directly or indirectly, including by reason of their mutual affiliation, to be the beneficial owners of the Shares held by Genesis. OrbiMed Advisors exercises this investment and voting 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. As of the date of this filing, The Biotech Growth Trust PLC ("BIOG"), a publicly listed investment trust organized under the laws of England, holds 0 Shares constituting approximately 0.0% of the issued and outstanding Shares. OrbiMed Capital is the investment advisor of BIOG. As a result, OrbiMed Capital has the power to direct the vote and disposition of the Shares held by BIOG and may be deemed directly or indirectly, including by reason of mutual affiliation, to be the beneficial owner of the Shares held by BIOG. OrbiMed Capital disclaims any beneficial ownership over the shares of the other Reporting Persons. OrbiMed Capital exercises this investment and voting 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 BIOG.
(b)	Item 5(a) is incorporated by reference herein.
(c)	On June 22, 2025, OPI VII sold 787,024 Shares at a price of $45.38. On June 22, 2025, Genesis sold 24,846 Shares at a price of $45.38. On June 22, 2025, BIOG sold 29,385 Shares at a price of $45.38. On June 22, 2025, OPI VII sold 46,776 Shares at a price of $45.00. On June 22, 2025, Genesis sold 1,477 Shares at a price of $45.00. On June 22, 2025, BIOG sold 1,747 Shares at a price of $45.00. The Reporting Persons undertake, upon request by the staff of the SEC or the Issuer to provide full information regarding the number of Shares sold at each separate price.
(d)	Not applicable.
(e)	Not applicable.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	In addition to the relationships between the Reporting Persons described in Items 2 and 5 above, OrbiMed GP is the general partner of OPI VII, pursuant to the terms of the limited partnership agreement of OPI VII. Pursuant to this agreement and relationship, OrbiMed GP has discretionary investment management authority with respect to the assets of OPI VII. Such authority includes the power to vote and otherwise dispose of securities held by OPI VII. The number of outstanding Shares of the Issuer attributable to OPI VII is 6,555,102. OrbiMed GP, pursuant to its authority under the limited partnership agreement of OPI VII, may be considered to hold indirectly 6,555,102 Shares. In addition to the relationships between the Reporting Persons described in Items 2 and 5 above, OrbiMed Genesis is the general partner of Genesis, pursuant to the terms of the limited partnership agreement of Genesis. Pursuant to this agreement and relationship, OrbiMed Genesis has discretionary investment management authority with respect to the assets of Genesis. Such authority includes the power to vote and otherwise dispose of securities held by Genesis. The number of outstanding Shares of the Issuer attributable to Genesis is 219,405. OrbiMed Genesis, pursuant to its authority under the limited partnership agreement of Genesis, may be considered to hold indirectly 219,405 Shares. In addition to the relationships between the Reporting Persons described in Items 2 and 5 above, OrbiMed Advisors is the managing member of OrbiMed GP and OrbiMed Genesis, pursuant to the terms of the limited liability company agreements of OrbiMed GP and OrbiMed Genesis. Pursuant to these agreements and relationships, OrbiMed Advisors and OrbiMed GP have discretionary investment management authority with respect to the assets of OPI VII and OrbiMed Advisors and OrbiMed Gensis have discretionary investment management authority with respect to the assets of Genesis. Such authority includes the power of OrbiMed GP to vote and otherwise dispose of securities held by OPI VII and OrbiMed Genesis to vote and otherwise dispose of securities held by Genesis. The number of outstanding Shares attributable to OPI VII is 6,555,102 Shares and the number of outstanding Shares attributable to Genesis is 219,405. OrbiMed Advisors, pursuant to its authority under the terms of the limited liability company agreements of OrbiMed GP and OrbiMed Genesis, may also be considered to hold indirectly 6,774,507 Shares. In addition to the relationships between the Reporting Persons described in Items 2 and 5 above, OrbiMed Capital is the portfolio manager to BIOG. OrbiMed Capital may be deemed to have voting and investment power over the securities held by BIOG. Such authority includes the power of OrbiMed Capital to vote and otherwise dispose of securities held by BIOG. The number of outstanding Shares attributable to BIOG is 0 Shares. OrbiMed Capital, as the portfolio manager to BIOG, may also be considered to hold indirectly 0 Shares.
Item 7.	Material to be Filed as Exhibits.
	Exhibit Description 1: Joint Filing Agreement among OrbiMed Advisors LLC, OrbiMed Capital LLC, OrbiMed Capital GP VII LLC, and OrbiMed Genesis GP LLC.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

ORBIMED ADVISORS LLC

Signature:	/s/ Carl L. Gordon
Name/Title:	Carl L. Gordon, Member
Date:	06/22/2026

ORBIMED CAPITAL GP VII LLC

Signature:	/s/ Carl L. Gordon
Name/Title:	Carl L. Gordon, Member of OrbiMed Advisors LLC
Date:	06/22/2026

ORBIMED GENESIS GP LLC

Signature:	/s/ Carl L. Gordon
Name/Title:	Carl L. Gordon, Member of OrbiMed Advisors LLC
Date:	06/22/2026

ORBIMED CAPITAL LLC

Signature:	/s/ Carl L. Gordon
Name/Title:	Carl L. Gordon, Member
Date:	06/22/2026