OrbiMed, Enliven Therapeutics (ELVN) stake now 7.63M shares

Rhea-AI Filing Summary

OrbiMed entities filed Amendment No. 4 to update their ownership in Enliven Therapeutics, Inc. common stock. The filing reports that OrbiMed Advisors LLC may be deemed to beneficially own 7,634,630 shares, representing 10.93% of Enliven’s outstanding common stock.

This percentage is based on 69,822,929 shares outstanding, as stated in Enliven’s Rule 424(b)(5) prospectus. The amendment notes that, due to recent transactions and an increase in shares outstanding, the OrbiMed group’s beneficial ownership decreased by more than 1%.

The position is held through several investment vehicles: OrbiMed Private Investments VII, LP with 7,388,902 shares (10.58%), OrbiMed Genesis Master Fund, L.P. with 245,728 shares (0.35%), and The Biotech Growth Trust PLC with 31,132 shares (0.04%). OrbiMed-related entities share or exercise voting and investment power over these holdings, while individual OrbiMed principals disclaim beneficial ownership. The group states it may buy more, hold, or sell shares over time but has no specific corporate action plans.

Key Figures

Beneficial ownership: 7,634,630 shares (10.93%) Shares outstanding: 69,822,929 shares OPI VII holdings: 7,388,902 shares (10.58%) +3 more

6 metrics

Beneficial ownership 7,634,630 shares (10.93%) Shares of Enliven common stock deemed owned by OrbiMed Advisors LLC

Shares outstanding 69,822,929 shares Enliven common stock outstanding per Rule 424(b)(5) prospectus

OPI VII holdings 7,388,902 shares (10.58%) OrbiMed Private Investments VII, LP stake in Enliven

Genesis holdings 245,728 shares (0.35%) OrbiMed Genesis Master Fund, L.P. stake in Enliven

BIOG holdings 31,132 shares (0.04%) The Biotech Growth Trust PLC stake in Enliven

OrbiMed Advisors shared voting power 7,634,630 shares Shared voting and dispositive power reported for Enliven shares

Key Terms

beneficial ownership, dispositive power, 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"

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.

dispositive power financial

"Shared Dispositive Power 7,634,630.00"

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.

Rule 424(b)(5) Prospectus regulatory

"outstanding Shares as set forth in the Issuer's Final Rule 424(b)(5) Prospectus filed with the SEC"

investment adviser financial

"a registered investment adviser under the Investment Advisers Act of 1940, as amended"

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.

limited partnership agreement financial

"pursuant to the terms of the limited partnership agreement of OPI VII"

A limited partnership agreement is the legal rulebook that sets out how a limited partnership is run, naming who manages the business, how profits and losses are split, and what rights and responsibilities each partner has. For investors, it matters because it defines who makes decisions, how much liability they carry, how and when they can get their money back, and how returns are distributed—like a household budget and authority chart for a shared venture.

Schedule 13D regulatory

"This Amendment No. 4 ("Amendment No. 4") to supplements and amends the Statement on"

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.

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

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Available on EDGAR 06/17/2026 - 07:42 PM Accepted by SEC EDGAR 06/17/2026 - 07:41 PM Learn about SEC filing dates

FAQ

What stake does OrbiMed report in Enliven Therapeutics (ELVN)?

OrbiMed reports beneficial ownership of 7,634,630 Enliven shares, equal to 10.93% of outstanding common stock. This reflects holdings across several OrbiMed-managed vehicles and is based on 69,822,929 shares outstanding from a June 2026 prospectus.

Which OrbiMed funds hold Enliven Therapeutics (ELVN) shares?

Holdings are mainly in OrbiMed Private Investments VII, LP with 7,388,902 shares and OrbiMed Genesis Master Fund, L.P. with 245,728 shares. The Biotech Growth Trust PLC, advised by OrbiMed Capital, holds 31,132 shares, giving combined beneficial ownership of 7,634,630 shares.

How did OrbiMed’s percentage ownership in ELVN change in this amendment?

The amendment states OrbiMed’s beneficial ownership percentage decreased by more than 1%. This change stems from reported transactions and an increase in Enliven’s outstanding shares, resulting in current reported ownership of 10.93% of the common stock.

What voting and dispositive powers does OrbiMed have over ELVN shares?

OrbiMed entities report shared voting and dispositive power over most Enliven shares held by their funds, and sole power over a smaller portion. These powers are exercised through management committees, while individual members disclaim beneficial ownership of the underlying shares.

Does OrbiMed plan any specific actions regarding Enliven Therapeutics?

OrbiMed states it will periodically review its Enliven investment and may buy more, hold, or sell shares in the open market or private deals. It reports no current plans for mergers, control changes, or other major corporate actions involving Enliven.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

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)

06/15/2026

(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 7,634,630.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,634,630.00

11

Aggregate amount beneficially owned by each reporting person

7,634,630.00

12

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

13

Percent of class represented by amount in Row (11)

10.93 %

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 7,388,902.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 7,388,902.00

11

Aggregate amount beneficially owned by each reporting person

7,388,902.00

12

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

13

Percent of class represented by amount in Row (11)

10.58 %

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 245,728.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 245,728.00

11

Aggregate amount beneficially owned by each reporting person

245,728.00

12

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

13

Percent of class represented by amount in Row (11)

0.35 %

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 31,132.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 31,132.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

31,132.00

12

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

13

Percent of class represented by amount in Row (11)

0.04 %

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. 4 ("Amendment No. 4") 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 and Amendment No. 3 filed with the SEC on June 17, 2025. This Amendment No. 4 is being filed to report that as a result of (i) the transactions described in Item 5 below and (ii) an increase in the number of Shares outstanding, 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 69,822,929 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 7,388,902 Shares constituting approximately 10.58% 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 245,728 Shares constituting approximately 0.35% 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 31,132 Shares constituting approximately 0.04% 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)	Not applicable.
(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 7,388,902. OrbiMed GP, pursuant to its authority under the limited partnership agreement of OPI VII, may be considered to hold indirectly 7,388,902 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 245,728. OrbiMed Genesis, pursuant to its authority under the limited partnership agreement of Genesis, may be considered to hold indirectly 245,728 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 7,388,902 Shares and the number of outstanding Shares attributable to Genesis is 245,728. 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 7,634,630 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 31,132 Shares. OrbiMed Capital, as the portfolio manager to BIOG, may also be considered to hold indirectly 31,132 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:	06/17/2026

ORBIMED CAPITAL GP VII LLC

Signature:	/s/ Carl L. Gordon
Name/Title:	Carl L. Gordon, Member of OrbiMed Advisors LLC
Date:	06/17/2026

ORBIMED GENESIS GP LLC

Signature:	/s/ Carl L. Gordon
Name/Title:	Carl L. Gordon, Member of OrbiMed Advisors LLC
Date:	06/17/2026

ORBIMED CAPITAL LLC

Signature:	/s/ Carl L. Gordon
Name/Title:	Carl L. Gordon, Member
Date:	06/17/2026