[Form 4] Bitwise MARA Option Income Strategy ETF Insider Trading Activity

Rhea-AI Filing Summary

Enliven Therapeutics insider sale under 10b5-1 plan. Chief Scientific Officer Joseph P. Lyssikatos reported two sales of Enliven Therapeutics (ELVN) common stock: 5,000 shares sold on 08/19/2025 at a weighted average price of $19.6235 and 7,500 shares sold on 08/21/2025 at a weighted average price of $20.0132. The Form 4 states these sales were effected pursuant to a Rule 10b5-1 trading plan adopted November 15, 2024. Following the 08/19 sale the reporting person beneficially owned 947,688 shares; following the 08/21 sale the beneficial ownership was 940,188 shares. The shares are held indirectly through The Lyssikatos Revocable Trust dated 12/15/2011, for which Mr. Lyssikatos serves as trustee. The Form 4 is signed by an attorney-in-fact, Ben Hohl.

Positive

• Sales were executed under a Rule 10b5-1 trading plan, providing an affirmative defense and indicating pre-planned disposals
• Filing discloses indirect beneficial ownership (The Lyssikatos Revocable Trust) and remaining holdings (940,188 shares after the reported sales)
• Reporting includes weighted-average prices and offers to provide per-trade details to regulators, enhancing transparency

Negative

• Insider disposed of 12,500 shares in two transactions (08/19/2025 and 08/21/2025), reducing reported beneficial ownership
• Form 4 does not include per-trade breakdowns within the filing itself (only weighted-average prices are shown)

Insights

Corporate Governance Expert

TL;DR: Routine insider sales executed under an established 10b5-1 plan; disclosure aligns with standard governance practice.

The Form 4 documents planned sales by the Chief Scientific Officer under a Rule 10b5-1 trading plan adopted November 15, 2024, which typically provides an affirmative defense against insider trading claims when properly structured. The filing identifies indirect ownership via a revocable trust and reports weighted-average prices for multi-trade executions, with an undertaking to provide detailed per-trade prices on request. From a governance perspective, the disclosure is complete and contains the customary supporting statements that regulators and investors expect for plan-based dispositions.

Securities Analyst

TL;DR: Insider sold 12,500 ELVN shares across two transactions; remaining beneficial ownership remains in the high six figures.

The reported transactions consist of two sales totaling 12,500 shares executed on 08/19/2025 and 08/21/2025 at weighted average prices of $19.6235 and $20.0132 respectively. The filings specify multi-trade executions with price ranges and offer to provide per-trade details to regulators or shareholders. The reporting person’s beneficial ownership decreased from 947,688 to 940,188 shares after the second sale; the shares are held indirectly through The Lyssikatos Revocable Trust. These are routine disclosures of insider liquidity activity rather than operational or financial events for the company.

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).

X

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^*

Lyssikatos Joseph P

(Last) (First) (Middle)

C/O ENLIVEN THERAPEUTICS, INC.

6200 LOOKOUT ROAD

(Street)

BOULDER CO 80301

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

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

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

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

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	08/19/2025		S(1)		5,000	D	$19.6235(2)	947,688	I	See footnote(3)
Common Stock	08/21/2025		S(1)		7,500	D	$20.0132(4)	940,188	I	See footnote(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

Explanation of Responses:

1. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on November 15, 2024.

2. This transaction was executed in multiple trades at prices ranging from $19.0925 to $20.08. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

3. The shares are held by The Lyssikatos Revocable Trust 12/15/2011 for which the Reporting Person serves as trustee.

4. This transaction was executed in multiple trades at prices ranging from $20.00 to $20.11. The price reported above reflects the weighted average sale price. The Reporting Person undertakes to provide upon request by the staff of the Securities and Exchange Commission, the Issuer, or a security holder of the Issuer, full information regarding the number of shares sold at each separate sale price.

	/s/ Ben Hohl, by power of attorney	08/21/2025
	** 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.

FAQ

What insider transactions were reported for Enliven Therapeutics (ELVN)?

The Form 4 reports two sales by Joseph P. Lyssikatos: 5,000 shares on 08/19/2025 at a weighted average price of $19.6235, and 7,500 shares on 08/21/2025 at a weighted average price of $20.0132.

Were the sales by the insider part of a 10b5-1 trading plan?

Yes. The Form 4 states the sales were effected pursuant to a Rule 10b5-1 trading plan adopted on November 15, 2024.

How many Enliven shares does the reporting person beneficially own after the reported transactions?

Following the 08/21/2025 transaction the reporting person beneficially owned 940,188 shares, held indirectly through The Lyssikatos Revocable Trust dated 12/15/2011.

Who is the reporting person and what is their role at Enliven Therapeutics?

The reporting person is Joseph P. Lyssikatos, who is identified as an officer with the title Chief Scientific Officer.

Does the Form 4 provide detailed per-trade prices for the transactions?

No. The Form 4 reports weighted average prices and states the transactions were executed in multiple trades across specified price ranges; it offers to provide per-trade details upon request by the SEC staff, the issuer, or a security holder.