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

Rhea-AI Filing Summary

Enliven Therapeutics (ELVN) Form 4: President & CEO Samuel Kintz reported three open-market sales on 07/17/2025 executed under a Rule 10b5-1 trading plan adopted 11/15/2024.

• Shares sold: 12,500 common shares across three tranches (4,150 @ $21.58, 4,687 @ $22.69, 3,663 @ $23.37; weighted-avg ≈ $22.55).
• Remaining ownership: 940,392 shares held indirectly by The Kintz & Egan Trust.
• Shares prior to sales were 952,892, so the disposition represents roughly 1.3% of the CEO’s indirect stake.
• No derivative transactions were reported.

The limited size of the sale and its execution under a pre-arranged plan suggest routine portfolio diversification rather than a directional signal about the company’s outlook.

Insights

Securities Analyst

TL;DR: Small, pre-planned insider sale; neutral signal.

The CEO’s 12,500-share disposition equals about 1.3% of his indirect holdings and was completed via a 10b5-1 plan, reducing potential information-timing concerns. Remaining ownership of 940k shares keeps the executive highly aligned with shareholders. Transaction size is immaterial relative to daily volume for most small-cap biotechs, so I view impact on valuation and sentiment as neutral.

Corporate Governance Expert

TL;DR: Governance-compliant sale, negligible risk.

The filing demonstrates adherence to SEC Rule 10b5-1 and provides detailed weighted-average pricing disclosures, indicating transparency. Because no derivatives were exercised and the trust retains a significant stake, governance risk from insider selling is low. Investor focus should remain on clinical milestones rather than this administrative trade.

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

1. Name and Address of Reporting Person^*

Kintz Samuel

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/17/2025

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	07/17/2025		S(1)		4,150	D	$21.5787(2)	948,742	I	See footnote(3)
Common Stock	07/17/2025		S(1)		4,687	D	$22.6925(4)	944,055	I	See footnote(3)
Common Stock	07/17/2025		S(1)		3,663	D	$23.3706(5)	940,392	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 $21.26 to $22.17. 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 of record by The Kintz & Egan Trust Dated March 30, 2019 for which the reporting person serves as trustee.

4. This transaction was executed in multiple trades at prices ranging from $22.28 to $23.26. 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.

5. This transaction was executed in multiple trades at prices ranging from $23.285 to $23.595. 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	07/21/2025
	** 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

How many ELVN shares did the CEO sell on 07/17/2025?

He sold 12,500 shares in three tranches at weighted-average prices between $21.58 and $23.37.

What is Samuel Kintz’s remaining stake in Enliven Therapeutics?

After the transactions, he indirectly owns 940,392 common shares through The Kintz & Egan Trust.

Were the sales part of a trading plan?

Yes, they were executed under a Rule 10b5-1 plan adopted on 11/15/2024.

Did the Form 4 report any option exercises or derivatives?

No derivative securities were acquired or disposed of in this filing.

Is the insider sale considered material to investors?

Given the small size (≈1.3% of holdings) and pre-planned nature, most analysts view the impact as neutral.