[SCHEDULE 13G/A] Bitwise MARA Option Income Strategy ETF SEC Filing

Rhea-AI Filing Summary

Commodore Capital and affiliated filers disclosed beneficial ownership of 6,022,957 shares of Enliven Therapeutics, Inc., representing 9.9% of the outstanding common stock as of June 30, 2025. The total includes 4,692,809 currently held shares and 1,330,148 shares issuable upon exercise of a pre-funded warrant subject to a 9.99% beneficial ownership limitation. The filing shows shared voting and dispositive power over all 6,022,957 shares and states the Firm acts as investment manager to Commodore Capital Master LP; managing partners Michael Kramarz and Robert Egen Atkinson exercise investment discretion. Signatures are dated August 14, 2025.

Positive

• Transparent disclosure of a material 9.9% position in Enliven Therapeutics
• Detailed breakdown between currently held shares and shares issuable upon exercise of a pre-funded warrant
• Joint filing and signatures indicate coordinated, compliant reporting by Commodore-related filers

Negative

• Beneficial ownership is close to the 9.99% cap on the pre-funded warrant, which may restrict further accumulation without additional filings or waivers

Insights

Financial Analyst

TL;DR: Commodore-related filers disclose a near-10% economic position in Enliven, a materially visible stake that could influence future liquidity and block-trade dynamics.

The 6,022,957-share position (9.9% of the class) is large enough to be material to market perception yet remains below typical control thresholds. Inclusion of 1,330,148 shares via a pre-funded warrant increases optionality but is constrained by a 9.99% beneficial ownership cap, which may limit further accumulation without waiver or secondary transactions. For investors, the filing signals an informed, sizable holder but does not assert an intent to change control.

Corporate Governance Expert

TL;DR: This Schedule 13G/A is a routine disclosure of a passive substantial stake; it asserts no control intent and complies with reporting rules.

The filers certify the position was not acquired to influence control, consistent with a passive 13G filing. Shared voting/dispositive power is disclosed, and the joint filing agreement is noted as an exhibit. The presence of a beneficial ownership limitation on the pre-funded warrant is important governance information because it constrains voting concentration and potential escalation to a control position without further disclosures or waivers.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Enliven Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

29337E102

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 29337E102

1

Names of Reporting Persons

Commodore Capital LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,022,957.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,022,957.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,022,957.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 29337E102

1

Names of Reporting Persons

Commodore Capital Master LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,022,957.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,022,957.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,022,957.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 29337E102

1

Names of Reporting Persons

Robert Egen Atkinson

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,022,957.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,022,957.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,022,957.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 29337E102

1

Names of Reporting Persons

Michael Kramarz

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 6,022,957.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 6,022,957.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,022,957.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Enliven Therapeutics, Inc.
(b)	Address of issuer's principal executive offices: 6200 Lookout Road, Boulder, COLORADO, 80301.
Item 2.
(a)	Name of person filing: Commodore Capital LP Commodore Capital Master LP Robert Egen Atkinson Michael Kramarz Each a "Filer."
(b)	Address or principal business office or, if none, residence: The address for Commodore Capital LP, Robert Egen Atkinson, and Michael Kramarz is 444 Madison Avenue, Floor 35, New York, NY 10022. The address for Commodore Capital Master LP is c/o Maples Corporate Services Limited, Ugland House, South Church Street, PO Box 309, Grand Cayman KY1-1104, Cayman Islands.
(c)	Citizenship: See Item 4 of the cover page for each Filer.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 29337E102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Item 9 of the cover page for each Filer. This report on Schedule 13G is being filed by Commodore Capital LP (the "Firm"), Commodore Capital Master LP ("Commodore Master"), Michael Kramarz, and Robert Egen Atkinson. The Firm is the investment manager to Commodore Master. As of June 30, 2025, the Firm may be deemed to beneficially own an aggregate of 6,022,957 shares Common Stock, par value $0.001 per share (the "Common Stock"), consisting of (i) 4,692,809 shares of the Common Stock and (ii) 1,330,148 shares of Common Stock each Filer has the right to acquire through the exercise of a pre-funded warrant ("Pre?Funded Warrant") of Enliven Therapeutics, Inc. (the "Issuer"), which is subject to a beneficial ownership limitation of 9.99% (the "Beneficial Ownership Limitation"). The foregoing excludes 195,792 shares of Common Stock underlying the Pre-Funded Warrant, which is subject to the Beneficial Ownership Limitation. The Firm, as the investment manager to Commodore Master, may be deemed to beneficially own these securities. Michael Kramarz and Robert Egen Atkinson are the managing partners of the Firm and exercise investment discretion with respect to these securities. Ownership percentages are based on 58,959,717 shares of the Issuer's Common Stock outstanding as of June 12, 2025 as issued in the Issuer's Rule 424(b)(5) Prospectus Supplement filed with the Securities and Exchange Commission on June 16, 2025, plus 1,330,148 shares of Common Stock which the Filers may acquire upon the exercise of the Pre-Funded Warrant, subject to the Beneficial Ownership Limitation.
(b)	Percent of class: See Item 11 of the cover page for each Filer.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 of the cover page for each Filer.
	(ii) Shared power to vote or to direct the vote: See Item 6 of the cover page for each Filer.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 of the cover page for each Filer.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 of the cover page for each Filer.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

Commodore Capital LP

Signature:	Michael Kramarz
Name/Title:	Managing Partner
Date:	08/14/2025

Commodore Capital Master LP

Signature:	Michael Kramarz
Name/Title:	Authoirzed Signatory
Date:	08/14/2025

Robert Egen Atkinson

Signature:	Robert Egen Atkinson
Name/Title:	Authoirzed Signatory
Date:	08/14/2025

Michael Kramarz

Signature:	Michael Kramarz
Name/Title:	Authoirzed Signatory
Date:	08/14/2025

Exhibit Information

Exhibit 1: Joint Filing Agreement

FAQ

How many Enliven Therapeutics shares does Commodore Capital report owning?

The filers report beneficial ownership of 6,022,957 shares of Enliven Therapeutics common stock.

What percentage of Enliven Therapeutics outstanding shares does that represent?

The position represents 9.9% of the issuer's common stock based on the filing's outstanding share calculation.

Does the Schedule 13G/A include shares from warrants or options?

Yes. The total includes 1,330,148 shares issuable upon exercise of a pre-funded warrant, subject to a 9.99% beneficial ownership limitation.

Do the filers claim intent to influence control of Enliven Therapeutics?

No. The certification states the securities were not acquired to change or influence control and the filing is presented accordingly.

Who are the individual signatories on the filing?

The filing is signed by Michael Kramarz and Robert Egen Atkinson on behalf of the filing entities, dated August 14, 2025.