Form 4: Enliven Director Sells Shares Under 10b5-1 Plan

Enliven Therapeutics Director Richard A. Heyman sold 1,230 shares of common stock on January 20, 2026, through a pre-arranged 10b5-1 trading plan.

Summary

• Director Richard A. Heyman sold a total of 1,230 shares of Enliven Therapeutics, Inc. common stock on January 20, 2026.
• The sales were executed under a Rule 10b5-1 trading plan adopted on November 15, 2024, by the Reporting Person and the Heyman Daigle Trust.
• One transaction involved 512 shares at a weighted average price of $26.4592 per share, with trades ranging from $25.7133 to $26.7111.
• Another transaction involved 718 shares at a weighted average price of $26.956 per share, with trades ranging from $26.725 to $27.3454.
• Following these transactions, Heyman beneficially owns 123,673 shares directly and 25,545 shares indirectly through RAHD Capital LLC, in addition to the 23,877 shares held indirectly by the Heyman Daigle Trust.

Sentiment

Score: 4

Explanation: The sentiment is mildly negative due to insider selling, but the impact is mitigated by the fact that the sales were pre-scheduled under a Rule 10b5-1 plan, suggesting a planned divestment rather than a reaction to new, negative information. The total number of shares sold (1,230) is also relatively small compared to the remaining holdings.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a planned divestment rather than a reaction to new, undisclosed negative information.

Negatives

• An insider, specifically a Director, selling shares can be perceived negatively by the market, as it reduces their direct equity stake in the company.

Risks

• Perception of reduced insider confidence due to share sales, which could potentially impact investor sentiment.

Future Outlook

N/A. This filing reports past transactions and does not contain forward-looking statements or guidance.

Industry Context

This Form 4 filing details an individual insider transaction and does not provide information directly related to broader industry trends or competitive landscape. Insider selling, even under a 10b5-1 plan, is a routine disclosure for public companies.

Comparison to Industry Standards

• N/A. This filing reports an individual insider transaction and does not contain information suitable for comparison to global industry benchmarks, specific comparable companies, projects, or results.

Related Party Transactions

• The sales were conducted by Richard A. Heyman, a Director, and also involved the Richard A. Heyman and Anne E. Daigle Trust, for which the Reporting Person serves as trustee.
• Shares are also held indirectly by RAHD Capital LLC, for which the Reporting Person serves as a managing member.

Stakeholder Impact

• Shareholders: May perceive the insider selling as a slight negative signal, though the 10b5-1 plan mitigates concerns about immediate confidence issues. The relatively small number of shares sold compared to total holdings suggests minimal direct impact on overall market liquidity or share price.

Next Steps

• N/A. This filing reports completed transactions and does not outline future actions, events, or milestones.

Key Dates

Recommendation

The filing reports routine insider selling under a pre-arranged 10b5-1 plan, which is a common practice for executives and directors for personal financial planning. While insider selling can sometimes be a negative signal, the planned nature of these transactions and the relatively small volume compared to the director's overall holdings suggest no immediate change in the fundamental outlook for Enliven Therapeutics. Investors should continue to hold based on the company's core business performance and future prospects, rather than reacting solely to this planned insider transaction.

Keywords

Enliven Therapeutics, ELVN, Insider Trading, Form 4, Richard A. Heyman, Director, Stock Sale, 10b5-1 Plan, Beneficial Ownership