Form 4: Enliven Therapeutics CFO Executes Option Exercise and Share Sales Under 10b5-1 Plan

Enliven Therapeutics' Chief Financial Officer, Benjamin Hohl, completed an option exercise and subsequent sale of common stock on June 27, 2025, as part of a pre-arranged 10b5-1 trading plan.

Summary

• Benjamin Hohl, Chief Financial Officer of Enliven Therapeutics, Inc. (ELVN), engaged in transactions on June 27, 2025.
• Exercised stock options to acquire 3,250 shares of common stock at an exercise price of $2.48 per share.
• Sold 3,052 shares of common stock at a weighted average price of $20.8609 per share.
• Sold an additional 198 shares of common stock at a weighted average price of $21.6583 per share.
• All reported transactions were executed pursuant to a Rule 10b5-1 trading plan, which was adopted by Benjamin Hohl on June 26, 2023.
• Following these transactions, Benjamin Hohl directly beneficially owns 23,000 shares of common stock and 115,806 stock options.
• The original stock option for 262,120 shares vested as to one-fourth on August 2, 2022, with the remainder vesting in 36 equal monthly installments thereafter.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. While insider selling can be viewed with caution, the transactions were pre-planned under a 10b5-1 plan, and the sales were executed at a significant profit relative to the exercise price, indicating a successful personal financial move rather than a lack of confidence in the company's future.

Positives

• The sales were executed at significantly higher prices ($20.8609 and $21.6583 per share) compared to the option exercise price ($2.48 per share), indicating a substantial profit for the insider.
• Transactions were conducted under a Rule 10b5-1 trading plan, which suggests the trades were pre-scheduled and not based on immediate, non-public information, enhancing transparency.

Negatives

• Insider selling, even under a pre-arranged plan, can sometimes be perceived negatively by the market as it reduces direct ownership by a key executive.

Future Outlook

NA

Management Comments

• The option exercise and sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 26, 2023.
• 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.

Industry Context

NA

Corporate Governance

Stakeholder Impact

• Shareholders: May observe insider selling, which could be interpreted in various ways, but the execution under a 10b5-1 plan mitigates potential negative interpretations. The profitable nature of the exercise and sale could be seen as a positive for the insider.

Next Steps

• Continued vesting of the remaining stock options in 36 equal monthly installments.

Key Dates

Keywords

Enliven Therapeutics, ELVN, Benjamin Hohl, CFO, Insider Trading, Form 4, Stock Option Exercise, Share Sale, 10b5-1 Plan, Corporate Governance