ORBIMED ADVISORS LLC 4

What Happened
OrbiMed Advisors LLC (reported as a 10% owner via affiliated funds) sold a total of 281,408 Enliven Therapeutics (ELVN) shares in open-market transactions on June 15, 2026. The sales were reported as two transactions: 9,086 shares at $45.02 each ($409,052) and 272,322 shares at $45.02 each ($12,259,936), for a combined proceeds of $12,668,988. These were outright sales (transaction code S), not purchases or option exercises.

Key Details

• Transaction date: June 15, 2026; Form 4 filed June 17, 2026 (filed promptly after the transactions).
• Prices and amounts: 9,086 shares @ $45.02 = $409,052; 272,322 shares @ $45.02 = $12,259,936; total = $12,668,988.
• Shares owned after transaction: Not specified in the excerpt of the filing provided.
• Footnotes: Securities were held of record by OrbiMed Genesis Master Fund, L.P. and OrbiMed Private Investments VII, LP. OrbiMed Advisors is the managing member with voting/investment power; named committee members (Carl L. Gordon, Sven H. Borho, W. Carter Neild) disclaim beneficial ownership of the funds’ shares. The filing disclaims beneficial ownership except to the extent of any pecuniary interest.
• Filing timeliness: No late-filing indication; the Form 4 was filed two days after the trade date.

Context
This is an institutional sale by a reporting 10% owner (via affiliated funds), not an individual company executive. Institutional disposals can reflect portfolio management or rebalancing and do not necessarily signal management’s view of the company. The report shows direct sales (S); there is no indication of option exercises, gifts, or 10b5-1 plans in the provided filing.