Enliven (ELVN) CMO Helen Collins Exercises Options, Sells Shares

What Happened
Helen Louise Collins, Chief Medical Officer of Enliven Therapeutics (ELVN), exercised stock options to acquire 5,000 shares at $2.48 per share (cost $12,400) and sold a total of 5,000 shares in multiple open-market transactions on July 17, 2026, generating approximately $263,374. The Form 4 also reports a conversion/settlement of 5,000 derivative securities shown at $0.00 (see footnotes on RSUs/derivatives).

Key Details

• Transaction date: July 17, 2026; Form 4 filed July 21, 2026 (timely within the two-business-day window).
• Sales: 5,000 shares sold across multiple trades at weighted average prices shown per sale lines; total proceeds ≈ $263,374. Price ranges for the grouped trades are disclosed in footnotes (roughly $49.72–$53.93 across the various blocks).
• Exercise: 5,000 shares acquired via option exercise at $2.48 (total $12,400). All shares subject to the option were fully vested as of the date (footnote F9).
• Derivative/RSU activity: The filing includes RSU-related entries; one derivative line shows 5,000 shares reported at $0.00 (conversion/settlement of RSUs per footnotes F2/F8).
• Plan/authorization: The option exercise and subsequent sales were executed pursuant to a Rule 10b5-1 trading plan adopted October 19, 2025 (footnote F1).
• Shares owned after transaction: Not specified in the information provided in your prompt (not included in the provided transaction summary).

Context

• Transaction code M denotes exercise or conversion of derivatives (here, exercised options and RSU/derivative settlement). The combination of exercising options and selling shares is commonly used to cover exercise costs, taxes, or for diversification, but the filing itself does not state the insider's motive.
• Sales conducted pursuant to a 10b5-1 plan are prearranged trades that help insiders trade while limiting concerns about trading on material nonpublic information; they are typically considered routine rather than a real-time vote of confidence or concern.