Enliven Therapeutics Secures $400 Million in Upsized Public Offering

Burlingame-based Enliven Therapeutics has priced an upsized public offering of common stock and pre-funded warrants, aiming to raise approximately $400 million. The clinical-stage biopharmaceutical firm is issuing over 8.9 million shares at $37.50 each to accelerate its development of small molecule precision medicine therapies.

The offering includes 8,933,334 shares of common stock alongside 1,733,333 pre-funded warrants priced at $37.499 apiece. Enliven has also provided underwriters a 30-day option to purchase an additional 1.6 million shares to cover potential over-allotments. The transaction is slated to close on or about June 15, 2026, pending standard closing conditions.

A syndicate of major financial institutions is managing the capital raise. Jefferies, Goldman Sachs & Co. LLC, Morgan Stanley, and Barclays serve as joint book-running managers. Mizuho and LifeSci Capital are also participating in book-running roles, with Baird and Jones acting as lead manager and manager, respectively. The company filed the offering under an existing shelf registration statement with the U.S. Securities and Exchange Commission.