Enliven Therapeutics Executives and Insiders Execute Series of Stock Sales, Emphasizing Compliance with Rule 10b5-1 Trading Plan

CSO Sells Approximately $3.25 Million Over Two Days

Enliven Therapeutics, Inc. (ELVN) disclosed a series of share sales by key executives and insiders between January 8 and 9, 2025 (local time). The largest transaction was executed by Chief Scientific Officer Joseph P. Lyssikatos through The Lyssikatos Revocable Trust dated December 15, 2011, of which he is trustee. Over the two days, the trust disposed of 132,500 shares in the open market, generating approximately $3.25 million (KRW 4.55 billion, assuming $1 = KRW 1,400). According to the company, these sales were made under a pre-established SEC Rule 10b5-1 trading plan adopted on November 15, 2024.

Lyssikatos’s weighted-average selling price ranged from $20.13 to $29.13 per share. Specifically: - January 8: 7,500 shares at $20.1282 and 33,802 shares at $24.9238 - January 9: 41,198 shares at $24.9008 and 50,000 shares at $29.1343

Following the transactions, the trust’s indirect holdings fell from approximately 897,688 shares to 765,188 shares, though the disclosure emphasized that the trust still maintains a significant stake.

Insider Heyman Sells About $348,000 While Maintaining Stake

During the same period, insider Richard A. Heyman sold a total of 13,920 common shares of ELVN through entity and trust accounts for which he serves as managing member or trustee, as reported in a separate Form 4 filing. Like the CSO’s transactions, these sales were executed under a pre-set Rule 10b5-1 trading plan, with an average price of roughly $25 per share, yielding total proceeds of about $348,000 (KRW 487 million).

The breakdown is as follows:

• January 8: 1,620 shares at exactly $25.00 and 8,015 shares at a weighted average of $25.035
• January 9: 4,285 shares at a weighted average of $25.0001

After the sale, Heyman continues to hold 123,673 shares directly, plus additional indirect holdings noted in the filing, leading the market to view this as a liquidity management move rather than a position reduction.

## Market Impact: Potential Short-Term Sentiment Dip; “Planned Trade” Status Is Key

Concurrent sales by the CSO and a significant insider can typically weigh on investor sentiment. In Lyssikatos’s case, the sizable disposal might create the perception that management is taking profits after the stock reached certain levels. However, since both transactions were carried out under pre-established Rule 10b5-1 plans, they are likely part of long-term asset and tax planning rather than opportunistic timing trades, which should mitigate negative sentiment.

Additionally, both insiders retain meaningful stakes post-sale, signaling confidence in the company’s long-term fundamentals. Investors and analysts will monitor upcoming quarterly results, clinical pipeline progress, and further insider transactions to assess whether these sales are one-off planned trades or the start of a broader stake reduction.

Investor Perspective: Key Checkpoints for Interpreting Insider Sales

Investors should evaluate these insider trades in the context of multiple factors:

• Transaction Type: Both sales were executed under Rule 10b5-1 plans, limiting the likelihood of information-based “timing bets.”
• Post-Sale Holdings: CSO Lyssikatos and Heyman still hold significant positions, aligning their interests with long-term growth.
• Price Levels: The $20–$29 per share range provides insight into the valuation levels insiders deem reasonable.
• Future Disclosure Patterns: Repeated sizable sales could heighten overhang concerns and signal structural stake reductions.

Overall, this disclosure appears to reflect insider liquidity management and portfolio adjustments rather than a shift in Enliven Therapeutics, Inc. (ELVN)’s fundamentals. Nonetheless, in the short term, it may contribute to heightened volatility and trading volume, affecting both short-term traders and institutional flows.