Persistent negative free cash flow, with quarterly outflows reaching as high as $24.1 million in 2025Q1, highlights a total reliance on external capital to fund ongoing research initiatives.
| Cash from Operations | -65.47M | -70.3M | -73.19M | -61.27M | -32.08M | -19.13M | -8.53M | -21.88M | -8.78M | -8.79M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 35.6% | 3.95% | -19.46% | -91.01% | -67.64% | -124.34% | 61.01% | -149.25% | 0.09% | - |
| Net Income | -98.78M | -103.69M | -89.02M | -71.58M | -37.66M | -24.74M | -18.97M | -23.46M | -11.34M | 0 |
| Depreciation & Amortization | 597K | 263K | 317K | 297K | 215K | 115K | 45K | 33K | 0 | 0 |
| Stock-Based Compensation | 34.62M | 34.02M | 20.17M | 12.91M | 3.19M | 1.92M | 130K | 899K | 555K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -3.81M | 0 | -215K | 0 | 0 |
| Other Non-Cash Items | 157K | 232K | -118K | -4.3M | 1.74M | 3.81M | 9.68M | 196K | 848K | -7.93M |
| Working Capital Changes | -2.06M | -1.12M | -4.54M | 1.4M | 438K | 3.57M | 583K | 673K | 1.24M | -188K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 78K | 817K | 810K | -2.25M | 411K | 1.73M | 291K | 750K | 477K | -666K |
| Cash from Investing | -132.74M | -173.84M | -36M | -148.41M | -612K | -191K | -461K | -24.06M | 0 | 0 |
| Capital Expenditures | -138K | -158K | -44K | -149K | -612K | -191K | -461K | -140K | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 35M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 213K | 213K | 873K | 0 | -41.88M | 1.62M | 16.7M | 0 | 0 | 0 |
| Cash from Financing | 228.69M | 218.87M | 133.16M | 234.29M | -1.8M | -1.02M | 130.51M | 43.58M | 6.49M | 11M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2M | 0 | 0 |
| Equity Issued (Net) | 228.69M | 218.87M | 39.19M | 161.2M | -1.23M | -1.02M | 96.88M | 45.58M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 93.98M | 73.08M | -566K | 0 | 33.63M | 0 | 6.49M | 11M |
| Net Change in Cash | 30.48M | -25.27M | 23.98M | 24.61M | -34.49M | -20.34M | 121.52M | -2.45M | -2.29M | 2.21M |
| Free Cash Flow | -65.6M | -70.46M | -73.24M | -61.42M | -32.69M | -19.32M | -8.99M | -22.02M | -8.78M | -8.79M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 11.35% | 3.79% | -19.24% | -87.89% | -69.15% | -114.96% | 59.17% | -150.85% | 0.09% | - |
| FCF per Share | -1.04 | -1.24 | -1.56 | -1.73 | -5.23 | -2.47 | -2.05 | -5.10 | -2.03 | -2.03 |
| FCF Conversion (FCF/Net Income) | 0.66x | 0.68x | 0.82x | 0.86x | 0.85x | 0.77x | 0.45x | 0.93x | 0.77x | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 232K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding dependency
As reported in financial statements, the persistent gap between net income and operating cash flow, with OCF/NI ratios fluctuating between 0.53 and 1.03, suggests that non-cash items like stock-based compensation significantly mask the true magnitude of the company's underlying operational cash burn during this clinical phase.
The divergence between GAAP net losses and cash outflows indicates that a substantial portion of the reported loss is non-cash in nature, primarily driven by equity-based incentives. Investors should monitor this ratio closely, as a lower OCF/NI suggests that the company is relying heavily on non-cash accounting adjustments to manage the optics of its high-burn clinical development programs.
Based on historical cash flow data, Enliven Therapeutics exhibits a consistent pattern of negative free cash flow, with quarterly outflows ranging from $12.2 million to $24.1 million, highlighting the company's total reliance on external financing to sustain its ongoing oncology research and development initiatives.
The lack of positive free cash flow is expected for a pre-revenue biotechnology firm, yet the volatility in quarterly burn rates warrants further investigation into the timing of clinical trial milestones. The absence of any revenue-generating activities means that the current trajectory is entirely dependent on the company's ability to maintain sufficient liquidity through capital markets.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $5.5 million inflow in 2023Q4 to a $3.4 million outflow in 2026Q1, which suggests that the company's cash position is sensitive to the timing of vendor payments and clinical trial accruals.
These fluctuations in working capital appear to be a byproduct of the irregular nature of clinical trial expenses rather than operational efficiency. Analysts should interpret these swings as a reflection of the company's limited control over the timing of large-scale research expenditures, which can create temporary liquidity pressures.
As indicated by the provided financial data, stock-based compensation has steadily increased to $12.3 million in 2025Q4, effectively obscuring the true cash cost of operations and potentially misrepresenting the company's actual runway to investors who focus solely on GAAP net loss figures.
The reliance on stock-based compensation as a primary tool for talent retention in a pre-revenue environment creates a disconnect between reported earnings and actual cash depletion. This practice warrants further investigation, as it may lead to significant shareholder dilution that is not immediately apparent when analyzing the cash flow statement in isolation.
Quick answers to the most common questions about buying ELVN stock.
Enliven Therapeutics, Inc. (ELVN) generated $-70.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Enliven Therapeutics, Inc. (ELVN) reported negative free cash flow of $70.5M in 2025, indicating capital requirements exceeded cash from operations.
Enliven Therapeutics, Inc. (ELVN) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.