The company operates with deep negative margins, evidenced by quarterly operating losses that fluctuated between $22.7 million and $34.3 million throughout the observed period.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 60K | 263K | 0 | 0 | 0 | 0 | 0 | 33K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -60K | -263K | 0 | 0 | 0 | 0 | 0 | -33K | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | - | - | - |
| Operating Expenses | 115.74M | 119.39M | 104.55M | 83.53M | 38.79M | 24.76M | 9.32M | 24.08M | 10.68M | 8.9M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 34.14M | 33.8M | 23.78M | 18.95M | 7.77M | 4.29M | 1.08M | 5.07M | 2.44M | 987K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 81.65M | 85.86M | 80.78M | 64.57M | 31.02M | 20.47M | 8.24M | 19.01M | 8.24M | 7.92M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -115.79M | -119.66M | -104.55M | -83.53M | -38.79M | -24.76M | -9.32M | -24.12M | -10.68M | -8.9M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -14.45% | -25.17% | -115.33% | -56.66% | -165.74% | 61.36% | -125.87% | -19.9% | - |
| EBITDA | -115.58M | -119.39M | -104.24M | -83.23M | -38.58M | -24.65M | -9.27M | -24.08M | -11.34M | 221K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -5.13% | -14.54% | -25.24% | -115.76% | -56.51% | -165.79% | 61.5% | -112.43% | -5229.86% | - |
| D&A (Non-Cash Add-back) | 203K | 263K | 317K | 297K | 215K | 115K | 45K | 33K | -660K | 0 |
| EBIT | -110.84M | -119.66M | -104.55M | -83.53M | -38.79M | -24.76M | -9.32M | -23.46M | -11.34M | 221K |
| Net Interest Income | 17.01M | 16.01M | 14.89M | 11.97M | 1.13M | 22K | 483K | 578K | 0 | 0 |
| Interest Income | 17.01M | 16.01M | 14.89M | 11.97M | 1.13M | 22K | 483K | 578K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 17.01M | 15.96M | 15.76M | 11.95M | 1.13M | 22K | -9.65M | 653K | -660K | 9.13M |
| Pretax Income | -98.78M | -103.69M | -88.79M | -71.58M | -37.66M | -24.74M | -18.97M | -23.46M | -11.34M | 221K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 232K | 0 | 0 | 0 | 0 | 0 | 0 | 221K |
| Effective Tax Rate % | 0% | 0% | -0.26% | 0% | 0% | 0% | 0% | 0% | 0% | 100% |
| Net Income | -98.78M | -103.69M | -89.02M | -71.58M | -37.66M | -24.74M | -18.97M | -23.46M | -11.34M | 0 |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -4.16% | -16.48% | -24.36% | -90.07% | -52.23% | -30.44% | 19.17% | -106.96% | - | - |
| Net Income (Continuing) | -98.78M | -103.69M | -89.02M | -71.58M | -37.66M | -24.74M | -18.97M | -23.46M | -11.34M | 221K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.57 | -1.83 | -1.89 | -2.01 | -6.03 | -3.17 | -4.31 | -5.43 | -2.62 | 0.00 |
| EPS Growth % | 14.58% | 3.17% | 5.97% | 66.67% | -90.22% | 26.45% | 20.63% | -107.25% | - | - |
| EPS (Basic) | - | -1.83 | -1.89 | -2.01 | -6.03 | -3.17 | -4.31 | -5.43 | -2.62 | 0.00 |
| Diluted Shares Outstanding | 62.8M | 56.66M | 47.07M | 35.55M | 6.25M | 7.82M | 4.39M | 4.32M | 4.32M | 4.32M |
| Basic Shares Outstanding | 62.8M | 56.66M | 47.07M | 35.55M | 6.25M | 7.81M | 4.39M | 4.32M | 4.32M | 4.32M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding dependency
As reported in recent financial statements, Enliven Therapeutics maintains a high-cost structure, with quarterly R&D expenditures consistently exceeding $20 million, reaching a peak of $24.9 million in 2025Q1, which underscores the significant capital requirements necessary to advance its lead oncology candidates through clinical development phases.
The company's cost profile is dominated by R&D, reflecting the intensive nature of clinical trial execution and drug manufacturing. Investors should monitor whether these expenditures yield proportional clinical milestones, as the lack of revenue makes the firm entirely dependent on external capital to sustain these elevated operating costs.
Based on the company's reported figures, stock-based compensation has trended upward, reaching $12.3 million in 2025Q4, which represents a substantial non-cash expense that obscures the underlying operational cash burn and contributes to the ongoing dilution of existing shareholders in this pre-revenue clinical-stage biotechnology environment.
The reliance on equity-based incentives appears to be a primary tool for talent retention, yet it complicates the assessment of true operational efficiency. Analysts should focus on the divergence between GAAP net losses and actual cash outflows to better understand the true runway available for clinical programs.
According to historical income statement data, Enliven Therapeutics continues to operate with significant negative operating margins, as quarterly operating losses have fluctuated between $22.7 million and $34.3 million, indicating that the company has yet to achieve any meaningful scale in its core research and administrative operations.
The absence of revenue means that operating leverage is currently non-existent, with SG&A expenses showing a tendency to rise alongside R&D efforts. This suggests that the company's cost base is expanding in anticipation of future growth, which may necessitate further capital raises if clinical timelines are extended.
As indicated by the provided financial data, the company's consistent quarterly net losses, which reached $29.7 million in 2025Q4, raise questions regarding the sustainability of its current cash position relative to the high costs of conducting multiple concurrent Phase 1 clinical trials for its oncology pipeline.
Short-term liquidity risks appear elevated given the lack of commercial revenue and the high burn rate associated with clinical development. Investors should be wary of the potential for dilutive equity financing, which may be required to bridge the gap between current cash reserves and the next major clinical data readout.
Quick answers to the most common questions about buying ELVN stock.
For fiscal year 2025, Enliven Therapeutics, Inc. (ELVN) reported total revenue of $0.0M.
Enliven Therapeutics, Inc. (ELVN) reported a net loss of $103.7M for the fiscal year ending 2025.