ELVNEnliven Therapeutics, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$119M
- 14% YoY
- Market cap
- $3.2B
- Employees
- —
- Net debt / EBITDA
- —
- AI in 10-K
- 0.2
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes65% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.2 per 10K words · 12th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$77M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Operating income | −$25M | −$39M | −$84M | −$105M | −$120M | 14% |
| Net income | −$25M | −$38M | −$72M | −$89M | −$104M | 17% |
| Operating cash flow | −$19M | −$32M | −$61M | −$73M | −$70M | 3.9% |
| Capex | $191K | $612K | $149K | $44K | $158K | 259% |
| Stock-based comp | $2M | $3M | $13M | $20M | $34M | 69% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 7, 2022 | DEFM14A | Cardurion Pharmaceuticals, Inc. | $34750000.00 | — |
| Sep 23, 2022 | PREM14A | Cardurion Pharmaceuticals, Inc. | $34750000.00 | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jun 24, 2026 | ORBIMED ADVISORS LLC | SCHEDULE 13D/A | 9.5% | Passive |
| Jun 17, 2026 | ORBIMED ADVISORS LLC | SCHEDULE 13D/A | 10.9% | Passive |
| Jun 17, 2025 | ORBIMED ADVISORS LLC | SCHEDULE 13D/A | 13.4% | Passive |
| Jul 29, 2024 | 5AM Ventures VI, L.P. | SC 13D/A | 4.1% | Passive |
| May 20, 2024 | ORBIMED ADVISORS LLC | SC 13D/A | 16.8% | Passive |
| Apr 15, 2024 | 5AM Ventures VI, L.P. | SC 13D/A | 5.1% | Passive |
| Apr 4, 2024 | ORBIMED ADVISORS LLC | SC 13D/A | 19.2% | Passive |
| Feb 16, 2024 | 5AM Ventures VI, L.P. | SC 13D/A | 7.8% | Passive |
| Feb 2, 2024 | 5AM Ventures VI, L.P. | SC 13D/A | 20.7% | Passive |
| Aug 28, 2023 | 5AM Ventures VI, L.P. | SC 13D/A | 22.8% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $77M · 76
- Net
- −$77M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 111 | — |
| FY2024 | — | — | 163 | — |