Enliven Therapeutics, Inc. (NASDAQ: ELVN) announced it has commenced an underwritten public offering of $250 million in common stock and pre-funded warrants. The clinical-stage biopharmaceutical company also intends to grant underwriters a 30-day option to purchase up to an additional $37.5 million of common stock shares.

The Burlingame, California-based company focuses on discovering and developing small molecule therapeutics. All shares of common stock and pre-funded warrants in the offering are being sold by Enliven, according to a company statement.

Jefferies, Goldman Sachs & Co. LLC, Morgan Stanley and Barclays serve as joint book-running managers for the proposed offering. Mizuho acts as a book-running manager while LifeSci Capital serves as a passive book-running manager.

The offering operates under a Registration Statement on Form S-3ASR that became automatically effective when filed with the U.S. Securities and Exchange Commission on August 13, 2025. Enliven will file a preliminary prospectus supplement and accompanying prospectus detailing the offering terms.

The company noted the proposed offering remains subject to market and other conditions, with no assurance regarding completion timing or final size and terms of the offering.

Enliven develops precision medicine approaches targeting clinically validated biological targets through what the company describes as differentiated chemistry to design therapies for existing and emerging unmet medical needs.