Start here if you're new
what it is
Enliven is a biotech trying to turn one oral medicine into treatments for sickle cell disease and beta-thalassemia.
how it gets paid
Enliven is pre-revenue on a commercial basis — no meaningful product sales to break out yet. The cap table is underwriting tovinontrine in Phase 2b.
what just happened
FY2024 EPS came in at -$1.89, and the latest quarter was still losing money at -$0.46 a share.
At a glance
B+ balance sheet — decent shape, but not bulletproof
30/100 earnings predictability — expect surprises
-$1.89 fy2024 eps (actual)
1.35 beta
~$2B market cap
xvary composite: 57/100 — below average
What they do
Enliven is a biotech trying to turn one oral medicine into treatments for sickle cell disease and beta-thalassemia.
Enliven has one named asset, tovinontrine. It is in Phase 2b, which means later human testing. So what: you are betting on one molecule with 2 named indications, not a diversified portfolio.
How they make money
n/a
annual revenue
Tovinontrine (IMR-687)
n/a
Sickle cell disease
n/a
Beta-thalassemia
n/a
Research and corporate support
n/a
The products that matter
oral therapy · sickle cell & beta-thalassemia
Tovinontrine (IMR-687)
Phase 2b · lead program named on the cap table
This matches the “one Phase 2b drug” hook above — not a separate CML asset. The equity case lives or dies on this molecule and its readouts in the two named indications.
lead asset
Key numbers
$29.5
share price
You are paying $29.5 per share for one Phase 2b shot. That is a lot of faith per share.
$2B
market cap
The market is valuing the company at about $2B even though revenue is n/a. That is a biotech premium on an empty top line.
1.35
beta
Beta means market sensitivity. 1.35 says the stock tends to move about 35% harder than the market.
65
employees
A 65-person company is tiny. Small teams burn cash fast and have little room to hide.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 2 — safer than 80% of stocks
- price stability 5 / 100
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ELVN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
FY2024 EPS came in at -$1.89, and the latest quarter was still losing money at -$0.46 a share.
Quarterly EPS improved from -$0.80 in Q1 2023 to -$0.46 in Q4 2024. That is slower bleeding, not profit.
-$1.89
eps
n/a
n/a
n/a
n/a
loss per share
The −$1.89 FY2024 result (actual, not a wishful estimate) says the company is still far from earnings power.
source: SEC filings and EDGAR
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What could go wrong
the #1 risk is tovinontrine failing to hold up in later-stage testing for sickle cell disease and beta-thalassemia — not a separate CML program named elsewhere on this page.
med
one lead asset carries the whole valuation
Tovinontrine (IMR-687) in Phase 2b is the named program on this snapshot. There is no commercial revenue to absorb a bad readout.
In human-speak: if the lead program disappoints, there is no second business line waiting in the wings.
med
early Ph2b signals vs. longer follow-up
Hemoglobinopathy programs still have to prove durable benefit and tolerability as more patients and longer exposure accumulate. A strong early read does not automatically survive every later data cut.
If follow-up softens, a pre-revenue ~$2B cap has little else to lean on.
med
cash runway is good, not permanent
The company has reported substantial cash versus ongoing development burn. That buys time, but not immunity from future dilution if timelines slip or spending rises.
Biotech math is simple: delays consume cash, and cash raises usually arrive when investors are least excited.
med
the stock is priced for belief, not caution
ELVN trades near the top of a $13–$31 52-week range with no revenue and one lead program. That's not irrational. It is demanding.
When a pre-revenue biotech already trades like the data worked, even decent updates can be met with a shrug.
you own a pre-revenue biotech with a ~$2B market cap and essentially one Phase 2b molecule doing the heavy lifting.
source: institutional data · regulatory filings · risk analysis
Pay attention to
timeline
Phase 3 start target in H2 2026
That is the next major credibility test. If the timeline slips, the stock stops being a science story and starts being a cash-consumption story.
cash
whether burn stays near the 2025 pace
A $103.7M annual loss against roughly $463M of cash is manageable. A materially faster burn rate changes the financing conversation.
data quality
whether the 69% response holds with longer follow-up
Median exposure is 29 weeks right now. More time on drug should make the efficacy story clearer, not murkier.
sentiment
how the stock behaves near the top of its range
At $29.50, ELVN is much closer to $31 than $13. That tells you expectations are elevated before the next big trial step.
Analyst rankings
earnings predictability
30 / 100
Quarterly results are hard to model. In human-speak: analysts have less confidence in the near-term numbers because the real driver is clinical progress, not revenue cadence.
avg. analyst target
$41.00
That's about 39% above the current price. The street still leans optimistic, but price targets in biotech usually follow the data, not the other way around.
source: institutional data
Institutional activity
institutional ownership data for ELVN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$30
current price
n/a
target midpoint · n/a from current
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