Detailed financial statements for Enliven Therapeutics, Inc. (ELVN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Enliven Therapeutics, Inc. is a biopharmaceutical enterprise, currently in the clinical development phase, dedicated to discovering and advancing small molecule therapeutic agents aimed at combating cancer. Its pipeline includes ELVN-001, a small molecule kinase inhibitor currently in a Phase 1 clinical trial for adult patients with chronic myeloid leukemia.
Analysis Summary
Balance sheet quality for ELVN: current ratio of 28.7, net cash position of $462.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | $33000 | 0 | 0 | 0 | 0 | 0 | $263000 |
| Gross Profit | 0 | 0 | -$33000 | 0 | 0 | 0 | 0 | 0 | -$263000 |
| Research & Development | $7.9M | $8.2M | $19.0M | $8.2M | $20.5M | $31.0M | $64.6M | $80.8M | $85.9M |
| Selling, General & Admin | $987000 | $2.4M | $5.1M | $1.1M | $4.3M | $7.8M | $19.0M | $23.8M | $33.8M |
| Operating Expenses | $8.9M | $10.7M | $24.1M | $9.3M | $24.8M | $38.8M | $83.5M | $104.6M | $119.4M |
| Operating Income | -$8.9M | -$10.7M | -$24.1M | -$9.3M | -$24.8M | -$38.8M | -$83.5M | -$104.6M | -$119.7M |
| EBITDA | $221000 | -$11.3M | -$23.4M | -$9.3M | -$24.6M | -$37.4M | -$71.3M | -$88.5M | -$103.4M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | $221000 | -$11.3M | -$23.5M | -$19.0M | -$24.7M | -$37.7M | -$71.6M | -$88.8M | -$103.7M |
| Income Tax | $221000 | 0 | 0 | 0 | 0 | 0 | 0 | $232000 | 0 |
| Net Income | 0 | -$11.3M | -$23.5M | -$19.0M | -$24.7M | -$37.7M | -$71.6M | -$89.0M | -$103.7M |
| EPS | $0.00 | $-2.62 | $-5.43 | $-4.31 | $-3.17 | $-6.03 | $-2.01 | $-1.89 | $-1.83 |
| EPS (Diluted) | $0.00 | $-2.62 | $-5.43 | $-4.31 | $-3.17 | $-6.03 | $-2.01 | $-1.89 | $-1.83 |
| Shares Outstanding (Diluted) | $4.3M | $4.3M | $4.3M | $4.4M | $7.8M | $6.2M | $35.5M | $47.1M | $56.7M |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.7M | $7.4M | $4.9M | $47.7M | $110.0M | $75.5M | $100.1M | $124.1M | $98.9M |
| Short-term Investments | 0 | 0 | $24.0M | $40.5M | 0 | 0 | $153.0M | $189.3M | $363.7M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $10.2M | $7.7M | $30.6M | $90.4M | $110.7M | $77.8M | $266.2M | $318.1M | $474.9M |
| Property, Plant & Equipment | 0 | 0 | $442000 | $349000 | $954000 | $1.5M | $1.1M | $458000 | $417000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $10.2M | $7.7M | $33.3M | $90.8M | $113.3M | $83.3M | $271.9M | $325.8M | $476.2M |
| Accounts Payable | $431000 | $908000 | $1.7M | $2.0M | $2.5M | $3.4M | $532000 | $1.3M | $2.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $826000 | $1.8M | $4.2M | $6.2M | $5.8M | $9.7M | $25.9M | $15.9M | $16.6M |
| Long-term Debt | $660000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $1.5M | $1.8M | $4.4M | $6.4M | $6.5M | $160.1M | $26.0M | $15.9M | $16.7M |
| Retained Earnings | -$20.0M | -$31.3M | -$54.8M | -$96.1M | -$45.2M | -$82.9M | -$154.4M | -$243.5M | -$347.2M |
| Total Equity | -$15.5M | -$26.3M | -$48.8M | $84.4M | $106.9M | -$76.8M | $245.9M | $309.8M | $459.6M |
| Total Debt | $660000 | 0 | 0 | 0 | $159000 | $323000 | $335000 | 0 | $399000 |
| Net Debt | -$9.0M | -$7.4M | -$28.9M | -$88.2M | -$109.9M | -$75.2M | -$252.8M | -$313.4M | -$462.2M |
| Working Capital | $9.4M | $5.9M | $26.4M | $84.2M | $104.9M | $68.0M | $240.3M | $302.2M | $458.3M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | 0 | -$11.3M | -$23.5M | -$19.0M | -$24.7M | -$37.7M | -$71.6M | -$89.0M | -$103.7M |
| Depreciation & Amortization | 0 | 0 | $33000 | $45000 | $115000 | $215000 | $297000 | $317000 | $263000 |
| Stock-based Compensation | 0 | $555000 | $899000 | $130000 | $1.9M | $3.2M | $12.9M | $20.2M | $34.0M |
| Change in Working Capital | -$188000 | $1.2M | $673000 | $583000 | $3.6M | $438000 | $1.4M | -$4.5M | -$1.1M |
| Operating Cash Flow | -$8.8M | -$8.8M | -$21.9M | -$8.5M | -$19.1M | -$32.1M | -$61.3M | -$73.2M | -$70.3M |
| Capital Expenditure | 0 | 0 | -$140000 | -$461000 | -$191000 | -$612000 | -$149000 | -$44000 | -$158000 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | $35.0M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$8.8M | -$8.8M | -$22.0M | -$9.0M | -$19.3M | -$32.7M | -$61.4M | -$73.2M | -$70.5M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income Growth (YoY) | -107.0% | +19.2% | -30.4% | -52.2% | -90.1% | -24.4% | -16.5% | ||
| EPS Growth (YoY) | -107.3% | +20.6% | +26.5% | -90.2% | +66.7% | +6.0% | +3.2% | ||
| Shares Change (YoY) | +0.0% | +0.0% | +1.6% | +78.0% | -20.0% | +468.8% | +32.4% | +20.4% | |
| FCF Growth (YoY) | +0.1% | -150.8% | +59.2% | -115.0% | -69.2% | -87.9% | -19.2% | +3.8% | |
| Effective Tax Rate | 100.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.3% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.03 | $-2.03 | $-5.10 | $-2.05 | $-2.47 | $-5.23 | $-1.73 | $-1.56 | $-1.24 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $4.3M | $4.3M | $4.3M | $4.4M | $7.8M | $6.2M | $35.5M | $47.1M | $56.7M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | 0.00 | -22.90 | -11.05 | -20.46 | -2.84 | -2.71 | -6.89 | -11.90 | -8.42 |
| P/B | -16.69 | -9.85 | -5.31 | 4.59 | 0.66 | -1.33 | 2.00 | 3.42 | 1.90 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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