Expenses grow as Enliven Therapeutics drug trials ramp up

BOULDER — Enliven Therapeutics Inc. (Nasdaq: ELVN), a Boulder-based, pre-revenue oncology drug developer, grew its expenses and net losses in the fourth quarter of 2023 and for the full 2023 fiscal year as two drug candidates move through the testing and approvals pipeline. 

The company, which went public last year with a merger with Boston pharmaceutical company Imara Inc., posted a net loss of $19.4 million for the fourth quarter of 2023, compared to a net loss of $9.6 million for the fourth quarter of 2022. Enliven’s net loss for the full year 2023 was $71.6 million, compared to $37.7 million for the full year 2022.

The company’s expenses were mostly driven by research and development. R&D expenses were $17.9 million for the fourth quarter of 2023, compared to $8.2 million for the fourth quarter of 2022. R&D expenses were $64.6 million for the full year 2023, compared to $31.0 million for the full year 2022.

“We are pleased with the ongoing momentum of our clinical pipeline. Our Phase 1 trial of ELVN-001 is on track, and we are excited to share our initial proof of concept data in the second quarter of 2024,” Enliven CEO Sam Kintz said in a prepared statement. “Furthermore, the FDA’s acceptance of our second ELVN-002 IND application paves the way to evaluate combination therapy in patients with HER2+ cancers, for which there remains a significant unmet need, particularly in patients who progress on or are intolerant to Enhertu. We are focused on getting the trial up and running and dosing the first patient by mid-2024.”

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