MeritValue

Enliven Therapeutics, Inc.

ELVNdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Enliven Therapeutics, Inc. earns about -27% on equity, but has diluted owners by 162% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$51.4M1−$37.7M2−$71.6M3−$89M4−$103.7M4
Operating cash flow−$46.8M5−$32.1M6−$61.3M7−$73.2M8−$70.3M8
Capital expenditure$12,0009$612,00010$149,00011$44,00012$158,00012
Free cash flow (derived)−$46.8M5−$32.7M6−$61.4M7−$73.2M8−$70.5M8
Total debt—————
Cash & equivalents$48.3M13$75.5M14$100.1M15$124.1M16$98.9M16
Diluted shares21.7M3.1M35.5M47.1M56.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$81.11
your share of equity
Profit it earned you last year
−$18.3
Free cash flow it threw off
−$12.43
Debt you’d be carrying
—

10 shares is a claim on $81.11 of net worth that earned you −$18.3 and generated −$12.43 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-27% avg · 5y
FY21 —FY22 —FY23 -29%FY24 -29%FY25 -23%

It earned an average -27% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+162% shares · 5y

Share count is up 162% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001564590-23-001729 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-031495 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-038758 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-088232 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001564590-23-001729 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-031495 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-038758 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-088232 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001564590-23-001729 (PaymentsToAcquireProductiveAssets)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-031495 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-038758 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-088232 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001564590-23-001729 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-031495 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-038758 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-088232 (CashAndCashEquivalentsAtCarryingValue)