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Enliven’s loss grows as drug trials progress

BOULDER —  Enliven Therapeutics Inc., a Boulder-based, pre-revenue oncology drug developer that went public this year with a merger with Boston pharmaceutical company Imara Inc., saw its net loss increase in the first quarter of 2023 as its research and development and drug trials progress.

The company reported a net loss of $14.7 million for the most-recent period, compared with a net loss of $8.7 million in the first quarter of 2022.

“2023 is off to a strong start with the successful completion of our merger with Imara Inc. and the concurrent private financing, dosing of the first patient in the Phase 1 study of ELVN-002, continued progression of enrollment in our Phase 1 trial for (drug candidate) ELVN-001, and good progress on our discovery pipeline,” Elniven CEO Sam Kintz said in a prepared statement. “2023 is a critical year of execution for us as our parallel lead programs advance ahead of expected Phase 1a data for both programs in 2024.”

The company said it is making “progress toward nominating a product candidate for a third program, which is expected in the second quarter of this year. Enliven is also actively pursuing multiple additional early-stage discovery programs.”

Enliven’s “cash and cash equivalents, including proceeds from the merger and the concurrent private financing, are expected to fund the company’s planned operations into early 2026,” the firm said. 

Enliven’s stock price rose 1.57% on Friday, ending trading at $19.40.

Source: BizWest