Enliven Therapeutics, Inc. Leases Disclosure
5. Leases
Facility lease
In September 2024, the Company entered into a non-cancellable operating lease (the “Lease”) with Crestview, LLC. Under the terms of the Lease, the Company will lease approximately 20,011 rentable square feet of office and laboratory space from January 1, 2025 through December 31, 2026, with a renewal option for an additional term of five years. The Lease replaced the Company’s existing sublease for more space in the same location. There were no modifications to the Company’s prior sublease as a result of executing the Lease. The monthly base rent at commencement was $33,000, with a 50% rent abatement for the first month’s rent, and the monthly base rent will increase by 3.5% annually. The Company recorded an and of $0.7 million related to the Lease upon commencement in January 2025. The Company is required to pay base rent expense as well as its proportionate share of the facilities operating expenses. The non-lease components, consisting primarily of facilities operating expenses, are paid separately based on actual costs incurred. Therefore, the variable non-lease components were not included in the ROU assets and lease liabilities and are reflected as expense in the period incurred.
The Company has one operating lease, as described above, with a remaining lease term of 1.0 year. The incremental borrowing rate used to calculate the ROU asset and lease liability was 8.3%, which was based on the Company’s estimated borrowing rate on a collateralized loan. As of December 31, 2025, the remaining ROU assets and lease liabilities under the Lease were $0.4 million and $0.4 million, respectively. As of December 31, 2024, the remaining ROU assets and lease liabilities under the former facility sublease were $0 due to the sublease reaching the end of its term.
As of December 31, 2025, the future minimum lease payments under the Lease were as follows (in thousands):
|
|
As of |
|
|
|
|
December 31, 2025 |
|
|
Year ending December 31, |
|
|
|
|
2026 |
|
$ |
414 |
|
Thereafter |
|
|
— |
|
Total future minimum lease payments |
|
|
414 |
|
Less: amount representing interest |
|
|
(15 |
) |
Present value of lease liabilities |
|
|
399 |
|
|
|
(399 |
) |
|
Lease liabilities, non-current |
|
$ |
— |
|
Cash paid for amounts included in the measurement of operating lease liabilities was $0.4 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively. The Company recognized rent expense of $0.4 million and $0.3 million for the years ended December 31, 2025 and 2024, respectively, and variable lease costs of $0.3 million and $0.4 million for the years ended December 31, 2025 and 2024, respectively.
No impairment losses were recognized during the years ended December 31, 2025 and 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 3, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
| 2023 | Mar 14, 2024 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.