Solid Earlier-Line Efficacy & FDA Alignment On 2L+ CML Pivotal Derisks Path Fwd

Research evidence excerpt

Solid Earlier-Line Efficacy & FDA Alignment On 2L+ CML Pivotal Derisks Path Fwd

Enliven Therapeutics, Inc. (ELVN)

Equity Research

June 12, 2026

Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for Enliven

Therapeutics, Inc. or one of its affiliates.

Within the past twelve months, Enliven Therapeutics, Inc. has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment banking

services are being or have been provided.

Jefferies Financial Group Inc., its affiliates or subsidiaries has acted as a manager or co-manager in the underwriting or placement of securities for Enliven

Therapeutics, Inc. or one of its affiliates within the past twelve months.

Jefferies Financial Group Inc., its affiliates or subsidiaries beneficially owned 1% or more of the common equity of Enliven Therapeutics, Inc. as of last month's

end (or the prior month’s end if this report is dated later than 10 days after the most recent month end).

Explanation of Jefferies Ratings

Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.

Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.

Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.

The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-

month period as these companies are typically more volatile than the overall stock market.