10-Q - Eliem Therapeutics, Inc. (0001768446) (Filer)

Wed, May 15, 10:46 AM (269 days ago)

Eliem Therapeutics, Inc. reported a net loss of $1.7 million for Q1 2024, a significant improvement from the $22.3 million loss in Q1 2023. The reduction in losses is attributed to decreased R&D expenses, which fell to $1.1 million from $5.7 million, and lower G&A expenses, which dropped to $1.9 million from $17.7 million. The company’s cash and cash equivalents increased to $105.0 million, up from $93.1 million at the end of 2023, primarily due to the maturation of marketable securities. Eliem has paused further development of its Kv7 program and ETX-155, focusing instead on strategic alternatives. A significant development is the planned acquisition of Tenet Medicines, Inc., a company focused on autoimmune disorders, and a concurrent $120 million private placement. This acquisition is expected to close in mid-2024, subject to customary conditions and stockholder approval. The company's future operations are highly dependent on the success of this acquisition and private placement. If unsuccessful, Eliem may need to explore other strategic options or raise additional funds to continue operations.