SEATTLE and CAMBRIDGE, United Kingdom, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Eliem Therapeutics, Inc. (Nasdaq: ELYM) (“Eliem” or the “Company”), today reported financial results for the quarter ended June 30, 2024 and provided a business update.
“Following the close of the Tenet Medicines acquisition and the concurrent financing, we believe Eliem is well-positioned as we transition to becoming a leading development stage immunology company,” said Dr. Aoife Brennan, CEO of Eliem. “Our lead product candidate, budoprutug, is an anti-CD19-targeted monoclonal antibody that we plan to develop for a range of immune-mediated diseases, where patients are currently underserved and in which we believe CD19-targeted approaches have clear biological rationale. We look forward to sharing a comprehensive update on our corporate and budoprutug development strategy at an upcoming Investor Day that we plan to host later this year.”
Business Updates
Financial Results for the Three and Six Months Ended June 30, 2024
About Eliem Therapeutics, Inc.
Eliem Therapeutics is focused on developing therapeutics for autoimmune-driven inflammatory diseases, including advancing budoprutug, an anti-CD19 antibody designed for a broad range of autoimmune diseases, including systemic lupus erythematosus, lupus nephritis, immune thrombocytopenia and membranous nephropathy. For more information, please visit https://eliemtx.com/
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation statements regarding: future expectations, plans and prospects for Eliem; the anticipated benefits of the acquisition of Tenet Medicines, Inc.; the strategy, anticipated milestones and key inflection points of Eliem; the anticipated use of proceeds of the private placement; Eliem’s anticipated cash runway; Eliem’s budoprutug product candidate, including expectations regarding budoprutug’s therapeutic benefits, clinical potential and clinical development, and anticipated timelines for initiating clinical trials of budoprutug; and other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” “will,” “working” and similar expressions. Any forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in, or implied by, such forward-looking statements. Eliem may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. These risks and uncertainties include, but are not limited to, important risks and uncertainties associated with: the ability of the Eliem to timely and successfully achieve or recognize the anticipated benefits of the acquisition; the outcome of any legal proceedings that are instituted against Eliem relating to the acquisition; changes in applicable laws or regulation; the possibility that Eliem may be adversely affected by other economic, business and/or competitive factors; Eliem’s ability to advance budoprutug and/or its other product candidates on the timelines expected or at all and to obtain and maintain necessary approvals from the U.S. Food and Drug Administration and other regulatory authorities; obtaining and maintaining the necessary approvals from investigational review boards at clinical trial sites and independent data safety monitoring board; replicating in clinical trials positive results found in early-stage clinical trials of budoprutug; competing successfully with other companies that are seeking to develop treatments for systemic lupus erythematosus and lupus nephritis, immune thrombocytopenia and membranous nephropathy and other autoimmune driven inflammatory diseases; maintaining or protecting intellectual property rights related to budoprutug and/or its other product candidates; managing expenses; raising the substantial additional capital needed, on the timeline necessary, to continue development of budoprutug and other product candidates Eliem may develop; and achieving Eliem’s other business objectives. For a discussion of other risks and uncertainties, and other important factors, any of which could cause Eliem’s actual results to differ materially from those contained in the forward-looking statements, see the “Risk Factors” section, as well as discussions of potential risks, uncertainties and other important factors, in Eliem’s most recent filings with the SEC. In addition, the forward-looking statements included in this press release represent Eliem’s views as of the date hereof and should not be relied upon as representing Eliem’s views as of any date subsequent to the date hereof. Eliem anticipates that subsequent events and developments will cause Eliem’s views to change. However, while Eliem may elect to update these forward-looking statements at some point in the future, Eliem specifically disclaims any obligation to do so, except as required by law.
Investors
Chris Brinzey
ICR Westwicke
This email address is being protected from spambots. You need JavaScript enabled to view it.
339-970-2843
Eliem Therapeutics, Inc. Condensed Consolidated Balance Sheets (In thousands) (unaudited) | ||||||||
June 30, 2024 | December 31, 2023 | |||||||
Assets | ||||||||
Cash, cash equivalents, and marketable securities | $ | 223,140 | $ | 106,798 | ||||
Other assets | 2,878 | 3,671 | ||||||
Total assets | $ | 226,018 | $ | 110,469 | ||||
Liabilities and stockholders’ equity | ||||||||
Liabilities | 3,741 | 2,870 | ||||||
Total stockholders’ equity | 222,277 | 107,599 | ||||||
Total liabilities and stockholders’ equity | $ | 226,018 | $ | 110,469 |
Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Operating expenses: | ||||||||||||||||
Acquired in-process research and development, related party | $ | 51,659 | $ | — | $ | 51,659 | $ | — | ||||||||
Research and development | 1,046 | 3,688 | 2,137 | 9,408 | ||||||||||||
General and administrative | 3,667 | 3,026 | 5,581 | 20,744 | ||||||||||||
Total operating expenses | 56,372 | 6,714 | 59,377 | 30,152 | ||||||||||||
Loss from operations | (56,372 | ) | (6,714 | ) | (59,377 | ) | (30,152 | ) | ||||||||
Other income, net | 1,483 | 1,494 | 2,791 | 2,642 | ||||||||||||
Net loss | $ | (54,889 | ) | $ | (5,220 | ) | $ | (56,586 | ) | $ | (27,510 | ) | ||||
Net loss per share, basic and diluted | $ | (1.81 | ) | $ | (0.19 | ) | $ | (1.95 | ) | $ | (1.03 | ) |
Last Trade: | US$3.01 |
Daily Volume: | 428,722 |
November 11, 2024 October 31, 2024 August 26, 2024 June 27, 2024 |
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