Eliem restructures, pauses ETX-155, focuses on Kv7 program, extends cash runway into 2027

Climb Bio, Inc.

Corporate reorganization: pause ETX-155 (GABA A PAM) development, focus on Kv7 program lead ETX-123; workforce reduction ~55% in H1 2023.
Andrew Levin appointed Executive Chairman after CEO Bob Azelby departure; Dr. Valerie Morisset continues as EVP R&D and CSO.
Cash, cash equivalents and marketable securities $123.6M as of Dec 31, 2022; expected to fund operations into 2027.
Net loss for FY2022: $45.2M ($7.8M Q4), compared to $47.5M in FY2021; R&D expenses $26.2M, G&A $18.9M.
IND-enabling studies for ETX-123 initiated; Phase 1 studies planned for H1 2024; preclinical data at March 2023 symposium.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Climb Bio, Inc. reported the quarter and year ended December 31, 2022 results: net income Net loss was $7.8 million for the three months ended December 31, 2022, and $45.2 million for the full year 2022.

Period: the quarter and year ended December 31, 2022
Net income: Net loss was $7.8 million for the three months ended December 31, 2022, and $45.2 million for the full year 2022
Result: reported results

Exact text from the filing

On March 6, 2023, Eliem Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 31, 2022.

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Source: SEC EDGAR

accession 0000950170-23-006282

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