Eliem Therapeutics Q2 net loss $54.9M; completed Tenet Medicines acquisition and $120M financing

Climb Bio, Inc.

2024-Q2 EPS reported -$1.95

Completed acquisition of Tenet Medicines and concurrent $120M private placement in June 2024.
Cash and equivalents $223.1M as of June 30, expected to fund operations into 2027.
Net loss of $54.9M for Q2 2024 vs $5.2M in Q2 2023, largely due to $51.7M acquired IP R&D expense.
Lead product budoprutug (anti-CD19) targets autoimmune diseases including lupus and immune thrombocytopenia.
Appointed Aoife Brennan as CEO and Jan Hillson as Senior Clinical Advisor; added to Russell 2000 index.

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