Eliem delays ETX-155 Phase 2a MDD trial to Q1 2023 after lower exposure in PSE trial; CMC issue identified

Climb Bio, Inc.

Lower-than-expected ETX-155 exposure in Phase 1b photosensitive epilepsy trial attributed to CMC batch inconsistencies.
Phase 1 PK trial in healthy subjects expected Q4 2022 to determine dose for Phase 2a MDD trial.
Phase 2a MDD trial now expected to start Q1 2023 with topline data in mid-2024.
Phase 2a PMD trial postponed to preserve investment flexibility; PSE trial paused pending PK data.
Cash ($149.9M as of March 2022) expected to fund operations and pipeline catalysts through mid-2024.

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