---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-036503"
form_type: "8-K"
ticker: "CLYM"
cik: "0001768446"
company_name: "Climb Bio, Inc."
filed_at: "2023-02-14T23:59:59+00:00"
generated_at: "2026-06-19T14:15:11.816048+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Eliem Therapeutics pauses ETX-155, cuts workforce 55%, CEO and CFO depart; cash $123.6M

## Summary
- Pauses development of ETX-155 (Phase 2-ready for MDD) to focus on preclinical Kv7.2/3 program (ETX-123).
- Workforce reduced by ~55% in first half 2023; estimated $17.1M restructuring charges ($7.3M cash).
- CEO Robert Azelby resigns; Andrew Levin appointed Executive Chairman; CFO Erin Lavelle and GC Jim Bucher also departing.
- Cash, cash equivalents and marketable securities $123.6M as of Dec 31, 2022; expected to fund operations into 2027.
- Plans to commence Phase 1 trial for ETX-123 in first half 2024.

## SEC filing metadata
- accession: 0001193125-23-036503
- form_type: 8-K
- ticker: CLYM
- cik: 0001768446
- company_name: Climb Bio, Inc.
- filed_at: 2023-02-14T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.02, 2.05, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1768446/000119312523036503/0001193125-23-036503-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1768446/000119312523036503/d452795d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-036503
- JSON: https://secwatch.observer/filing/0001193125-23-036503.json
- Plain text: https://secwatch.observer/filing/0001193125-23-036503.txt

## Key facts
- Executive change
  Erin Lavelle resigned as Executive Vice President, Chief Operating Officer and Chief Financial Officer at Climb Bio, Inc..
  - Action: resigned
  - Role: Executive Vice President, Chief Operating Officer and Chief Financial Officer
  source text: The Company and Ms. Lavelle mutually agreed that Ms. Lavelle will resign as Executive Vice President, Chief Operating Officer and Chief Financial Officer of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1768446/000119312523036503/0001193125-23-036503-index.htm
- Executive change
  James Bucher resigned as Executive Vice President and General Counsel at Climb Bio, Inc..
  - Action: resigned
  - Role: Executive Vice President and General Counsel
  source text: Eliem entered into a letter agreement with three of its executive officers – President, Chief Executive Officer and Director Robert Azelby, Executive Vice President, Chief Operating Officer and Chief Financial Officer Erin Lavelle, and Executive Vice President and General Counsel James Bucher (each, an “Officer”) – pursuant to which each such Officer will resign from his or her positions with the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1768446/000119312523036503/0001193125-23-036503-index.htm
- Executive change
  Andrew Levin changed role as Executive Chairman at Climb Bio, Inc..
  - Action: assumed the role of
  - Role: Executive Chairman
  source text: On February 13, 2023, in connection with the departure of Mr. Azelby, Andrew Levin assumed the role of Executive Chairman and will act as the Company’s principal executive officer on an interim basis while the Company conducts a search for a permanent Chief Executive Officer.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1768446/000119312523036503/0001193125-23-036503-index.htm
- Executive change
  Robert Azelby resigned as President and Chief Executive Officer at Climb Bio, Inc..
  - Action: resigned
  - Role: President and Chief Executive Officer
  source text: The Company and Mr. Azelby mutually agreed that Mr. Azelby will resign as President, Chief Executive Officer and as a member of the Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1768446/000119312523036503/0001193125-23-036503-index.htm
- Restructurings & Charges
  Climb Bio, Inc. announced a restructuring with charges of approximately $17.1 million (approximately 55%).
  - Type: restructuring
  - Charge: approximately $17.1 million
  - Headcount: approximately 55%
  source text: program. As part of the Plan, the Company will reduce its workforce by approximately 55% in the first half of 2023. The Company estimates that it will incur approximately $17.1 million in charges in connection with the Plan, which will be substantially incurred in 2023. These charges primarily relate to employee transition, severance payments, employee
  evidence_url: https://www.sec.gov/Archives/edgar/data/1768446/000119312523036503/0001193125-23-036503-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.