Acquisition and Financial Position - Eliem completed the acquisition of Tenet Medicines in June 2024, focusing on therapeutics for autoimmune-driven inflammatory diseases[2]. - Eliem raised $120 million through a private placement of common stock concurrent with the acquisition, increasing cash and cash equivalents to $223.1 million as of June 30, 2024, compared to $106.8 million at the end of 2023[4]. - Acquired in-process research and development expense was $51.7 million for the three and six months ended June 30, 2024, due to the acquisition of Tenet Medicines[4]. - Total assets increased to $226.0 million as of June 30, 2024, from $110.5 million at the end of 2023, reflecting the impact of the acquisition[6]. - Eliem was added to the Russell 2000® Index and the Russell 3000® Index in June 2024, enhancing its visibility among institutional investors[2]. Research and Development Expenses - Research and Development (R&D) expenses decreased to $1.0 million for Q2 2024 from $3.7 million in Q2 2023, and total R&D expenses for the first half of 2024 were $2.1 million compared to $9.4 million in the same period of 2023[4]. General and Administrative Expenses - General and Administrative (G&A) expenses increased to $3.7 million for Q2 2024 from $3.0 million in Q2 2023, while total G&A expenses for the first half of 2024 were $5.6 million compared to $20.7 million in the same period of 2023[4]. Financial Performance - The net loss for Q2 2024 was $54.9 million, significantly higher than the $5.2 million loss in Q2 2023, with a total net loss of $56.6 million for the first half of 2024 compared to $27.5 million in the same period of 2023[4]. Corporate Strategy and Product Development - Eliem plans to host an Investor Day later in 2024 to provide updates on its corporate strategy and budoprutug development[3]. - Eliem's lead product candidate, budoprutug, is an anti-CD19-targeted monoclonal antibody aimed at treating various immune-mediated diseases[2].
Eliem Therapeutics(ELYM) - 2024 Q2 - Quarterly Results