Core Insights - Eliem Therapeutics has completed the acquisition of Tenet Medicines and a concurrent $120 million private placement, positioning itself as a leading development stage immunology company focused on autoimmune diseases [2][3][4] - The company plans to develop its lead product candidate, budoprutug, an anti-CD19-targeted monoclonal antibody, for various immune-mediated diseases [2][3] - Eliem has approximately $220 million in cash and cash equivalents, expected to fund operations into 2027 and support key clinical milestones for budoprutug [3][4] Business Updates - The acquisition of Tenet Medicines allows Eliem to focus on therapeutics for autoimmune-driven inflammatory diseases, including systemic lupus erythematosus and immune thrombocytopenia [3][6] - Eliem appointed Aoife Brennan as President and CEO and Jan Hillson as Senior Clinical Advisor, enhancing its executive leadership team [3] - Eliem was added to the Russell 2000® Index and Russell 3000® Index, which are significant for investment managers and institutional investors [3] Financial Results - As of June 30, 2024, Eliem's cash and cash equivalents were $223.1 million, a significant increase from $106.8 million as of December 31, 2023 [4][7] - Acquired in-process research and development expenses were $51.7 million for the quarter, reflecting the acquisition of Tenet Medicines [4][8] - Eliem reported a net loss of $54.9 million for the three months ended June 30, 2024, compared to a net loss of $5.2 million for the same period in 2023 [5][8]
Eliem Therapeutics Reports Second Quarter Financial Results