Shares of Eliem Therapeutics (NASDAQ:ELYM) have been gaining momentum and up 11% over the month.
Market Reaction
On Friday, ELYM stock soared 1.07% to $17.94 with more than 20.85K shares, compared to its average volume of 157.59K shares. The stock has moved within a range of $16.86 – 17.95 after opening trade at $17.90.
Earnings Recap
Clinical-stage biopharmaceutical company Eliem Therapeutics (NASDAQ:ELYM), focusing on developing novel therapies for neuronal excitability disorders for addressing unmet needs in chronic pain, came out with financial results and business highlights for quarter ending September 30, 2021.
Bob Azelby, Eliem’s president and chief executive officer, said that clinical execution is going well. Azelby added that for ETX-155, the company has finished Phase 1 studies and screened the photosensitive epilepsy proof-of-concept clinical trial.
Azelby said that it continues to progress clinical development activities for launch of its phase 2a trials assessing ETX-155 in patients with PMD and MDD. The CEO said it is excited about potential of Kv7.2/3 channel opener program for treating diseases such as pain, epilepsy and MDD.
Eliem Therapeutics added that the Cash and marketable securities was $169.6 million on September 30, 2021 vis-à-vis $99.5 million of June 30, 2021. The firm’s net proceeds include the amount raised from the initial public offering in August 2021 and its cash equivalents will fund operations through late 2023.
The firm also came out that Research and Development were $6.0 million for three montsh ending September 30, 2021 whereas the General and Administrative expenseswere $3.4 million as compared to $0.3 million for the same period in 2020. The biopharma company had net loss of $9.6 million for the three months ending September 30, 2021.
