10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-40708

 

ELIEM THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

82-2273741

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

23515 NE Novelty Hill Road, Suite B221 #125

Redmond, WA

98053

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (425) 276-2300

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

 

Common Stock, par value $0.0001 per share

 

ELYM

 

The Nasdaq Stock Market LLC

(The Nasdaq Global Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☒ No ☐

As of November 5, 2021, the registrant had 26,554,316 shares of common stock, $0.0001 par value per share, outstanding.

 

 

 


 

 

Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

1

 

 

 

Item 1.

Condensed Consolidated Financial Statements (unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

2

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

3

 

Condensed Consolidated Statements of Cash Flows

5

 

Notes to Unaudited Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Results and Operations

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

29

Item 4.

Controls and Procedures

29

 

 

 

 

 

 

PART II.

OTHER INFORMATION

31

 

 

 

Item 1.

Legal Proceedings

31

Item 1A.

Risk Factors

31

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

75

Item 3.

Defaults Upon Senior Securities

76

Item 4.

Mine Safety Disclosures

76

Item 5.

Other Information

76

Item 6.

Exhibits

77

Signatures

78

 

 

 

 


 

PART I - FINANCIAL INFORMATION

 

Item 1. Condensed Consolidated Financial Statements (unaudited)

 

Eliem Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(unaudited)

 

Assets

 

September 30, 2021

 

 

December 31, 2020

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

62,819

 

 

$

20,487

 

Short-term marketable securities

 

 

83,199

 

 

 

 

Prepaid expenses and other current assets

 

 

12,614

 

 

 

1,511

 

Total current assets

 

$

158,632

 

 

$

21,998

 

Long-term marketable securities

 

 

23,619

 

 

 

 

Other long-term assets

 

 

 

 

 

2,633

 

Total assets

 

$

182,251

 

 

$

24,631

 

Liabilities, Redeemable Convertible Preferred Stock, and
   Stockholders’ Equity (Deficit)

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

 

2,579

 

 

 

1,086

 

Accounts payable, related party

 

 

 

 

 

207

 

Accrued expenses

 

 

2,979

 

 

 

1,219

 

Accrued expenses, related party

 

 

32

 

 

 

 

Redeemable convertible preferred stock tranche liability

 

 

 

 

 

551

 

Total current liabilities

 

$

5,590

 

 

$

3,063

 

Total liabilities

 

$

5,590

 

 

$

3,063

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

Redeemable convertible preferred stock, $0.0001 par value,
   
10,000,000 and 12,909,389 shares authorized, 0 and
   
7,140,157 shares issued and outstanding with aggregate
   liquidation preference of $
0 and $49,891 at September 30,
   2021 and December 31, 2020, respectively

 

 

 

 

 

46,551

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

Common stock, $0.0001 par value per share, 250,000,000 and
   
40,000,000 shares authorized; 26,199,262 and 3,418,751
   shares issued and outstanding at September 30, 2021 and
   December 31, 2020, respectively

 

 

3

 

 

 

1

 

Additional paid-in capital

 

 

241,747

 

 

 

3,152

 

Accumulated other comprehensive income

 

 

(18

)

 

 

 

Accumulated deficit

 

 

(65,071

)

 

 

(28,136

)

Total stockholders’ equity (deficit)

 

$

176,661

 

 

$

(24,983

)

Total liabilities, redeemable convertible preferred stock,
   and stockholders’ equity (deficit)

 

$

182,251

 

 

$

24,631

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

Eliem Therapeutics, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share amounts)

(unaudited)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

5,704

 

 

$

1,930

 

 

$

15,455

 

 

$

4,644

 

Research and development, related party

 

 

285

 

 

 

17

 

 

 

988

 

 

 

286

 

General and administrative

 

 

3,394

 

 

 

312

 

 

 

8,526

 

 

 

888

 

Total operating expenses

 

 

9,383

 

 

 

2,259

 

 

 

24,969

 

 

 

5,818

 

Loss from operations

 

 

(9,383

)

 

 

(2,259

)

 

 

(24,969

)

 

 

(5,818

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of redeemable convertible preferred stock tranche liability

 

 

 

 

 

 

 

 

(11,718

)

 

 

 

Foreign currency gain (loss)

 

 

(252

)

 

 

1

 

 

 

(268

)

 

 

13

 

Other income, net

 

 

20

 

 

 

 

 

 

20

 

 

 

 

Total other income (expense)

 

 

(232

)

 

 

1

 

 

 

(11,966

)

 

 

13

 

Net loss

 

$

(9,615

)

 

$

(2,258

)

 

$

(36,935

)

 

$

(5,805

)

Accretion of redeemable convertible preferred stock to redemption value and cumulative preferred stock dividends

 

 

(1,322

)

 

 

(461

)

 

 

(4,548

)

 

 

(1,352

)

Net loss attributable to common stockholders

 

$

(10,937

)

 

$

(2,719

)

 

$

(41,483

)

 

$

(7,157

)

Net loss per share attributable to common stockholders, basic and diluted

 

$

(0.70

)

 

$

(1.46

)

 

$

(5.49

)

 

$

(3.85

)

Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted

 

 

15,585,611

 

 

 

1,863,860

 

 

 

7,554,300

 

 

 

1,859,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(9,615

)

 

$

(2,258

)

 

$

(36,935

)

 

$

(5,805

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on investments, net of tax of $0

 

 

(18

)

 

 

 

 

 

(18

)

 

 

 

Comprehensive loss

 

$

(9,633

)

 

$

(2,258

)

 

$

(36,953

)

 

$

(5,805

)

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

2


 

Eliem Therapeutics, Inc.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(In thousands, except share amounts)

(unaudited)

 

 

Redeemable Convertible Preferred Stock

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Additional Paid-in Capital

 

 

Accumulated Deficit

 

 

Accumulated Other Comprehensive Loss

 

 

Total Stockholders' Equity (Deficit)

 

Balance as of December 31, 2020

 

 

7,140,157

 

 

$

46,551

 

 

 

 

3,418,751

 

 

$

1

 

 

$

3,152

 

 

$

(28,136

)

 

$

 

 

$

(24,983

)

Series A-1 Preferred Stock Issuance (net of issuance costs of $22)

 

 

4,358,972

 

 

 

33,978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reclassification of redeemable convertible preferred stock tranche liability upon settlement

 

 

 

 

 

12,269

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options and release of restricted stock awards

 

 

 

 

 

 

 

 

 

64,047

 

 

 

 

 

 

105

 

 

 

 

 

 

 

 

 

105

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

297

 

 

 

 

 

 

 

 

 

297

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18,601

)

 

 

 

 

 

(18,601

)

Balance as of March 31, 2021

 

 

11,499,129

 

 

$

92,798

 

 

 

 

3,482,798

 

 

$

1

 

 

$

3,554

 

 

$

(46,737

)

 

$

 

 

$

(43,182

)

Series B Preferred Stock Issuance (net of issuance costs of $39)

 

 

3,846,150

 

 

 

59,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options and release of restricted stock awards

 

 

 

 

 

 

 

 

 

7,158

 

 

 

 

 

 

6

 

 

 

 

 

 

 

 

 

6

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,050

 

 

 

 

 

 

 

 

 

1,050

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,719

)

 

 

 

 

 

(8,719

)

Balance as of June 30, 2021

 

 

15,345,279

 

 

$

152,759

 

 

 

 

3,489,956

 

 

$

1

 

 

$

4,610

 

 

$

(55,456

)

 

$

 

 

$

(50,845

)

Proceeds from issuance of common stock in initial public offering (net of issuance costs of $8,856)

 

 

 

 

 

 

 

 

 

7,360,000

 

 

 

1

 

 

 

83,143

 

 

 

 

 

 

 

 

$

83,144

 

Conversion of redeemable convertible preferred stock to common stock upon initial public offering

 

 

(15,345,279

)

 

 

(152,759

)

 

 

 

15,345,279

 

 

 

1

 

 

 

152,758

 

 

 

 

 

 

 

 

 

152,759

 

Release of restricted stock awards

 

 

 

 

 

 

 

 

 

4,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,236

 

 

 

 

 

 

 

 

 

1,236

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(18

)

 

 

(18

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,615

)

 

 

 

 

 

(9,615

)

Balance as of September 30, 2021

 

 

 

 

$

 

 

 

 

26,199,262

 

 

$

3

 

 

$

241,747

 

 

$

(65,071

)

 

$

(18

)

 

$

176,661

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

3


 

Eliem Therapeutics, Inc.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

(In thousands, except share amounts)

(unaudited)

 

 

Redeemable Convertible Preferred Stock

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Additional Paid-in Capital

 

 

Accumulated Deficit

 

 

Accumulated Other Comprehensive Income

 

 

Total Stockholders' Equity (Deficit)

 

Balance as of December 31, 2019

 

 

3,999,133

 

 

$

26,174

 

 

 

 

1,852,797

 

 

$

1

 

 

$

1,905

 

 

$

(7,468

)

 

$

 

 

$

(5,562

)

Accretion of Series A and A-1 Preferred Stock

 

 

 

 

 

439

 

 

 

 

 

 

 

 

 

 

(439

)

 

 

 

 

 

 

 

 

(439

)

Release of restricted stock awards

 

 

 

 

 

 

 

 

 

4,170

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

134

 

 

 

 

 

 

 

 

 

134

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,916

)

 

 

 

 

 

(1,916

)

Balance as of March 31, 2020

 

 

3,999,133

 

 

$

26,613

 

 

 

 

1,856,967

 

 

$

1

 

 

$

1,600

 

 

$

(9,384

)

 

$

 

 

$

(7,783

)

Accretion of Series A and A-1 Preferred Stock

 

 

 

 

 

452

 

 

 

 

 

 

 

 

 

 

(452

)

 

 

 

 

 

 

 

 

(452

)

Release of restricted stock awards

 

 

 

 

 

 

 

 

 

4,174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

51

 

 

 

 

 

 

 

 

 

51

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,631

)

 

 

 

 

 

(1,631

)

Balance as of June 30, 2020

 

 

3,999,133

 

 

$

27,065

 

 

 

 

1,861,141

 

 

$

1

 

 

$

1,199

 

 

$

(11,015

)

 

$

 

 

$

(9,815

)

Accretion of Series A and A-1 Preferred Stock

 

 

 

 

 

461

 

 

 

 

 

 

 

 

 

 

(461

)

 

 

 

 

 

 

 

 

(461

)

Release of restricted stock awards

 

 

 

 

 

 

 

 

 

4,175

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

49

 

 

 

 

 

 

 

 

 

49

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,258

)

 

 

 

 

 

(2,258

)

Balance as of September 30, 2020

 

 

3,999,133

 

 

$

27,526

 

 

 

 

1,865,316

 

 

$

1