EX-99.2 3 elym-ex99_2.htm EX-99.2

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Clinical Stage Neurology Company Focused on Neuronal Excitability Disorders Corporate Presentation | November 2021

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Forward-Looking Statements This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation, including statements regarding our future financial condition, results of operations, business strategy and plans, and objectives of management for future operations, as well as statements regarding industry trends, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will” or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, among other things, risks related to: the success, cost and timing of our product development activities and clinical trials; our expectations about the timing of achieving regulatory approval and the cost of our development programs; our ability to obtain funding for our operations, including funding necessary to complete further development and commercialization of our product candidates; the impact of the COVID-19 pandemic on our operations; the commercialization of our product candidates, if approved; our plans to research, develop and commercialize our product candidates; our plans to develop additional product candidates; our ability to obtain, maintain, expand, protect and enforce our intellectual property rights; our ability to operate our business without infringing, misappropriating or otherwise violating the intellectual property rights of third parties; our ability to attract collaborators with development, regulatory and commercialization expertise; future agreements with third parties in connection with the commercialization of our product candidates; the size and growth potential of the markets for our product candidates and our ability to serve those markets; the rate and degree of market acceptance of our product candidates; regulatory developments in the United States and foreign countries; our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; the success of competing products that are or may become available; and our ability to attract and retain key scientific or management personnel. These risks are not exhaustive. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in, or implied by, any forward-looking statements. More information about the risks and uncertainties faced by Eliem is contained under the caption “Risk Factors” set forth in Eliem’s  Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, which is available on the SEC’s website at www.sec.gov, and in other subsequent reports and filings Eliem will make with the SEC from time to time. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this presentation. Certain information contained in this presentation relates to, or is based on, studies, publications, surveys and other data obtained from third-party sources and the Company's own internal estimates and research. While we believe these third-party sources to be reliable as of the date of this presentation, we have not independently verified, and make no representation as to the adequacy, fairness, accuracy or completeness of, any information obtained from third-party sources. In addition, all of the market data included in this presentation involves a number of assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. Finally, while we believe our own internal research is reliable, such research has not been verified by any independent source. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this presentation, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

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Highly experienced management team Clinical and preclinical pipeline based on clinically validated mechanisms of action Two clinically differentiated lead product candidates with top-line data readouts across five indications over next 24 months ~$170M* cash runway to late 2023 allows for top line data readouts and advancement of preclinical assets  Rethinking treatment for nervous system disorders * Cash, cash equivalents and marketable securities as of September 30, 2021 

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Powered by Successful and Talented Executives from Pioneering Organizations General Management, Commercial & Corporate Development Research & Development Valerie Morisset, PhD EVP R&D and Chief Scientific Officer Joanne Palmer, PhD Chief Development Officer Amy Chappell, MD Chief Medical Officer Robert Azelby, MBA Chief Executive Officer Erin Lavelle Chief Operating Officer & Chief Financial Officer James Bucher, JD EVP and General Counsel Deep expertise in neuroscience research, clinical development and commercialization Cymbalta, Lamictal, Neurontin, Lyrica, Trobalt, Vyepti, Vixotrigine Leadership experience in both large pharma and small biotech Large: Amgen, GSK, Novartis, Biogen, Lilly Small: Alder, Juno, Convergence, Exelixis Highly skilled in public/private capital raising and corporate development with successful exits Exits: Alder, Convergence, Juno, Immunomedics, Cascadian

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Eliem is Developing Novel Therapies With Multiple Opportunities to Address Interrelated Diseases Approaching interrelated disease states with multiple MOAs Innovating within clinically validated mechanisms of action Multiple “pipeline-in-a-product” opportunities ETX-810 ETX-155 Kv7 Chronic Pain Epilepsy ETX-155 Kv7 Depression / Anxiety ETX-155 Kv7 Next-gen anxiolytic

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Eliem Pipeline: Four Programs with Clinically Validated MOAs and Multiple Upcoming Clinical Catalysts Product Candidate (Mechanism) Lead indications Preclinical Phase 1 Phase 2 Anticipated Clinical Milestones ETX-810 (PEA prodrug) Diabetic peripheral neuropathic pain Topline Phase 2a data (1H 2022) Lumbosacral radicular pain (sciatica) Topline Phase 2a data (1H 2022) ETX-155 (GABAA receptor PAM) Major depressive disorder (MDD) Topline Phase 2a data (1H 2023) Perimenopausal depression (PMD) Topline Phase 2a data (1H 2023) Focal onset seizure (FOS) Phase 1b photosensitive epilepsy data (1H 2022) Kv7 Program  (Kv7.2/3 channel opener) Pain, Epilepsy, Depression Next Gen Anxiolytic (2,3-benzo) Generalized anxiety disorder (GAD) PEA: palmitoylethanolamide GABAA PAM: GABAA receptor positive allosteric modulator

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ETX-810 Anticipated Milestones Diabetic Peripheral Neuropathic Pain (DPNP) Phase 2a Data 1H 2022 Lumbosacral Radicular Pain (LSRP) Phase 2a Data 1H 2022

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Chronic Pain: Large Commercial Opportunity with High Unmet Need ETX-810 Current Treatment Paradigm ETX-810 has opportunity to be preferred 2nd line monotherapy or used in combination <50% of patients achieve ≥50% reduction in pain  significant residual pain Significant tolerability issues (e.g., dizziness, nausea, somnolence, weight gain) Poor compliance / frequent switching Abuse liabilities (e.g., opioids) Novel MoAs  polypharmacy/ combination therapy Unmet Need Est. Chronic Pain US+EU Treated Patients ~$20b Rx market (2018) Antidepressants  (e.g., Cymbalta) Anticonvulsants (e.g., Lyrica) NSAIDs Opioids Other >36m >47m 3rd line 2nd line 1st line Sources: Decision Resources Group (DRG), Neuropathic Pain Landscape and Forecast (June 2020); DRG Current Treatment: Physician Insights, Neuropathic pain (October 2019) Decision Resources Group (DRG), Chronic Pain Landscape and Forecast (March 2021); DRG Current Treatment: Physician Insights, Chronic Pain (July 2019)

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ETX-810: Prodrug of PEA (palmitoylethanolamide), an Endogenous Bioactive Lipid Acting as a Master Regulator of Neuroinflammation and Pain Signaling ETX-810 Petrosino and Di Marzo, Br J Pharmacol. 2017 174:1349 ETX-810 is being developed to restore PEA levels to reduce persistent neuroinflammation and pain signaling in chronic pain PEA is a master regulator of neuroinflammation and pain signaling with a pleiotropic mechanism1 Reduced PEA levels hypothesized in chronic pain pathology1 Inhibition of inflammatory mediator release from mast cells/monocytes/macrophages Agonism of PPAR-alpha  inhibition of pro-inflammatory gene expression Agonism of GPR55  action on microglia activation and phagocytic activity Entourage effect via FAAH inhibition  increase endocannabinoid levels (AEA, 2-AG, OEA) ETX-810

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Clinical Validation of PEA: Compelling Body of Evidence Highlighting PEA’s Activity and Tolerability in Chronic Pain ETX-810 Paladini et al, Pain Physician, 2016, 19:11-24 Artukoglu et al, Pain Physician, 2017, 20:353-362 From Cymbalta (duloxetine) meta-analyses in chronic pain: Osani et al, Korean J Intern Med, 2019;34(5):966-973; Weng et al, Osteoarthritis Cartilage, 2020;28(6):721-734; Enomoto et al, J Pain Res, 2017;10:1357-1368; Ney et al, Pain Medicine, 2013;14:706-719 From Lyrica (pregabalin) meta-analyses in chronic pain: Onakpoya et al. BMJ Open, 2019;9(1):e023600; Parsons et al. Curr Med Res Opin, 2016;32(5):929-37; Zhang et al. Acta Anaesthesiol Scand, 2015;59(2):147-59; Ney et al, Pain Medicine, 2013;14:706-719 Consistent, clinically meaningful reductions in pain Benign tolerability profile Activity across a broad range of chronic pain conditions PEA in Chronic Pain >2,500 patients treated with PEA in >35 published clinical studies of PEA >1500 patients studied in 15 RCTs ~900 patients treated with PEA Meta-Analyses of PEA Chronic Pain Clinical Studies Reference Key Conclusions Paladini 20161 (12 studies) 81% achieved “mild pain” by day 60 (compared to 41% in control) Artukoglu 20172 (8 RCTs) 2-point pain score reduction* vs control *Mean pain score delta vs placebo for benchmark chronic pain drugs: Cymbalta - 0.8 to 1.23 Lyrica - 0.5 to 1.14

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Clinical Validation of PEA: Two Large Placebo-Controlled Studies Demonstrate Clinical Activity and Dose-Dependent Response ETX-810 Guida et al, DOLOR, 2010; 25:35-42 Post-hoc analysis of Guida low back pain study by Cruccu et al, CNS & Neurological Disorders - Drug Targets, 2019; 18:491-495 Steels et al, Inflammopharmacology, 2019;27:475-485 VAS: Visual Analog Scale WOMAC: Western Ontario and McMaster Universities Osteoarthritis Index NRS: Numerical Rating Scale (segmented numeric version of VAS scale) Steels 20193 – Knee osteoarthritis N=111, PEA monotherapy 300 mg / 600 mg vs placebo, 8-week BID dosing Guida 20101 – Low back pain / sciatica N=636, PEA monotherapy 300 mg / 600 mg vs placebo, 21-day BID dosing Pain Score Reduction WOMAC total score Placebo 300 mg PEA 600 mg PEA * Anova p<0.001 * * -0.9 Δ vs placebo -3 Δ vs placebo ** 600 mg p=0.001 * 300 mg p=0.037 ** * Placebo PEA 300 mg PEA 600 mg Statistically significant reduction in pain vs placebo at d21 600 mg significantly better than 300 mg 82% of 600 mg group had ≥50% reduction in pain2 Higher neuropathic pain correlated with higher efficacy2 Significant reduction in WOMAC total score (pain, stiffness, and function) vs placebo at Wk 8, with dose-dependent response Statistically significant reduction in NRS pain vs placebo at Wk 8 (-2.1 pain reduction vs placebo at 600mg, data not shown)

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ETX-810: Opportunity to Be a First-in-Class PEA Prescription Therapeutic for Chronic Pain ETX-810 Prodrug Program Rationale Program Goals Clear dose response in PEA RCTs Opportunity to enhance exposure Develop new chemical entity (NCE) through prodrug approach Optimize PK of bioactive PEA Maximize probability of clinical trial success Bring regulated PEA product to market supported by robust RCTs Rapid oral absorption and conversion to biologically active PEA through series of enzymatic hydrolysis steps Favorable pharmacokinetics – increased half-life and dose-dependent increase in exposure Strong preclinical activity and dose-dependent effect in models of inflammatory pain and neuropathic pain New IP generated with patent protections to 2037 Ester prodrug moiety Hydrolysis in tissue & serum Active PEA Protected PEA Absorption ETX-810

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ETX-810 Has an Improved PK Profile and 3X Higher Exposure Compared to Dietary Supplement PEA ETX-810 Prodrug pharmacokinetics results in higher PEA concentration over time and 3x exposure improvement PEA concentration over time PEA exposure 600mg PEA Dietary supplement 1000 mg ETX-810 (= 490 mg PEA) 3x higher exposure* Longer half-life of bioactive PEA Significantly higher area under the curve *Up to ~6x higher exposure on daily basis with 1000 mg BID dosing 1000 mg BID dosing expected to yield 6x higher PEA exposure

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Encouraging Tolerability in Phase 1 Study With All AEs Being Mild and at Similar Rates as Placebo, With No Discontinuations ETX-810 * same subjects participated in both the 150mg fasted and fed dosing conditions Highly differentiated Phase 1 tolerability profile for a chronic pain drug Participants were dosed every 12 hrs for 6 consecutive days; a single dose was administered on day 7 All doses were administered following a meal MAD Study (n=20) Adverse Event ETX-810 1000mg BID (n=8) ETX-810 500mg BID (n=8) Placebo (n=4) Any AE 38% 38% 50% Nausea 25% 0% 25% Vomiting 0% 0% 25% Menorrhagia 0% 25% 0% Dysmenorrhea 0% 13% 0% Insomnia 0% 13% 0% Headache 13% 0% 25% Dizziness 13% 0% 0% Muscle twitching 13% 0% 0% Muscle spasms 13% 0% 0% SAD Study (n=60) Adverse Event ETX-810 (50-1200mg) (n=48*) Placebo (n=12) Any AE 29% 33% Somnolence 10% 8% Dizziness 8%  0% Headache 4%  0% Disorientation 2%  0% Euphoric mood 2%  0% Paraesthesia 2%  0% Nausea 6% 17% Diarrhoea 2%  0% Dry mouth 2%  0% Dyspepsia 0% 8% Fatigue 2% 17% Pallor 2%  0% Palpitations 2%  0% Phase 2 dose

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ETX-810: Two Phase 2a Proof of Concept Studies Now Enrolling With Topline Data Expected 1H 2022 ETX-810 Implementing clinical development strategies to refine patient population and limit placebo effect Lumbosacral Radicular Pain (LSRP) Diabetic Peripheral Neuropathic Pain (DPNP) NCT04778592 NCT04688671 N = 122 R N = 162 R ETX-810 (1000mg BID) Placebo BID ETX-810 (1000mg BID) Placebo BID 4 Weeks Study + 1 Week Follow up 4 Weeks Study + 1 Week Follow up Anticipated topline data 1H 2022 Anticipated topline data 1H 2022 Objectives: Demonstrate clinically meaningful improvement in neuropathic pain Confirm safety & tolerability Primary Outcome Measure: Change from baseline to Week 4 in weekly average of the daily pain score Rated on 11-point pain intensity numerical rating scale (PI-NRS) 80% power to detect a 1-point difference from placebo

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Aiming to Develop a NCE with Desired Clinical Profile to Address the Large Chronic Pain Market ETX-810 * Decision Resources Group estimated chronic pain 2028 prevalence by indication, February 2021 A novel chronic pain therapy with a desirable product profile is a multibillion dollar opportunity Commercial Opportunity Target Profile for a New Chronic Pain Treatment Non-opioid, with no abuse liability Novel mechanism of action Efficacy as monotherapy and in combination Benign side effect profile No drug-drug interactions (DDIs) DPNP LSRP (neuropathic back pain) Chronic Low Back Pain OA Pain 2028 US+EU Forecast: ~50m 2nd line or later drug-treated chronic pain patients ~10m ≥2nd line treated LSRP and DPNP patients in US+EU At ~$5K annual price, every 2% patient market share is worth ~$1b/year in LSRP and DPNP alone Fibromyalgia, RA pain, Cancer Pain, PHN Broad expansion opportunities into large chronic low back pain and OA pain indications

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ETX-155 Anticipated Milestones Photosensitive Epilepsy Data Expected 1H 2022 Major Depressive Disorder Topline Phase 2a Expected 1H 2023 Perimenopausal Depression Topline Phase 2a Expected 1H 2023

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ETX-155: A Differentiated Neuroactive Steroid GABAA Positive Allosteric Modulator ETX-155 Dual potent activity at synaptic and extrasynaptic GABAA receptors, with high intrinsic efficacy Well tolerated at exposure levels that have translated to clinical efficacy for other GABAA PAMs No clinically meaningful food effect Convenient once-daily dosing with ~40-hr half-life Strong IP position with patent protection to 2039 Clinical validation for MOA (GABAA PAM)

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Clinical Development Focused on Depressive Disorders and Focal Onset Seizure – Large Markets With Considerable Unmet Need ETX-155 Perimenopausal Depression (PMD) Estimated annual prevalence (US+EU) MoA Rationale Unmet Needs Reduced GABA levels  increased MDD severity1 Clinically validated (SAGE-217) Faster onset of action Improved tolerability/efficacy Novel MoAs Same as MDD Novel MoAs directly addressing reduced neurosteroid levels Reduced neurosteroid levels  PMD symptoms Clinically validated in neurosteroid-driven PPD (SAGE-217) ~32m (~9m failed ≥1 prior therapy)2 ~8m (~2m with no history of MDD)3 GABAergic deficits  epileptic state Clinically validated in orphan epilepsies (ganaxolone) Novel MoAs  better seizure control Positive impact on mood as #1 comorbidity is depression4 ~2m (~0.8m with uncontrolled seizures)5 Epilepsy / Focal Onset Seizure (FOS) Major Depressive Disorder (MDD) Luscher et al, Mol Psychiatry, 2011;16(4):383-406 Decision Resources Group (DRG)– Unipolar Depression Disease Landscape and Forecast Freeman et al, JAMA Psychiatry, 2014;72(1):36-43 Kanner AM, Biol Psychiatry, 2003;54(3):388-98 DRG – Epilepsy Disease Landscape and Forecast, May 2021

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Company Molecule GABAAR Activity Pharmacokinetics Half-life Oral Bioavailability Clinical Validation (positive RCT) Synaptic Extra-synaptic Food effect Half-life Oral Bioavailability MDD PPD or PMD Epilepsy ETX-155 No ~40 hrs ~70% (tablet) 1H 2023 1H 2023 2024 SAGE-217 (zuranolone) Yes 14-18 hrs 68% (capsule) - ganaxolone Yes 2-3 hrs 10% (capsule) - - PRAX-114 Yes 12–15 hrs Not disclosed 1H 2022 TBD - ETX-155 Differentiation: Significantly Longer Half-Life, Lack of Food Effect, Favorable Bioavailability and Broad GABAAR Activity ETX-155 Sources: SAGE-217: Hoffmann et al, Clin Pharmacokinet, 2020;59(1):111-120; Hoffmann et al, ASCP 2018, poster #782; Botella et al, J Med Chem, 2017;60(18)7810-7819. PRAX-114: Praxis Precision Medicines. 2020 Form S-1 Registration Statement Ganaxolone: Hulihan et al., American Epilepsy Society Annual Meeting 2020, poster RCT: randomized, controlled clinical trial PPD: Postpartum Depression; MDD: Major Depressive Disorder; PMD: Perimenopausal Depression; PTSD: Post-Traumatic Stress Disorder; ET: Essential Tremor

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Phase 1 Study in Healthy Subjects: Excellent Pharmacokinetics and Safety & Tolerability Profile with No Severe or Serious Adverse Events ETX-155 ETX-155 Phase 1 Repeat-Dose Results Favorable pharmacokinetics Steady state reached at day 8  ~40-hour half-life at steady state 60 mg evening dosing was well tolerated  No SAEs or discontinuations All AEs were mild/moderate and transient CNS AE details The rate of CNS AEs were comparable in ETX-155 and placebo groups Most CNS AEs occurred at Tmax (3-4 hrs post-dose) 7 reports of somnolence out of 24 ETX-155-treated patients (no subject reported somnolence more than once during dosing period) Leeds Sleep Evaluation Questionnaire indicates no difference in next-morning alertness or disruption in sleep quality compared to placebo 7-day Repeat Dose 14-day Repeat Dose Combined ETX-155 60 mg (n=9) Placebo (n=6) ETX-155 60 mg (n=15) Placebo (n=5) ETX-155 60 mg (n=24) Placebo (n=11) n (%) n (%) n (%) n (%) n (%) n (%) ≥1 TEAE 5 (56) 3 (50) 9 (60) 4 (80) 14 (58) 7 (64) Somnolence 1 (11) 2 (33) 6 (40) 2 (40) 7 (29) 4 (36) Fatigue 0 0 4 (27) 1 (20) 4 (17) 1 (9) Headache 2 (22) 2 (33) 1 (7) 0 3 (13) 2 (18) Dizziness 1 (11) 0 2 (13) 0 3 (13) 0 Most common treatment-emergent AEs (In ≥10% of ETX-155 treated subjects across repeat dose studies)

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ETX-155 Does Not Have a Clinically Meaningful Food Effect: Potential to Impact Efficacy, Safety, and Compliance ETX-155 has not been assessed in a head-to-head study against PRAX-114, SAGE-217, or ganaxolone, and the study designs and analytical methods for all four product candidates may be different. As a result, such data may not be directly comparable. ETX-155 Presence of a food effect may impact: Efficacy Exposure reduced or increased if medication not taken with food Safety and Tolerability Timing/severity of AEs associated with Cmax Compliance More strict daily routine required to maintain drug levels within the required range for efficacy and safety SAGE-2172 PRAX-1141 Ganaxolone3 NO FOOD EFFECT4 ETX-155 AUC(0-t) Cmax FOOD EFFECT Clinically meaningful higher exposure if taken with food FOOD EFFECT Clinically meaningful lower exposure if taken with food 1.25x 0.8x 1.6x 2.9x 2.6x 3.0x 0.6x Fed/Fasted Ratio Tablet, 30mg, human Suspension, 30mg, human Capsule, 30mg, human Capsule, 5 mg/kg, dog Reported Fed/Fasted Ratios for GABAA PAM class Praxis Precision Medicines, Form S-1/A, Oct 15, 2020 Hoffmann et al, Clin Pharmacokinet, 2020;59(1):111-120; Hoffmann et al, ASCP 2018, poster #782 U.S. Patent No. 9,029,355 Range of fed/fasted ratios for AUC and Cmax required to claim absence of food effect on bioavailability, per FDA Guidance For Industry, Food-Effect Bioavailability and Fed Bioequivalence Studies, December 2002

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Progressing ETX-155 in Epilepsy: Phase 1b Proof-of-Concept Trial in Photosensitive Epilepsy (PSE) to De-risk Focal Onset Seizure Study ETX-155 Study Details Rationale Design: Phase 1b, single-center, randomized, double-blind, placebo-controlled, 2-sequence crossover study Objective: Provide evidence of inhibition of PPR in subjects with PSE Dose: Single dose of 135 mg (MTD), then titrate down until loss of effect N= 6 Primary Outcome Measure: Change in PPR range vs placebo at 1, 2, 4, 6, and 8hr PSE is characterized by a photoparoxysmal response (PPR) triggered by light stimulation Single dose PSE trials are valuable in predicting efficacy in epilepsy and aiding in dose selection for later phase trials Reduction of an induced PPR EEG response in PSE has proven a reliable biomarker of anticonvulsant activity in epilepsy for most approved ASMs1 Data anticipated 1H 2022 1. Yuen and Sims, Seizure, 2014, 23:490-493

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Progressing ETX-155 in Depressive Disorders: Two Phase 2a RCTs of ETX-155 in MDD and PMD, with Topline Data Anticipated in 1H 2023 ETX-155 Screening Outpatient Treatment Follow-up 28 days Week 14 days 1 2 3 4 ETX-155 60 mg tablets qd x 28 days Placebo qd x 28 days MDD Phase 2a ~80 subjects 12 US sites d1 d8 d15 d22 d29 1:1 RANDOMIZATION d43 PMD Phase 2a ~80 subjects 15 US sites Topline data from both studies anticipated 1H 2023 Primary Endpoint (both PMD and MDD studies) Change from baseline in HAMD17 over days 8, 15, 22, and 29* Key Secondary Endpoints Change from baseline in HAMD17 at day 8, 15, 22, 29, and 43* 50% response rate in HAMD17 at day 8, 15, 22, 29* HAMD17: Hamilton Depression Rating Scale * Evaluating additional HAMD measurement at Day 3.

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ETX-155: Potentially Clinically Differentiated Oral Neuroactive Steroid in Markets with Significant Unmet Needs ETX-155 Improve Efficacy Leverage absence of food effect & significantly longer half-life ETX-155 Opportunities Unmet Needs Improve Tolerability Highly encouraging CNS AE rates in healthy subjects Improve Durability Leverage longer half-life and evaluate longer dosing periods (i.e., ≥28 days) Novel MoA Clinicians combine different MoAs to improve seizure control Well Tolerated Encouraging Phase 1 tolerability data when considering use as an add-on therapy Positive impact on mood Potential to provide differentiated benefit on common depression comorbidity Depressive Disorders Slow onset of efficacy (~6+ wks) High refractory rates Tolerability issues limit compliance Focal Onset Seizure 30% of patients on ASMs have uncontrolled seizures #1 co-morbidity is depression

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Kv7.2/3 Program: Developing a Differentiated Kv7.2/3 Opener For Multiple Neuronal Excitability Indications Kv7 IND-enabling studies anticipated to initiate 1H 2022 Opportunity across multiple indication areas Epilepsy Chronic Pain Depression Kv7 Eliem Kv7 Program Goal Kv7 Opportunity Program Status Maintain efficacy with improved tolerability and safety Multiple lead and backup chemotypes in novel IP space Improved metabolic stability Potent at Kv7.2/3 and selective vs Kv7.1/4 Human genetic validation Strong clinical validation in pain and epilepsy (retigabine, flupirtine, XEN1101) Clear translational path to clinical efficacy Metabolic/safety liabilities with existing molecules

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Multiple Catalysts and Value-Creating Milestones Across Pipeline – Existing Cash Runway Through Five Topline Data Catalysts 2H 2021 1H 2022 2H 2022 1H 2023 Ph 1b PSE Topline data Ph 2a DPNP Ph 2a LSRP Ph 2a MDD ETX-810 ETX-155 Ph 2a PMD Ph 2 FOS Preclinical Kv7 program IND-enabling studies GAD program candidate selection Ph 1 Cash runway into late 2023 Ph 1 IND-enabling studies Topline data Topline data Topline data Topline data Anticipated Catalysts and Key Milestones Financial Summary Cash, Cash Equivalents & Marketable Securities $169.6 million As of Sept 30, 2021 Q3 2021 Operating Expenses $9.4 million R&D: $6.0 million G&A: $3.4 million

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Highly experienced management team Clinical and preclinical pipeline based on clinically validated mechanisms of action Two clinically differentiated lead product candidates with top-line data readouts across five indications over next 24 months ~$170M* cash runway to late 2023 allows for top line data readouts and advancement of preclinical assets  Rethinking treatment for nervous system disorders * Cash, cash equivalents and marketable securities as of September 30, 2021 

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For more information: www.eliemtx.com InvestorRelations@eliemtx.com