Eliem Therapeutics

CEO Aoife Brennan leads all strategic and capital-allocation decisions. She was appointed to the role in 2024 following the company's pipeline restructure and the $120 million private placement. Brennan previously served as CEO of Synlogic, a synthetic biology company, and has an MD from Trinity College Dublin. The board, reshaped after the 2024 financing, includes representatives from RA Capital and other life-science investors who influence capital planning.

Eliem's clinical pipeline consists of a single asset: ETX-155, an oral prodrug of allopregnanolone. The company is initially developing ETX-155 for perimenopausal depression, with a Phase 2 clinical trial that dosed its first patient in January 2025. Allopregnanolone is a neuroactive steroid that modulates GABA-A receptors, a well-validated mechanism in mood disorders. Prior pipeline programs in neuronal excitability, including a depression candidate that failed a Phase 2 trial, were discontinued in 2024.

Eliem completed a $120 million private placement in April 2024, led by RA Capital Management, which recapitalized the company following the failure of its previous lead program. The company is publicly traded on Nasdaq under the ticker ELYM, but the private placement brought in a largely new institutional shareholder base. As a clinical-stage company with no approved products, Eliem does not generate revenue and relies entirely on equity financing to fund operations.

RA Capital Management led the $120 million private placement that recapitalized Eliem in April 2024 and subsequently gained representation on the company's board. The relationship is that of a lead institutional investor, not a parent or controlling entity. The financing essentially re-founded the company around a new strategy, new CEO, and new board, with RA Capital as the anchor investor.