Eliem Therapeutics : Corporate Presentation – May 2023

Clinical Stage Neurology Company Focused on Neuronal Excitability Disorders

Corporate Presentation | May 2023

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; regulatory application, review and approval processes and our compliance with applicable legal and regulatory requirements; 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 quarterly period ended September 30, 2022, 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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Rethinking treatment for nervous system disorders

Highly experienced team with deep expertise in neuroscience and ion channel drug discovery and development

Highly differentiated Kv7 program with broad potential to pursue across multiple neuronal excitability indications

~$109M* cash runway into 2027 enabling advancement of lead Kv7 asset through Phase 2a clinical proof of concept

* cash, cash equivalents and investments as of March 31, 2023

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Addressing multiple interrelated diseases by focusing on core mechanisms of neuronal excitability

Depression

/ Anxiety /

Kv7.2/3

Others

Epilepsy	Pain, other
hyper-
	excitability
	conditions

Approaching interrelated disease states with distinct MOAs

Innovating within clinically validated mechanisms of action

Pursuing products with multiple potential

indications

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Eliem Portfolio: Focused on clinically validated Kv7.2/3 mechanism with potential to pursue across multiple neuronal excitability disorders

Product Candidate		Lead	IND-
Potential Indications	selection /	enabling	Phase 1	Phase 2	Phase 3
(Mechanism)
	optimization	studies

ETX-123	•	Epilepsy	Phase 1 in healthy subjects planned
(Kv7.2/3 channel
opener)	•	Depressive disorders	for 1H 2024 initiation
	•	Chronic Pain
	•	Other CNS
Backup Kv7.2/3		hyperexcitability
	disorders
openers
ETX-155*	•	Depression / Anxiety	(On hold as of Feb 2023)
(GABAA PAM
•	Epilepsy
neurosteroid)

* ETX-155 (GABAA positive allosteric modulator) is a Phase 2-ready asset in Eliem's portfolio but development has been paused as of Feb 2023

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