The Board of Eliem Therapeutics, Inc. has approved a corporate reorganization plan to conserve financial resources. As part of the reorganization, the Company will reduce its workforce by approximately 55% in the first half of 2023. In connection with this reorganization, Bob Azelby, president and a member of the Eliem Board, will be departing the Company and the Board imminently, and Andrew Levin, current Chairman of the Board, has been appointed as Executive Chairman overseeing the day-to-day operations of the Company, effective upon Mr. Azelby's departure.

In addition, Erin Lavelle, executive vice president and chief operating officer and Jim Bucher, executive vice president and general counsel, will depart the Company following a short transition period.