Eliem Therapeutics : Investor Presentation – August 2022

Clinical Stage Neurology Company Focused on Neuronal Excitability Disorders

Corporate Presentation | August 2022

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 June 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

• Unaudited cash, cash equivalents and short- and long-term marketable securities as of June 30, 2022

Highly experienced management team

Clinical and preclinical pipeline based on clinically validated mechanisms of action

Two differentiated programs in depression and epilepsy with expansion opportunities in chronic pain

~$135M* cash runway into 2025 allows for topline clinical data readouts and advancement of preclinical asset into clinic

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Powered by successful and talented executives from pioneering organizations

General Management, Commercial & Corporate Development

Robert Azelby, MBA	Erin Lavelle	James Bucher, J.D.
Chief Executive Officer	Chief Operating Officer &	EVP and General Counsel
	Chief Financial Officer

Research & Development

Valerie Morisset, Ph.D.	Joanne Palmer, Ph.D.	Mark Versavel, M.D., Ph.D.
EVP R&D and Chief Scientific Officer	Chief Development Officer	Interim Chief Medical Officer

Deep expertise in neuroscience research, clinical development and commercialization

• Lyrica, Neurontin, Trobalt, Vyepti, Vixotrigine, Nimotop, Aptiom, Lunesta, Geodon

Leadership experience in both large pharma and small biotech

• Large: Amgen, GSK, Novartis, Biogen, Bayer, Pfizer
• Small: Alder, Juno, Convergence, Cavion, Exelixis

Highly skilled in public/private capital raising and corporate development with successful exits

• Exits: Alder, Convergence, Juno, Immunomedics, Cascadian, Cavion

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Addressing multiple interrelated diseases with two distinct, clinically validated mechanisms of action

Depression	Approaching interrelated disease states with
distinct MOAs (GABAA PAM and Kv7.2/3)
/ Anxiety

		Innovating within clinically validated
ETX-155		mechanisms of action
Kv7
Chronic Pain	Epilepsy
Multiple "pipeline-in-a-product"opportunities

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