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

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

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 Annual Report on Form 10-K for the fiscal year ended December 31, 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.

Highly experienced management team Clinical and preclinical pipeline based on clinically validated mechanisms

of action Rethinking treatment for Two clinically differentiated lead product candidates with top-line nervous system data readouts across five indications over next 24 months disorders ~$160M* cash runway to late 2023 allows for top line data

readouts and advancement of preclinical assets

Powered by Successful and Talented Deep expertise in neuroscience Executives from Pioneering Organizations

research, clinical development and commercialization Lyrica, Neurontin, Trobalt, Vyepti, Vixotrigine, Nimotop, Aptiom, Lunesta, General Management, Commercial & Corporate Development Geodon Leadership experience in both large pharma

and small biotech Robert Azelby, MBA Erin Lavelle James Bucher, J.D. Large: Amgen, GSK, Novartis, Biogen, Chief Executive Officer Chief Operating Officer & EVP and General Counsel Bayer, Pfizer Chief Financial Officer Small:

Alder, Juno, Convergence, Cavion, Exelixis Research & Development Highly skilled in public/private capital raising and corporate development with successful exits 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 Exits: Alder, Convergence, Juno, Immunomedics, Cascadian, Cavion

Eliem is Developing Novel Therapies With Multiple Opportunities to Address Interrelated Diseases Chronic Pain

Approaching interrelated disease states with ETX-810 multiple MOAs ETX-155 Kv7 Innovating within clinically validated mechanisms of action Depression Epilepsy / Anxiety ETX-155 ETX-155 Kv7 Kv7 Multiple pipeline-in-a-product opportunities

Eliem Pipeline: Four Programs with Clinically Validated MOAs and Multiple Upcoming Clinical Catalysts Product

Candidate Anticipated Clinical Lead indications Preclinical Phase 1 Phase 2 Phase 3 (Mechanism) Milestones Topline Phase 2a Diabetic peripheral neuropathic pain data (1H 2022) ETX-810 (PEA prodrug) Topline Phase 2a Lumbosacral radicular pain

(sciatica) data (2H 2022) Topline Phase 2a Major depressive disorder (MDD) data (2H 2023) ETX-155 Topline Phase 2a Perimenopausal depression (PMD) (GABA receptor PAM) data (2H 2023) A Phase 1b photosensitive Focal onset seizure (FOS) epilepsy data

(1H 2022) Kv7 Program Pain, Epilepsy, Depression (Kv7.2/3 channel opener) Next Gen Anxiolytic Generalized anxiety disorder (GAD) (2,3-benzo)

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

Radicular Pain (LSRP) Phase 2a Data 2H 2022

Chronic Pain: Large Commercial Opportunity with High Unmet Need Current Treatment Paradigm Unmet Need >36m

<50% of patients achieve ?50% reduction in pain ? significant residual pain 1st line Antidepressants Significant tolerability issues (e.g., dizziness, nausea, US+EU (e.g., Cymbalta) somnolence, weight gain) Pain Patients

Anticonvulsants (e.g., Lyrica) Chronic NSAIDs Poor compliance / frequent switching Treated Opioids Est. Abuse liabilities (e.g., opioids) Other ~$20b Rx market (2018) Novel MoAs? polypharmacy/ combination therapy ETX-810

has opportunity to be preferred 2nd line monotherapy or used in combination

ETX-810: Prodrug of PEA (palmitoylethanolamide), an Endogenous Bioactive Lipid Acting as a Master Regulator of

Neuroinflammation and Pain Signaling Reduced PEA levels hypothesized in PEA is a master regulator of neuroinflammation and chronic pain pathology1 pain signaling with a pleiotropic mechanism1 Inhibition of inflammatory mediator release from mast

ETX-810 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 is being developed to restore PEA levels to reduce persistent neuroinflammation and pain signaling in chronic pain

Clinical Validation of PEA: Compelling Body of Evidence Highlighting PEA s Activity and Tolerability in

Chronic Pain PEA in Chronic Pain Meta-Analyses of PEA Chronic Pain Clinical Studies Reference Key Conclusions >2,500 patients treated with PEA in >35 published clinical studies of PEA Paladini 20161 81% achieved mild pain by day 60

(12 studies) (compared to 41% in control) Artukoglu 20172 2-point pain score reduction* vs control >1,500 patients studied in 15 RCTs (8 RCTs) ~900 patients treated with PEA *Mean pain score delta vs placebo for benchmark chronic pain drugs:

Cymbalta 0.8 to 1.23; Lyrica 0.5 to 1.14 Consistent, clinically meaningful Activity across a broad range of Benign tolerability profile reductions in pain chronic pain conditions

Clinical Validation of PEA: Two Large Placebo-Controlled Studies Demonstrate Clinical Activity and

Dose-Dependent Response Guida 20101 Low back pain / sciatica Steels 20193 Knee osteoarthritis N=636, PEA monotherapy 300 mg / 600 mg vs placebo, N=111, PEA monotherapy 300 mg / 600 mg vs placebo, 21-day BID dosing 8-week BID dosing

Pain Score Reduction WOMAC total score Placebo 300 mg PEA 600 mg PEA Baseline Week 4 Week 8 score 50 0 -1 40 -2 10) -2 Placebo Score 2.9WOMAC 30 0 -3 * * PEA 300 mg Pain -0.9 20 (scale -4 vs placebo -5 Mean ** PEA 600 mg VAS -5 10 -6 -3

* vs placebo * Anova p<0.001 * 300 mg p=0.037 ** 600 mg p=0.001 Statistically significant reduction in pain vs placebo at d21 Significant reduction in WOMAC total score (pain, stiffness, and function) vs placebo at Wk 8, with

dose-dependent response 600 mg significantly better than 300 mg 2 Statistically significant reduction in NRS pain vs placebo at Wk 8 (-2.1 pain 82% of 600 mg group had ?50% reduction in pain reduction vs placebo at 600mg, data

not shown) Higher neuropathic pain correlated with higher efficacy2

ETX-810: Opportunity to Be a First-in-Class PEA Prescription Therapeutic for Chronic Pain Program Rationale

ETX-810 Absorption Clear dose response in PEA RCTs Opportunity to enhance exposure Develop new chemical entity (NCE) Ester prodrug Protected PEA Hydrolysis in Active PEA through prodrug approach moiety tissue & serum

Rapid oral absorption and release of biologically active PEA through series of enzymatic hydrolysis Program Goals steps Favorable pharmacokinetics increased half-life and dose-dependent increase in exposure Optimize PK of bioactive PEA

Maximize probability of clinical trial Strong preclinical activity and dose-dependent effect in models of inflammatory pain and success Bring regulated PEA product to market neuropathic pain supported by robust RCTs New IP generated

with patent protection to 2037

ETX-810 Has an Improved PK Profile and 3X Higher Exposure Compared to Dietary Supplement PEA Prodrug

pharmacokinetics results in higher PEA concentration over time and 3x exposure improvement PEA concentration over time PEA exposure 80 400 1000 mg ETX-810 (delivering 490 mg PEA) 600 mg PEA dietary supplement 60 300 12h) 3x higher 40 200

exposure* Concentration(0 PEA (ng/mL) AUC Mean 20 100 0 0 0 2 4 6 8 10 12 600mg PEA 1000 mg ETX-810 Time (h) Dietary supplement (= 490 mg PEA) Longer half-life of bioactive PEA 1000 mg BID dosing expected to Significantly higher area under the

curve yield 6x higher PEA exposure

Encouraging Tolerability in Phase 1 Study With All AEs Being Mild and at Similar Rates as Placebo, With No

Discontinuations SAD Study (n=60) MAD Study (n=20) ETX-810 Placebo ETX-810 1000mg ETX-810 500mg BID Placebo Adverse Event Adverse Event (50-1200mg) (n=48*) (n=12) BID (n=8) (n=8) (n=4) Any AE 29% 33% Any AE 38% 38% 50% Somnolence 10% 8% Dizziness 8%

0% Nausea 25% 0% 25% Headache 4% 0% Vomiting 0% 0% 25% Disorientation 2% 0% Menorrhagia 0% 25% 0% Euphoric mood 2% 0% Paraesthesia 2% 0% Dysmenorrhea 0% 13% 0% Nausea 6% 17% Insomnia 0% 13% 0% Diarrhoea 2% 0% Headache 13% 0% 25% Dry mouth 2% 0%

Dyspepsia 0% 8% Dizziness 13% 0% 0% Fatigue 2% 17% Muscle twitching 13% 0% 0% Pallor 2% 0% Palpitations 2% 0% Muscle spasms 13% 0% 0% Phase 2 dose Participants were dosed every 12 hrs for 6 consecutive days; a single dose was administered on

day 7 * same subjects participated in both the 150mg fasted and fed dosing conditions All doses were administered following a meal Highly differentiated Phase 1 tolerability profile for a chronic pain drug

ETX-810: Two Phase 2a Proof of Concept Studies With Topline Data Expected in 2022 Diabetic Peripheral

Neuropathic Pain (DPNP) Objectives: 4 Weeks Study + 1 Week Follow up Fully enrolled Demonstrate clinically meaningful R ETX-810 (1000mg BID) Anticipated topline data improvement in neuropathic pain 1H 2022 Confirm safety &

tolerability N = 162 Placebo BID NCT04688671 Primary Outcome Measure: Lumbosacral Radicular Pain (LSRP) Change from baseline to Week 4 in weekly average of the daily pain score 4 Weeks Study + 1 Week Follow up Rated on 11-point pain

intensity Anticipated topline data numerical rating scale (PI-NRS) R ETX-810 (1000mg BID) 2H 2022 80% power to detect a 1-point difference from placebo N = 122 Placebo BID NCT04778592 Implementing clinical development strategies to refine

patient population and limit placebo effect

There are a total of ~10 million treated patients in the DPNP and LSRP indications in the US DPNP LSRP Diabetes

overall prevalence 34.2 M Chronic LBP overall prevalence 32.4 M DPNP overall prevalence 9.6 M Neuropathic pain in chronic LBP 13.7 M DPNP diagnosis rate 4 468 .6 M Chronic LBP diagnosis rate 8.9 M DPNP Drug Treated patients 3.0 M LSRP Drug Treated

~60% of the treated US patient opportunity is in 2nd line and beyond (2L+) Treated patient opportunity by

LOT DPNP Total 2L+ <50% of patients achieve ?50% Line 1 Line 2 Line 3 Line 4+ reduction in pain ? significant % Pts 59% (40%) (27%) (19%) (14%) residual pain across all lines Significant tolerability issues # Pts

1.2m 0.8m 0.6m 0.4m 1.8m (e.g., dizziness, nausea, somnolence) LSRP Total 2L+ Abuse liabilities (e.g., opioids) Line 1 Line 2 Line 3 Line 4+ Compliance challenges % Pts 64% (35%) (27%) (21%) (17%)

Polypharmacy # Pts 2.5m 1.9m 1.5m 1.1m 4.5m

A $15B+ branded opportunity exists in LoT2+ Drug Branded Dollar Both Cymbalta and Lyrica achieved Treated

Opportunity >$1B in US peak sales in pain DPNP ~3.0 M ~$5 B Peak year: 2013 Assumptions: Pain revenue: ~$1.3B ? 60% LOT2+ LSRP ~7.0 M 195 Average DoT ~$11 B ? ~$ WAC Peak year: 2018 ? 5000 Pain revenue: ~$3.1B Both ~10.0 M ~$16 B Indications

Each 10% share of the LoT2+ patients is a $1.5B+ opportunity Percentage of Patients in LoT2+ across DPNP and

LSRP Opportunity 11% Opioids 43% ~40%+ of patients are taking Total Branded Patients opioids consistently Opportunity = $16B of 31% Anti-Epileptics / Anti-Depressants Share of Lot2+ patients Nearly every patient is on an 10% 20% 30%

Percentage 74% anti-epileptic or an anti- $ Opportunity $1.6B $3.2B $4.8B depressant Overall (LoT2+) Anti-epileptic Opioid Anti-depressant Others

We believe we can target 70% of the market (~75k HCPs) with a field team of ~500-550 HCP Universe Top

specialties across DPNP & LSRP by NRx volume 8% PM & R LSRP 8% DPNP PAIN MEDICINE 10% 17k 31k 27k 14% ANESTHESIOLOGY NRx % INTERNAL MEDICINE 34% FAMILY MEDICINE ~75k unique HCPs

Aiming to Develop a NCE with Desired Clinical Profile to Address the Large Chronic Pain Market Target Profile

for a New Chronic Pain Treatment Commercial Opportunity Non-opioid, with no abuse liability 2028 US+EU Forecast: ~50m 2nd line or later drug-treated chronic pain patients Novel mechanism of action ~10m ?2nd line treated LSRP and Chronic Low

DPNP patients in US+EU Back Pain LSRP (neuropathic At ~$5K annual price, every 2% Efficacy as monotherapy and in combination back pain) patient market share is worth DPNP ~$1b/year in LSRP and DPNP alone Benign side effect profile OA Pain

Broad expansion opportunities into large chronic low back pain and OA Fibromyalgia, RA pain, pain indications No drug-drug interactions (DDIs) Cancer Pain, PHN A novel chronic pain therapy with a desirable product profile is a multi-billion

Anticipated Milestones Photosensitive Epilepsy ETX-155 Data Expected 1H 2022 Major Depressive Disorder Topline

Phase 2a Expected 2H 2023 Perimenopausal Depression Topline Phase 2a Expected 2H 2023

ETX-155: A Differentiated Neuroactive Steroid GABAA Positive Allosteric Modulator Clinical validation for MOA

(GABAA PAM) Dual potent activity at synaptic and extrasynaptic GABAA receptors, with high intrinsic efficacy No clinically meaningful food effect Convenient once-daily dosing with ~40-hr half-life Well tolerated at exposure levels that have