Eliem’s stock slides 20% after saying it will discontinue development of pain treatment

Shares of Eliem Therapeutics Inc. ELYM, -12.58% tumbled 20.0% in premarket trading on Tuesday after the company said it will discontinue development of its treatment for lumbosacral radicular pain after a Phase 2a clinical trial didn’t yield strong enough results. Eliem said it has enough capital to fund the development of other therapies and its operations through mid-2024. Eliem’s stock is down 70.9% this year, while the S&P 500 SPX, +0.13% has declined 14.5%.