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NUMBER OF

SHARES BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

SOLE VOTING POWER

5,009,400 shares

SHARED VOTING POWER

0 shares

SOLE DISPOSITIVE POWER

5,009,400 shares

SHARED DISPOSITIVE POWER

0 shares

Accession Number:: 0001193125-24-141701
Form Type:: 13D Filing
Publication Date:: 2024-05-16 20:00:00

Filed By:: Ai Eti Llc
Company:: Climb Bio Inc.
Filing Date:: 2024-05-17
SEC Url:: 13D Filing

Ownership Summary

Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.

Name	Sole Voting Power	Shared Voting Power	Sole Dispositive Power	Shared Dispositive Power	Aggregate Amount Owned Power	Percent of Class
AI ETI	5,009,400	0	5,009,400	0	5,009,400	17.2%
Access Industries Holdings	0	5,009,400	0	5,009,400	5,009,400	17.2%
Access Industries Management	0	5,009,400	0	5,009,400	5,009,400	17.2%
Len Blavatnik	0	5,009,400	0	5,009,400	5,009,400	17.2%

Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

Eliem Therapeutics, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

28658R106

(CUSIP Number)

Alejandro Moreno

Langhorne S. Perrow

c/o Access Industries, Inc.

40 West 57^th Street, 28th Floor

New York, New York 10019

(212) 247-6400

with copies to:

Nicholas P. Pellicani

Debevoise & Plimpton LLP

65 Gresham Street

EC2V 7NQ

London

+ 44 20 7786 9000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

May 15, 2024

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rules 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. ☐

CUSIP No. 28658R106


1		NAME OF REPORTING PERSON. AI ETI LLC
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☐
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) AF
5		CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION State of Delaware

(1)	Based on an aggregate of 29,091,166 shares of Common Stock issued and outstanding on May 9, 2024, as reported in the Issuers Form 10-Q filed with the Securities and Exchange Commission (the SEC) on May 15, 2024.

CUSIP No. 28658R106


1		NAME OF REPORTING PERSON. Access Industries Holdings LLC
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☐
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) AF
5		CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION State of Delaware

(1)	Based on an aggregate of 29,091,166 shares of Common Stock issued and outstanding on May 9, 2024, as reported in the Issuers Form 10-Q filed with the SEC on May 15, 2024.

CUSIP No. 28658R106


1		NAME OF REPORTING PERSON. Access Industries Management, LLC
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☐
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) AF
5		CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION State of Delaware

(1)	Based on an aggregate of 29,091,166 shares of Common Stock issued and outstanding on May 9, 2024, as reported in the Issuers Form 10-Q filed with the SEC on May 15, 2024.

CUSIP No. 28658R106


1		NAME OF REPORTING PERSON. Len Blavatnik
2		CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☐
3		SEC USE ONLY
4		SOURCE OF FUNDS (SEE INSTRUCTIONS) AF
5		CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ☐
6		CITIZENSHIP OR PLACE OF ORGANIZATION United States of America

(1)	Based on an aggregate of 29,091,166 shares of Common Stock issued and outstanding on May 9, 2024, as reported in the Issuers Form 10-Q filed with the SEC on May 15, 2024.

CONTINUATION PAGES TO SCHEDULE 13D

This Amendment No. 2 to the Schedule is being filed by AI ETI LLC (AI ETI), Access Industries Holdings LLC (AIH), Access Industries Management, LLC (AIM) and Len Blavatnik (collectively, the Reporting Persons, and each, a Reporting Person) in respect of common stock, par value $0.0001 per share (the Common Stock), of Eliem Therapeutics, Inc. (the Issuer).

The Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission (the SEC) on August 23, 2021, as amended and supplemented by Amendment No. 1 to the Schedule 13D, filed with the SEC on November 13, 2023 (together, the Schedule), is hereby amended and supplemented by the Reporting Persons as set forth below in this Amendment No 2. This amendment is filed by the Reporting Persons in accordance with Rule 13d-2 of the Securities Exchange Act of 1934, as amended, and refers only to information that has materially changed since the filing of the Schedule. The items identified below, or the particular paragraphs of such items which are identified below, are amended as set forth below. Unless otherwise indicated, all capitalized terms used and not defined herein have the respective meanings assigned to them in the Schedule.

Item 5 Interest in Securities of the Issuer

The disclosure in Items 5(a) and (b) is hereby amended and restated as follows:

(a) and (b) The responses of each of the Reporting Persons with respect to Rows 11, 12, and 13 of the cover pages of this Schedule 13D that relate to the aggregate number and percentage of common stock (including but not limited to footnotes to such information) are incorporated herein by reference.

The responses of each of the Reporting Persons with respect to Rows 7, 8, 9, and 10 of the cover pages of this Schedule 13D that relate to the number of common stock as to which each of the persons or entities referenced in Item 2 above has sole or shared power to vote or to direct the vote of and sole or shared power to dispose of or to direct the disposition of (including but not limited to footnotes to such information) are incorporated herein by reference.

5,009,400 shares of Common Stock are owned directly by AI ETI and may be deemed to be beneficially owned by AIH, AIM and Mr. Blavatnik because (i) AIH indirectly controls all of the outstanding voting interests in AI ETI, (ii) AIM controls AIH and (iii) Mr. Blavatnik controls AIM and holds a majority of the outstanding voting interests in AIH. Each of the Reporting Persons (other than AI ETI), and each of their affiliated entities and the officers, partners, members and managers thereof, disclaims beneficial ownership of these securities.

Item 7 Materials to Be Filed as Exhibits

The disclosure in Item 7 is hereby supplemented by adding the following in appropriate numerical order:


Exhibit		Description

99.6		Joint Filing Agreement, dated as of May 17, 2024.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: May 17, 2024


AI ETI LLC						By: Access Industries Management, LLC, its Manager

						/s/ Alejandro Moreno
						Name: Alejandro Moreno
						Title: Executive Vice President

ACCESS INDUSTRIES HOLDINGS LLC						By: Access Industries Management, LLC, its Manager

						/s/ Alejandro Moreno
						Name: Alejandro Moreno
						Title: Executive Vice President

ACCESS INDUSTRIES MANAGEMENT, LLC						/s/ Alejandro Moreno
						Name: Alejandro Moreno
						Title: Executive Vice President

						/s/ *
						Name: Leonard Blavatnik

*	The undersigned, by signing his name hereto, executes this Amendment No. 2 to Schedule 13D pursuant to the Limited Power of Attorney executed on behalf of Mr. Blavatnik and filed herewith.



By:		/s/ Alejandro Moreno
		Name: Alejandro Moreno
		Attorney-in-Fact