Filing Overview
This Form 8-K was filed by Eliem Therapeutics, Inc. on January 31, 2022, reporting events occurring on January 27, 2022. The request metadata identifies Climb Bio, Inc., but the filing names Eliem Therapeutics, Inc. as the registrant. The filing concerns executive compensation and does not report operating or financial results.
Executive Compensation
2021 Performance Bonuses
| Executive | 2021 Bonus |
|---|---|
| Robert Azelby, President and CEO | $330,000 |
| Erin M. Lavelle, COO/CFO | $222,750 |
| Valerie Morisset, Ph.D., EVP R&D and CSO | £124,913 as presented in the filing |
The bonuses were approved by the Compensation Committee based on company and individual performance goals and other relevant factors. Payment was scheduled during 2022.
2022 Salaries and Target Bonuses
| Executive | Base Salary | Target Bonus |
|---|---|---|
| Robert Azelby | $675,000 | 65% of base salary |
| Erin M. Lavelle | $465,750 | 45% of base salary |
| Valerie Morisset, Ph.D. | £323,260 as presented in the filing | 45% of base salary |
For 2022, bonuses for executives other than Mr. Azelby will depend on company and individual performance goals. Mr. Azelby’s bonus will depend solely on company performance goals. The Board had not yet established the company performance goals as of the filing.
Financial Metrics and Liquidity
The filing does not provide revenue, profit or loss, cash flow, margins, debt, liquidity, cash balances, or other operating performance metrics.
Material Changes, Outlook, and Risks
- The material changes disclosed are the approval of 2021 executive bonuses and 2022 executive salaries and target bonus percentages.
- The filing does not provide business guidance, financial outlook, risk-factor updates, contingencies, or unusual operating items.
- Additional executive compensation information was expected in the proxy statement for the 2022 annual stockholders’ meeting.
Investor Verification Items
- Confirm the registrant identity: the filing names Eliem Therapeutics, Inc., while the request metadata names Climb Bio, Inc.
- Verify the currency and presentation of Valerie Morisset’s 2021 bonus and 2022 salary, which appear with a pound symbol in the supplied filing text.
- Review the subsequent proxy statement for compensation rationale and related disclosures.
- Confirm the company performance goals ultimately adopted for the 2022 bonus program.