Eliem drops depression drug, ending pursuit of Biogen-Sage and laying off 55% of team

Eliem drops depression drug, ending pursuit of Biogen-Sage and laying off 55% of team

Source: 
Fierce Biotech
snippet: 

How many years of cash runway do biotechs need to feel comfortable? Two? Three? Eliem Therapeutics has decided its two years of cash looks dicey in the current capital environment—and has responded by shelving a phase 2-ready depression drug candidate and laying off 55% of staff in a pivot to preclinical.