<SEC-DOCUMENT>0001415889-24-018481.txt : 20240628
<SEC-HEADER>0001415889-24-018481.hdr.sgml : 20240628
<ACCEPTANCE-DATETIME>20240628180951
ACCESSION NUMBER:		0001415889-24-018481
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20240626
FILED AS OF DATE:		20240628
DATE AS OF CHANGE:		20240628

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Levin Andrew David
		CENTRAL INDEX KEY:			0001867539
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-40708
		FILM NUMBER:		241087276

	MAIL ADDRESS:	
		STREET 1:		C/O ELIEM THERAPEUTICS, INC.
		STREET 2:		23515 NE NOVELTY HILL RD, STE B221 #125
		CITY:			REDMOND
		STATE:			WA
		ZIP:			98053

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eliem Therapeutics, Inc.
		CENTRAL INDEX KEY:			0001768446
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		IRS NUMBER:				832273741
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2801 CENTERVILLE ROAD 1ST FLOOR
		STREET 2:		PMB #117
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19808
		BUSINESS PHONE:		877-354-3689

	MAIL ADDRESS:	
		STREET 1:		2801 CENTERVILLE ROAD 1ST FLOOR
		STREET 2:		PMB #117
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19808
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-06282024_100647.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2024-06-26</periodOfReport>

    <issuer>
        <issuerCik>0001768446</issuerCik>
        <issuerName>Eliem Therapeutics, Inc.</issuerName>
        <issuerTradingSymbol>ELYM</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001867539</rptOwnerCik>
            <rptOwnerName>Levin Andrew David</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ELIEM THERAPEUTICS, INC.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WILMINGTON</rptOwnerCity>
            <rptOwnerState>DE</rptOwnerState>
            <rptOwnerZipCode>19808</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>Executive Chairman</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right To Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>7.89</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2024-06-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>10000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2034-06-25</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>10000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The shares subject to the option will vest on the earlier of June 26, 2025 or the day immediately prior to the next annual meeting of stockholders, subject to the Reporting Person's continuous service through such date.</footnote>
        <footnote id="F2">Under the Reporting Person's arrangement with RA Capital Management, L.P. (the &quot;Adviser&quot;), the Reporting Person holds the stock option for the benefit of the RA Capital Healthcare Fund, L.P. (the &quot;Fund&quot;), RA Capital Nexus Fund, L.P. (the &quot;Nexus Fund&quot;), RA Capital Nexus Fund II, L.P. (the &quot;Nexus Fund II&quot;), and a separately managed account (the &quot;Account&quot;). The Reporting Person is obligated to turn over to the Adviser any net cash or stock received upon exercise of the stock option, which will offset advisory fees owed by the Fund, the Nexus Fund, the Nexus Fund II, and the Account to the Adviser. The Reporting Person therefore disclaims beneficial ownership of the stock option and underlying Common Stock.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ William Cowles, Attorney-in-Fact</signatureName>
        <signatureDate>2024-06-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
