SCHEDULE: Climb Bio Major Shareholder Reduces Stake

Access Industries entities and Len Blavatnik have reduced their beneficial ownership in Climb Bio, Inc. to 5.66% through recent share sales.

Summary

• Reporting Persons, including AI ETI LLC, Access Industries Holdings LLC, Access Industries Management, LLC, and Len Blavatnik, filed Amendment No. 4 to their Schedule 13D.
• The amendment reports a reduction in their beneficial ownership of Climb Bio, Inc. common stock.
• AI ETI LLC sold a total of 1,174,283 shares of Common Stock between September 25, 2025, and October 3, 2025.
• Sales included open market transactions at weighted average prices ranging from $2.1148 to $2.1000 per share, and a block trade of 1,100,000 shares at $1.9501 per share.
• Following these transactions, the Reporting Persons beneficially own 3,835,117 shares, representing 5.66% of the Issuer's outstanding Common Stock.
• The percentage is based on an aggregate of 67,764,100 shares of Common Stock issued and outstanding as of July 31, 2025, as reported in the Issuer's Form 10-Q.
• Climb Bio, Inc. was formerly known as Eliem Therapeutics, Inc., with the name change and ticker symbol 'CLYM' effective October 2, 2024.

Sentiment

Score: 3

Explanation: The sentiment is negative due to a significant reduction in beneficial ownership by a major investor group, including a large block sale at a lower price, which could signal diminished confidence or a strategic exit from a portion of their investment in Climb Bio, Inc.

Negatives

• A significant shareholder, AI ETI LLC, reduced its stake by selling 1,174,283 shares of Common Stock.
• The sales included a large block trade of 1,100,000 shares at $1.9501 per share, which is lower than the prices obtained in recent open market transactions.
• The beneficial ownership percentage of the Reporting Persons decreased from an implied approximately 7.38% to 5.66%.

Risks

• The reduction in stake by a major investor group, including Len Blavatnik, could be perceived negatively by the market, potentially signaling a lack of confidence in the company's future prospects.
• Large block sales can exert downward pressure on the stock price due to increased supply.

Future Outlook

NA

Industry Context

This filing primarily concerns a change in beneficial ownership by a significant investor group in Climb Bio, Inc., a company that recently underwent a name change. It does not provide specific details on broader industry trends or competitive landscape, but a reduction in stake by a major investor could be interpreted in the context of the biotechnology or pharmaceutical industry's inherent risks and long development cycles.

Related Party Transactions

• AI ETI LLC, Access Industries Holdings LLC, Access Industries Management, LLC, and Len Blavatnik are considered related parties due to their significant beneficial ownership and control structure.
• The reported sales of 1,174,283 shares of Common Stock by AI ETI LLC are transactions involving these related parties.

Stakeholder Impact

• Shareholders: Existing shareholders may view the reduction in stake by a major investor negatively, potentially leading to downward pressure on the stock price. It could also raise questions about the company's long-term prospects or the investor's confidence.
• Company Management: The company's management might need to address market concerns regarding the divestment by a significant shareholder.

Key Dates

Recommendation

The significant reduction in stake by a major institutional investor, Access Industries, including a large block trade at a discounted price, suggests a lack of conviction or a strategic divestment. This action by a sophisticated investor could signal underlying concerns about Climb Bio's future performance or valuation, making it prudent for other investors to consider reducing their exposure.

Keywords

Climb Bio, Eliem Therapeutics, CLYM, Schedule 13D/A, Beneficial Ownership, Share Sale, Access Industries, Len Blavatnik, Institutional Investor, Equity Stake