[SCHEDULE 13D/A] Climb Bio, Inc. SEC Filing

Rhea-AI Filing Summary

Amendment No. 4 to a Schedule 13D updates holdings and recent sales by Access Industries affiliates in Climb Bio, Inc. The Reporting Persons collectively own 3,835,117 shares, equal to 5.66% of the 67,764,100 shares outstanding as of July 31, 2025. The filing notes the issuer changed its name from "Eliem Therapeutics, Inc." to "Climb Bio, Inc." and its Nasdaq symbol to CLYM, effective October 2, 2024. The amendment discloses open-market sales by AI ETI totaling 75,383 shares on September 25–29, 2025 at weighted average prices around $2.11 per share, and on October 3, 2025 sales of 1,101,900 shares including a 1,100,000-share block trade at $1.9501 per share. The filing states control relationships among AI ETI, Access Industries Holdings, Access Industries Management and Len Blavatnik and includes a joint filing agreement.

Positive

• Clear disclosure of beneficial ownership: 3,835,117 shares representing 5.66%
• Name and ticker change publicly recorded: issuer renamed to Climb Bio, Inc. and ticker to CLYM
• Detailed trade reporting with dates, volumes and weighted-average prices including a block trade

Negative

• Substantial disposal via a 1,100,000-share block trade on October 3, 2025
• Additional open-market sales on September 25–29, 2025 (total 75,383 shares) at ~$2.11 per share, increasing free float

Insights

Investor Relations Analyst

Reporting persons hold a meaningful minority stake and disclosed large, recent disposals.

The combined stake of 3,835,117 shares equals 5.66% of the outstanding common stock as of July 31, 2025, which is large enough to attract investor attention but below a typical control threshold. The disclosed sales include a 1.1M-share block trade on October 3, 2025, plus earlier open-market sales in late September 2025.

These transactions can affect share supply and near-term trading liquidity; monitor reported share totals in future filings and any statements about intent to acquire or divest additional shares over the coming weeks.

Securities Compliance Advisor

Amendment clarifies beneficial ownership, voting relationships, and required disclosure of recent trades.

The filing restates that AI ETI directly owns the shares and that AIH, AIM and Len Blavatnik may be deemed to beneficially own them due to control relationships, with each non-AI ETI Reporting Person disclaiming beneficial ownership. The report updates Item 5 with specific trade dates, volumes and weighted average prices.

From a compliance perspective, the precise trade prices and the undertaking to provide breakdowns on request help satisfy disclosure expectations; expect routine follow-up questions only if additional sales change the reported percentage materially.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

Climb Bio, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

28658R106

(CUSIP Number)

Alejandro Moreno
Access Industries, Inc., 40 West 57th St., 28th Floor
New York, NY, 10019
(212) 247-6400

Langhorne S. Perrow
Access Industries, Inc., 40 West 57th St., 28th Floor
New York, NY, 10019
(212) 247-6400

Nicholas P. Pellicani
Debevoise & Plimpton LLP, 28 Tudor Street
London, X0, EC4Y 0AY
44 20 7786 9000

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

10/03/2025

(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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,835,117.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 3,835,117.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

3,835,117.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.66 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) 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 filed with the Securities and Exchange Commission (the "SEC") on August 12, 2025.

SCHEDULE 13D

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,835,117.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,835,117.00

11

Aggregate amount beneficially owned by each reporting person

3,835,117.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.66 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) 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 filed with the SEC on August 12, 2025.

SCHEDULE 13D

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,835,117.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,835,117.00

11

Aggregate amount beneficially owned by each reporting person

3,835,117.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.66 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

(1) 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 filed with the SEC on August 12, 2025.

SCHEDULE 13D

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

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 0.00
8	Shared Voting Power 3,835,117.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 3,835,117.00

11

Aggregate amount beneficially owned by each reporting person

3,835,117.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

5.66 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

(1) 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 filed with the SEC on August 12, 2025.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, par value $0.0001 per share
(b)	Name of Issuer: Climb Bio, Inc.
(c)	Address of Issuer's Principal Executive Offices: 20 William Street, Suite 145, Wellesley Hills, MASSACHUSETTS , 02481.
Item 1 Comment: This Amendment No. 4 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 Climb Bio, Inc. (formerly known as 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, Amendment No. 2 to the Schedule 13D filed by the Reporting Persons with the SEC on May 17, 2024 and Amenment No. 3 to Schedule 13D filed by the Reporting Persons with the SEC on August 16, 2024 (together, the "Schedule"), is hereby amended and supplemented by the Reporting Persons as set forth below in this Amendment No 4. 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. On October 2, 2024, the Issuer filed a certificate of amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware solely to change the Issuer's name from "Eliem Therapeutics, Inc." to "Climb Bio, Inc." (the "Name Change"). The Name Change became effective on October 2, 2024. In connection with the Name Change, the Issuer's trading symbol for the Issuers's common stock on The Nasdaq Global Market changed to"CLYM," effective, October 2, 2024.
Item 5.	Interest in Securities of the Issuer
(a)	The disclosure in Items 5(a), (b), (c) and (d) is hereby amended and restated as follows: (a) (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.
(b)	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.
(c)	On September 25, 2025, AI ETI sold 37,371 shares of Common Stock at a weighted average price of $2.1148 per share in open market transactions.(1) On September 26, 2025, AI ETI sold 32,629 shares of Common Stock at a weighted average price of $2.1135 per share in open market transactions.(2) On September 29, 2025, AI ETI sold 2,383 shares of Common Stock at a weighted average price of $2.1175 per share in open market transactions.(3) On October 3, 2025, AI ETI sold 1,900 shares of Common Stock at a price of $2.1000 per share in open market transactions. On October 3, 2025, AI ETI sold 1,100,000 shares of Common Stock at a price of $1.9501 per share in a block trade. (1) These shares were sold in multiple transactions at prices ranging from $2.1000 to $2.1500, inclusive. The Reporting Persons undertake to provide to the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within such range. (2) These shares were sold in multiple transactions at prices ranging from $2.1000 to $2.1550, inclusive. The Reporting Persons undertake to provide to the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within such range. (3) These shares were sold in multiple transactions at prices ranging from $2.1000 to $2.1650, inclusive. The Reporting Persons undertake to provide to the staff of the SEC, upon request, full information regarding the number of shares purchased at each separate price within such range.
(d)	3,835,117 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.	Material to be Filed as Exhibits.
	99.8 Joint Filing Agreement, dates as of October 7, 2025.

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.

AI ETI LLC

Signature:	/s/ Alejandro Moreno
Name/Title:	By: Access Industries Management, LLC, its manager; its Executive Vice President, General Counsel/Alejandro Moreno
Date:	10/07/2025

Access Industries Holdings LLC

Signature:	/s/ Alejandro Moreno
Name/Title:	By: Access Industries Management, LLC, its manager; its Executive Vice President, General Counsel/Alejandro Moreno
Date:	10/07/2025

Access Industries Management, LLC

Signature:	/s/ Alejandro Moreno
Name/Title:	Executive Vice President, General Counsel/Alejandro Moreno
Date:	10/07/2025

Len Blavatnik

Signature:	*/s/ Alejandro Moreno
Name/Title:	By: Alejandro Moreno as Attorney-in-Fact for Len Blavatnik
Date:	10/07/2025

Comments accompanying signature:

* The above signed, by signing his name hereto, executes this Amendment No. 4 to Schedule 13D pursuant to the Limited Power of Attorney executed on behalf of Mr. Blavatnik and filed herewith.

FAQ

What stake do Access Industries entities hold in Climb Bio (CLYM)?

They directly and indirectly hold 3,835,117 shares, equal to 5.66% of the 67,764,100 shares outstanding as of July 31, 2025.

What recent sales did AI ETI report in the Schedule 13D/A?

AI ETI reported selling 37,371 shares on Sept 25, 2025, 32,629 on Sept 26, 2025, 2,383 on Sept 29, 2025, and 1,101,900 on Oct 3, 2025 (including a 1,100,000-share block trade).

At what prices were the recent AI ETI sales executed?

The September open-market sales were at weighted averages near $2.11 per share with price ranges up to $2.1650; the 1,100,000-share block trade executed at $1.9501 per share on Oct 3, 2025.

When did the issuer change its name and ticker to Climb Bio, Inc. (CLYM)?

The issuer filed a certificate changing its name to Climb Bio, Inc. and Nasdaq symbol to CLYM, effective October 2, 2024.

Do the Reporting Persons claim sole beneficial ownership of the shares?

AI ETI is the direct owner; AIH, AIM and Len Blavatnik may be deemed to beneficially own the shares due to control relationships but each (other than AI ETI) disclaims beneficial ownership.

Does the filing include any litigation or other material changes beyond trades and ownership?

No litigation is disclosed; the amendment updates ownership figures, trade details, and records the name/ticker change with a joint filing agreement as an exhibit.