Eliem Therapeutics Inc. stock ELYM, +5.36% surged 21% during premarket trading on Thursday after the biotech company, which specializes neuronal excitability disorder therapies, announced that it was exploring its strategic options. The Seattle-based and Cambridge, U.K. based company announced that it had halted development of the Kv7 program. This program was focused on treating pain and epilepsy. The company has hired Leerink as a strategic advisor. In a press release, Eliem said that it would explore strategic options, which could include an acquisition, merger or business combination. As of June 30th, it had a preliminary amount of $102.6 million cash and equivalents. The stock is down 24% year-to-date, while S&P 500 SPX, -10.56% is up 19%.