Silence Therapeutics Plc Q2 FY2020 earnings call

• COVID-19 impact: Optimized operations to progress R&D and meet collaboration needs, with minimal impact on the company. - R&D progress: SLN360 received IND approval from FDA for Phase 1 studies; SLN124 initiated dosing in Phase 1 study with healthy volunteers. - Appointments: Mark Rothera appointed as President and CEO; Barbara Ruskin and Eric Floyd appointed as senior executives. - Collaborations: Secured major collaborations with AstraZeneca and Takeda, and expanded partnership with Mallinckrodt.

Revenue recognized for the half year was roughly £1 million. The company has secured collaborations with AstraZeneca, Takeda, and expanded with Mallinckrodt. From the AstraZeneca deal, they received an upfront cash payment of $20 million and an equity investment of $20 million, with potential for up to $400 million in milestones per target plus royalties. With Takeda, they commenced a technology evaluation. With Mallinckrodt, they expanded the collaboration with milestone payments triggered.

• Mark Rothera mentioned focusing on building momentum, especially with NASDAQ listing, and looking to build on the company's global aspirations. - Giles Campion stated SLN360 is aiming to start dosing primary prevention patients in Phase 1 trial by the end of 2020, subject to COVID-19 impacts; SLN124 Phase 1b study aims to start in the second half of 2020 pending COVID-19.

• Clinical trial timelines could be impacted by future COVID-related restrictions on patient recruitment at clinical trial sites.

Q: Please discuss how you view Silence’s strategic positioning, particularly the wholly-owned programs and partnered programs?

A: Mark Rothera said he joined because of the siRNA and GalNAc platform's potential, partnerships validate the platform, and he looks forward to seeing programs advance with a good balance between proprietary and partnered programs.

Q: On SLN360, what level of knockdown are you anticipating in the study and when do you expect initial data?

A: Giles Campion said preclinical data suggests at least 80% knockdown, but exact reporting timeline is uncertain due to COVID-19.

Q: On SLN360 dose range, Takeda collaboration, Amgen's 890, off-target effect on plasminogen?

A: Giles Campion answered on dose range being similar to NHP study, Takeda collaboration is a 12-month research evaluation, Amgen Phase 2 underway, and they convinced FDA of no significant off-target effects for SLN360.

Q: On AstraZeneca extrahepatic therapies, Mallinckrodt second option, partnerships?

A: Iain Ross said work with AstraZeneca on extrahepatic is ongoing with multiple approaches, Mallinckrodt second option details not disclosed, and they are balancing internal R&D and partnerships with resources being built up.