Silence Therapeutics Plc Q4 FY2021 earnings call

• 2021 was remarkable with first successful clinical data from mRNAi GOLD platform and NASDAQ listing. - Secured collaboration with Hansoh Pharma adding three new targets, and advanced collaborations with AstraZeneca and Mallinckrodt, bringing in $58 million non-dilutive cash. - Completed $45 million private placement, delisted from AIM, and welcomed new U.S. health care funds as shareholders. - SLN360 showed positive clinical data, with expectations of full study results at ACC in April and Phase 2 ASCVD study pending regulatory feedback. - SLN124 fully enrolled thalassemia study, discontinued MDS cohorts, and FDA granted orphan drug designation for PV. - SLN501 program with Mallinckrodt on track to move to clinic in first half of 2022.

In 2021, Silence Therapeutics recorded £12.4 million in revenues compared to £5.5 million in 2020. R&D costs rose to £30.8 million in 2021 from £20.2 million in 2020. General and administrative costs were £20 million in 2021 versus £14 million in 2020. The net loss for 2021 was £39.4 million versus £32.5 million in 2020. Cash and cash equivalents were £73.5 million (approximately $99 million) at the end of December 2021. Revenues were primarily driven by advancements in collaboration programs, with collaboration partners contributing $58.4 million in 2021.

• Expect full study results of SLN360 presented as a late breaker at ACC on April 3, with more durability data in Q3 and Phase 2 ASCVD study pending regulatory feedback. - SLN124 on track for top line data in third quarter, with focus on thalassemia and PV. - SLN501 program with Mallinckrodt to move to clinic in first half of 2022.

Q: Is it set in stone that we're only going to see single dose data for SLN360?

A: Giles Campion said they're pretty sure about single ascending dose data, but multiple dose session won't be ready for discussion.

Q: Are the new targets in the Asian partnership liable to be Asian applications or global?

A: Giles Campion said the targets have broadly applicable targets, two with worldwide rights and one primarily in China but with option globally.

Q: Can you discuss the dose response in SLN360 Phase 1 program?

A: Giles Campion said initial stages are about establishing dose regime, single ascending dose showed ranging from 46% up to 98% knockdown.

Q: With discontinue of MDS in SLN124, did you enroll low-risk MDS patients and what about data?

A: Giles Campion said partially enrolled first cohort of MDS, follow-up will be for 104 days, and prioritization is on thalassemia and PV where most value is seen.