Silence Therapeutics plc Q4 FY2022 earnings call

• 2022 was exceptional with strong clinical data from SLN360 (Zerlasiran) showing up to 98% efficacy in APOLLO study. - Progressed SLN124 program with encouraging preliminary safety results in GEMINI II Phase I thalassemia study. - Partnered programs: started second target under Hansoh Pharma collaboration, moved SLN501 into clinic with Mallinckrodt, advanced work with AstraZeneca. - Upcoming milestones in 2023 include top line data from APOLLO multiple dose study, SLN124 multiple dose study, and enrollment completion in Zerlasiran Phase II ASCVD study.

For the year ended December 31, 2022, Silence Therapeutics recorded £17.5 million in revenues, an increase from £12.4 million in 2021. R&D costs rose to £35.6 million in 2022 compared to £30.8 million in 2021. The net loss for 2022 was £40.5 million, slightly higher than £39.4 million in 2021. Cash and cash equivalents were £71.1 million at the end of December 2022. Revenue increase was driven by advancement of targets in partnered programs, and R&D costs rose due to advancing proprietary programs.

• Expect to build on 2022 momentum in 2023 with key milestones like top line data from APOLLO and SLN124 multiple dose studies. - Current cash balance estimated to last through Q1 2024, with potential to extend via partnership milestones. - Anticipate communicating more updates on partnered programs in 2023.

Actual results may differ materially from forward-looking statements due to various factors including those discussed in the most recent annual report on file with the SEC. Any forward-looking statements represent views as of the call date and not subsequent dates, with no obligation to update.

Q: Tom Shrader from BTIG Research asked about Lp(a) MACE reduction and target population.

A: Giles Campion responded discussing Lp(a) biology, linear effect, and differentiation opportunities.

Q: Patrick Trucchio from H.C. Wainwright and Co. Research inquired about Zerlasiran's MAD portion and Phase II enrollment.

A: Craig Tooman and Giles Campion mentioned strong investigator enthusiasm and confidence in year-end enrollment.

Q: Keay Nakae from Chardan Research asked about partnered program milestones and cash runway.

A: Rhonda Hellums stated potential $14 million from partnerships within 12 months and cash runway through Q1 2024.

Q: Myles Minter from William Blair Research questioned Zerlasiran population, differentiation, and diversity in trials.

A: Giles Campion discussed population inclusion, differentiation from peers, and importance of diversity in outcome studies