Silence Therapeutics plc Q4 FY2023 earnings call

• 2023 was a year of execution with positive Phase 2 data for zerlasiran in high Lp(a) patients and progress with divesiran for polycythemia vera.
• Achieved $14 million in milestones from AstraZeneca and Hansoh collaborations.
• Strategically invested in early-stage projects, including buying back complement assets from Mallinckrodt.
• 2024 priorities include Phase 3 planning for zerlasiran, reporting PV data for divesiran by June, and advancing the GOLD platform.

In 2023, Silence Therapeutics recorded revenue of GBP25.4 million, an increase from GBP17.5 million in 2022. This was primarily driven by advancements in partner programs. R&D costs rose to GBP44 million in 2023 from GBP35.6 million in 2022 due to advancing proprietary programs. Net loss was GBP43.3 million in 2023. Cash and cash equivalents were GBP54 million at year-end, and after fundraising in 2024, cash runway extended to 2026.

• Cash runway extended to 2026 due to fundraising and anticipated milestones.
• 2024 will be data-rich with Phase 3 planning for zerlasiran and Q2 data expected for divesiran's 48-week results.
• Anticipates additional milestones from collaborations.

Q: Mike Ulz asked about additional color on the curves between zerlasiran doses and criteria for Phase 3 dosing.

A: Steven Romano stated they'll preserve details for a research meeting and will update PK/PD modeling using all data to choose Phase 3 dose.

Q: Kostas Biliouris inquired about Lp(a) data implications for Phase 3 design and PV program parameters.

A: Steven Romano said they'll look at all data to update modeling, and for PV, they're evaluating phlebotomies and hematocrit as efficacy indicators.

Q: Patrick Trucchio asked about Phase 3 plans for zerlasiran and SLN501.

A: Craig Tooman and Steven Romano mentioned full steam ahead with Phase 3 planning, open to partnerships, and no plans to reacquire SLN501 rights.

Q: Myles Minter asked about Lp(a) thresholds and SLN501.

A: Steven Romano said they can't share segregation data yet and no plans to reacquire SLN501 rights.

Q: Keay Nakae asked about scientific meeting for data and runway into 2026.

A: Craig Tooman said EFC is a reasonable expectation, and Rhonda Hellums said runway includes Phase 3 kick-off and collaboration milestones