Silence Therapeutics PLC(SLN) - 2021 Q2 - Earnings Call Transcript

Financial Data and Key Metrics Changes - For the six-month period ending June 30, 2021, the company recorded revenues of £5.8 million, a significant increase from £1.1 million in the same period of 2020, primarily due to partnership programs with Mallinckrodt and AstraZeneca [27] - The company's net loss for the six months ended June 30, 2021, was £20 million, compared to £11 million for the same period in 2020, driven by increased investments in R&D and general administrative costs [32] - Cash, cash equivalents, and deposits were £81.2 million at the end of June 2021, including net proceeds of approximately £30.7 million from a financing round and £30.8 million received from AstraZeneca [33] Business Line Data and Key Metrics Changes - The proprietary pipeline achieved a historic milestone with the first clinical data from the GOLD platform, specifically the SLN124 healthy volunteers study, demonstrating the technology's potential [7] - The company advanced its partnered pipeline, initiating work on a second undisclosed target with AstraZeneca and starting the third target under the Mallinckrodt collaboration [8] Market Data and Key Metrics Changes - The SLN360 program for cardiovascular disease due to high levels of lipoprotein(a) (Lp(a)) has fully enrolled four cohorts in a single ascending dose study, with topline data expected in Q3 2022 [12] - The SLN124 program for thalassemia and myelodysplastic syndrome (MDS) is expected to present additional results at the ASH conference in December, pending abstract acceptance [13] Company Strategy and Development Direction - The company aims to maximize the opportunity of its proprietary mRNAi GOLD platform, targeting disease-associated views in the liver through a hybrid model of proprietary and partnered pipelines [6] - The company is committed to delivering two to three INDs per year starting in 2023, focusing on liver-oriented programs [58] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong clinical data and a robust cash position that should fund operations through at least the end of 2022 or early 2023 [34][35] - The company is focused on advancing its clinical pipeline and believes the GOLD platform has significant potential for developing new precision medicines [10] Other Important Information - The company plans to host an R&D Day in New York on October 21, where it will discuss the SLN124 and SLN360 programs in more detail [16] - The increase in general administrative costs was primarily due to expenses associated with the NASDAQ listing and the requirements of being a public company [31] Q&A Session Summary Question: Regarding the SLN124 program and hemoglobin changes - Management indicated that a 30% reduction in transfusion frequency would likely be the registration endpoint, with a 1 to 1.5 gm increase in hemoglobin being clinically relevant [41] Question: On the SLN360 clinical development plan - The company is on track to initiate a Phase 2 study for SLN360 in the second half of next year, subject to regulatory discussions [46] Question: Advantages of SLN124 compared to other modalities - Management highlighted the strong target knockdown, long duration of action, and good safety profile of siRNA as advantages over other approaches [51] Question: Future INDs and target selection - The company plans to focus on liver-oriented programs for the upcoming INDs, leveraging its internal pipeline and partnerships [58] Question: Updates on AstraZeneca and Takeda collaborations - The company is bound by partnership agreements regarding the disclosure of targets and is progressing well in its collaborations [69][70]