Silence Therapeutics PLC(SLN) - 2022 Q4 - Earnings Call Transcript

Financial Data and Key Metrics Changes - The company's net loss for the full year 2022 was £40.5 million compared to a net loss of £39.4 million in 2021, reflecting an increase in R&D expenses due to advancing clinical programs [17] - Revenue for the year ended December 31, 2022, was £17.5 million, up from £12.4 million in 2021, driven by advancements in partnered programs [28] - Cash and cash equivalents were £71.1 million (approximately US $86 million) at the end of December 2022, with an estimated cash runway through the first quarter of 2024 [17][50] Business Line Data and Key Metrics Changes - The SLN360 program, now known as Zerlasiran, reported up to 98% efficacy in the APOLLO study, with strong durability after a single dose [25] - The SLN124 program is progressing in the clinic, with encouraging preliminary safety results reported in the GEMINI II Phase I thalassemia study [14][21] Market Data and Key Metrics Changes - Elevated Lp(a) levels are recognized to affect up to 1.4 billion people worldwide, representing a significant unaddressed health issue [31] - The company is focusing on a target population with Lp(a) levels greater than or equal to 125 nmol per liter for the Phase II study, which is a lower threshold than in the Phase I study [20][39] Company Strategy and Development Direction - The company aims to differentiate its products in the market, particularly in the statin-sized market for cardiovascular treatments [10] - The focus is on advancing clinical programs across both proprietary and partnered pipelines, with expectations for strong execution in 2023 [27][35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving key milestones by year-end, including top-line data from multiple ongoing studies [2][47] - There is a growing recognition of Lp(a) as a key cardiovascular risk factor, with increased awareness and testing among major societies [51] Other Important Information - The company has received FDA fast track and orphan drug designations for SLN124, indicating regulatory support for its development in rare diseases [33] - The company anticipates receiving up to$ 14 million in potential milestone payments from existing partnerships within the next 12 months [45] Q&A Session Summary Question: What kind of MACE reduction is needed for investor excitement regarding Lp(a)? - Management indicated that a 70% reduction in Lp(a) is generally needed to demonstrate therapeutic benefit, with current data showing higher reductions [37] Question: What insights are expected from the MAD portion of the Phase I trial? - The MAD portion will provide interim data that could optimize dosing for future studies, although it will not impact the ongoing Phase II trial [41] Question: What potential additional indications are being considered for SLN124? - Management noted that while both polycythemia vera and beta-thalassemia involve hepcidin, the underlying mechanisms differ, and they are exploring relevant indications for SLN124 [43]