Silence Therapeutics (SLN) 30 Mar 212020 Q4 Earnings call transcript

Good day, ladies and gentlemen. And welcome to the Silence Therapeutics Full Year 2020 Conference Call and Webcast. At this time, all participants are in a listen-only mode. Later we will conduct a live question-and-answer session through the phone lines and instructions will follow at that time. Participants can also submit questions through the webinar platform, which will be answered by the company at a later date.

should lines call for listeners webcast either reminder, phone or best a join through the the As viewing experience. hand Corporate the now Investor will over Hopkins, Gem I Head Relations and Communications webinar. open to to of Please madam. go ahead,

you Good today joining year results for everyone. full us call. Therapeutics for morning, Silence afternoon, and XXXX good Thank the

During we be through walking will call the a presentation. slide

a Investors at already please on be visit download the deck www.silence-therapeutics.com along received website sure Corporate slide section or the haven’t our the you If of follow copy to to webcast.

and Exchange Silent’s reflect and to on we Tuesday, law. the statements of obligation perspective forward as filed clinical like It’s important and slide product forward-looking two. prospectus from business such our make information current milestone remind intent number are business. on March to XXXX. statements and XX, required prospects and the March a and today, except the strategies, or our Turning development operating our during other that capital Silence results detailed financial statements as of Actual that filings including factors current these course the affecting by or Securities by XX, of and events today’s of materially runway. I’d regarding factors looking disclaims plans and objectives, SEC candidate, These update the will may expenditures, anticipated to with expressly our and updated operational differ expectations management the from or trends any future projected time-to-time. you events business future are of the in call the anticipated may XXXX, periodic therapeutic the payments, that depending anticipated be forward-looking Commission of potential projections, performance with projections to note company, cash

Chief Mark on the discuss Financial call business. Dr. Craig me Chief on update for and then performance of our to Giles update Campion, and the an before will are to Tooman, provide an give the who our our With turn and will financial over Rothera, call provide the President Joining Officer, call our turn today call operator some CEO, that, our R&D programs. Head will the Medical I Mark. Mark? clinical to then closing to remarks Q&A. turning Mark Officer the on over will

and good for afternoon, Good joining everyone. Gem. you Thanks, us Thank morning, today.

So, slide to moving three.

Phase thalassemia LP(a) LP(a). Last lipoprotein(a) patients high have achieved our To Phase ourselves and back and mRNAi I anticipated for three stage global we After at disease position as a regulatory corporate data a in the with successfully developing XXXX, for SLNXXX to and as the Looking to with a key at we believe and made loading maximize rare which to advanced people XX for our both of clinical Silence and the cardiovascular XXXX RNAi, two is as remarkable opportunity Silence, levels for important this going of years scientific study stage in we potential SLNXXX XXXX, is science due to period business. looked the company as we set conditions anaemia we dosing proprietary this RNAi XXXX This syndrome year. or have into to demonstrate and the in progress the X for GOLD of started of iron the year wholly-owned the milestones XXXX high levels be XXXX Platform. entered get like first month, has programs of leading of level. clinic, MDS. APOLLO readouts in an field X or myelodysplastic point, moment, SLNXXX look breakout

second ascending year. half dose track data on readout in the single the of to of this study from We’re portion the

value plan to of XXXX, advance asset options in studies creating the ourselves initiate the more X clinic, positioning the is while second the Phase half future. SLNXXX Our for rapidly in to and for

For X our in data remain Platform. year. data to of the and in volunteers completed not important Phase it GEMINI first milestone, program, for this the the study first we also in only is track on I the healthy recently SLNXXX, GOLD half but report enrollment an SLNXXX be inhuman This will from

data core We we value in the both this XXXX, Giles more with GEMINI on detail programs of half high later II great in study a of and report to is also including expect our with enrollment wholly-owned a part developing pipeline patients in strides collaboration last and made year. call. will the month the in provide strategy started our SLNXXX Alongside advancing second interim this AstraZeneca also we million and are due for deal cash cardiovascular, in to landmark technology across novel up diseases. the of in first million deal upfront another evaluation platform of $XX $XX explore XX with year. to Takeda commenced In and our March respiratory an against this We the metabolic the with target. renal, January payment potential the targets received XXXX, receive half of to

payment we and million, discuss strong a and key SLNXXX detail sufficient collaboration them. initiated in with billion which a all XXXX, on readouts is in an a three complement-mediated the financing, to few see listing cash these diseases. non-diluted covered us. funding last SLNXXX for with position month. $X a last a pro XX to This forma also our to partnerships with in £XX.X plus completion started up gives from Mallinckrodt our financing more us Mallinckrodt perspective, expanded our exercised each collaborations milestones already up position see We’ve additional financial for beyond programs a potential Craig well options financials now combined of and the have million targets to of research two In data million of us benefits $X we’re In both in with royalties. triggering to targets, of will our programs. our work minutes. milestone the economics on oversubscribed $XX Nasdaq capital September, Collectively, by represent agreement From addition, clinical

our XX This continued we’ve bring experience team key myself, to regulatory, years industry. strengthen across clinical, months, past and over in appointments all the includes who the XX Over Craig, Giles of finance. and IP with

Michael year our partnership combination successful and pipeline And the of recently we’re both to trials XXXX, representing Davidson, world can our committed we appointed two per advancing experience goal file Board. fast efficiently experts also as clinical INDs to and as to our from a three I place We drive and programs. people execution wholly-owned is leading plan. lipidology to our Dr. to have in cardiovascular a with believe tremendous we of in right

in Moving the four, slide a value field. to chart creation. peer to has clear we believe our illustrates RNAi path Silence This group

You multi-billion market to must build while have value, pipeline, can more our and it pipeline dollar we is have all see today $X under programs caps, see rapidly our I effectively. and clinic Silence expand billion. the advanced wholly-owned way they The in

this substantial forward. of create moving All value should

a have developed roadmap together. We

value. In standalone a create moment, potential wholly-owned basis SLNXXX, addition, in a see a is you’ll as tremendous can our program on blockbuster lead that with program

that of two to the action ease improve design target is Moving ensure so to to we’ve our aim stability and efficacy, whenever approach the as maximize we molecular of GOLD decades. based our slide last effects, and our duration built and over Platform optimize consequently GOLD on minimize possible, refined manufacturing. Platform, five, Using our

estate, robust have platform, covering We each a target and we not also that only growing but IP pursuing. our are

across XX,XXX potential being are leverage unmet not to another programs to over these an opportunity That’s sRNA GOLD look currently treat targets existing diseases with there X% and Even peer is need. six, to we by Moving our Platform. another program, meaningful XXX we targeted slide believe could that the only in as we or a genes are our group. There if were liver. estimated that Of there potential tremendous can expressed address for. of XX%

think identify and is we tremendous mileage team that this a there’s translational So To targets. platform. to had genomics leveraging to hard in-house in working be a novel we’ve validate established and this end, opportunity

known We’re targets. molecules developing also to open against best-in-class

seven. slide to Moving

is what the sRNA about mentioned modality. As Platform attractive GOLD is approach our a earlier, proven particularly it is GalNAc and

clinic successfully for Platform compared has to the to through means much X the likelihood to that sRNA the to Phase fact, In GalNAc the X is the GOLD approval the higher This then average. of significantly be in moving and industry program typical Phase investment a is return from potential than our discovery on industry. better

output Moving to things are we and this our capitalize several the of maximize Platform. GOLD on eight, slide opportunity to doing

liver. I mentioned, group group and targets in been in building as is we and over year Firstly, a the have that that novel half the a past genomics we translational on have focused invested

is there that also to we so attrition, We’re of for target, higher success. when go looking do a likelihood reduce a

addition our Finally, in strategic wholly-owned growing to partnerships our we pipeline to continue strategy. seek to enhance opportunities

INDs XXXX to mentioned As earlier, I three and of combination per two we year to intend through programs. from our partnership both wholly-owned a file

slide to a is on nine, strategy Moving model. hybrid based our

We’re our SLNXXX, this advancing with highlights showing SLNXXX our partners. this assets, chart our but along lead pipeline, AstraZeneca of servicing and wholly-owned pipeline programs below. our And also and wholly-owned partners the Mallinckrodt

our the financial over to Craig? Craig that more now discuss I’ll with overview, performance to call in So, hand detail.

you, Thank Mark.

today provide context XX. around just the slide me some on reported Let we financials beginning

and is reflection XX, in the XXXX, partnership of million a recorded ending in with £X.X Mallinckrodt versus the million Takeda. the £X.X December programs For company period which revenues XXXX, largely

according on As you record based completion. programs, to these percentage of know, revenue we contract

attributed there For sales cost of is is our revenues. to reimbursements direct that by a partners, the

As additional as progress, did program XXXX. SLNXXX the programs in such

well. time. This as Our build include with revenue over programs AstraZeneca partnered should will

in £XX.X to As XXXX rose expected, in £XX.X versus R&D XXXX. costs million million

and costs to costs addition program in SLNXXX proprietary our addition includes increases. program to SLNXXX In headcount this partnership for

additional versus areas U.S. the for talked the net G&A of very you in associated enthused well. evaluate about continue area in XXXX versus trading public we with our on We will million P&L, required primarily namely costs for on company’s the £XX was the were impact investment XXXX. having new The an £XX.X in in million million next a and The was Giles approximately and spending. full two company General opportunities year As and driven R&D XXXX. the million to in needs and development administrative the are listing in increase costs by programs main as projects £X.X the Nasdaq loss being update the XXXX £XX.X about

slide company’s of were XX. deposits equivalents end at to The December XXXX. cash, £XX.X million cash and Turning the

million Mark million, that closed cash noted. However, from this In the the we proceeds and these contractual total, first we of proceeds financing forma pro AstraZeneca balances raised oversubscribed February £XX.X is early of million expect as of £XX.X approximately year. net successfully using half £XX.X in in in

ways information. showing are for We it you your to both

want you’ll count end the forward at shares. figure share financing. February for believe million to on our the our depicting post-financing slide use at have purposes, XX.X present. after also modeling position cash We a year We’re of and XXXX we Obviously, going strong

this and of we as comfortably the press company. our company on today. readouts continued should programs anticipate data that In in growth we release, to through have in Importantly, SLNXXX the allow fund key XXXX, been the SLNXXX discussing today’s investing us noted the

We compared R&D prior expect to higher our as programs to advanced costs incur periods.

will also an requirements. regulatory support additional organization to a to We and G&A growing greater spend with comply

providing the provide programs specific on I’ll Giles and call will With spending investing of wholly-owned to our our turn not are the we the SLNXXX. be SLNXXX We Giles? support any update to to clinical as clinical today, guidance programs. on success over prudent an but that,

Thanks, Craig.

about today be detail to to cardiovascular with proprietary Moving disease LP(a). talk clinical our to in programs high I’m XX, here due more slide for starting to SLNXXX pleased

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events likely clearly attack aortic these There’s for with X LP(a) a normal times have failure compared can see cardiovascular a and at people like stenosis more You are also X greater They high times that levels. individuals heart are need to heart or risk other here. unmet to to stroke.

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milligrams The left LP(a) very requiring compared similar is the population. greater see looking estimated with On cholesterol to the a with deciliter treatments. of at than medically-treated bottom XX million XXX you can population slide, high million, high we’re XXX per medical

SLNXXX. and levels. Lp(a) the inform there’s now, and there are require lifestyle high the not approved LP(a) catastrophic will no with. as a LP(a). a only high LP(a) effective knows medical cholesterol on However, including lifestyle positive handful between Patient an difference treatments changes modifiable you’re drugs stories require an have such lifestyle. patients that background High person healthy in versus risk the no High medical uncommonly of have a is a and something cholesterol all Most experiencing impact. not effect factor, thing of is treatments us changes Right attack, treatment first important a on development, high a born patients can event heart for is

believe slide to based non-human therapeutic primate ideal we SLNXXX has on profile the XX, our Moving data.

see can levels XX%. robust we of That saw the over fast of a you the knockdown here, acting study. duration sustained As throughout LP(a) was

there healthy, important, a but population liver such kidney and was with aside X% no large than when you’re otherwise medicine Safety introduce increased rodents, outside always drug level cardiovascular in is target risk. from to off particularly levels of effects. looking less is a the that peak detected to potential preventative Importantly,

Moving XX. to slide

volunteers Phase design LP(a) the You now high initial of can in is phase study see that The is underway. the levels. APOLLO X healthy with

this of population. for we’re in So knockdown LP(a) the levels a looking

to dose pandemic the ascending While remain of headwinds, half we’re from we this to data the portion readout in track on the single second navigate continuing year.

slide to conditions. SLNXXX second loading our is for anaemia XX, Moving program wholly-owned in development iron

on and targeting associated slide rare indications the conditions Both SLNXXX populations, two life designation a XX, by maintained thalassemia. drug therapist a quality has rare to are initially in of lower with market. poorly for thalassemia. Moving designation addition the MDS currently of to disease we’re both paediatric orphan and for these

Moving body regulator aims naturally key a slide It this hepcidin, levels the of TMPRSSX by SLNXXX liver. XX, down or a to the gene normalize knocking in silencing to in called iron restoring by iron balance. does occurring

a data looking are we beta mouse from Here for at model thalassemia.

normal for will you saw the a X.X production increase liver, That level. levels You a the red TMPRSSX then grams of increase cell per in then cell can in we on see reduction deciliter were the iron levels hepcidin allows the and which chart improved lowered in red to and right, blood more see production.

have Moving ongoing to two studies slide for XX, we SLNXXX.

study well The track is and are iron enrolled half The first healthy to in readout is study hepcidin the as year. in is data we this GEMINI in looking at as volunteers. first fully of the safety, on levels.

GOLD but mentioned, represents inhuman Mark it’s this -- only As from SLNXXX for recognized not program, also important the is the first our data Platform.

year. half II Moving study and our to of in GEMINI back second enrolling expected this the hand the we’re call slide for to in is that, With Data Mark. MDS. thalassaemia XX, also adult I’ll

Thank you, Giles.

both XX. important a now for of year we year the our science our Platform next from years a three the Platform, really INDs readout through day This Phase looking to years, X clinic, partnerships. is field wholly-owned per programs XX of in Silence. programs. this we our three to year, two and our is After wholly-owned Strategically, the with in developing deliver to GOLD to through expertise our to sRNA, Moving anticipated and are slide and over expect few maximize developing GOLD

to global breakout and XXXX as recent Silence that, everyone non-dilutive capitalized funding We are be million listening stage ourselves which to leading like thank a With year the XXXX, is to financing. we for set a pass I look to as today back the both RNAi going through for well over $XX Operator? believe I’d I’ll questions. business. the for for position operator and

Instructions] Thank you. you. [Operator Thank

question the today first Your Shrader of Tom from BTIG. comes from line

recent recent for becoming progress Congrats you Tom. space. of in Tissue all is antigen broader on the taking on events theme thank distribution in the an my emerging Hi. Julian This for the question. is and wake

gives the you mounts your where context that and hepcidin LP(a) to, with us can sRNA’s get need in So mind, inadequate confidence of and I programs? your to remind guess, and they can in what you maybe

you who much I person Great. U.K. And thank Giles, question. the that is to on the for very line best Tom, is in the think answer the

So Giles, do one? you want to tackle that

Yeah. over conjugated think the that answer sRNA sRNA modalities. important To speaks it’s very question, advantage GalNAc I a to the offers one, other great because -- it

You the got than effects. peak other is. distribution that you you liver reduction gene less so is a it that off in X% target targeting means indicated resulting I get the restricted during the of organs, important as likely is and And levels get with the where hepatocytes talk, thing LP(a) of the very

on sense expected it. target And That’s of framing elucidated? any be in Are that dosing half if year? when Okay. to And you portion, readout now better I’m Got sad then the the the expectations wondering for in SLNXXX, terms helpful. this a back LP(a) the quickly X you have interval Phase might knockdown? for of and

Giles, that? want do you to take

Yes. Phase to the ongoing we’re what X I study is obviously, designed mean, that’s that show. the --

one of in advantage of we’ve sRNA we’re a that, we’ve which sort [ph], full. with with dosage a which dosing. is is that TKS now think dosing. the dosage the around targets what’s interval, the From associated I of seen Amgen, monthly the six data long ability between seeing to seen line from the interest And results again, potential have encouraging obviously, is intervals similar

would something that not similar, should see we better. So if we imagine

Great. very you Thank Okay. much.

Thank you.

Thank you.

Trucchio from Patrick from H.C. question today the next of Wainwright. line Your comes

SLNXXX. have follow-up Hi. good afternoon. Good questions I morning on few a and

doses volunteers. milligram X And kilo in milligrams why primary the of and kilogram SLNXXX study secondly, were healthy X per and of chosen? tolerability kilogram the outcome. -- you and dose discuss So, X in per evaluated being GEMINI Can first, the levels Phase the is safety

first, pharmacodynamics looking I’m in change the occurred in you’d seen And hepcidin hemoglobin the and and healthy be terms extent to generated thalassaemia pre-clinically? translate what what wondering, of you’ve based volunteers MDS patients? So on for in could to what

of this set great that first the anticipating this of of year the is in Patrick, half data are this first questions. these year. And we’re course,

the So do what you expect want from it’s and around we tackle to Giles, an question. this can question important study? dosing

Yeah.

both our rodents of I think, thalassemia in of the as dosing we’ve in we base in seen models also as terms beta and what model, terms both healthy seen the from primates. we’ve knockdown well in what

we supported we there’s So to do assumptions year. quite half healthy will course, dose, to shortly human modeling be make reporting be we by as this of Mark out -- that our reporting our -- and safety. the We, extensive data in volunteer very should indicated, about be has of initial has first

But So we this compound I we levels to in predict in other should we hepcidin has what terms changes of that don’t know much. be achieved that too confident and want in in that iron range. area feel and

the so since see volunteers, volunteers. mean, proof-of-concept good patients terms we potentially what obviously I iron expect a getting a is actually would too in in in healthy are think duration high action. want of I and also patients patient anticipate go to overloaded potentially healthy study, longer we effect, of can’t these greater to in we do

translate hepcidin changes clinically meaningful -- what changes relevant be later outcomes that interpret iron considered trials? hemoglobin to what in we or would would clinically could in discuss stage you Can serum should

Giles?

elaborate increase we’re on I mean, ultimately, much of anemia. an I don’t course, Yeah. in effect the -- mean, looking I is do at time. this have to to is our moment what on too want to that to

with in term think the anything gram, seen then X.X point studies longer our effect that increase preclinical was about deciliter. an I which in the see grams our key of can of So the is mice what terms us I feeling a greater than be would comfortable if And we in the as per we’ve if think drug. of studies,

with of expect we hepcidin, with our and us doubling, at in would more hepcidin terms see a -- not study. serum of iron healthy a associated terms of reduction volunteers in if least In

helpful. Platform, the I on, just may, That’s another I have it. on just the… Got follow-up GOLD if regarding

Yeah.

…potential going pursue you discuss target? novel liver. decision looking is for, be to Silence is made would targets? of decide to novel is be validation targets going to novel in pursue it validation genetic Specifically, the to or level how you a what Can how the

by combination pursuing you a partners. a also recall, targets will three great have goal both targets, XXXX. on that two include It’s year because expanding as of set a of we question, our novel to behalf which ourselves INDs will but pipeline, wholly-owned of And per be

more the -- under as to has to thrust, targets about that our we team targets still may team that going So to enhanced are this up machine you Perhaps, this a to a and important build go of genomics and have deliver. on do add you capabilities. And recall, fact Giles a Giles, set opportunity substantial strategic want we really color bit learning defining think especially there’s they’re interest find to translational little been how given us. and

Yeah.

think key is need need. for there’s mean, to the we obviously of I one new medicines, want unmet them. great develop a I where criteria

just really a sense going clinic think now makes a are you gives compounds what back the we I right good into of if to the can go that target.

targeting So in SLNXXX, gene is found LP(a), this for example, exclusively hepatocyte. is which

very to We or off of is effects is is with know off diminished. that you’re not there specific level genetic also having target from action. zero low associated risk get It effect. So effects of levels a or little any going data, human target the untoward means levels

of there’s the means in expressed about in concerns pharmacology. terms So And is a reduction potential super gene not actually, logan. that

through to sequence non-human from patient. quickly pretty go to to us allowed it’s So primate

the a terms are a validation genetic we be why to big likely whether mind disease. sort of target. for of when And that bear is a select we relevant in clue things offers these target in human that’s So

Got it.

I would just…

much. very you Thank

have. we …say

of us as for to process. going also was say we to allow targets pursued just access will novel data this databases to part I agreements, that various databases also mined Okay.

Great.

Thank so you Okay. much.

Patrick. you, Thank

comes from line Instructions] question Thank you. Your [Operator Dixon from Peel Hunt. the Miles next

I trances, thanks Many that, update think, the on targeting please, the that two, about to question. second understood previously you’re that AstraZeneca get Is understood in be of targets. I I second if me talked what’s firstly, what an was you target for five previously And I could Thank terms extrahepatic. and the you. that with progress still case to that that the five? five XX in

Yeah. for great very Miles. Thank much shape. in is good question, with you the AstraZeneca are collaboration really They really The partner.

We’re And goal continuing track to expand over the the scope initial have line just underway that, which -- that year expectations. we’re collaboration. three for of five work with we with one one set them years, our in say was to would in I on this within targets

So rate are looking for we’re going that. much things we’re very like on track at the

one showed leading of some curiosity And interesting you. the just Thank LP(a) the intellectual Giles. SLNXXX He expresses. on more data to Great. on of to population highest XX%

How that disease? of chances XX and disease adverse adverse event the you. of to increased deciliter by does expressed to in cardiovascular the cardiovascular in three-fold. think micrograms being sort highest events LDL the was compare it per in with Thank cholesterol two-fold population relative I most the

a tend mixed a the demographics to for individuals answer different are straight difficult it’s give because and you bit Well, to quite little also that, have pictures.

that. a answer it’s difficult to straight to I give think So

you. Thank Understood.

Thank you.

Your next Minter the Blair. comes Myles of question from William line from

taking Hi. majority. is questions. Thanks the the like I for feel Giles getting

him. with So probably stick

in higher a wondering you Amgen and here. or potentially sub you ranges knockdown XX% getting shown just of doses you’re levels, obviously, the in lot in XX% dose looking greater what dose study, APOLLO I’m therapeutic levels the would portion at expect pre-clinically. the XX% showing that think, I have they’re for the that LP(a) of to in Just be

would effect dose And dose, adverse near sort close does ranges in or the what like no non-human come replicate the to no adverse primates? saw that the equal clinic? anywhere with to less you the -- you in So expect milligram XXX to what of that than observed

the for Thanks Miles. Giles. to question, Yeah. Over

profile think, again, good. question, the to first. preclinical last with that of have that platform I I the is deal pretty that’s mean, safety I of one Yeah. sRNA the advantages looks

in the the have of at dosing clinical and study. So starting made we between in we the American XX-fold the match effect the Heart, margin of a terms level presentation no

So of obviously even anticipated we’re conversation and authorities. the have the for dose ranges the part regulatory highest with well within that’s we

to get also right You’re for of can terms LP(a) I above down mean, XX% around knocking potentially are XX%. deal looking that, can individuals levels. then you those in about with if is you what people I to have that cardiovascular with per there per milligrams are very people been but high referring XXX per deciliter. deciliter, has milligrams XX deciliter with XXX risks, milligrams And increased significantly out associated there was

is So there ranges, considered levels, therapeutic better are you more the high at. what’s down individuals and them obviously, your with get the quite to acceptable

able sort to into any of that the polycythemia might as And to out you’re if potential or wondering you II information II be Cool. indications on that volunteers get what like potential trial? glean GEMINI, that might on Okay. you vera, or this. then information from the volunteer’s like, healthy inform additional the study, any of the same time expansion hoping to want would in make hemochromatosis GEMINI healthy changes hereditary readout obviously, study GEMINI is of ongoing I’m at rubra

Well, I key think, trial proof-of-principle. -- from the yeah, key healthy is the show really the to thing, thing volunteers the study

and it’s able red hepcidin and discussed production. we’ve as are to cell earlier iron all ultimately on effect increase having reducing you’re So, then an about showing that you on levels it,

[ph] toxic given regulator appearance and terms what a rethrone I that of -- is of subsequent iron effects. iron, is actually happens master with and of that that that which to you’re think dealing with amount that evidence the or of increasing overload flux is available there the iron iron key So determining in to return

anemia vera rubra So levels increasing with treating were you’re with ability that polycythemia as to being you’re there improve doing you interesting diseases by restricting new mimetic toxic cells iron is the iron hepcidin is the by shown reducing make in in overload, results hepcidin. hypothesis red iron example, such what for the

that is mechanism are that the number so there there. most think mean substrates cell I of other dealing important for we’re major the opportunities a important doesn’t production that a So for controlling fact red with

So to different explore does a it I number think avenues. good if we a of open see the proof-of-principle opportunity

then the about to in How And wanted by million in Cool. just three last general, company Okay. one, pro under the to may, building XXXX. if sort liquidity two of do versus are probably bringing I think the we needs the to forward? those that capital per on INDs what just maybe year forma £XXX about moving bank the the company for the balancing the strategies, here? partnerships address Nasdaq from non-dilutive the capital And to you’re thinking

spot you you to take that do one? Craig, on. want Miles

very it much. appreciate I Yeah.

forma As in more provide we just we’re it’s to that a £XX.X the million nice $XX just pro you not occurred guidance that already release, and specific but as And again, February, on reminder, we which million, from as a for cash, have reminder, net. is million as £XX on the going thank reiterating £XX.X closed which point in basis. captured a -- noted pipe,

£XX.X that’s $XX from AstraZeneca. from £XX.X million So is that net payment coming again, million million and

million, those two that £XX.X million. at we the So £XX.X to which year had combined with end get

look earlier you spending we you’d one and those. in -- year, programs were back R&D listed Nasdaq. have if stages on just our So weren’t all of Look

see new So these needs, the investors. next And with you important understand position us the to about, we gets we’re also how we we that anticipate where And even our today. investments cash the guessing. has is quite data talking highlighting that our come away, level, you’re but to company’s we’re which that importantly, to required

are, what So at we’ll front we here the just beyond what We’ll data. going we’re like evaluate that and in sitting a great the needs a… our think of looks position It’s in data. that, but financing look

[Inaudible]

the raised from phase we’ve really sorry, interesting, just It’s proceeds we’re those equity we’re and speaks that where getting getting it of angles. in this AstraZeneca this both to the approach, from markets, hybrid funds because

Okay. Thanks questions. for the

trial the next X in SLNXXX. second to the at -- The initiate looking -- year, end we’re for half of the Phase of

clearly a bear very thing mind and to So making that’s is lead that what the of the moving do forward the right that, program other direction thing in important a heading program. for that sure just really in we we’re

Well, thanks questions, the for Miles.

Thank you.

questions. have We no further

comments. hand Mr. So Mark closing to for to I would any Rothera like back

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