Silence Therapeutics (SLN) 12 Aug 212021 Q2 Earnings call transcript

Good day, ladies and gentlemen and welcome to the Silence Therapeutics Interim Results 2021 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.

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

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

our Officer clinical an update an who Financial the on our are will the Head Joining Campion is will program; update on our financials Tooman CEO Chief of Chief me provide Mark provide R&D business; today and Rothera and review will Craig who President opening your who Giles call our our call the next on questions. and Officer Medical before to

For those to slides the via website call going can of section the our corporate of company you participating Investors at by be accessed www.silence-therapeutics.com. conference

strategies, during statements management other and potential performance materially including business development to cash product most may various a factors, prospects projections of or objectives, results anticipated make and regarding of today's in clinical therapeutic call runway. the Turning I’d the you X, Slide discussed future forward-looking will timing on the by Actual events milestone like and differ capital candidate, plans expenditures, future or result payments, recent SEC. and those forward-looking statements annual projected indicated important these as to with including financial anticipated our our operational our company, report file that those of from remind operating anticipated the

turn any over subsequent update our as We Mark? views call statements. of the obligation disclaim be as recording our In of forward-looking like that, upon should I'd such only of Mark. relied views represent addition, to date. to With representing statements any the any specifically to not and date as this

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

GOLD effectively. to Now let's mRNAi In a rapidly of and associated the substantial our X. opportunity Slide I creation. our path January proprietary to views move in platform target liver must out We value maximize disease set to

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for healthy and volunteers moment. proprietary review we volunteers pending present just abstract December update SLNXXX to May at and with people presented Moving in X timelines want additional But program, a We program living Giles on our for to SLNXXX positive thalassemia study stage study the MDS. to SLNXXX the Phase healthy in you the from I thalassemia in first data in MDS. ASH our topline the results second acceptance. from clinical plan SLNXXX will

thalassemia are of in COVID. where Europe we across COVID MDS to successful East sites on program and mitigation impacts strategies clinical MDS most the rare the have and Thalassemia prevalent. more hit both are of diseases in We SLNXXX hardest selected Middle minimize a been While prevalent implementing areas number our by complex. Asia, programs, and multiple is

COVID-XX However, some surges. due key activated sites yet have not to been

the be evolve need to will today therefore and are conservative how situation We timelines. about more uncertain

We out of of in read dose and ascending are summer MDS XXXX. the both will that now SLNXXX the studies guiding thalassemia single in

We further contingency and advocacy the with work educate local about will closely sites to a process. add patients organizations the and expedite continue inform to trials patient as to

we and the will regulator thalassemia two detail host pipeline that the clinical the the in over of Beyond for forward study call healthy as October is as SLNXXX iron on and and showed its in York the of New hepcidin, volunteers our much of I'll through broader a our production programs, body. that a to MDS, become these We franchise more evaluation the to balance to ability morning broader potential With than SLNXXX of XXst announced this that, well key of to updates. control look R&D an then. in the SLNXXX for Giles? SLNXXX Day turn Giles discussing indications

Mark. Thanks

X, the Mark with have enrollments we mg/dL today of placebo-controlled announced events. affecting this of should and XX Slide the at followup completed healthy randomized, global level LP(a) as treat single study threshold high is significantly around LP(a) is dose in at cohorts safety, a cardiovascular ascending In we LP(a). high individuals we ascending to a the study, mg/dL. Remember over that to mentioned above or is for SLNXXX the XX period at single This volunteers double-blind, in Moving four cardiovascular that effects serious study will reduction levels months. look five experts from increases durability SLNXXX be which dose above [indiscernible] we the which the risk agree looking patients with

looks asks what for success think study. like I this it

LP(a) the to want the we demonstrated replicate which robust of the here X, was Slide at primate with two to lasting nonhuman for Moving XX% profile excellent of effects duration in least knockdown around the study. level. This months shown

studies population. which particularly is safety considering are potential of profile addition, excellent the In XX% have key, treatment when preventative world's safety shown you for around a preclinical

generally clinically For consider dose XX% single around the ascending XX% to SLNXXX reduction relevant. clinicians study,

based preclinical optimistic we on months longer. data least the a on GalNAc modality, will are few long-duration lasting potentially but conjugated a siRNA at action have We

and X the of which targeting regulator is the distribution Slide hepcidin characterized of is for program iron central the that in the limits by and a of deficiency hepcidin, body. to liver. these siRNA conjugated are GalNAc Moving SLNXXX gene relative both a production thalassemia TMPRSSX, SLNXXX MDS, in

hemoglobin levels and are turn for robust greater but production thalassemia, studies, by hepcidin as raise hepcidin from X see than earlier. in mg/dL. to indicated meaningful. clinically Mark we this data we can address that considered red TMPRSSX, SLNXXX gram levels up model looking as production improve can SLNXXX a a by In by patient and at cell In is hematological ongoing measured in you the conditions increase believe model, anything rodent controlling Here of reduces a SLNXXX load a iron range

demonstrated expectations. All of of events. positive top-line announced that XX, Moving safety SLNXXX the emergent both, May volunteers’ protocol with excellent treatment our or doses were from to we well-tolerated study study proof-of-mechanism. and exceeded adverse healthy Slide and no in serious data safe the This SLNXXX siRNA

dose, around study effects XX, of X-week study. Following dose increased duration by XX%. was throughout Slide indicating and serum can SLNXXX sustained you These to level, SLNXXX single sustained an at hepicidin long see, and throughout increased hepicidin reduced iron each approximate average fourfold a action. effect the up were that a the On

the can also Slide after XX, levels was reduced single effect iron dose, SLNXXX meaningfully serum You the that see on throughout and maintained study.

we conducted hepcidin anticipate was with study even with a in individuals and seeing this greater impact iron deficiency. patients metabolism normal Importantly, in healthy

to Moving Slide XX.

Here's running we SLNXXX; in dose Thalassemia, one MDS with an in two are of the patients. overview one studies single-ascending and

XX to and enrolling patients study. are cohorts in up have study per We each four

exploring the R&D potential our With GEMINI mentioned, June, that and Hematological the to over of in this without as European Craig, of we data SLNXXX the And preclinical hepcidin, polycythaemia This can Given SLNXXX consistent and study, controlling Association Congress address Day MDS. treat in range October. call vera. Thalassemia potential optimistic another a in these our is approach data review the how haematological We very presented we're the and I'll at that, about from data using believe conditions. are look forward we positive by models at financials. to we've to discussing feeling to production for highlighted the upcoming turn to indication more we that the are

Giles. you, Thank

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

in is company the versus XXXX, Mallinckrodt month period million revenues six period and a same with of XX, recorded partnership the which programs in the the reflection AstraZeneca. largely £X.X ending of £X.Xmillion XXXX, For June

on revenue incurred as liability costs, when is revenue liabilities, As cost recorded invoiced our released known you also know, collaboration All and the between Silence we program and completed. partner. completion milestones percentage using the contract to program percentage the based on the deferred in revenue then the compared overall degree to of record and recharges are a based

over build should additional programs revenue time. are in As initiated advance, our

to begin well direct this with can have XXXX. our programs in the of late programs, partner associated reported as sales employees in collaboration the on directly costs as as working we half You AstraZeneca million XXXX cost see first costs a build the the salary for internal programs. of initiated include The £X.X

including advance research expected, we as costs the SLNXXX continue as our of as studies, advancement increase programs. proprietary the R&D well As our clinical to programs, and in continued SLNXXX

£X.X million needs ending going for to our continue months June were forward. For for £XX.X SLNXXX to impacting six costs of activities. clinical XXXX. pleased humans in primarily driven increase Giles costs recent were in million were £X.X and our the XX, listing, the company was additional PNL the first million with projects you of net earlier, our NASDAQ being months versus the for XX, XX, was ended first as development. to in six General the administrative loss to the period versus months XXXX.As we company's the data R&D increased half we for skill-sets enthused the two June million main approximately trading in G&A as Again, for six the from million evaluating U.S, as XXXX. will and of we by the the areas required expansion The updated £XX.X XXXX, public XXXX XXXX broaden capabilities same our in with associated and in months The continue six June R&D the million expenses the be £XX costs study £XX ending and our company well require support a compared R&D investments are the with

May cash-equivalents in hybrid and to Turning of non-dilutive end least to financing. XXXX, a The at includes £XX.X fund Slide million of through believe any company June the reported remain growth external we result have strong for good this present. financing, assumptions position the a We especially XXXX. cash, were cash us partnering This previously the end a we company's May. clinical to receipt very continue XX, in and net the position deposits at this and of the of parties £XX.X the AstraZeneca our without proceeds remain that million summary, cash invest in oversubscribed XXXX February, of million very of from approximately an in in financing we do In believe year. at early £XX.X closed early us, we interested of interested with prudently company. model the allow or should after additional in We

as We to our expect will costs to programs advance. higher continue incur R&D

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

us half lot first year, of the a our optimism in accomplishments Our the outlook. financially, and clinically give for future of both

operator, listening questions. for for the I'll Thanks Craig. back to today, thank and I'd everyone over your pass like to

comes Thank your line of from you. Your question of Please first question. the Tom [Operator Shrader ask Instructions] BTIG.

on program periods haemoglobin, all of I second LP(a) you it's to or a had XXX to you're you patients you. should responder transfusion? we understand sort second is start treating go or read median of the XX? allow or LP(a) is off XX, where and the out than high, Thank where will the sort kind the with FDA And greater congrats very the up question I the program, around, have on that things think question do start to analysis then of you morning, a the matters some matter, do key think how progress. about Good about change

thanks the for Tom, question.

one these haemoglobin, on to probably LP(a), in you answer other the Giles, are best So, the one think on position I questions.

Yes, transfusion looking way we been a are dependency. the transfusion as perspective, in spectrum are as aware, in start has first From aware, haemoglobinopathies you represent to I dependent. disease dependent you mean, if with a the from the of one, forward regulatory reduction non-transfusion

be showed example, frequency, so for that a endpoint. So, likely this in look transfusion to the would -- dataset XX% reduction registration the

I haemoglobin, of, typically are you to the relevant terms and about both there MDS, to and both for more looking and that this a associated increase, been also X for has increase which X.X shown think would of gm and in be dependent you, be In clinically population has in relevant gm non-transfusion with shown beta-thalassemia whether life. been quality

in be, would that will those my that think be I regard. thoughts So,

our are an of LP(a) having I far values as least what criterion indeed of mean in that XX mg/dL, concerned, individuals been levels restricted trial that we at is, As that a is study. included upward in mean we doesn't entry with quite there are have some high level have that terms in and

those opportunity will with those on at give with it So, minimally levels. an to effect also look and the both high quite us raised

by an follow And expect LP(a), one or dose quick do absolute a reduction an percent up, by reduction dose? you

beyond I we mean, in mean, Well, XX be as thought elevated course. to mg/dL. considered indicated I both, presentation, will look I the levels are at of

to treating you then for. the aim would were you target target be if So that would

mg/dL than can give effect. XX%, that, But risk. by associated that that with sense is reduce generally, XX% if the the fact, around greater demographic a you data is LP(a) to XX you In therapeutic good suggests would increased

okay you. thank Great,

Thank you.

Your next H.C. the ask Patrick line from of Trucchio comes your question question. Wainwright. of Please

just Thanks, good SLNXXX. and guess hi a the morning afternoon. first is one followup on good I

what of forward, the if X an in assuming wondering for views clinical this eventually us you XXX your Phase can idea outcome program, partnering look I'm the like could and on going plan So, positive give development program? a

Patrick. you, Thank

the think Giles and to second a program next start I'll track Yes, to year. also that the underlined on half X initiate SLNXXX So is I we we're in for what let Phase of today comment. ask me

with course do the is this to single here important Phase ascending that as discussions that brand, as for opportunity thinking with dose of gives data we’re think that right the you thing we subject This you a great so, to if And like. expected to concerned what's is regulator, QX, statin initiate that is globally, that a is now study. far What market, X is in that compete of that partnering to what's ample place up make similar sure blockbuster for in which and to journey. a to to in being have and ready know a size as partner comes is scaling important like a massive be asset. when market, is we going is potential so It's it in competing very us

when board to So partner. it we'll makes bring on want be program we mindful and if development sense add the as about think on about a development don’t I you to know anything Giles, plan? the most that

intensively obviously, extent moment, experts. the of are the that's to doing we’re an with for competitors, with Amgen, in our the going heart a has two, path one developing of Novartis, field. X be the that and subjects the path being does at, ability who [ph] those something And Well, important of the I'll is by is, a siRNA, in reduction with Obviously, the indicated I are to to make doing by a process been indicated cardiovascular at outcome very think who LP(a) internally show traditional mainly cardiovascular correspond looking both comment currently atherosclerotic endpoints study. some reducing Phase disease. in are also

sense carefully way mean for obviously one are we that us. would see I that what looking is make So, to more

therapies? the the you in and targets as then some in of other indications and XXX antibodies Yes, field, as in the I'm that SLNXXX, ASR compared just of can these and TMPRSSX the such on discuss to the approaches just modalities wondering or the of other of including some advantages if some gene development [ph] with

you do Giles, to want one? question. big a that's that Well, take

to me that? You want take

Sure.

of good I'm itself that and of volunteer the products is target And around a we've very a siRNA. duration has profile the, a strong answer that just I the is, similar characterized healthy long my there. safety by really about or be study mean to action, amongst by profile. as the And first shown very approved shown profile I in knockdown, products approved of think sort impressed

in So, this modality I of power the classes. of at therapeutic terms think that's looking different

other can If do that? really the on this oligonucleotides. being of Novartis you duration the to say field, that LP(a) is monthly. that where one, look longer technology the again and a significantly in I that you program siRNA, at dosing Why Because is antisense compounds I upgrade be are see developed feel appears action the in

evidence I the will hopefully both that seen, safety dosing will profile and very than from siRNA own think And we've Amgen think that longer our significantly aspect compares aspect, selves. I very clean social programs far the is duration safety the our so from be the of other favorably. think I be of

you you other get durations to of hepcidin associated same so with and iron control something be levels to sort and have approaches mimetics. issue through in think And in duration with been The mimetic, Again, is of need area this short they iron avoid want of pathway. the increase stable is with the have The mimetics the trying hepcidin at are the increased, to the with you're overshoot events. adverse I which then very dealing when [indiscernible], to issue that's action to have action. an to tend hepcidin doses of have level

for Mark indicated, is interesting quite that that alternative interesting showing indication, potentially results we else and look I [indiscernible] have that's think as something done shown so some example, [indiscernible], in what very they they at. post have is

regulation, siRNA of very for feel think this us we development. the the a hepcidin that of that attractive mechanism is I with effects the essential gives iron in So drug terms area strong together

probability RNAi more of one just demonstrates then for on X and Slide high platforms. it success advanced Yes the

the remain many RNAi in also out field, targets though programs there's many the So, unaddressed. additional liver of

would I'm in other or can beginning you how three which will tissue? year two to liver those be targets? next disclose would go per wondering discussed targets on after INDs those targeting liver when primarily So in you you decide also and when include XXXX, And those to

let me Yes, that one. tackle

through the own to we a XXXX, oriented three two to platform, internal through we're of pipeline, referring pipeline. year when our our and per so by GOLD both Firstly, liver say combination partners' programs, INDs and

that's two deliver So beyond going more to XXXX. three what's to or INDs

of see we oriented As expressed in pointed we have about in because lot genes a the the programs, are still opportunity there liver. XX,XXX out, liver

Arrowhead it underway number potentially at If the [indiscernible] you are of is myeloma if the at, either programs look look future, under on X% underway and that in cells today. or probably just you

of we identify opportunities potential And think to programs will add novel out and so, that there follow-on a also that lot there value. are

is built cranking an so there. informatics internal genomics And team and translational really that we've

there competency to have are, a targets. will that of specific and We lot opportunities out experience. I that But bring siRNA partnerships is a complimentary also very there help identify partnership of to number that data therapeutic also us that our think organizations experience novel area with

us. a you three starting these mileage And for really platform, GOLD is all so, to of be lot I when good factors, two INDs I per a really think and about year there's point the from think to gotten think

Congrats thank Perfect. progress all much. you on the very and

you, Patrick. Thank

[Operator The of ask of line question you. Minter comes question. Instructions] from Blair. the William Thank Myles your Please next

thanks for the questions. taking Hi, everyone

effect you And might other know thing [indiscernible]? level the then you that wanted about used [indiscernible], And what I four about you answer that? in cohort of you've know line is XXXX First thinking dosing? in study, where saw relative that now the just so exact you something APOLLO committed that of that we what dosing least after perhaps guide the guide are one I be top of for the that at you've would implementing first would half to initiating fifth in thinking Thanks. to first out no to the the the before guiding internally factors? fit find actually are cohort a cohorts, or is adverse guess on this the the is,

of made over to for we've the a modest start then hand to very thanks I'll Myles, and questions, Giles. only clarify, timing But the adjustment data. the to just

to just that the XXXX, on with about study, be from of cohorts the regard to APOLLO talking front of four the first and cohorts. very So data four that's QX clear we're

that to fifth add know don't if So some comment as making you'd the around around Giles. cohort, I decision like to

think the I into data thing further Yes, provides really that it is about set ascending that single development. dose important the launches

So can additional effects, know to you you're see to two safety. knockdown; then retain that what cohort. an a time, for we preventative data but this that going And in anticipate done do we've sure. until At level to point maximize some need we flexibility of one is indication what the course, protocol do so we so we know is; be to don't in it, we to if won't important, of you're trying duration, dealing which is clearly when and particularly in

look what so of be combination that's do enable when best cohorts to the sure to hence the flexibility protocol able different those of the that. we've in to us do factors we got So we to make forward, at go results the to

Yes, there. the correction makes and on timing apologies sense

that listed clinical to might add want additional have opened outside try clinicaltrials.gov. might and trial thoughts of you for I new And is German I mention the that one one simulate that enrollment additional here. to I think, you sites second on The the up pull, need to then

right revenue are what quality the Thanks. the running? know sites what's and -- that them getting sort you ones as of and of ensuring the those sort initially you are sets for up how picked You as

opened that are sites So to ask in in the right. a all moment about I'll Giles come

obviously general numerous have the out this build for here study. that our continue more footprint condition conditions, we prevalence these I being example to East out Middle is, given today, rare and pointed the Asia, impacted with includes by as of and point we countries COVID-XX, for been which and think this

the that So in identified mind have sites we been we'll those COVID. by for areas add study, impacted we've but continue sites XX have in to already to that less

So areas risk, slightly potentially prevalence. risk lower with of but of other areas a perhaps where balancing where there's prevalence higher lower also there's perhaps we're between sort higher

large commentary of we been add so a this there? underline, want But for we're And to a do doing have globally sites just study. number that have to act Giles, it's that here. you any selected balancing

Yes. doesn't idea Far where also around looking the about approval is some at and indicated accurately the Mediterranean clinicaltrials.gov delay represent the to I administrative go extent want for delay. XX, is to is, the there's enter we're got as regulatory We're XX once East. looking once disease we the areas Mark mean, facts literal of we prevalence. the the at. we And sites sites, and typically reason the

So of greater. in the fact rate site activation is

So that's our approach.

of lot, legalities and sense. Thanks. moving makes in from I come like just that you AstraZeneca the targets versus in can this to the is terms of one know of like when final the programs. solely when me Takeda the it, of question to as hands it you sort when know that they Takeda about more I want disclose start forward? those want get That is talking The and AstraZeneca can you but just a to in

interested on areas are be great how competitive good to highly we thoughtful very Yes, about that we much AstraZeneca be relative bound communicate in. the collaboration, to to Look, questions. partners, they're

You great we is that very the know, in collaboration. progressing are well but is what

two mean, see to work And within course areas on payment. is the time initiated collaboration in, at and collaboration metrics been have targets, be, them. that therapeutic working the of have already on initiated of first milestone about the of to will the with we’re we I the years you progression, the one will open have ten five that remember targets this total. of goal We targets and it's three in up

sort categories. we're about So, to therapeutic the open being area that extent, of

that well of for we and June, for Evaluation the completed on we On Takeda the target, for think aware are Agreement I end one that particular the place, target. the work, had by you front, that exploratory of, deal that we've actually were very responsible Technology in

want now evaluating particular to they evaluating they’re You under the they taking target. will to, an Takeda data, license agreement, is if multiple address an and be they option that this exclusive follow-on know, to that alongside have this approaches

concerned. as I as see, wait and So, a that it's far is guess,

questions, Okay very the thanks for helpful. the on progress. Congrats

Miles. Thanks,

line, the on so questions further Mark remarks. back closing no are for I'll to There you. Thank hand

you I'm proprietary our extremely successfully performance clinical everybody both, us results year excellent progress clinic data we platform. joining the our Well, in half across GOLD We wholly so the thank our and and partnered pipeline. first the of delivered from programs this in and proud call. XXXX. made We overall on for advanced two owned far

a key journey. with for stage of also U.S. financing continue top build We investors, and our successful next to the completed capabilities

We sharing looking our day. forward to Silence both you time to a year deliver exciting six platform, can more accounts, by all at months are It's internally with We next we you what forward thank an of in R&D our and the for from look again partnering and have ongoing and initiatives. the Day great October. and through

Thank conference. you. That participating. you all Thank for conclude does our

may now disconnect. You