Silence Therapeutics (SLN) 17 Mar 222021 Q4 Earnings call transcript

Good day, ladies and gentlemen, and welcome to the Silence Therapeutics Full Year 2021 Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode. [Operator Instructions] I will now hand over to Gem Hopkins, Head of IR and Corporate Communications to open the webcast. Go ahead, madam.

Good morning and good afternoon, everyone. us joining for you today. Thank Gem My and of Relations Head Communications name at is Corporate Silence. Investor Hopkins,

your Joining the me Giles an an clinical today President on our will Chief the call are provide will who Head call Executive business; Hellums, before questions. review who programs of Financial the who Officer and and Craig our Officer, will our on update provide Dr. to on update financials; Rhonda opening our Campion, Chief Tooman, our R&D,

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

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

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

for today. join you, Gem, you making time the to and us Thank everyone. welcome, Thank

dynamic of with growth by successful well company NASDAQ X. positioned long-term as for globally emergence in Silence Slide for are peer very data our GOLD prospects. recognized space top-tier a our the platform very the and excited remarkable is siRNA we investors. year from to on XXXX a the mRNAi about proprietary trading Turning the first and clinical future was highlighted Silence

our the programs proof showed in in volunteer results from us setting both effectively we results the With for demonstrated completed study translate the SLNXXX targeting partnered positive pipeline, wholly just Lp(a) owned liver. high during mechanism year in the and last and We our diseases Phase progress clinic. the advancing adults the excellent we genetic the May backdrop, study this data healthy this into SLNXXX quarter. Regarding with made enrollment reported readout healthy X our up ability preclinical to of

patients an in program. the both Phase SLNXXX will later We dosing the Giles also provide programs X started in update call. on

On Pharma new that we new secured targets a our Hansoh with side, collaboration to pipeline. the three added partnering

several funds $XX to exclusive to a efforts. on increasing of key private November, in laid AIM $XX care as the continued that move our We we model placement investors. hybrid base. these our shareholder in provide XXXX. U.S. half made and a cash the a second for listing, also global shareholders of our we stream advance capital groundwork we really the in This non-dilutive pipeline AstraZeneca our Mallinckrodt. Earlier non-dilutive our NASDAQ successful total from support new brought business delisting and to Collectively, a with built this million collaborations to We the our in health to the year with in collaborations with our Along steady new support expanding of demonstrates internal million year, welcomed in R&D value completed interest Silence. of expand

momentum. incredible We've Turning X. to Slide entered with XXXX

know team tribute SLNXXX very our reported real strategized data the to the GOLD platform. is and probably set encouraging I results X. we full As to asset and this where last at R&D ACC clinical That's substantial SLNXXX this. for on for This to effort, just a in build a from clinical opportunity a April priority about being forward presented led breaker have data telling us the month. more forward second who Giles you see study to is late you know, value. he's looking and We're we positive looking

we durability this presentation, to ACC year, X the Beyond regulatory quarter data the expect study on third in the remain pending later Phase start feedback. track more and ASCVD

discussions maximize to growing high-value are appreciation program for this in going to expect global capitalize the we on and partnership We engaged SLNXXX forward. ensure

we quarter. fully line third data the enrolled study top on for SLNXXX, now to have Moving track the in thalassemia and remain

or already this Given PV. year. SLNXXX in FDA MDS believe the orphan for cohorts PV later we designation most I that expect prioritize the our MDS to We're value, and designations we the and have discontinue adding very recently month, vera focus other can Phase drug the create we and study, to thalassemia enrollment decided and start in commitment investment last a study to polycythemia on pleased challenges to the areas granted where we've we

complement-mediated this Mallinckrodt side, both very clinic On we're and program the pipeline that very pleased diseases year. the to to move We're the partnering internally in first progress on the continues the for into our SLNXXX well track with with half partners. of

our clinical our modality to attractive siRNA want approach of GalNAc platform for What point. about over just record call its highlight a the GOLD success. turn with an important the I and to on track Rhonda financials, I an is particularly is Before update well-established

so our from GalNAc a Phase moving compared excited average. to higher In industry much fact, in programs clinical had siRNA rate to about why the advancing pharma historically, success X Phase pipeline. X have That's we're

Going the the shareholders' can to always clinical stewards careful performance. the Rhonda? our update most we forward, financial being areas pipeline generate our capital. of Rhonda investments value believe on for will in I'd that, to our we while call like in over an where With prioritize we turn

Thank Craig. you,

X. Slide to Turning

increase of in XXXX. £X.X Mallinckrodt was ending together company delivered and by advancement which in £XX.X For £XX.X million recorded collaboration, primarily period XXXX, million £X.X AstraZeneca The the of XX, versus our revenues in XXXX. targets driven in million December the million the

recorded also approximately royalty revenue during We XXX,XXX in XXXX.

a was as based of SLNXXX which of executed with these to recorded Therefore, our of programs October such in are revenue on are Hansoh our programs of reminder, initiated dedicated associated our in our agreement, XXXX, as partner the revenues to expenses a did estimated as employees' completion. also The revenues. are from including our are additional collaboration portion percentage As to time cost such attributed programs related programs those as sales they XXXX current progress and we collaborations increase. contract record the to program, as our

support by and related the XXXX. a expenses £XX.X share-based rose This XXXX. of to versus further functions, our primarily employee increase These addition versus £XX NASDAQ support and proprietary XXXX program R&D £XX £XX.X million costs R&D advancing AIM to was SLNXXX expertise count our enhancement primarily public and being of support million costs personnel. including increase million increase in non-cash million of the due The the requirements the SLNXXX in due for listed costs XXXX the growth were As on increase in expected, R&D costs in driven options pipeline. head administrative to an of and to our was General innovative in to both of XXXX most and and share of company granting in dual our include program.

late are but the £XX.X those and collaboration. are AIM primarily increase related solely partially net of in for of gross we Craig offset increase mentioned our in NASDAQ. on XXXX. The the from listed £XX.X million now the XXXX November, in G&A R&D loss profit versus The the earlier, delisted full-year £XX.X expenses, was the and As is company's from by million from million

Turning the December to $XX XXXX. or at company's and £XX.X cash end million million of Slide the equivalents X, approximately were cash

AstraZeneca $XX mentioned, or Craig includes payment Hansoh upfront in was of million. during or XXXX, $XX.X partners. December, our approximately taxes from net £XX.X million million collaboration million £XX.X May and a which from of As million £XX.X we million proceeds in $XX received This from

placement We XXXX. oversubscribed approximately our $XX or ADSs of from in £XX million also our million of proceeds received February private of

the guidance diseases many specific we in current We that will £XX.X cash that worldwide. today, potential on of our to balance responsibly committed to impact spending XXXX. the in address We but individuals advance programs offer million providing will are and estimate valuable are important not initiatives last early pipeline that our any investing that until

business over our We and updates. new non-dilutive agreements. hybrid collaboration to With Giles to that, model call leverage continue evaluate clinical the will additional will turn Giles? for I

Rhonda. Thanks,

to Turning XX. Slide

gene the rare what owned attractive. regulator and why is GOLD key In diseases. this I findings gene, producing of for safety that a platform. to iron. consistency sRNA wholly These Craig cardiovascular As XX% SLNXXX potentially tolerability breadth hepcidin, approach of risk the SLNXXX observed and consistent hematological generated both effect using demonstrate knockdown a target the of and sRNA world's genetic disease a to which of profile. modality we've after saw Phase our targeting TMPRSSX, of strong of in a clinical programs the studies, robust separate targeting natural high of We're data durability now dose single approach a Lp(a), we that we good factor up a so liver address range population we've preclinically prevents are with and the two affecting mentioned, from the is believe

people effective. high for is lowering independent like our levels Lp(a) health risk There and increases worldwide. this specific with program, aortic drugs unmet factor significantly On are diet that affecting Lp(a) determined existing can not stenosis to an high approved option Lp(a) heart XX, cardiovascular five huge Lp(a) Turning no a Slide not and public for cardiovascular and a long XX, SLNXXX modifiable currently need. Clearly, is and changes. major for in lifestyle disease you or are heart Lp(a) through see attack, treatment serious issue cholesterol Slide failure. one events is genetically risk

ascending evaluated double-blind, our with X dose ongoing, multiple includes Turning with high to both part, looking placebo-controlled Lp(a). at a The single and reported positive program SLNXXX data or the Lp(a) dose and adults XX we above and randomized, program. XX that's at study In single cohorts XX and ascending atherosclerotic is adults Slide top-line dose high that a deciliter. cardiovascular stable per healthy milligrams February, disease This in studies. multiple Phase dose

to Slide the a look top-line reported. SLNXXX here's now data Turning at we XX,

safety important a was an to XXX persisting in assess of clinically Longer-term were up concerns of XXX the XX% reduction SLNXXX tolerated, ongoing manner follow-up is identified. there mentioned, I to days. action. As no from dose-dependent Lp(a) days duration maximum at to XX% a reduced XX%, SLNXXX and with well further

we X Steve breaker embargo lead study our at Dr. Clinic. what Cleveland policy, ACC can in from by investigator, detailed disclose due a April right will in results be the limited now we're presented to While late ACC on Nissen

where program hepcidin, preclinical a Moving our now is SLNXXX ability SLNXXX hemochromatosis. regulation generated and on the of in see also thalassemia, potential thalassemia, to to for the of healthy for broad known has regulate disease orphan iron hepcidin master therapeutic we vera as MDS body. This strong in program. based volunteers. We've of polycythemia regulator data models a number and PV. designations mechanism rare including established in and pediatric designation disease hereditary SLNXXX drug proof beta-thalassemia now We've

SLNXXX the gene SLNXXX cell X.X clinically mentioned, can production. is X.X significant. hepcidin. of we per expression, In grams increased improving red targets and normalizes turn, thalassemia I in that increase As see model, can TMPRSSX's deciliter robust raise An the in systemic This reducing TMPRSSX iron endogenous a levels lowers liver. considered distribution, hemoglobin preclinical per By by grams deciliter. this you

XX, a was dose-dependent per study single milligram induced of doses. Slide persisting last healthy XX that dose This fourfold at presented X.X can hepcidin double-blind in SLNXXX day volunteer was that XX up and full iron. effects now out with results we the a XX after the X single-dose Slide May. see you approximately our throughout adults. Meeting placebo-controlled reported December. shows Hematology last randomized increased in average you to to milligram durable around that Percentage healthy manner Society XX% from Slide We XX reductions study change study a in Annual with of kilogram period. American SLNXXX Turning and baseline serum at

patients. expect proof in XX, an for was iron establish Slide We durable and on and of and to safety ongoing mechanism Turning from showed was of study serum strong GOLD the encouraged thalassemia long these first transferrin reductions summary, the clinical SLNXXX remain important study saturation, duration because this SLNXXX. results study it our and this in a profile by build with action. to and in platform

Slide to the you Turning see ongoing here program our design XX, Phase can of in X thalassemia.

in the includes which enrolled and expect top-line fully cohorts, quarter of dose now single year. third ascending have XX We the data patients this

Phase Craig entry particularly due a disease discontinue is is the criteria mentioned, to enroll MDS highly we and is patient decided to of low-risk subgroup MDS challenging cohorts. required to for As low, very specific MDS study MDS have rare the This a patients. X. small

in plan see the derive thalassemia we we is for and MDS, need most high where near-term. indications opportunity PV While PV can an area we SLNXXX of prioritizing believe we address. and unmet are study one value that Phase particularly hand we is back I'll the well to year. this believe X We later suited SLNXXX With to to Craig. over start the call that,

Thanks, Giles.

give clinical to Our with clinically We data our from on the late for us both accomplishments business, kicked XXXX, a optimism lot impressive as our and in at breaker April SLNXXX of X. forward look future. ACC XXXX and a off program

later year the single follow-up Phase In the ASCVD II the study the are start longer-term the expect year. study and ascending top-line second pending our cohorts this SLNXXX we start in QX to dose from data thalassemia data regulatory this half and in expect PV in program, to of feedback. plan We positioned well SLNXXX in

for side, Along also interest with very pass remains very start diseases complement-mediated for the Mallinckrodt accounts. first thank I'd all to of progress in partnering partnering and exciting strong. for X operator questions. year. SLNXXX listening time with over for by we study the everyone our expect This the the your is half to the this I'll On like Phase a today, in Silence clinic, to

Instructions]. you. Thank [Operator

Tom Please ahead. BTIG. go Shrader is today Your from of first the line from question

about Good see? morning. see to you might an going cutoff to in see some for that the stone going Thank can we that you're ACC Is where set we're is it data? dose to update. the anything have we I data? question. Just really up sure only say you single Or of what --

Well, I think…

Giles?

the Yes, single data. I dose there. about that's mean ascending what disclosing think we're going be pretty we're sure I to

has the multiple but persists at indicated, that XXX. to be mean, As dose won't emphasize, had started up XX% to ready to produced we I But up This we day for discussion. some have dose knockdown. single session, XX% just a

seeing that's action. hint just So mean in of per patients, most just you're efficacy I showing short-duration a effect.

it's a of think indication what... I So good

Okay, new that clarification and then can to sorry Or only Are global? Could little to Asia if targets where I little dose we've just you're Asian going the be what single data. bit see I data of had where these partnership. about get working liable said of anywhere go seen targets these on are you're the applications first in a Asian -- you that? you elsewhere? say a give us -- maybe

Giles?

is and this Two have be mean, target of option sort well. the China, will there targets means I the the second these nature as have globally. targets that also Yes, of we'll of worldwide rights applicable primarily we but in relation an

broadly targets. have these So applicable

And not they about before. we've are new heard targets, things

Gem. Tom, is this

not or said targets just specifics disclosed in, new whether stepping haven't around this point. undisclosed at actually their Just we We've targets.

agreement. As the part partnership of

Exactly.

thank Got you. it, okay,

Patrick next The of Please you. go Wainright. is the from from Trucchio question Thank H.C. ahead. line

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

from additional in Phase data bring So expect you Or SLNXXX the you the or response forward so to Do forward? would multiple just Phase dose you to the plan or need program, know some seen discuss X the to determine first, cohort dose follow-up X to you either far? which you've doses dose dose you the program? bring can from long-term

Giles.

the you into are take of pivotal all Yes, want as really dose about saw, the that study. the you regime development establishing initial stages to

Phase contribute X Phase X to both and that. So

dose a are patient have tell can a ascending populations study single different. we slightly our multiple from lot The going on. dose, As we

multiple single cardiovascular information population. volunteers LP(a) established the some dose, it elevated disease, in individuals normal will so with So with ascending the these about us dose, with that give

based As you full have embargo April disclosure you far the in presentation But can said right the briefing, what X. disclose this. now, we as the of I a because the see -- as on limited we're in on will

what then safety Phase to helpful. and move would what and GEMINI response that PD you SLNXXX that for you X? quarter? just be to And tell looking expecting specifically, you you confidence give regarding PK II that's would program, can us program would the data Yes, And in this on forward third report expect the to

of we have will than in but know, having And May. iron parameters. you data overload. individuals see also of reported these not similar terms normal will rather course, as Well, we'll in of year this volunteers actually healthy terms at in last we're line hepcidin, be looking in iron distribution important because endpoints Essentially, in response, only

into of be there component effectiveness the again in effect lines models And single And it's a need human thing transfusion is we'll that's nice of ultimately, the will impact everything reducing information we've is anemia well rate. pretty strong just of up able we to around rodent the iron that us again, and hemoglobin. give and the we've the is what what the we study. the So mean, XXX. to I moment, And of dose a dose -- well effects the the multiple on parameters. this single shown situation obviously, terms pretty situation as really look dose translate what saw preclinical, with But in And which at more with see preclinically. the at this dealing seen primarily about on a the is longer-term this.

in ultimately asset in a you with and I'm long-term? about the forward, in then kind indications thalassemia kind how the going to wondering SLNXXX potential just more thinking of are SLNXXX. see longer-term a of and helpful. how of terms you where potential decision the this that's many PV pursue broader And for of just Yes, strategic question,

shots a for XXX. goal want have of avenues on return as for And to, capital, of on alluded a clearly, lot to and the Well, see we Giles it's best but lot prioritize we mechanistic.

SLNXXX now. that's us a around Given We're recent that. circle priority data, the clearly, right for going to a high draw

today. So those very with really in pipeline both pleased are the of we options

to look for the larger So continue within franchise. opportunities, we'll opportunities best XXX the

Yes, that's Thank very much. you helpful. really

Thank you.

from from next Please Myles ahead. line William of Thank Blair. The Minter question you. is go the

Hey, on progress. for the the Congrats Thanks taking everyone. questions.

of of the any correspondence procure meeting I'm they want the as follow-up having whether you from in from to you regulators planned Are wondering to longer feedback a before terms study to feedback that the ahead second-half? you also Just go see that you yet? APOLLO Phase Have FDA. scheduled the the currently? those start if series there's And X in regulatory XXX-day Thanks. from or been that and

[Indiscernible].

I we don't specifically Giles. think it's regulatory, that free, feel on anything comment but can

Yes, I that to mean, to subject what approval. we've is our the plan said Phase X start regulatory is

a to X So moment, that are we is went why ascending straight clearly, being other dose terms planning the their Phase point interactions key it's already feel the heard dose feel we who that. They Amgen, that program. did and terms Phase -- the from of the ascending that with the authorities adequate a in go set And are that into of reason single just forward. But we've FDA will into in sort of single be go able X. to data precedent not by at we being anything

the that you the knockdown range question is is you're clarification have And enough. that that median Or absolute put it Lp(a) of seeing? the values out you that record you're of there? on a Can just knockdown the that fair of giving that the on then number just APOLLO. described Yes,

range ranging saw so I Well, terms levels. can is to median we up clarify of that that's And what from said that think XX% we response, we've a dose XX%. in

just but just the you then I you did, Did enrollment what's enroll GEMINI just like you discontinue And total with also cut And to the happening any number by if haven't X? obviously half. you low-risk on as I'm boosted thalassemia, with patients of in data? Cool. discontinued XXX, MDS enrollment, the patients MDS. with you of guess, that curious

see any wondering So going for of we're data if thalassemia just to outside XXX? I'm

cohort first by Yes, we protocol. terms in and partially the enrolled we'll monitoring described be of -- them as obviously, the the

we're approach So the pursue there why for XXX I we follow-up be a one, this further that I to will are think think mechanistic is as that said, there Craig the Both options different they days. iron have mean both same. is effort dealing the course, genetic having anemia. with. to but -- causes, by theology are characterized loading indications of fundamental They [ph] have

once we we this lead sure we but our going and see through And to coming of some this is prioritization stage said, in some we So doesn't all most the terms in short-term, from us Craig MDS. beta-thalassemia we're I data is think in put at the there making back think resources a value -- think carrying will where be drive what stop as the seen and the on. we've there

the And sensitive. Thanks. Fairly sense. hop queue. I'll of lot in a makes back

Miles. Thanks,

we no And you. this Thank have time. further questions at

hand I'll to speakers for back closing So remarks. the

see forward again today. internally Thank updated you, results. both ACC. to presentation and and can on And what oral late-breaking and day, ongoing forward to April we looking X at on Thank on platform, us this and deliver partnership initiatives. have you for SLNXXX some at ACC this joining call performance we from XXXX look Extremely the of year. you progress of We're proud to great through a you hope our overall our and keeping our

Thank you and for Thank you. now the participating, does That for conference today. conclude disconnect. you may