Silence Therapeutics (SLN) 15 Mar 232022 Q4 Earnings call transcript

Good day and thank you for standing by. Welcome to the Silence Therapeutics 2022 Annual Results Conference Call and Webcast. [Operator Instructions] Please be advised that today's conference is being recorded.

I will hand over to Gem Hopkins, Head of IR and Corporate Communications, to open the webcast. Please go ahead.

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

on who will update program. update Giles Campion, Joining President provide will review Hellums, an today the Head performance; Craig who are me and financial Tooman, our and CFO, CEO, clinical the of will on on an our our our provide business; Rhonda call our R&D, who

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

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

obligation as statements views forward-looking update of and date such of any should only date. represent this to any addition, our as subsequent In specifically recording as statements. upon not views our of any disclaim representing the be We relied

to Craig? With that, to call I'd like the Craig. turn over

delivered siRNA Zerlasiran our important Lp(a) data SLNXXX, across you, made broader us where exceptional for at today. clinical joining and advancements pipeline XXXX with Thank we an everyone. as year and for of you known Thank was therapeutics. Silence, now high Gem welcome, impressive

This presented APOLLO a is simultaneously durability with strong factor cardiovascular study. that These impressive data the the Phase Meeting and be a study rare major for Zerlasiran up to these growing ACC a With in needs published results Annual wholly-owned particularly achievement, speaks single program, in were were risk to dose. at XXXX and that a XX% I a JAMA, after recognition is addressed. the reported efficacy to how we which Lp(a)

pleased are enthusiasm we for to differentiate believe category. opportunities have program the the this and very in We overall with

clinic We our wholly-owned clinic and address range platform how can genetic encouraging use we our SLNXXX, SLNXXX also II our in I in program, to positive proprietary and beyond. thalassemia progress expect continue momentum examples to on safety diseases. great build to Zerlasiran programs advancing platform in study. GOLD in the of the SLNXXX, a progress second results broad XXXX The the Phase reported made XXXX preliminary tremendous mRNAi are GEMINI We and and in of that

in the Hansoh on multiple collaboration With we under on the December, started our clinic partnered programs, our and second targets. Mallinckrodt work moved advanced Pharma SLNXXX with into target working with AstraZeneca

limited are we very more our partnered we disclose in can by what across encouraged with expect While the progress collaborations we updates this you, I'm programs, our and communicate continued tell to I year. can

PV initiated the we that Phase the and SLNXXX announced we both January, Zerlasiran study. ASCVD In SLNXXX study II

study portion Lp(a) Looking XXXX, APOLLO forward in top including line and dose multiple dose portion important study of to the data from from of line GEMINI of the we thalassemia. data have in rest several multiple the the milestones, the high top II

by the the ASCVD also Phase end Zerlasiran enrollment study the year. II in complete We to expect of

forward to execution We XXXX. in strong look of year another

harnessing and both across We advance our our this forward As is look being we programs our continue proprietary clinical increasingly technology platform. programs, fully acknowledged as partner to a technology. to

Rhonda. Rhonda? call now turn the over I'll With to that,

Thank you, Craig.

the of £X.X advancement December in of versus XXXX. driven by revenues million the £XX.X our Hansoh. Mallinckrodt, The £XX.X was the million XX, in in XXXX, AstraZeneca For targets recorded partnered increase programs, ended primarily year and company million

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

based contract programs, including the our we initiated, reminder, and from percentage of partnered dedicated attributable these XXXX. as our increase. time These sales on cost recorded employees' a expenses estimated to progress of as revenue are programs our to completion. £XX.X The they million revenue to portion Therefore, in current our record are the revenues. to is of additional were programs related expenses As are collaborations collaboration as programs our

million As expected, SLNXXX primarily R&D and £XX.X proprietary mentioned. in to due advancing has was in XXXX. costs increase £XX.X to million previously This SLNXXX program rose XXXX versus our Craig which

as identify targets to platform continue programs also partnered new develop programs. internal for as both We well and our

General £XX of of employee and requirements granting expenses versus These share administrative share-based to XXXX. in include being expenses were XXXX and company. million public related a £XX.X costs options million noncash in

to be continue prudent our spending. We in

to clinical R&D of million The of the million million XXXX. The for company's £XX.X and in our XXXX. £XX.X of US$XX end a company's advancing net were full the approximately in loss due in is XXXX was loss small year development. equivalents or result loss £XX.X as net the million increase in net a programs versus increase cash December our at cash The

reminder, of ADSs US$XX.X of received from offering million proceeds we our our direct in August a XXXX. As registered

last first We through cash our estimate that quarter XXXX. current the will balance of

expanding will our initiatives responsibly to our that into pipeline investing platform new targets. committed are and We advance in

in we and milestones runway. to additional we continue further cash cooperations anticipate achieve advance which can XXXX our that will Our extend

additional We funding could also provide to that continue opportunities. collaborations non-dilutive evaluate

over to Giles? for I'll Giles the update. turn that, With a clinical call

the to substantially a people total Cardiology progress factor. we've that Meeting Lp(a) seen lot just to to meeting American April, up are a last At cardiovascular Lp(a) want we component of queuing College of assessment are Awareness how earlier to continue a testing in including the this I in XX off their Lp(a) pleased idea grew guidelines, saying at the we continue. by testing Major of trend into At and recognition XXXX. and that Rhonda. societies their of of Thanks, XXXX month, growing ADC key the of expect cardiovascular was starting be were as get discussed. tested. risk now in months as start risk Lp(a)

risk important is to that world's affect is it X.X or not billion the changes such And genetic of to exercise. amenable to elevated people to is considered worldwide due It diet cause, up to population. to around remember XX% lifestyle Lp(a) its as and

risk significant As health unaddressed represents such, this factor a policy issue.

and you incredible to saw high XX% Lp(a) mentioned that Craig of reported reduction with year, half dose As levels median of is or we healthy in after dose at a the milligrams XXX XXX last volunteers a single-dose dose. study This APOLLO up Zerlasiran, from in results showing we Lp(a). chart single or SLNXXX XX% the milligrams

November see combination We also showed so received infrequent maintained lasting presented what that can siRNA efficacy dosing. a analysis median XXX over American reductions about Association platform. dose That meaningful still period. at You over It's effects is single attractive a saw a safety Meeting XX% the of who we last long-lasting, great days Heart an Zerlasiran participants that later. profile is a with well-tolerated of X-month facilitating is that the

further multiple to data study in top last line with at We to dosing of we're insights for dose individuals dose looking of looking understanding subject dose data multiple year. We and In report frequency. and and dosing study, ASCVD. Lp(a) this in to on and we're the ongoing. into the drug the have track our is high add this gain remain level What the QX started stable APOLLO safety portion

and a of lower Phase these frequencies. patients the risk greater different It's the are or with XXX we Phase threshold Zerlasiran We're recognized X now slightly in at The nmol with also risk evaluating high increases than study of events well dosing in liter, at Lp(a) II Lp(a) levels. In levels levels dose equal is patients underway. I high per CV looking events study. ASCVD also at this to that study,

year. complete the to end the of by expect We enrollment

benefits. hematological this is SLNXXX conditions. study program Turning mechanism, that TMPRSSX currently we a with hepcidin regulator. polycythemia and potential This demonstrated works we're the now hepcidin. thalassemia. on iron proof is What our to body's are like modulate range really of SLNXXX focused master has endogenous central by of a about in to volunteer program for healthy a silencing working mechanism therapeutic and which rare We've

track granted polycythemia orphan beta-thalassemia. designation and SLNXXX orphan and has drug rare disease has As fast SLNXXX for orphan for and also designation beta-thalassemia. disease reminder, a drug EMA designation pediatric FDA for

the As pleased off to in Craig vera is a Phase kick polycythemia I/II this mentioned, study. we January, study were X-part

per open-label our of cohort. can finding The If first is will patients II find study. first up X dose the Phase X and cohorts The we enroll to we in part the proceed X cohorts, to then to portion the study. up dose active an has study

increased life a risk thrombosis double-blind, will mass limiting of Phase placebo-controlled of and but control doses. phlebotomies By II be to the significant is red the outcomes. at study. red of of disease at for disease we production bone safety to randomized, marrow, able expect we is blood well unregulated also quality as cells, is iron vera leading number a cell I Polycythemia different of and of availability will issues. primary assessing tolerability The Phase endpoints the be improve as SLNXXX

who Phase treatment. after are of number phlebotomy-free evaluate II the patients will

about some excited this population as and are time vera, recognize study potential enroll. will we rare we to in While a take the SLNXXX for this disease very polycythemia

and time. at provide enrollment monitor data few will We appropriate next months over the guidance the for

Phase such would the in parameters multiple effect multiple I now have of meaningful, top of treatment our in be also data dose we X of of an more a We the of QX function consistent we deciliter study per volunteer in data last increase hepcidin hemoglobin thalassemia required for a In II to dosed data levels Phase around year. tolerability healthy be and be although single-dose II also line If patients on program. encouraging Last the September, as the with from iron the reported portion X changes study will doses We've dose GEMINI follow-up as safety positive in length subject hemoglobin. we'll and the from the track for readout, that ongoing. portion this gram deliver assessing the can hematinic study.

With back Craig? Craig. that, call the to over I'll turn

Thanks, Giles.

a forward and substantial to range GOLD and with X an genetic continue make across excellent Mallinckrodt. clinic mRNAi be and XXXX exciting With communicating of diseases partnered Silence. programs across potential SLNXXX is Zerlasiran move the we in partnered We now look ahead. our see wholly-owned and SLNXXX pipelines. to more to platform our year SLNXXX, as advancing for headway now both We set for

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

comes from the first Research. Tom Your from line of Instructions] [Operator BTIG question Shrader

Lp(a) Congratulations progress. of on kind question. global the I've all a of

so far MACE as incredible do enough based and to know Lp(a), about you effect your do of a that is doesn't seem We for get that MACE and assume digesting XX% will Result. think to the you're be target if reduction you in what have if understand response I all you But all it's don't be for that negative some on it's we MACE going where dose the to enough data about do start of reductions have what stuff And population of investors. excited excited the in think Esperion to kind reduction, work you'll something is XX% need people XX% we're and terms you a physicians. to what like about? lower to for people kind of need for

Giles.

there your question. Yes. to elements a I are number of mean

have XX% guidance we study, in Phase is to And substantially think that. that reduction I to I about a we're we'll in therapeutic as Lp(a) than higher saw the need see the getting a generally, benefit.

the I cholesterol people -- other with and about it compare talked think think tend lipids. because Lp(a) I you aspect about regarding Esperion other talking to

risk diet mind in that it the Lp(a) can to bear that and won't reducing moment that approaches is no a risk as at to other factor work. exercise Just pharmacotherapy and that genetic is there reduce and such

think to that in it's I So mind. important bear

that feature affect thing at you think is studies I aortic moment to about mean And we're the also MACE obviously, ongoing some That's again, the a Lp(a), hitting the the terms used different affecting well a the of standard of affect that reduction LDL's is and some choose. at risk not to interesting is designed but that valve. system that XX% only are terms phenotype with population cholesterol, looks how in cardiovascular rate, in affecting I of reduction of are so. -- there compared or the

the differentiation. area. and in the it one think said to this different I in Craig important So is differentiate biology things that a there's our And is think a reason development looking why we opportunity real of for

your of question. helps So if don't in I that know terms

I even lowering to fair XX% more would that appreciate other leads you to such just I about MACE number. look may that that there guess be Is that be current Lp(a) better. specific, to need And a start your that do where make question? factors a belief

think different terms in at I Well, criteria. are of looking levels people inclusion

they're So liter, We with study in per XXX we've study, terms gone XX CVOT know that the in looking Novartis Amgen deciliter. II higher. substantially expressing at seen their milligrams Phase per to nmol has of for

So question a what to size related for study, I of it's effect want it's how to how you long the also want think to many subjects. you see, study

the that threshold of is complicated more do deciliter there about a a if effect linear less we that. what without a recent I is clearly seems sort around that threshold, the But per it's than it's that but think -- there know question. a threshold. is XX I is milligrams was from definite threshold and originally, to So, mean, data

So of per in II, we're that's threshold enrollment nmol actually a XXX Phase in having our why liter. there

question next H.C. from comes the of Patrick from Wainwright Your line Co. Trucchio Research. and

Just follow-ups a on few Zerlasiran.

enrollment you the how have all, portion MAD new 'XX the future what trial patients program of Just just confidence level discuss learnings beyond regarding of of II I and the for so XQ you is, you impact if and then it can timing I'm investigators level if the first Phase trial in the the the us learn outcomes could enthusiasm how, the can would to completion? trial? II that -- impact enrollment potential you tell And would of at and in among hope Phase and from Phase more kind wondering

year-end Let enrollment. of it have there. Giles, strong in our me say and a conviction very the enthusiasm let terms is you we And goal about lot I'll from of take

Yes.

the increased in the it relates has untreated I visibility our enthusiasm Lp(a) I also in as it investigators reflected which is exponentially. to remarks. participating mean And reflects think -- risk think an in study. the I of are introductory factor certainly

confident So very year-end. we're of commitment by report to our

what Sorry, part? was the second

of trial, impact I a that the all? could more MAD would there? surround you how portion Phase for trial, looking it if just the maybe so outcomes the future learnings at impact And Phase Or are what trial? And II on

outcome I II is parallel. provides the study a think The of it before data number we have ways. start it's and II helpful in Phase interim in One, we data. Phase before an running

So provide for further Phase Phase II will optimize dose impact dose to it it study the won't and information but the frequency III.

for on additional view other I'm Yes. just this And then as just most wondering, get one, that PV if I other if we in relevant you thalassemia, potential the presently And I'm to or indications provide read-through, wondering program SLNXXX. could program what being indications? data may, what potentially SLNXXX? as any, do

these study is have And individuals hepcidin healthy for Well, in more indication the -- working through although if both we're analogous approach distribution. because the what polycythemia volunteer vera seen iron we've is it's indications, different. the to anything, normal

to doing bone reduce So mass. red restrict to is to delivery marrow we're in iron the polycythemia cells what

I think of a saw to you iron we in different more volunteers because underlying In metabolism it's what is the iron have So healthy beta-thalassemia, course, so overload, normal. situation. analogous

Right. just your kind additional thinking terms then current of And indications SLNXXX. for in of potential

encouraging for any mechanistic continue additional data mentioned, have the announced very evaluate seen we general it's to some Giles this area, given not that areas. we in as We've and But those preclinically future.

Your the Keay of from from next Chardan comes question Nakae line Research.

coming this about enter additional partnered And you color year? from any what might can milestones potential the mentioned You programs? clinic provide in other

milestones? on Rhonda,

receive that potential if cash next is million XX of with And up existing certain Sure. Yes, achieve course, those. we does we associated within $XX clinical milestones to current Again, runway. the partnerships, we have months. have extend do to that the -- the from our

else is that there additionally described anything Giles, entering nothing clinic, the today. we've

announced haven't further clinic. we the No, to any additions

do tightening? to And any with further foresee respect point to Okay. belt at runway, Rhonda, cash the the you this do need

gets that QX XXXX. do largely PV. definitely through if as amount What we've of we at us the announced of raise August, plans least well current did II of And XXXX. into will our Phase get us we again, I/II achieve we Phase enrollment QX is into milestones, get the as part those our in in us getting cash with current When the through can

continue that we mind. So with in to operate

now last take We comes Myles And question our will for the today. question Minter Blair line of from from William the Research.

baseline rate that XXX First X nmol per you population the to the just have on outcome I'm with Zerlasiran, than years. would Lp(a) a associated you'd and greater thinking X event it that, a study that population be population, gives for you running about be that potential study whether that in confidence of what liter would wondering

Thanks for the question, Myles. Giles?

we're about take for population the we're the of study. necessarily wouldn't I Yes, thinking Phase as what an outcome indicative for studying that II

I us So a through though from high-risk what a is an population. slightly lower does to and explore differentiate allow would us us it competitors our gone potentially it think population, gives broader slightly does the Lp(a), it even understanding. We've

So this outcome consider we for is considering something the as the that design study. we're

And product just maybe even have at different than you a Okay. that molecule-specific then what obviously, that mentioned that a indications that I want probably very Or different Lp(a) to just cognizant is which more what chasing looking here. third your is level. Is potential the did the of from touch Cool. the or on differentiation peers line here. potential you're It's that? perspective in you're sources baseline fourth or

we see this market. Yes. I mean statin-sized as a

valve see advantage and what with disease our components and are The inevitably first a we can population. that I where is as watch doing necessarily very that slightly market space. somewhat us attractive to to different into allow biology said, competitors that go going thoughts And successful. product don't target and to most will the are being think I our be of route, one broader ultimate the take that is about we we So is think think the be we the this other

Okay. particularly that over well. levels at ACC American certainly we've And the one data is up Lp(a) in population recently March, that been just might picking females but in elevated it the me and for the Black be there as years suggest in final does

in especially and your is Just future focused this very for on the How trials studies. in represented that FDA, large diversity outcome that as indications current given diversity and certainly drug payers your is well.

the to consider that we Yes, is with something package we diversity total the primarily have I that file. think

definitely duration. studies, in larger feature level So that because II will there, of just knockdown looking our dose be included the a and of so not at much we're Phase really

I outcomes, the dealing when that's think is where critical. we're with diversity

now back for will remarks. I Tooman closing Craig to hand call the

Thank you, this extremely everybody, overall and for joining performance call. of I'm us our XXXX proud results. on

from I an And in be As call, the going some very and mentioned exciting clearly from the the of milestones, the from SLNXXX for in execution top multiple beginning ASCVD this by SLNXXX the dose to top APOLLO line and of dose thalassemia complete trial. data highlighted line is in growth II including Phase us of XXXX perspective. SLNXXX we data enrollment year-end, multiple

So a keeping to day. we forward look by on Thank updated and our a have and progress. you great year-end lot happening you

Thank you Thank conference you. This concludes call. for today's participating.

now may You disconnect.