Silence Therapeutics Q2 2024 Financial Results and Business Updates

Silence Therapeutics plc, a prominent biotechnology firm listed on Nasdaq under the ticker SLN, has released its financial outcomes for the second quarter ending June 30, 2024, alongside key highlights from recent business activities.

Craig Tooman, the President and CEO of Silence, emphasized the company's robust performance in the first half of the year. He noted the significant clinical advancements in both their proprietary programs and the progress of their first partnered program with AstraZeneca. Tooman expressed optimism about the continued positive trajectory of their siRNA technology in clinical settings.

Rhonda Hellums, the CFO at Silence, highlighted the financial fortification achieved through a $120 million equity raise and milestone payments from collaborations. These funds will support key clinical goals for their zerlasiran and divesiran programs. She also mentioned the company's ongoing assessment of partnering opportunities for their proprietary mRNAi GOLD™ platform and the zerlasiran program, aiming to maximize value for shareholders and patients.

Key Updates from the Second Quarter of 2024:

Zerlasiran for Cardiovascular Disease:
Silence announced promising topline results from the ALPACAR-360 Phase 2 study of zerlasiran in patients with elevated lipoprotein(a) (Lp(a)). The 48-week data indicated significant and sustained reductions in Lp(a), and the treatment was well tolerated. These results support the advancement of zerlasiran into Phase 3 trials.

Divesiran for Hematological Diseases:
Positive outcomes were also reported from the ongoing SANRECO Phase 1 study of divesiran in polycythemia vera (PV) patients. The study found that divesiran eliminated the need for phlebotomy in well-controlled patients with infrequent dosing and was well tolerated. This paves the way for divesiran to move into Phase 2 trials.

Collaborations:
The company achieved a $2.0 million research milestone payment under its collaboration with Hansoh Pharmaceutical Group Company Limited.

Organizational Developments:
Silence recently promoted Rhonda Hellums and Steven Romano, MD, to Executive Vice Presidents. Additionally, the company appointed Gianine Esposito as Chief Human Resources Officer (CHRO) and Marianna Anesti as Vice President, Head of Business Development. Gianine brings 25 years of experience in Human Resources, including over 15 years in pharmaceuticals. Marianna, with 18 years in Biotech & Pharma, joins from Siga Technologies and has a background in R&D strategy and business development at Pfizer.

Financial Highlights for Period Ending June 30, 2024:

Cash Position:
As of June 30, 2024, Silence reported cash, cash equivalents, and U.S. Treasury Bills amounting to £149.6 million ($189.2 million), a significant increase from £50.2 million ($63.4 million) on June 30, 2023.

Collaboration Revenue:
Revenue from collaborations for the three and six months ending June 30, 2024, was £0.6 million and £12.9 million, respectively, compared to £9.0 million and £20.2 million for the same periods in the previous year. This revenue primarily came from ongoing collaborations with AstraZeneca and Hansoh and the completion of a collaboration with Mallinckrodt in March 2024.

R&D Expenses:
Research and development expenses for the three and six months ending June 30, 2024, were £11.0 million and £20.2 million, respectively, down from £12.6 million and £25.2 million in the same periods of 2023. The decrease was attributed mainly to the timing of clinical studies and manufacturing activities for the divesiran clinical program.

G&A Expenses:
General and administrative costs for the three and six months ending June 30, 2024, were £5.3 million and £10.5 million, compared to £5.1 million and £11.6 million in the prior year. The reduction was largely due to decreased payroll and equity-based compensation costs.

Net Loss:
The net loss for the three and six months ending June 30, 2024, was £15.6 million and £17.4 million, respectively, compared to £10.4 million and £20.6 million in the previous year. Loss per ordinary share was 11.1 pence for the quarter and 12.8 pence for the half-year, compared to 9.6 pence and 19.0 pence in 2023.

Silence Therapeutics continues to pioneer RNA interference (RNAi) technology to develop next-generation medicines targeting specific disease-causing genes. Their mRNAi GOLD™ platform is utilized to create siRNAs that precisely target and silence genes associated with diseases, particularly in the liver. Their pipeline includes zerlasiran for cardiovascular diseases and divesiran for rare hematological disorders, with ongoing collaborations with leading pharmaceutical companies such as AstraZeneca and Hansoh Pharma.

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