Gerwick & Associates LLC

Positive early Phase 1 results for BMS-partnered programme ‘4318 (PKC-theta inhibitor) GTAEXS617 (CDK7 inhibitor) initial Phase I data expected in 2H24 LSD1 and MALT1 inhibitor programmes expected to advance into clinic in 2H24 and early 2025, respectively AI-design integration enhanced with full experiment automation driving towards maximum speed, quality and autonomous drug design Leveraging technology advancements and streamlining operations to realise annualised savings of $40 million OXFORD, U.K.--(BUSINESS WIRE)-- Exscientia plc (Nasdaq: EXAI): Recent advancements in the Company’s pipeline, collaborations and operations, as well as financial results for the first quarter 2024, are summarised below. Exscientia will host a conference call Tuesday, May 21 at 1:30 p.m. BST / 8:30 a.m. EDT. “With the ramp up of activities at our automation lab, we are beginning to see the transformative power of fully integrating AI drug design with the sheer capacity of comprehensive robotic automation across the entire experimentation cycle,” said Dr. David Hallett, interim Chief Executive Officer and Chief Scientific Officer of Exscientia. “In addition, this year, we are excited about the potential for both GTAEXS617 (or ‘617) and EXS4318 (or ‘4318) to show superior clinical profiles over complex candidate therapies created through traditional methods. We will continue expanding our oncology-focused internal clinical stage pipeline and anticipate advancing both our LSD1 and MALT1 inhibitor programmes forward. The investments into our platform which we have made over the years are bearing fruit. This, in combination with ever-increasing focus on efficiency, allows us to further streamline our operations while delivering on our mid-term goals.” Key Business Updates Pipeline Patient enrolment for the dose escalation phase of the Company’s adaptive Phase 1/2 ELUCIDATE trial evaluating ‘617, a potential best-in-class CDK7 inhibitor for the treatment of advanced solid tumours, is ongoing. Exscientia anticipates moving into a combination phase of the trial in the second half of 2024 The Company expects to announce topline pharmacokinetics and safety data from the dose escalation phase of the trial in the second half of 2024 EXS74539 (‘539), Exscientia’s highly differentiated LSD1 inhibitor, is advancing through IND/CTA-enabling studies. The Company anticipates submitting an IND or CTA in the third quarter of 2024, with the goal to initiate a Phase 1/2 clinical trial in AML patients by the end of 2024 Based on patient unmet need, supporting preclinical data and the unique precision designed properties of Exscientia’s MALT1 inhibitor, EXS73565 (‘565), the Company is preparing to submit an IND or CTA in the second half of 2024 to study ‘565 in a Phase 1/2 clinical trial in B-cell malignancies, including CLL, which Exscientia expects to launch in early 2025 This clinical development programme aims to support the assessment of ‘565 in combination with current standard of care options Collaborations & Partnerships EXS4318 (‘4318), a potential first-in-class PKC-theta inhibitor designed by Exscientia and in-licensed by Bristol Myers Squibb, has shown positive early results in its Phase 1 study and has the potential to be a first-in-class immunology drug Exscientia designed the first potent and selective PKC-theta inhibitor after over ten biopharma companies halted programmes for drug candidates designed using traditional drug discovery techniques Exscientia retains rights to receive milestone payments and potential royalties for ‘4318 The Sanofi partnership continues to make strong progress across multiple programmes, primarily focused on inflammation & immunology targets Exscientia received a $4.0 million payment in the first quarter of 2024 related to the additional programme that entered the portfolio in December 2023 Exscientia’s collaboration with Merck KGaA, Darmstadt, Germany continues to advance with multiple programmes now in early discovery Advancing autonomous drug design and experimentation The first three drug discovery programmes have been initiated in the Company’s novel, industry leading discovery automation laboratory The facility is expected to be fully operational by year end - additional drug discovery programmes are expected to commence on the platform in the coming months The automation lab tightly integrates artificial intelligence with robotic experimentation creating fully automated, generative design-make-test-learn (DMTL) loops This has the potential to dramatically reduce the time and cost of discovery cycles and lower the need for contract research organisations as well as redefining how AI-based design can be autonomously integrated with laboratory experimentation Benefits from integration of technology and streamlining activities continues to improve operational efficiencies While continuing to focus on its strategic priorities, Exscientia will initiate efficiency measures through the rest of the year designed to streamline the Company’s operations, which it expects to result in annualised savings of $40 million or more beginning in 2025 A number of Exscientia’s multi-year investments, including projects related to its proprietary technology platform, are coming to conclusion and expected to result in efficiency gains The changes also leverage the expected efficiency gains from the Company’s automation laboratory and will not impact the internal pipeline, partnership or drug design activities As part of these cost efficiency measures, a 20-25% headcount reduction is expected to be completed by the end of 2024, targeting some areas of target identification, precision medicine, experimentation, engineering and infrastructure The initiative is expected to result in severance and termination-related costs that will be between approximately $7.4 million and $9.6 million. Exscientia expects to record these charges in the second quarter of 2024 and pay these costs throughout the remainder of the calendar year Excluding any potential cash inflows from new business development or financing, these changes are expected to extend the Company’s cash runway well into 2027 Investor Call and Webcast Information Exscientia will host a conference call on Tuesday, May 21st at 1:30 p.m. BST / 8:30 a.m. EDT. A webcast of the live call can be accessed by visiting the “Investors and Media” section of the Company’s website at investors.exscientia.ai. Alternatively, the live conference call can be accessed by dialling +1 (888) 330 3292 (U.S.), +44 800 358 0970 (U.K.), +1 (646) 960-0857 (International) and entering the conference ID: 8333895. A replay will be available for 90 days under “Events and Presentations” in the “Investors and Media” section of the Exscientia website. First Quarter 2024 Financial Results For the convenience of the reader, the Company has translated pound sterling amounts to U.S. dollars at the rate of £1.000 to $1.2637, which was the noon buying rate of the Federal Reserve Bank of New York on March 29, 2024. Revenue: Revenue for the first quarter of 2024 was $6.7 million, compared to $7.3 million for the three months ended March 31, 2023. Research and development expenses (R&D): R&D expenses for the three months ended March 31, 2024 were $29.8 million, as compared to $42.2 million for the three months ended March 31, 2023. The quarter over quarter decrease in R&D expenses was primarily due to cost reductions relating to pipeline prioritisation activities implemented during the second half of 2023 and cost savings from operational efficiencies, including achieving faster cycle times and lower outsourcing costs. General and administrative expenses (G&A): G&A expenses for the three months ended March 31, 2024 were $4.3 million, or 9.9% of total operating expenses. For the first quarter 2024, G&A expenses decreased by $9.4 million compared to the first quarter 2023, primarily associated with cost savings from operational efficiencies and offsetting credits totalling $7.5 million relating to amounts recognised in February 2024 on the forfeiture of share options held by the Company’s prior CEO upon his exit from the company. Cash inflows: For the three months ended March 31, 2024, Exscientia received $4.5 million in cash inflows from its collaborations as compared to $0.5 million during the first quarter 2023. The quarter over quarter increase in cash inflows from collaborations were primarily associated with the $4.0 million payment received as part of the addition of the new programme within the Sanofi collaboration. Net operating cash flow and cash balance: For the three months ended March 31, 2024, net operating cash outflows were $39.0 million, in comparison to $54.8 million for the three months ended March 31, 2023. Cash, cash equivalents and short-term bank deposits as of March 31, 2024 were $416.9 million, as compared to $458.8 million as of December 31, 2023 using the March 29, 2024 constant currency rate. Based on its current operating plans, including the addition of the Sanofi programme and after accounting for the headcount reduction and other anticipated cost efficiencies, the Company believes that its existing cash, cash equivalents and short-term bank deposits and anticipated milestones will be sufficient to fund its operations and capital expenditure requirements well into 2027. This estimate excludes any potential cash inflows from new business development or financing activities. SELECTED CONSOLIDATED STATEMENT OF OPERATIONS, CONSTANT CURRENCY CONVERSION (unaudited) ($ millions, except per share data, at the rate of £1.000 to $1.2637) Three months ended March 31, 2024 2023 Revenue 6.7 7.3 Cost of sales (9.4) (10.7) Research and development expenses (29.8) (42.2) General and administrative expenses (4.3) (13.8) Operating expenses (43.5) (66.7) Foreign exchange gains/(losses) 1.1 (1.5) Other income 1.6 3.3 Operating loss (34.1) (57.6) Net finance income 4.6 4.2 Share of loss on joint ventures (0.7) (0.6) Loss before taxation (30.2) (54.0) Income tax benefit 3.7 6.5 Loss for the period (26.5) (47.5) Net loss per share (0.21) (0.39) Weighted average shares outstanding (basic and diluted) 125,975,607 123,257,529 SELECTED CONSOLIDATED BALANCE SHEET, CONSTANT CURRENCY CONVERSION (unaudited) ($ millions, except per share data, at the rate of £1.000 to $1.2637) March 31, 2024 December 31, 2023 Cash, cash equivalents and short term deposits 416.9 458.8 Total assets 598.4 645.4 Total equity 417.7 449.5 Total liabilities 180.7 195.9 Total equity and liabilities 598.4 645.4 SELECTED CONSOLIDATED STATEMENT OF CASH FLOWS, CONSTANT CURRENCY CONVERSION (unaudited) ($ millions, except per share data, at the rate of £1.000 to $1.2637) March 31, 2024 March 31, 2023 Net cash outflows from operating activities (39.0) (54.8) Net cash flows used in investing activities (63.0) (206.5) Net cash used in financing activities (1.1) (0.9) Net decrease in cash and cash equivalents (103.1) (262.2) Exchange gain/(loss) on cash and cash equivalents 0.6 (2.1) Net decrease in cash, cash equivalents and short-term bank deposits* (41.9) (73.9) * Includes both increases in short term bank deposits and foreign exchange gains/(losses) on cash and cash equivalents About Exscientia Exscientia is an AI-driven precision medicine company committed to discovering, designing, and developing the best possible drugs in the fastest and most effective manner. Exscientia developed the first-ever functional precision oncology platform to successfully guide treatment selection and improve patient outcomes in a prospective interventional clinical study, as well as to progress AI-designed small molecules into the clinical setting. Our internal pipeline is focused on leveraging our precision medicine platform in oncology, while our partnered pipeline broadens our approach to other therapeutic areas. By pioneering a new approach to medicine creation, we believe the best ideas of science can rapidly become the best medicines for patients. For more information visit us on or follow us on LinkedIn @ex-scientia and X @exscientiaAI. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “expects,” “intends,” and “projects” or similar expressions are intended to identify forward-looking statements. These forward-looking statements, include statements with regard to Exscientia’s expectations regarding: the initiation, timing and progress of, and data collected during and reported from, the Company’s and its partners’ clinical trials, as well as expectations with respect to the outcome or benefit of such trials; the progress of Exscientia’s collaborations and partnered programmes; the commencement of additional discovery programmes using Exscientia’s platform and automation facility; the timing and outcome of and any anticipated savings from Exscientia’s planned headcount reduction and other cost efficiency measures; and the Company’s expectation that its existing cash, cash equivalents and short-term bank deposits will be sufficient to fund its operations well into 2027. Such statements are subject to a number of risks, uncertainties and assumptions, including those related to: the initiation, scope and progress of Exscientia’s and its partners’ planned and ongoing preclinical studies and clinical trials and ramifications for the cost thereof; clinical, scientific, regulatory and technical developments; the development and deployment of new technology and facilities; the timing and effects of the planned headcount reduction and other cost efficiency measures; and the process of discovering, developing and commercialising product candidates that are safe and effective for use as human therapeutics and the endeavour of building a business around such product candidates. In light of these risks and uncertainties, and other risks and uncertainties that are described in the Risk Factors section and other sections of Exscientia’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC) on March 21, 2024, and other filings that Exscientia makes with the SEC from time to time (which are available at ), the events and circumstances discussed in such forward-looking statements may not occur, and Exscientia’s actual results could differ materially and adversely from those anticipated or implied thereby. Although Exscientia’s forward-looking statements reflect the good faith judgement of its management, these statements are based only on facts and factors currently known by the Company. As a result, investors are cautioned not to rely on these forward-looking statements. Exscientia undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. View source version on businesswire.com: Contacts Investor Relations: Sara Sherman / Chinedu Okeke investors@exscientia.ai Media: Oliver Stohlmann media@exscientia.ai Source: Exscientia plc View this news release online at:

Target for completing enrollment of the chronic cohort in the Phase 1b/2a clinical trial moved to Q3 2024 Subacute cohort protocol being amended to enhance feasibility and lessen burden on participants CA$23 million bought deal financing completed in March 2024 provides expected cash runway through Q3 2025 Vancouver, British Columbia--(News - May 16, 2024) - NervGen Pharma Corp. (TSXV: NGEN) (OTCQX: NGENF), a clinical-stage biotech company dedicated to developing innovative solutions for the treatment of nervous system damage, reported its financial and operational results for the first quarter ended March 31, 2024. "Recruitment in our Phase 1b/2a clinical study of NVG-291 for individuals with spinal cord injury (SCI) has gone well, however, it has been slower than originally anticipated during Q2 due to challenges in finding, screening, and onboarding individuals that meet our very specific and rigorous inclusion and exclusion study criteria," said Mike Kelly, NervGen's President & CEO. "Given the heterogeneous nature of spinal cord injuries and our efforts, through the novel design of our study, to recruit as homogeneous a SCI population as possible, the current study protocol and our single trial site location have limited the number of subjects that both qualify and can travel to Shirley Ryan AbilityLab in Chicago. While we have undertaken additional initiatives and operational directives that should help us in fully recruiting the study, we believe full enrollment of the chronic cohort is now more likely in Q3 of this year." This proof-of-concept clinical trial is innovative in two fundamental ways. First, it evaluates the ability of NVG-291 to enhance motor recovery through the complementary use of clinical assessments and objective electrophysiological measures of motor connectivity. Second, in order to increase the probability of success, it enrolls participants who have evidence of residual motor connectivity, electrophysiologically and functionally, which mirrors preclinical animal models of SCI, in which animals have some residual motor function. "We have added initiatives to cover travel and accommodation expenses for participants through the 16-week trial and we are submitting a comprehensive communication/awareness plan to the IRB which is targeted to expand awareness of the trial to the spinal cord injury community nationwide," said Dr. Daniel Mikol, NervGen's Chief Medical Officer. "In addition, based on the insights gained since initiating enrollment of the chronic cohort of this study, we have modified eligibility criteria and testing requirements for the subacute cohort to facilitate enrollment and make participation less burdensome. Accordingly, we will be submitting a protocol amendment to our Institutional Review Board (IRB) and the U.S. Food and Drug Administration (FDA) to make these modifications." Operational Highlights for Q1 2024 We advanced the clinical development of NVG-291. In February, we provided an update on the timing for enrollment and delivery of the data readout of the chronic cohort in the Company's Phase 1b/2a proof-of-concept, double blind, randomized placebo-controlled clinical trial for our proprietary investigational lead compound, NVG-291, in individuals with SCI. Additionally, we announced that we are developing plans to initiate a new study in which subjects completing the current trial who received placebo, would have the option to receive open-label NVG-291 under a separate protocol. We plan to initiate this open-label study, provided that an efficacy signal is observed in the chronic cohort, contingent upon protocol approval by the FDA as well as the study's IRB. We improved our cash position with equity proceeds. In March, we announced the closing of a public offering, including the full exercise of the underwriters' over-allotment option for aggregate gross proceeds to the Company of CA$23 million. Pursuant to the offering, the underwriters purchased, on a bought deal basis, and we issued 9,792,250 units at a price of CA$2.35 per unit. Each unit was comprised of one common share and one-half of one common share purchase warrant. Each whole warrant is exercisable to acquire one common share for a period of 36 months following the closing of the offering at an exercise price of CA$3.00 per warrant share. In connection with the offering, we issued an aggregate of 170,127 broker warrants and paid a cash commission of CA$1 million to the underwriters and incurred approximately CA$0.51 million in other share issue costs related to legal and listing fees. During the three months ended March 31, 2024, we also received approximately $600 thousand from the exercise of stock options. Financial Highlights Cash and Investments: NervGen had cash and investments of $30.3 million as of March 31, 2024, compared to $11.7 million as of December 31, 2023. The net cash burn for Q1 2024 from operating activities was approximately $3.3 million. This was offset by approximately $21.4 million in net proceeds from aforementioned financing and $0.6 million in proceeds from the exercise of options during the quarter. R&D Expenses: Research and development expenses were $3.0 million for the three months ended March 31, 2024, which was comparable to $3.0 million in the same period in 2023. The costs incurred in the current period pertain primarily to the ongoing Phase 1b/2a clinical trial and chemistry, manufacturing and controls consulting required to optimize our drug product for use in the current and future clinical trials. The costs incurred in the previous period related to the Phase 1 clinical trial which was in the later stages of completion. G&A Expenses: General and administrative expenses were $2.0 million for the three months ended March 31, 2024, compared to $1.7 million for the same period in 2023. The increase in the current period was primarily due to non-cash stock-based compensation expense related to option and retention security grants, and the timing of the related vesting, higher salary costs related to hiring a full time CEO subsequent to the quarter end in 2023, partially offset by a decrease in investor and public relations pertaining to federal and state government relations, public affairs, strategic communications, and advisory services incurred in the prior period. Net Loss: For the three months ended March 31, 2024, our net loss was $2.3 million or $0.04 per basic and diluted common share. The first quarter net loss included $1.1 million of non-cash expenses pertaining to amortization, stock-based compensation and unrealized foreign exchange offset by a $2.4 million non-cash gain due to the fair value adjustment of the warrant derivative. For the three months ended March 31, 2023, net loss, which included $1.0 million of non-cash expenses, was $4.7 million, or $0.08 per basic and diluted common share. About the NVG-291 Phase 1b/2a Trial The double-blind, placebo-controlled proof-of-concept trial (NCT05965700) will evaluate the efficacy of NVG-291 in two separate cohorts of individuals with cervical spinal cord injury: chronic (1-10 years post-injury) and subacute (those with a more recent injury), given demonstrated efficacy in preclinical models of both chronic and acute spinal cord injury. The trial is designed to evaluate the efficacy of a fixed dose of NVG-291 using multiple clinical outcome measures as well as objective electrophysiological and MRI imaging measures and blood biomarkers that together will provide comprehensive information about the extent of recovery of function, with a focus on improvements in motor function. Specifically, the primary objective is to assess the change in corticospinal connectivity of defined upper and lower extremity muscle groups following treatment based on changes in motor-evoked potential amplitudes. Secondary objectives are to evaluate changes in a number of clinical outcome assessments focusing on motor function, upper extremity dexterity and grasping and mobility, as well as changes in additional electrophysiological measurements. Each cohort will be evaluated independently as the data becomes available. The trial is being partially funded by a grant from Wings for Life, which is being provided in several milestone-based payments that will offset a portion of the direct costs of this clinical trial. About NervGen NervGen (TSXV: NGEN) (OTCQX: NGENF) is a clinical-stage biotech company dedicated to developing innovative treatments that enable the nervous system to repair itself following damage, whether due to injury or disease. NervGen's lead drug candidate, NVG-291, is being evaluated in a Phase 1b/2a clinical trial in the company's initial target indication, spinal cord injury. For more information, visit and follow NervGen on X, LinkedIn, and Facebook for the latest news on the company. Contacts Huitt Tracey, Corporate Communications htracey@nervgen.com 604.537.2094 Bill Adams, Chief Financial Officer info@nervgen.com 778.731.1711 David Schull or Ignacio Guerrero-Ros, Ph.D. Russo Partners david.schull@russopartnersllc.com ignacio.guerrero-ros@russopartnersllc.com 858.717.2310 646.942.5604 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note Regarding Forward-Looking Statements This news release may contain "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian and United States securities legislation. Such forward-looking statements and information herein include, but are not limited to, the Company's current and future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, or any other future events or developments constitute forward-looking statements, and the words "may", "will", "would", "should", "could", "expect", "plan", "intend", "trend", "indication", "anticipate", "believe", "estimate", "predict", "likely" or "potential", or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements. Forward-looking statements include, without limitation, statements relating to: the objectives, timing, rate of subject recruitment and study design of the clinical development of NVG-291, including the Phase 1b/2a clinical trial in spinal cord injury; the expected benefits of our proposed protocol amendments and initiatives; our belief that the net proceeds from our recent financing, along with our current working capital, is sufficient to fund our planned research and development activities through Q3 2025; our plans to initiate a new study to offer open-label NVG-291 for patients that received placebo in the current study subject to certain conditions being met; the receipt of the milestone-based grant payments; the belief that targeting mechanisms that interfere with nervous system repair is a promising target for reducing the clinical effects of nervous system damage through multiple mechanisms; and the creation of innovative treatments of nervous system damage due to trauma or disease. Forward-looking statements are based on estimates and assumptions made by the Company in light of management's experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. In making forward-looking statements, the Company has relied on various assumptions, including, but not limited to: the Company's ability to manage the effects of pandemics such as COVID-19; the accuracy of the Company's financial projections; the Company obtaining positive results in its clinical and other trials; the Company obtaining necessary regulatory approvals; and general business, market and economic conditions. Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including without limitation, a lack of revenue, insufficient funding, the impact of pandemics such as COVID-19, reliance upon key personnel, the uncertainty of the clinical development process, competition, and other factors set forth in the "Risk Factors" section of the Company's Annual Information Form, Prospectus Supplement, financial statements and Management Discussion and Analysis which can be found on SEDARplus.ca. All clinical development plans are subject to additional funding. Readers should not place undue reliance on forward-looking statements made in this news release. Furthermore, unless otherwise stated, the forward-looking statements contained in this news release are made as of the date of this news release, and we have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. To view the source version of this press release, please visit

LONDON--(BUSINESS WIRE)--Silence Therapeutics plc, Nasdaq: SLN (“Silence” or “the Company”), an experienced and innovative biotechnology company committed to transforming people’s lives by silencing diseases through precision engineered medicines, today reported its financial results for the first quarter ended March 31, 2024 and reviewed recent business highlights. “Silence’s first quarter performance reflects another period of solid execution with the continued advancement of both our wholly owned and partnered pipelines in the clinic,” said Craig Tooman, President and Chief Executive Officer at Silence. “Silence is well positioned heading into key data readouts in our zerlasiran and divesiran programs, and we remain excited about the potential for our mRNAi GOLD™ platform to address a wide range of genetic diseases.” First Quarter 2024 & Recent Business Highlights Zerlasiran for cardiovascular disease In March 2024, we announced positive topline 36-week data from the ongoing 60-week ALPACAR-360 phase 2 study of zerlasiran in patients with a median baseline Lp(a) of approximately 215 nmol/L. Study met primary endpoint and demonstrated highly significant reductions in Lp(a) to week 36 No new safety concerns were identified during this treatment period 48-week data (end of treatment period) expected in the second quarter of 2024 In April 2024, additional phase 1 data from the APOLLO single and multiple dose study of zerlasiran in subjects with baseline Lp(a) levels at or over 150 nmol/L were published in the Journal of the American Medical Association (JAMA), linked here. Divesiran for hematological diseases Advanced the SANRECO phase 1 study of divesiran in polycythemia vera (PV) patients. Emerging data from the open-label study continue to look promising On-track to report phase 1 data by the end of June 2024 Collaborations In February 2024, we achieved a $10 million milestone following the initiation of a phase 1 trial of the first product candidate under our AstraZeneca collaboration. First Quarter 2024 Financial Highlights Cash Position: Cash, cash equivalents and U.S. Treasury Bills of £152.8 million ($192.8 million) as of March 31, 2024, compared with £62.9 million ($77.8 million) as of March 31, 2023. Collaboration Revenue: Collaboration revenue was £12.4 million, an increase of £1.0 million compared with the first quarter of 2023. The increase was primarily driven by a £9.2 million milestone received from our AstraZeneca collaboration. This was offset by a decrease in revenue from our Mallinckrodt collaboration of £8.5 million as we reacquired exclusive worldwide rights to two preclinical siRNA assets under our modified Mallinckrodt collaboration in March 2023. R&D Expenses: Research and development (R&D) expenses were £9.2 million, a decrease of £3.4 million compared to the first quarter of 2023. The was primarily due to a decrease in contracted R&D expenses of £2.5 million resulting from the completion of the divesiran phase 1 study in thalassemia patients and timing of manufacturing activities for divesiran compared to the same period in 2023. G&A Expenses: General and administrative (G&A) expenses were £5.2 million, a decrease of £1.3 million compared to the first quarter of 2023. The decrease is primarily due to decreased payroll costs and equity-based compensation. Net Loss: Net loss was £1.9 million, or 1.4 pence basic and diluted net loss per share, compared to a net loss of £10.2 million, or 9.5 pence basic and diluted net loss per share for the first quarter of 2023. Total ADSs outstanding were approximately 46,575,984, as of March 31, 2024. About Silence Therapeutics Silence Therapeutics is developing a new generation of medicines by harnessing the body's natural mechanism of RNA interference, or RNAi, to inhibit the expression of specific target genes thought to play a role in the pathology of diseases with significant unmet need. Silence's proprietary mRNAi GOLD™ platform can be used to create siRNAs (short interfering RNAs) that precisely target and silence disease-associated genes in the liver, which represents a substantial opportunity. Silence's wholly owned product candidates include zerlasiran (SLN360) designed to address the high and prevalent unmet medical need in reducing cardiovascular risk in people born with high levels of lipoprotein(a) and divesiran (SLN124) designed to address rare hematological diseases including polycythemia vera. Silence also maintains ongoing research and development collaborations with AstraZeneca and Hansoh Pharma, among others. For more information, please visit . Forward-Looking Statements Certain statements made in this announcement are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other securities laws, including with respect to the Company’s cash runway and forecast operating cash flow, the Company’s clinical and commercial prospects, regulatory approvals of the Company’s product candidates, potential partnerships or collaborations or payments under new and existing collaborations, the initiation or completion of the Company’s clinical trials and the anticipated timing or outcomes of data reports from the Company’s clinical trials. These forward-looking statements are not historical facts but rather are based on the Company's current assumptions, beliefs, expectations, estimates and projections about its industry. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including those risks identified in the Company’s most recent Admission Document and its Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on March 13, 2024. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority. Condensed consolidated income statement (unaudited) Three months ended Three months ended March 31, 2024 March 31, 2023 £000s (except per share information) '£000s '£000s Revenue 12,406 11,374 Cost of sales (2,213 ) (4,534 ) Gross profit 10,193 6,840 Research and development costs (9,179 ) (12,539 ) General and administrative expenses (5,170 ) (6,450 ) Operating loss (4,156 ) (12,149 ) Finance and other expenses (13 ) (860 ) Finance and other income 804 336 Loss for the period before taxation (3,365 ) (12,673 ) Taxation 1,489 2,469 Loss for the period after taxation (1,876 ) (10,204 ) Loss per ordinary equity share (basic and diluted) (1.4) pence (9.5) pence Condensed consolidated balance sheet (unaudited) March 31, 2024 December 31, 2023 £000s £000s Non-current assets Property, plant and equipment 1,791 1,813 Goodwill 7,731 7,840 Other intangible assets 275 284 Other long term assets 2,565 2,580 Financial assets at amortized cost 284 284 12,646 12,801 Current assets Cash and cash equivalents 113,056 54,031 Financial assets at amortized cost 39,698 - R&D tax credit receivable 10,690 17,627 Other current assets 10,149 9,135 Trade receivables 8,140 228 181,733 81,021 Non-current liabilities Contract liabilities (56,208 ) (58,910 ) Lease liability (93 ) (93 ) (56,301 ) (59,003 ) Current liabilities Contract liabilities (3,505 ) (5,161 ) Trade and other payables (10,487 ) (12,429 ) Lease liability (184 ) (179 ) (14,176 ) (17,769 ) Net assets 123,902 17,050 Capital and reserves attributable to the owners of the parent Share capital 6,986 5,942 Capital reserves 420,759 313,769 Translation reserve 1,861 1,951 Accumulated losses (305,704 ) (304,612 ) Total shareholders equity 123,902 17,050