Silence Therapeutics Reports Full Year 2023 Financial Results and Recent Business Highlights
Silence also announced positive topline 36-week data from ongoing phase 2 study of zerlasiran in patients with high lipoprotein(a)
Company to host conference call and webcast today at
“2023 was a year of strong execution across Silence as we advanced our proprietary pipeline in the clinic,” said
Recent Business Highlights
Zerlasiran for cardiovascular disease
-
In
November 2023 , reported positive topline data in multiple dose portion of the APOLLO phase 1 study of zerlasiran in patients with high Lp(a). -
Today announced positive topline 36-week data from the ongoing ALPACAR-360 phase 2 study of zerlasiran in patients with a median baseline Lp(a) of approximately 215 nmol/L. Zerlasiran was administered at 300 mg subcutaneously every 16 or 24 weeks and 450 mg every 24 weeks.
- Study demonstrated highly significant reductions in Lp(a) compared with placebo to week 36 (primary endpoint)
- Median percentage reduction in Lp(a) of 90% or greater were observed for both doses at week 36
- No new safety concerns were identified during this treatment period
- The 60-week study is ongoing and secondary endpoints, including change in Lp(a) from baseline to week 48 (end of treatment period), week 60 (end of study) and potential effects on other lipids/lipoproteins, will be evaluated
- 48-week topline data expected in the second quarter of 2024
Divesiran for hematological diseases
-
Advanced enrollment in the SANRECO phase 1/2 study of divesiran in PV patients.
- Emerging data from the ongoing phase 1 open label portion of the study continue to look promising
- On-track to report phase 1 data in the second quarter of 2024
Collaborations
-
In
February 2024 , achieved a$10 million milestone following the initiation of a phase 1 trial of the first product candidate under AstraZeneca collaboration. -
In
March 2024 , Mallinckrodt notified Silence that they will not pursue further development of SLN501 following the completion of the phase 1 clinical trial. This will conclude all activities and commitments under the collaboration agreement.
“We ended
Financial Highlights for Year End 2023
-
Cash Position: Cash and cash equivalents of £54.0 million (
$68.8 million ) as ofDecember 2023 , compared with £71.1 million as ofDecember 31, 2022 . -
Collaboration Revenue: Collaboration revenue was £25.4 million for the year ended
December 31, 2023 , and £17.5 million for the year endedDecember 31, 2022 , and related to research services performed under the collaboration agreements with AstraZeneca, Hansoh and Mallinckrodt. -
R&D Expenses: Research and development (R&D) expenses were £44.0 million for the year ended
December 31, 2023 , compared to £35.6 million for the year endedDecember 31, 2022 . The increase is a result of additional clinical studies and an increase in contract manufacturing activities for Silence’s proprietary programs. -
G&A Expenses: General and administrative (G&A) expenses were £20.6 million for the year ended
December 31, 2023 , compared to £19.6 million for the year endedDecember 31, 2022 . The increase is primarily due to non-cash stock compensation costs. -
Net Loss: Net loss was £43.3 million, or
38.9 pence basic and diluted net loss per share for the year endedDecember 31, 2023 , compared to a net loss of £40.5 million, or41.9 pence basic and diluted net loss per share for the year endedDecember 31, 2022 .
Post-Period Financial Highlights
-
In
January 2024 , received total proceeds of approximately$30 million (includes approximately$20 million from ADS sales under Silence’s Sales Agreement and approximately$10 million in R&D tax credit). -
In
February 2024 , announced a private placement of ADSs with gross proceeds of approximately$120 million (£94.5 million). -
In
February 2024 , achieved a$10 million clinical milestone under AstraZeneca collaboration. This will be received inApril 2024 . -
Total ADSs outstanding were approximately 46,502,272, as of
March 1, 2024 .
Cash and Liquidity Update
As of
Conference Call & Webcast Details
Company management will host a conference call and webcast today,
Webcast link: https://edge.media-server.com/mmc/p/rkramk2y
Conference call registration link: https://register.vevent.com/register/BIa97253e879ff493bb6fe3a99a6ba3532
The conference call and webcast will also be archived on the Company’s website at www.silence-therapeutics.com.
About
Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements within the meaning of the
CONSOLIDATED INCOME STATEMENTS (in thousands, except for loss per share) |
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2023 |
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|
2022 |
|
|
2021 |
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|||
|
|
|
|
£000s |
|
|
£000s |
|
£000s |
|
||||
Revenue |
|
|
|
|
25,375 |
|
|
|
17,501 |
|
|
|
12,415 |
|
Cost of sales |
|
|
|
|
(10,318 |
) |
|
|
(10,880 |
) |
|
|
(7,456 |
) |
Gross profit |
|
|
|
|
15,057 |
|
|
|
6,621 |
|
|
|
4,959 |
|
Research and development costs |
|
|
|
|
(44,025 |
) |
|
|
(35,605 |
) |
|
|
(30,765 |
) |
General and administrative expenses |
|
|
|
|
(20,636 |
) |
|
|
(19,609 |
) |
|
|
(20,008 |
) |
Operating loss |
|
|
|
|
(49,604 |
) |
|
|
(48,593 |
) |
|
|
(45,814 |
) |
Finance and other expenses |
|
|
|
|
(2,152 |
) |
|
|
(47 |
) |
|
|
(52 |
) |
Finance and other income |
|
|
|
|
1,446 |
|
|
|
1,272 |
|
|
|
10 |
|
Loss for the year before taxation |
|
|
|
|
(50,310 |
) |
|
|
(47,368 |
) |
|
|
(45,856 |
) |
Taxation |
|
|
|
|
7,043 |
|
|
|
6,879 |
|
|
|
6,446 |
|
Loss for the year after taxation |
|
|
|
|
(43,267 |
) |
|
|
(40,489 |
) |
|
|
(39,410 |
) |
Loss per ordinary equity share (basic and diluted) |
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS (in thousands) |
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2023 |
|
|
2022 |
|
|
||||
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|
£000s |
|
|
£000s |
|
|
||||
Non-current assets |
|
|
|
|
|
|
|
|
||||
Property, plant and equipment |
|
|
|
1,813 |
|
|
|
2,201 |
|
|
||
|
|
|
|
7,840 |
|
|
|
8,009 |
|
|
||
Other intangible assets |
|
|
|
284 |
|
|
|
320 |
|
|
||
Other long term assets |
|
|
|
2,580 |
|
|
|
|
|
|||
Financial assets at amortized cost |
|
|
|
284 |
|
|
|
284 |
|
|
||
|
|
|
|
12,801 |
|
|
|
10,814 |
|
|
||
Current assets |
|
|
|
|
|
|
|
|
||||
Cash and cash equivalents |
|
|
|
54,031 |
|
|
|
54,816 |
|
|
||
Financial assets at amortized cost |
|
|
|
- |
|
|
|
16,328 |
|
|
||
R&D tax credit receivable |
|
|
|
17,627 |
|
|
|
14,882 |
|
|
||
Other current assets |
|
|
|
9,135 |
|
|
|
9,745 |
|
|
||
Trade receivables |
|
|
|
228 |
|
|
|
915 |
|
|
||
|
|
|
|
81,021 |
|
|
|
96,686 |
|
|
||
Non-current liabilities |
|
|
|
|
|
|
|
|
||||
Contract liabilities |
|
|
|
(58,910 |
) |
|
|
(63,485 |
) |
|
||
Lease liability |
|
|
|
(93 |
) |
|
|
- |
|
|
||
|
|
|
|
(59,003 |
) |
|
|
(63,485 |
) |
|
||
Current liabilities |
|
|
|
|
|
|
|
|
||||
Contract liabilities |
|
|
|
(5,161 |
) |
|
|
(8,864 |
) |
|
||
Trade and other payables |
|
|
|
(12,429 |
) |
|
|
(12,633 |
) |
|
||
Lease liability |
|
|
|
(179 |
) |
|
|
(446 |
) |
|
||
|
|
|
|
(17,769 |
) |
|
|
(21,943 |
) |
|
||
Net assets |
|
|
|
17,050 |
|
|
|
22,072 |
|
|
||
Capital and reserves attributable to the owners of the parent |
|
|
|
|
|
|
|
|
||||
Share capital |
|
|
|
5,942 |
|
|
|
5,390 |
|
|
||
Capital reserves |
|
|
|
313,769 |
|
|
|
277,860 |
|
|
||
Translation reserve |
|
|
|
1,951 |
|
|
|
2,085 |
|
|
||
Accumulated losses |
|
|
|
(304,612 |
) |
|
|
(263,263 |
) |
|
||
Total shareholders equity |
|
|
|
17,050 |
|
|
|
22,072 |
|
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240313711941/en/
Inquiries:
ir@silence-therapeutics.com
Tel: +1 (646) 637-3208
Source: