Silence Therapeutics Reports Second Quarter 2024 Financial Results and Recent Business Highlights
“The first half of this year has been marked by strong execution across Silence, including outstanding clinical results in both our wholly owned clinical programs and advancing our first partnered program into the clinic under our AstraZeneca collaboration,” said
“With the
Second Quarter 2024 & Recent Business Highlights
Zerlasiran for cardiovascular disease
-
Announced positive topline 48-week data from the ALPACAR-360 Phase 2 study of zerlasiran in patients with elevated lipoprotein(a) (Lp(a)).
- Zerlasiran produced highly significant and sustained reductions in Lp(a) to week 48 (end of treatment period) and was well tolerated.
- Data support advancing zerlasiran into Phase 3.
Divesiran for hematological diseases
-
Announced positive results from the ongoing SANRECO Phase 1 study of divesiran in polycythemia vera (PV) patients.
- Divesiran eliminated the need for phlebotomy in all well-controlled patients following infrequent dosing and was well tolerated.
- Data support advancing divesiran into Phase 2.
Collaborations
-
Achieved a
$2.0 million research milestone payment under our collaboration with Hansoh Pharmaceutical Group Company Limited (Hansoh).
Organizational updates
-
Promoted
Rhonda Hellums , Silence’s Chief Financial Officer, andSteven Romano , MD, Silence’s Chief R&D Officer, to Executive Vice President. -
Hired
Gianine Esposito as Chief Human Resources Officer (CHRO). Gianine brings 25 years of Human Resources experience with over 15 years of pharmaceutical experience and joins Silence fromShionogi Inc. where she was the SVP and CHRO. In her time at Shionogi, Gianine assisted in building out its US-based clinical and commercial organizations through different stages of growth. -
Hired
Marianna Anesti as Vice President, Head of Business Development. Marianna brings 18 years of diverse Biotech & Pharmaceutical experience and joins Silence from Siga Technologies where she was the VP,Business Development & Corporate Strategy . In her time at Siga, Marianna built a pipeline of M&A opportunities, strategic partnerships, and potential in-licensing deals. Prior to Siga, Marianna was Director, R&D Strategy & Consulting at Pfizer where she partnered with Senior R&D leaders across the business to help shape new BD strategies.
Financial Highlights for the Period Ended
-
Cash Position: Cash, cash equivalents and
U.S. Treasury Bills of £149.6 million ($189.2 million ) as ofJune 30, 2024 , compared with £50.2 million ($63.4 million ) as ofJune 30, 2023 . -
Collaboration Revenue: Collaboration revenue for the three and six months ended
June 30, 2024 was £0.6 million (June 30,2023 : £9.0 million) and £12.9 million (June 30, 2023 : £20.2 million), respectively. Revenue from the current year period primarily related to our ongoing AstraZeneca and Hansoh collaborations and from our Mallinckrodt collaboration we completed inMarch 2024 . -
R&D Expenses: Research and development (R&D) expenses for the three and six months ended
June 30, 2024 was £11.0 million (June 30,2023 : £12.6 million) and £20.2 million (June 30, 2023 : £25.2 million), respectively. The decrease compared to the prior year period primarily related to the timing of clinical studies and manufacturing activities for our divesiran clinical program. -
G&A Expenses: General and administrative (G&A) expenses for the three and six months ended
June 30, 2024 was £5.3 million (June 30,2023 : £5.1 million) and £10.5 million (June 30, 2023 : £11.6 million), respectively. The decrease from the prior year six-month period was mainly due to decreased payroll costs and equity-based compensation. -
Net Loss: Net loss for the three and six months ended
June 30, 2024 was £15.6 million, or11.1 pence basic and diluted net loss per share, (June 30,2023 : £10.4 million or9.6 pence ) and £17.4 million, or12.8 pence basic and diluted net loss per share (June 30, 2023 : £20.6 million or19.0 pence ), respectively. -
Total ADSs outstanding were approximately 46,797,823, as of
June 30, 2024 .
About
Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements within the meaning of the
Condensed consolidated income statement (unaudited) |
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Three months ended |
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Three months ended |
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Six months ended |
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Six months ended |
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£000s (except per share information) |
£000s |
|
|
£000s |
|
|
£000s |
|
|
£000s |
|
||||
Revenue |
|
598 |
|
|
|
9,104 |
|
|
|
13,004 |
|
|
|
20,478 |
|
Cost of sales |
|
(2,638 |
) |
|
|
(2,831 |
) |
|
|
(4,851 |
) |
|
|
(7,365 |
) |
Gross profit |
|
(2,040 |
) |
|
|
6,273 |
|
|
|
8,153 |
|
|
|
13,113 |
|
Research and development costs |
|
(10,995 |
) |
|
|
(12,615 |
) |
|
|
(20,174 |
) |
|
|
(25,154 |
) |
General and administrative expenses |
|
(5,288 |
) |
|
|
(5,115 |
) |
|
|
(10,458 |
) |
|
|
(11,565 |
) |
Operating loss |
|
(18,323 |
) |
|
|
(11,457 |
) |
|
|
(22,479 |
) |
|
|
(23,606 |
) |
Finance and other expenses |
|
(183 |
) |
|
|
(893 |
) |
|
|
(25 |
) |
|
|
(1,753 |
) |
Finance and other income |
|
1,065 |
|
|
|
340 |
|
|
|
1,698 |
|
|
|
676 |
|
Loss for the period before taxation |
|
(17,441 |
) |
|
|
(12,010 |
) |
|
|
(20,806 |
) |
|
|
(24,683 |
) |
Taxation |
|
1,879 |
|
|
|
1,609 |
|
|
|
3,368 |
|
|
|
4,078 |
|
Loss for the period after taxation |
|
(15,562 |
) |
|
|
(10,401 |
) |
|
|
(17,438 |
) |
|
|
(20,605 |
) |
Loss per ordinary share (basic and diluted) |
|
|
|
|
|
|
|
|
|
|
|
Condensed consolidated balance sheet (unaudited) |
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£000s |
|
|
£000s |
|
||
Non-current assets |
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
1,686 |
|
|
|
1,813 |
|
|
|
|
7,662 |
|
|
|
7,840 |
|
Other intangible assets |
|
|
267 |
|
|
|
284 |
|
Other long term assets |
|
|
2,361 |
|
|
|
2,580 |
|
Financial assets at amortized cost |
|
|
284 |
|
|
|
284 |
|
|
|
|
12,260 |
|
|
|
12,801 |
|
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
109,482 |
|
|
|
54,031 |
|
Financial assets at amortized cost |
|
|
40,112 |
|
|
|
- |
|
R&D tax credit receivable |
|
|
12,852 |
|
|
|
17,627 |
|
Other current assets |
|
|
12,244 |
|
|
|
9,135 |
|
Trade receivables |
|
|
1,686 |
|
|
|
228 |
|
|
|
|
176,376 |
|
|
|
81,021 |
|
Non-current liabilities |
|
|
|
|
|
|
||
Contract liabilities |
|
|
(58,187 |
) |
|
|
(58,910 |
) |
Lease liability |
|
|
- |
|
|
|
(93 |
) |
|
|
|
(58,187 |
) |
|
|
(59,003 |
) |
Current liabilities |
|
|
|
|
|
|
||
Contract liabilities |
|
|
(2,766 |
) |
|
|
(5,161 |
) |
Trade and other payables |
|
|
(14,992 |
) |
|
|
(12,429 |
) |
Lease liability |
|
|
(184 |
) |
|
|
(179 |
) |
|
|
|
(17,942 |
) |
|
|
(17,769 |
) |
Net assets |
|
|
112,507 |
|
|
|
17,050 |
|
Capital and reserves attributable to the owners of the parent |
|
|
|
|
|
|
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Share capital |
|
|
7,019 |
|
|
|
5,942 |
|
Capital reserves |
|
|
423,831 |
|
|
|
313,769 |
|
Translation reserve |
|
|
1,807 |
|
|
|
1,951 |
|
Accumulated losses |
|
|
(320,150 |
) |
|
|
(304,612 |
) |
Total shareholders' equity |
|
|
112,507 |
|
|
|
17,050 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240815016094/en/
Inquiries:
ir@silence-therapeutics.com
Tel: +1 (646) 637-3208
Source: