Silence Therapeutics Reports First Quarter 2024 Results and Highlights Pipeline Progress
“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
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 theJournal 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 ofMarch 31, 2024 , compared with £62.9 million ($77.8 million ) as ofMarch 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, or9.5 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
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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£000s (except per share information) |
'£000s |
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|
'£000s |
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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) |
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|
|
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Condensed consolidated balance sheet (unaudited) |
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£000s |
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|
£000s |
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Non-current assets |
|
|
|
|
|
|
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Property, plant and equipment |
|
|
1,791 |
|
|
|
1,813 |
|
|
|
|
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 |
|
|
|
|
|
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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 |
|
|
|
|
|
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Contract liabilities |
|
|
(56,208 |
) |
|
|
(58,910 |
) |
Lease liability |
|
|
(93 |
) |
|
|
(93 |
) |
|
|
|
(56,301 |
) |
|
|
(59,003 |
) |
Current liabilities |
|
|
|
|
|
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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 |
|
|
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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 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240516057102/en/
Inquiries:
S
ilence
ir@silence-therapeutics.com
Tel: +1 (646) 637-3208
Source: