Silence Therapeutics Reports First Quarter 2024 Results and Highlights Pipeline Progress
Silence Therapeutics (NASDAQ: SLN) disclosed its Q1 2024 financials and recent advancements. The firm reported a cash position of £152.8 million ($192.8 million), up from £62.9 million ($77.8 million) a year prior. Collaboration revenue rose by £1.0 million to £12.4 million, largely due to a £9.2 million milestone payment from AstraZeneca. R&D expenses decreased by £3.4 million to £9.2 million, and G&A expenses dropped by £1.3 million to £5.2 million. This resulted in a net loss of £1.9 million, a significant improvement from the £10.2 million loss last year.
Key pipeline updates included positive 36-week data from the phase 2 ALPACAR-360 study of zerlasiran for cardiovascular disease, with primary endpoints met and no new safety concerns. Additionally, promising phase 1 data for divesiran in polycythemia vera (PV) patients were reported. Collaboratively, Silence achieved a $10 million milestone from AstraZeneca after initiating a phase 1 trial.
- Cash position increased to £152.8 million ($192.8 million) from £62.9 million ($77.8 million) year-on-year.
- Collaboration revenue rose by £1.0 million due to a £9.2 million milestone payment from AstraZeneca.
- Net loss decreased significantly to £1.9 million from £10.2 million year-on-year.
- R&D expenses reduced by £3.4 million to £9.2 million, mainly due to completed studies.
- G&A expenses decreased by £1.3 million to £5.2 million due to lower payroll and equity-based compensation costs.
- Positive topline 36-week data from phase 2 ALPACAR-360 study of zerlasiran met primary endpoints.
- No new safety concerns identified during the zerlasiran phase 2 study.
- Achieved a $10 million milestone from AstraZeneca after initiating a phase 1 trial.
- Decrease in collaboration revenue from Mallinckrodt by £8.5 million.
- Net loss, although improved, still stands at £1.9 million.
- Ongoing reliance on milestones and collaborations for revenue.
Insights
Silence Therapeutics reported a significant improvement in its financial position during the first quarter of 2024. The company's cash position increased substantially to
Operating expenses showed a notable decline, with R&D expenses dropping by
The company reported a net loss of
For retail investors, these results indicate a positive trend in financial stability and operational efficiency, which could potentially reduce financial risks and lend credibility to the company's strategic collaborations and pipeline advancements.
The advancements in Silence Therapeutics’ clinical trials are promising. The zerlasiran phase 2 study demonstrated significant reductions in Lp(a) levels at week 36 without new safety concerns, indicating potential efficacy in treating cardiovascular diseases. This will be critical for the upcoming 48-week data readout, which investors should watch closely.
Additionally, the divesiran phase 1 study for polycythemia vera (PV) patients has shown encouraging preliminary data. If the emerging data continues to be favorable, it could lead to a significant breakthrough in treating hematological conditions.
These developments highlight the potential of their mRNAi GOLD™ platform to address a broad range of genetic diseases, which, if successful, could significantly enhance the company's market position and future revenue streams.
From a market perspective, Silence Therapeutics' collaborations, particularly with AstraZeneca, are noteworthy. The achieved
The company’s emphasis on both wholly owned and partnered pipelines suggests a balanced approach to risk management and potential growth. By advancing both independently and through collaborations, Silence Therapeutics can potentially mitigate the risks associated with clinical trials and commercialization.
For retail investors, these collaborations and the company's diversified pipeline could offer a solid foundation for long-term growth and stability in the volatile biotechnology sector.
“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
First Quarter 2024 Financial Highlights
-
Cash Position: Cash, cash equivalents and
U.S. Treasury Bills of£152.8 million ($192.8 million £62.9 million ($77.8 million -
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 , or1.4 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 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 https://www.silence-therapeutics.com/.
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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March 31, 2024 |
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|
March 31, 2023 |
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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) |
|
|
|
|
|
||
|
|
|
|
|
|
||
Condensed consolidated balance sheet (unaudited) |
||||||||
|
|
March 31, 2024 |
|
|
December 31, 2023 |
|
||
|
|
|
|
|
|
|
||
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 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240516057102/en/
Inquiries:
Silence Therapeutics plc
Gem Hopkins, VP, IR and Corporate Communications
ir@silence-therapeutics.com
Tel: +1 (646) 637-3208
Source: Silence Therapeutics plc
FAQ
What are the financial highlights for Silence Therapeutics in Q1 2024?
How did collaboration revenue change for Silence Therapeutics in Q1 2024?
What are the key pipeline developments for Silence Therapeutics in Q1 2024?
What milestone did Silence Therapeutics achieve in collaboration with AstraZeneca?
What is the net loss reported by Silence Therapeutics for Q1 2024?
How did Silence Therapeutics' R&D expenses change in Q1 2024?
What is the cash position of Silence Therapeutics as of March 31, 2024?
