Silence Therapeutics Reports Second Quarter 2023 Results
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“Silence’s strong second quarter results reflect continued execution and meaningful pipeline progress,” said Craig Tooman, President and Chief Executive Officer at Silence. “We look forward to multiple clinical data readouts in the second half of this year from our wholly owned programs along with the continued success of our partnered portfolio. This is a very exciting time for Silence and our proprietary siRNA technology platform.”
Second Quarter 2023 and Recent Business Highlights
mRNAi GOLD™ Proprietary Program Updates
zerlasiran (cardiovascular disease)
- In April 2023, we completed dosing in the multiple dose portion of the APOLLO phase 1 study in subjects with stable atherosclerotic cardiovascular disease (“ASCVD”) and high lipoprotein(a) (“Lp(a)”). We remain on-track to report topline data in the fourth quarter of 2023.
- In May 2023, we announced complete enrollment in the ALPACAR-360 phase 2 study in subjects with ASCVD and high Lp(a). We expect to report topline data in mid-2024.
SLN124 (hematological disorders)
- We continued to enroll patients in the phase 1 portion of the SANRECO study in patients with polycythemia vera (“PV”).
- We continued to advance the multiple dose portion of the GEMINI II phase 1 study in thalassemia patients. We remain on-track to report topline data in the fourth quarter of 2023.
mRNAi GOLD™ Partnered Program Updates
-
In May 2023, we achieved a
milestone payment from AstraZeneca following the nomination of the first product candidate under our siRNA (“short interfering RNA”) collaboration focused on cardiovascular, renal, metabolic and respiratory diseases.$10.0 million -
In July 2023, we announced the future receipt of
from Hansoh following the achievement of two undisclosed preclinical milestones.$4.0 million
Second Quarter 2023 Financial Results
For the three-month period ending June 30, 2023, the net loss after tax was
For the six-month period ending June 30, 2023, the net loss after tax was
Revenue
Revenue recognized for the quarter ending June 30, 2023 was
Cost of sales
The cost of sales increased for the three months ending June 30, 2023 to
Research and Development
During the three-month period ending June 30, 2023, research and development expenditures were
General and Administrative
General and administrative expenses increased by
Liquidity, cash and cash equivalents
As of June 30, 2023, the Company had
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 designed to address the high and prevalent unmet medical need in reducing cardiovascular risk in people born with high levels of lipoprotein(a) and SLN124 designed to address hematological diseases. Silence also maintains ongoing research and development collaborations with AstraZeneca, Mallinckrodt Pharmaceuticals, 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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Six months ended |
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Six months ended |
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June 30, 2023 |
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June 30, 2022 |
|
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June 30, 2023 |
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June 30, 2022 |
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||||
|
|
|
|
|
|
|
|
|
|
|
|
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Revenue |
|
9,104 |
|
|
|
3,643 |
|
|
|
20,478 |
|
|
|
9,365 |
|
Cost of sales |
|
(2,831 |
) |
|
|
(2,352 |
) |
|
|
(7,365 |
) |
|
|
(4,627 |
) |
Gross profit |
|
6,273 |
|
|
|
1,291 |
|
|
|
13,113 |
|
|
|
4,738 |
|
Research and development costs |
|
(12,615 |
) |
|
|
(10,832 |
) |
|
|
(25,154 |
) |
|
|
(18,435 |
) |
General and administrative expenses |
|
(5,115 |
) |
|
|
(4,548 |
) |
|
|
(11,565 |
) |
|
|
(10,314 |
) |
Operating loss |
|
(11,457 |
) |
|
|
(14,089 |
) |
|
|
(23,606 |
) |
|
|
(24,011 |
) |
Finance and other expenses |
|
(893 |
) |
|
|
- |
|
|
|
(1,753 |
) |
|
|
- |
|
Finance and other income |
|
340 |
|
|
|
669 |
|
|
|
676 |
|
|
|
1,019 |
|
Loss for the period before taxation |
|
(12,010 |
) |
|
|
(13,420 |
) |
|
|
(24,683 |
) |
|
|
(22,992 |
) |
Taxation |
|
1,609 |
|
|
|
1,481 |
|
|
|
4,078 |
|
|
|
3,369 |
|
Loss for the period after taxation |
|
(10,401 |
) |
|
|
(11,939 |
) |
|
|
(20,605 |
) |
|
|
(19,623 |
) |
Loss per ordinary share (basic and diluted) |
|
|
|
|
|
|
|
|
|
|
|
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Condensed consolidated balance sheet (unaudited)
|
|
June 30, 2023 |
|
|
December 31, 2022 |
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||
|
|
|
|
|
|
|
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Non-current assets |
|
|
|
|
|
|
||
Property, plant and equipment |
|
|
2,038 |
|
|
|
2,201 |
|
Goodwill |
|
|
7,773 |
|
|
|
8,009 |
|
Other intangible assets |
|
|
302 |
|
|
|
320 |
|
Financial assets at amortized cost |
|
|
284 |
|
|
|
284 |
|
|
|
|
10,397 |
|
|
|
10,814 |
|
Current assets |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
|
29,720 |
|
|
|
54,816 |
|
Financial assets at amortized cost |
|
|
20,501 |
|
|
|
16,328 |
|
R&D tax credit receivable |
|
|
12,998 |
|
|
|
14,882 |
|
Other current assets |
|
|
6,772 |
|
|
|
9,745 |
|
Trade receivables |
|
|
12,323 |
|
|
|
915 |
|
|
|
|
82,314 |
|
|
|
96,686 |
|
Non-current liabilities |
|
|
|
|
|
|
||
Contract liabilities |
|
|
(60,732 |
) |
|
|
(63,485 |
) |
Lease liability |
|
|
(166 |
) |
|
|
- |
|
|
|
|
(60,898 |
) |
|
|
(63,485 |
) |
Current liabilities |
|
|
|
|
|
|
||
Contract liabilities |
|
|
(7,162 |
) |
|
|
(8,864 |
) |
Trade and other payables |
|
|
(12,197 |
) |
|
|
(12,633 |
) |
Lease liability |
|
|
(198 |
) |
|
|
(446 |
) |
|
|
|
(19,557 |
) |
|
|
(21,943 |
) |
Net assets |
|
|
12,256 |
|
|
|
22,072 |
|
Capital and reserves attributable to the owners of the parent |
|
|
|
|
|
|
||
Share capital |
|
|
5,512 |
|
|
|
5,390 |
|
Capital reserves |
|
|
287,610 |
|
|
|
277,860 |
|
Translation reserve |
|
|
1,896 |
|
|
|
2,085 |
|
Accumulated losses |
|
|
(282,762 |
) |
|
|
(263,263 |
) |
Total shareholders' equity |
|
|
12,256 |
|
|
|
22,072 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230816529739/en/
Inquiries:
Silence Therapeutics plc
Gem Hopkins, Head of IR and Corporate Communications
ir@silence-therapeutics.com
Tel: +1 (646) 637-3208
Source: Silence Therapeutics plc
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