Silence Therapeutics plc (NASDAQ:SLN) Q4 2022 Earnings Call Transcript

Rhonda Hellums: What we’ve announced is our current cash gets us with our current plans through Q1 of 2024. And again, if we do achieve those milestones, we can definitely get into Q2 of 2024. When we did raise in August, that amount will get us largely through at least the enrollment part of the Phase II as well as getting us into the Phase I/II in PV. So we continue to operate with that in mind.

Operator: We will now take our last question for today. And the question comes from the line of Myles Minter from William Blair Research.

Myles Minter: First on Zerlasiran, I’m just wondering whether that population of greater than 125 nmol per liter Lp(a) would be the baseline population that you’d be thinking about in a potential outcome study and what gives you the confidence that, that event rate associated with that population, would it have you running a study for 6 to 8 years.

Craig Tooman: Thanks for the question, Myles. Giles?

Giles Campion: Yes, I wouldn’t take the population that we’re studying for the Phase II as necessarily indicative of what we’re thinking about for an outcome study. So I think what it does is it gives us an understanding. We’ve gone through a high-risk population, even though the slightly lower Lp(a), it does differentiate us from our competitors and potentially would allow us to explore a slightly broader population. So this is something that we’re considering as we consider the design for the outcome study.

Myles Minter: Okay. Cool. And then I did want to touch on the sources of differentiation here. Is that from a molecule-specific perspective that you’re looking at that? Or is that more chasing potential different indications than what your peers have or obviously, what you just mentioned which is a potential different Lp(a) baseline level. It’s just very cognizant that you’re probably the third or maybe even the fourth product in line here.

Giles Campion: Yes. I mean we see this as a statin-sized market. So we don’t necessarily think that the first product to market is inevitably going to be the most successful. And as I said, the biology is somewhat broader with valve disease and other components that I think go into our thoughts about the ultimate target population. The advantage of being where we are is that we can see what our competitors are doing and allow us to take a slightly different route, one that we think will be very attractive and watch this space.

Myles Minter: Okay. And the final one for me is just data that we’ve been picking up over the years and particularly at ACC recently in March, it does suggest that there might be elevated Lp(a) levels in females but certainly in the Black American population as well. Just given that the FDA, especially in large indications is very focused on diversity and certainly payers as well. How is that diversity represented in your current trials for this drug and your future outcome studies.

Giles Campion: Yes, I think the diversity is primarily something that we have to consider with the total package that we file. So that will definitely be included in our larger studies, not so much a feature of the Phase II because there, we’re really just looking at level of knockdown and dose duration. I think when we’re dealing with outcomes, that’s where the diversity is critical.