TIDMSLN
RNS Number : 3322A
Silence Therapeutics PLC
11 September 2018
Interim results for the six months ended 30 June 2018
11 September 2018
Silence Therapeutics plc, AIM:SLN ("Silence" or "the Company") a
leader in the discovery, delivery, and development of novel RNA
therapeutics for the treatment of serious diseases, announces its
unaudited interim results for the half year to 30 June 2018.
Highlights
-- New leadership in place with the recruitment in July of Dr
David Horn Solomon as Chief Executive Officer, an experienced
public company biotech CEO, board member and biotech investor.
-- The field is advancing: Gene-silencing as a therapeutic
modality was granted its first drug approval by the FDA on 10
August for patisiran, validating RNAi as a class of drugs that now
have a clear path to market.
-- Positive regulatory feedback and promising data in clinically
validated animal disease models representative of iron overload
disorders, increases confidence in Silence's lead candidate SLN124,
with the first patient entered into a Phase Ib study anticipated in
H2 2019.
-- Out-licenced programme, QPI-1002 for Prevention of Acute
Kidney Injury progressed to Phase III clinical trial by partner
Quark Pharmaceuticals, Inc.
-- patisiran remains accused of infringement of Silence's
Intellectual Property in the United Kingdom and Portugal.
Financial Highlights
-- Loss after tax of GBP8.7 million (2017 H1: GBP5.5 million),
reflecting increasing costs associated with the progression of lead
programmes SLN124 and SLN226 towards the clinic.
-- Cash and cash equivalents and term deposits of GBP34.3 million (FY 2017 GBP42.7 million).
-- Net cash outflow from operating activities GBP8.8 million (H1 2017: GBP4.4 million).
Post Half-Year Events
-- Departure of Dr Annalisa Jenkins as Chair on 19 August 2018,
having upgraded Silence's R&D operations and successfully
reshaped the Company's strategy, with appointment of Dr Andy
Richards, CBE, as Interim Chair.
-- Completion of new management review of clinical timelines
results in first patient dosing for SLN124 now expected in H2
2019.
Dr David Horn Solomon, Chief Executive Officer of Silence
Therapeutics, commented:
"The RNAi space is maturing with the first marketing approval of
patisiran from Alnylam. I am excited for the opportunity to build
Silence into a leading drug development company in this
cutting-edge field of technology. Since joining Silence, I have
been impressed by the calibre of our scientists and developers, our
growing pipeline, our innovative technology platform and the
commercial opportunities that these present."
"In the coming months, we will apply for Orphan Drug designation
for our clinically validated lead medicine candidate, SLN124, for
the treatment of Beta-Thalassemia, in order to expedite progress
towards a Phase Ib trial planned to begin in H2 2019. Whilst also
advancing the development of our other pipeline of product
candidates, we are targeting validating Business Development deals
and continue to explore a range of financing options."
Dr Andy Richards, CBE, Interim Chair of Silence Therapeutics,
commented:
"This has been a transformational period for Silence, with the
recent recruitment of Dr David Horn Solomon as CEO, who brings
extensive biotech industry leadership experience with an
international track record of successful pipeline delivery,
financing and deal making. At the Board level, we have also been
delighted to welcome Dave Lemus who brings further expertise in
commercialisation and strategic partnerships, as well as financing
and transactions, especially in the US. I will serve as Interim
Chair to ensure a smooth transition period to a new Chair,
following the successful completion of the changes that have
provided Silence with such a clear and well-directed strategy."
Enquiries:
Silence Therapeutics plc Tel: +44 (0) 20 3457
Dr David Horn Solomon, Chief Executive Officer 6900
Dr Andy Richards, CBE, Interim Chair
David Ellam, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Broker) Tel: +44 (0) 20 7418
James Steel/ Oliver Jackson 8900
European IR Tel: +44 (0) 20 3709
Consilium Strategic Communications 5700
Mary-Jane Elliot/ Angela Gray
silencetherapeutics@consilium-comms.com
US IR Tel: +1 (212) 213
Burns McClellan 0006
Lisa Burns, John Grimaldi, Jill Steier
Silence.Therapeutics@burnsmc.com
About Silence Therapeutics plc
Silence Therapeutics is developing a new generation of medicines
by harnessing the body's natural mechanism of RNA interference, or
RNAi, within its cells. Its proprietary technology can selectively
inhibit any gene in the genome, specifically silencing the
production of disease-causing proteins. Using its enabling delivery
systems, it has achieved an additional level of specificity by
delivering its therapeutic RNA molecules exclusively to target
cells. Silence's proprietary RNA chemistries and delivery systems
are designed to improve the stability of our molecules and enhance
effective delivery to target cells, providing a powerful modular
technology well suited to tackle life-threatening diseases. For
more information, please visit:
https://www.silence-therapeutics.com/
Chief Executive's Report
Overview
The FDA approval of patisiran demonstrates that, after 20 years
of development, the RNAi class of medicines is a now a therapeutic
reality. Silence has a renewed vision with new leadership, new
management and a focussed strategy to pursue our development
opportunities. With a broad and growing pipeline of candidate
medicines in a number of therapeutic areas and a robust financial
position, the company is well-positioned to grow and to maximise
the potential of its GalNAc-based siRNA platform.
Management and Board alignment
Important appointments have been made recently, strengthening
and aligning the senior management and Board of Silence. In June,
Ali Mortazavi stepped down as CEO having served the company for six
years. Newly appointed CEO, Dr David Horn Solomon, formerly served
as CEO of Zealand Pharma A/S from 2008 to 2015. Under David's
leadership the company went public on NASDAQ and its lead product,
Adlyxin(R), a GLP-1 receptor agonist for the treatment of type II
diabetes, was approved in the US and globally and is now marketed
by Sanofi as a monotherapy and in combination with Lantus(R) as
Soliqua(R). Having held senior management roles in both the US and
Europe, David brings extensive international leadership experience
in the biotech industry with a track record of successful pipeline
delivery, financing and deal making.
Dave Lemus joined the Board of Directors in June as
Non-Executive Director, bringing a track record and proven
leadership in building and managing high performance management
teams. In August, Dr Annalisa Jenkins left her role as Chair, with
Dr Andy Richards assuming the role of non-executive Chair in an
interim capacity to ensure a smooth transition. In June, the
appointment of Richard Jenkins as Head of Clinical Development was
also announced. Richard has over 28 years' experience in clinical
development and drug discovery and will be heading the clinical
development function as Silence advances its lead asset through the
clinic.
Pipeline
RNAi is now an approved class of medicines, and Silence's two
lead programmes, SLN124 and SLN226, both have robust animal model
data supporting progression to clinical trials in H2 2019 and 2020,
respectively. Management remains fully committed to progressing
these candidates to the clinic. Following the submission of the
SLN124 Briefing Document to the UK Medicines and Healthcare
products Regulatory Agency, positive feedback was received at the
June Scientific Advice Meeting. The first in-human study for
SLN124, for the treatment of patients with Beta-Thalassemia and
Myelodysplastic Syndrome, will be a Phase Ib trial. Silence will
examine a variety of end points suggested by animal models as
markers of efficacy to inform the clinical trial approach, and in
order to seek the best possible results for patients and their
caregivers.
Silence is pursuing additional therapeutic opportunities
selected in a risk-diversified manner, focusing on indications with
high unmet need where the Company's therapies can make a dramatic
difference to patients. To this end, four new indications were
added to the pipeline in H1 2018, including for the treatment of
rare renal and rare metabolic conditions. Silence will continue to
develop treatments both for rare and non-rare conditions,
periodically assessing options and seeking strategic partnerships
for the larger markets.
External partnerships
Silence's foundational IP has already been validated through
out-licensing to Quark Pharmaceuticals, Inc ("Quark"), and future
licensing agreements are anticipated. In July 2018, Quark announced
the first patient dosed in the phase III clinical trial of QPI-1002
for prevention of Acute Kidney Injury (AKI) following cardiac
surgery. The product is exclusively partnered with Novartis, who
have an option for worldwide development and commercialisation in
AKI. Novartis also has an option on QPI-1002 in Delayed Graft
Function for which a Phase III study is ongoing, with Quark stating
that first interpretative results are expected in Q4 2018.
Strong Intellectual Property
Technology innovation is key to remaining at the forefront of
disruptive new treatment modalities such as RNAi, and this is
underpinned by intellectual property (IP). In recent years GalNAc
conjugates have become the main accepted and clinically validated
technology for optimised stability, delivery, targeting,
specificity and efficacy of RNAi.
In 2018, Silence continued to strengthen its overall patent
estate, and protection of its GalNAc siRNA IP in particular, by
filing additional patent applications for several lead sequences,
several linker chemistries, multiple RNAi constructs and rules for
chemical modification. Silence believes that several granted patent
claims protecting its proprietary chemical modification technology
are relevant to third-party RNAi medicines and that, more
generally, its foundational IP underpins the RNAi field. As part of
Silence's determination to enforce its patent estate against
potential infringers, litigation in the UK and Portugal is ongoing
against Alnylam Pharmaceuticals Inc. (NASDAQ:ALNY) ("Alnylam"). The
UK litigation is proceeding towards a trial in the High Court in
London beginning on, or around, 10 December 2018. While Silence
continues to develop further innovation and to protect its rights
and inventions, the Company remains focused on executing its core
business of drug discovery and development to continue to build its
therapeutic pipeline.
Outlook
With the management team led by Dr David Horn Solomon,
complemented by a supportive and highly experienced Board, Silence
has a closely aligned leadership team well-equipped to grow the
Company. Silence has a strong cash position to drive the value of
its platform technology and therapeutic portfolio and continues to
explore a range of financing options.
Our programmes
A core focus is the development of our proprietary
clinical-stage RNA therapeutics, having developed a broad pipeline
of product candidates in a number of therapeutic areas.
SLN124
-- SLN124 represents a highly promising therapeutic candidate
medicine for patients with iron overload disorders, such as
Beta-Thalassemia and Myelodysplastic syndrome (MDS)
-- Positive feedback received from June Scientific Advice
meeting with the UK MHRA, following the submission of the SLN124
Briefing Document
-- Orphan designation application to be filed for Beta-Thalassemia in H2 2018
-- Clinical development is progressing SLN124 towards a CTA
filing for a First in Human study for both Beta-Thalassemia and MDS
indications, with the first patient entered into the Phase Ib study
anticipated in H2 2019
SLN226
-- SLN226 has the potential to aid abstinence in alcohol
dependent patients. With its unique mode of action, it provides a
significantly improved therapeutic option due to its high target
specificity and long duration of action
-- Currently in preclinical development with plans to enter clinical development in 2020
Other indications
-- Four new target indications added to the pipeline in H1 2018
-- Pre-clinical models of cardiovascular disease efficacy scheduled for H2 2018
Out-licensed programmes
We have out-licensed our siRNA stabilisation chemistry
technology (AtuRNAi(TM)) to Quark Pharmaceuticals, who are
progressing two drug candidates using this technology in late-stage
clinical trials.
Delayed Graft Function
-- The Quark drug received Orphan Drug Designation from the US
Food and Drug Administration (FDA) and European Medicines Agency
(EMA) and Fast Track designation by the FDA for the DGF
indication
-- Quark completed dosing of 594 patients in a Phase III study
for delayed graft function (DGF) following kidney transplantation
in January 2018, with first interpretative results anticipated in
Q4 2018
Acute Kidney Injury
-- On 9(th) July, Quark Pharmaceuticals, Inc announced its first
patient dosed in the Phase III clinical trial of QPI-1002 for
prevention of Acute Kidney Injury (AKI) following cardiac
surgery
-- The Phase III study will enrol approximately 1,038 subjects
at high risk for AKI following cardiac surgery at 115 sites
globally
Silence is eligible to receive 1.5%-4% royalties from Quark plus
milestones, or 15% royalties on the clinical, regulatory and
commercial milestone payments and royalties received by Quark from
its partner Novartis.
Financial review
Operating expenses
Research & Development Expenses
Research and development expenses increased by GBP1.4 million to
GBP5.2 million for H1 2018 (H1 2017:
GBP3.8 million). Contract Research Organisation and R&D
consulting costs increased by GBP2.1 million to GBP2.9 million for
H1 2018 (H1 2017: GBP0.8 million), reflecting increasing costs
associated with the progression of lead programmes SLN124 and
SLN226 towards CTA filings. This increase was offset by payroll
related costs, which decreased by GBP0.6 million to GBP1.0 million
in H1 2018 (H1 2017: GBP1.6 million), driven mainly by headcount
reduction in H1 2017. Material costs remained steady at GBP0.4
million in H1 2018 (H1 2017: GBP0.4 million).
General and Administration Expenses
General and administration expenses increased by GBP1.7 million
to GBP4.7 million for H1 2018 (H1 2017: GBP3.0 million). Payroll
related costs increased by GBP0.2 million to GBP2.1 million in H1
2018 (H1 2017: GBP1.9 million) following investment in key
permanent hires. Legal fees increased by GBP1.2 million to GBP1.5
million (H1 2017: GBP0.3 million), reflecting our commitment to
defending our IP and securing the appropriate value from this
IP.
Disposal of available-for-sale financial assets
In January 2018, the Company announced the disposal of the final
tranche of Arrowhead Pharmaceuticals shares with cumulative
proceeds of $24.7 million. The gain realised on disposal of these
available-for-sale financial assets in H1 2018 is GBP0.2 million
(H1 2017: nil; Full Year 2017 GBP9.1 million).
Cash flows
The Group continues to maintain a strong cash position, with
cash and cash equivalents and term deposits at 30 June 2018 of
GBP34.3 million (30 June 2017: GBP29.8 million; 31 December 2017:
GBP42.7 million). The net decrease in cash and cash equivalents,
including the effect of exchange rate fluctuations on cash held,
was GBP13.4 million for H1 2018. Of this, GBP5.0 million was
invested in a term deposit with an original maturity date of 6
months.
Taxation
During H1 2018 we recognised a GBP1.1 million current tax asset
in respect of R&D tax credits (H1 2017: GBP1.1 million).
Additionally, an estimated GBP1.8 million is receivable relating to
2017 R&D expenditure.
Principal risks and uncertainties
The principal risks and uncertainties facing the Group are set
out in the 2017 Annual Report which is available on our website,
www.silence-therapeutics.com. The Board does not believe that the
risks and uncertainties set out in that Annual Report have
changed.
Consolidated income statement - unaudited
6 months ended Year ended
------------------
30 June 30 June 31 December
2018 2017 2017
GBP000s GBP000s GBP000s
---------------------------------------------- -------- -------- ------------
Revenue - 16 16
Research and development costs (5,212) (3,817) (7,943)
General & administration expenses (4,681) (3,021) (6,464)
Operating loss (9,893) (6,822) (14,391)
Realised gain on disposals of
available-for-sale financial assets 163 - 9,066
Reclassification of foreign exchange
gains on liquidation of overseas
subsidiary - - 1,344
Finance and other (expenses) /
income (57) 166 206
Loss for the period before taxation (9,787) (6,656) (3,775)
Taxation 1,100 1,140 2,157
Loss for the period after taxation (8,687) (5,516) (1,618)
---------------------------------------------- -------- -------- ------------
Loss per ordinary share (basic
and diluted) (12.4p) (7.9p) (2.3p)
Consolidated statement of comprehensive income - unaudited
6 months ended Year ended
------------------
30 June 30 June 31 December
2018 2017 2017
GBP000s GBP000s GBP000s
---------------------------------------------- -------- -------- ------------
Loss for the period after taxation (8,687) (5,516) (1,618)
Other comprehensive expense, net
of tax - Items that may subsequently
be reclassified to profit & loss:
Foreign exchange differences arising
on consolidation of foreign operations (25) 320 404
Reclassification of foreign exchange
gains on liquidation of overseas
subsidiary - - (1,344)
Fair value movements on available-for-sale
financial assets - (783) 9,104
Reclassification of fair value
movements on disposal of available-for-sale
financial assets (156) - (9,066)
---------------------------------------------- -------- -------- ------------
Total other comprehensive (expense)/income
for the period (181) (463) (902)
---------------------------------------------- -------- -------- ------------
Total comprehensive expense for
the period (8,868) (5,979) (2,520)
---------------------------------------------- -------- -------- ------------
Consolidated balance sheet - unaudited
31 December
30 June 2018 30 June 2017 2017
GBP000s GBP000s GBP000s
----------------------------------- ------------- ------------- ------------
Non--current assets
Property, plant and equipment 982 1,346 1,170
Goodwill 8,009 7,944 8,029
Other intangible assets 18 37 28
Available-for-sale financial - 8,555 -
assets
Other receivables 233 233 233
----------------------------------- ------------- ------------- ------------
9,242 18,115 9,460
Current assets
Trade and other receivables 1,136 601 733
R&D tax credit receivable 2,850 2,740 1,750
Investments held for sale - 3 -
Available-for-sale financial
assets - - 319
Six-month term deposit 5,000 - -
Cash and cash equivalents 29,336 29,849 42,745
----------------------------------- ------------- ------------- ------------
38,322 33,193 45,547
Current liabilities
Trade and other payables (3,603) (2,768) (2,657)
----------------------------------- ------------- ------------- ------------
Total assets less current
liabilities 43,961 48,540 52,350
----------------------------------- ------------- ------------- ------------
Net assets 43,961 48,540 52,350
----------------------------------- ------------- ------------- ------------
Capital and reserves attributable
to the owners of the parent
Share capital 3,504 3,499 3,500
Capital reserves 163,517 163,751 163,215
Translation reserve 2,038 3,323 2,063
Retained loss (125,098) (122,033) (116,428)
----------------------------------- ------------- ------------- ------------
Total equity 43,961 48,540 52,350
----------------------------------- ------------- ------------- ------------
Consolidated statement of changes in equity - unaudited
six months ended 30 June 2018
Share Capital Translation Accumulated
Capital Reserves Reserve Losses Total
GBP000s GBP000s GBP000s GBP000s GBP000s
At 1 January 2018 3,500 163,215 2,063 (116,428) 52,350
Recognition of share-based
payments - 388 - - 388
Lapse of vested options in
period - (128) - 128 -
Options exercised in the period - (45) - 45 -
Proceeds from shares issued 4 87 - - 91
Transactions with owners recognised
directly in equity 4 302 - 173 479
---------------------------------------------- --------- ---------- ------------ ------------ --------
Loss for six months - - - (8,687) (8,687)
Other comprehensive income
Exchange differences arising
on consolidation of foreign
operations - - (25) - (25)
Reclassification of fair value
movements on disposal of available-for-sale
financial assets - - - (156) (156)
---------------------------------------------- --------- ---------- ------------ ------------ --------
Total comprehensive expense
for the period - - (25) (8,843) (8,868)
At 30 June 2018 3,504 163,517 2,038 (125,098) 43,961
---------------------------------------------- --------- ---------- ------------ ------------ --------
year ended 31 December 2017
Share Capital Translation Accumulated
Capital Reserves Reserve Losses Total
GBP000s GBP000s GBP000s GBP000s GBP000s
---------------------------------------------- --------- ---------- ------------ ------------ --------
At 1 January 2017 3,490 163,641 3,003 (115,950) 54,184
---------------------------------------------- --------- ---------- ------------ ------------ --------
Recognition of share-based
payments - 638 - - 638
Lapse of vested options in
period - (1,015) - 1,015 -
Options exercised in the period - (87) - 87 -
Proceeds from shares issues 10 38 - - 48
---------------------------------------------- --------- ---------- ------------ ------------ --------
Transactions with owners recognised
directly in equity 10 (426) - 1,102 686
---------------------------------------------- --------- ---------- ------------ ------------ --------
Loss for year - - (1,618) (1,618)
Other comprehensive income
Exchange differences arising
on consolidation of foreign
operations - - 404 - 404
Reclassification of foreign
exchange gains on liquidation
of overseas subsidiary - - (1,344) - (1,344)
Fair value movements on available-for-sale
financial assets - - - 9,104 9,104
Reclassification of fair value
movements on disposal of available-for-sale
financial assets - - - (9,066) (9,066)
---------------------------------------------- --------- ---------- ------------ ------------ --------
Total comprehensive expense
for the year - - (940) (1,580) (2,520)
---------------------------------------------- --------- ---------- ------------ ------------ --------
At 31 December 2017 3,500 163,215 2,063 (116,428) 52,350
---------------------------------------------- --------- ---------- ------------ ------------ --------
Consolidated cash flow statement - unaudited
6 months ended Year ended
-------------------
30 June 30 June 31 December
2018 2017 2017
GBP000s GBP000s GBP000s
------------------------------------------------- --------- -------- ------------
Cash flow from operating activities
Loss before tax (9,787) (6,656) (3,775)
Depreciation charges 185 189 414
Amortisation charges 8 9 19
Charge for the period in respect of
share-based payments 388 288 638
Realised gain on disposal of available-for-sale
financial assets (163) - (9,066)
Reclassification of foreign exchange
gains on liquidation of overseas subsidiary - - (1,344)
Finance and other expense/(income) 57 (166) (206)
Impairment of investment - - 3
(Increase)/Decrease in trade and other
receivables (403) 796 664
Increase in trade and other payables 946 1,158 1,047
------------------------------------------------- --------- -------- ------------
Cash spent on operations (8,769) (4,382) (11,606)
------------------------------------------------- --------- -------- ------------
Corporation tax credits received - - 2,007
------------------------------------------------- --------- -------- ------------
Net cash outflow from operating activities (8,769) (4,382) (9,599)
------------------------------------------------- --------- -------- ------------
Cash flow from investing activities
Acquisition of financial assets available
for sale - (4,921) (4,921)
Disposal of financial assets available
for sale 320 - 18,123
Purchase of six-month term deposit (5,000)
Interest received/(paid) 4 4 (15)
Purchase of property, plant and equipment - (118) (173)
Net cash (outflow)/inflow from investing
activities (4,676) (5,035) 13,014
------------------------------------------------- --------- -------- ------------
Cash flow from financing activities
Proceeds from issue of share capital 91 48 48
Net cash inflow/(outflow) from financing
activities 91 48 48
------------------------------------------------- --------- -------- ------------
(Decrease)/increase in cash and cash
equivalents (13,354) (9,369) 3,463
------------------------------------------------- --------- -------- ------------
Cash and cash equivalent at start
of period 42,745 39,012 39,012
Net decrease in the period (13,354) (9,369) 3,463
Effect of exchange rate fluctuations
on cash held (55) 206 270
------------------------------------------------- --------- -------- ------------
Cash and cash equivalent at end of
period 29,336 29,849 42,745
------------------------------------------------- --------- -------- ------------
Notes to the financial statements
six months ended 30 June 2018
1. Basis of Preparation and Accounting Policies
These condensed consolidated interim financial statements for
the six months ended 30 June 2018 have been prepared in accordance
with IAS 34 - 'Interim Financial Reporting' as adopted by the
European Union. The accounting policies adopted are consistent with
those of the financial statements for the year ended 31 December
2017.
This condensed consolidated interim financial information has
been neither reviewed nor audited. The interim financial statements
do not comprise statutory accounts within the meaning of Section
434 of the Companies Act 2006. The comparative figures for the six
months ended 30 June 2017 are not the Company's statutory accounts
for that financial period. The 2017 full year accounts have been
reported on by the Company's auditors and delivered to the
Registrar of companies. The report of the auditors was unqualified
and did not contain a statement under section 498(2) or (3) of the
Companies Act 2006.
IFRS 15 was implemented by the Group on 1 January 2018. This has
not had a material impact for the Group.
IFRS 9 was implemented by the Group on 1 January 2018. This has
not had a material impact on the accounting for financial
instruments held by the Group.
2. Going concern
The financial statements have been prepared on a going concern
basis that assumes that the Company will continue in operational
existence for the foreseeable future.
During the period, the Company met its day-to-day working
capital requirements through existing cash resources. The Company
had a net decrease in the cash and cash equivalent in the period
ended 30 June 2018 of GBP13.4 million and at 30 June 2018 had cash
balances of GBP29.3 million plus a six-month term deposit of GBP5.0
million. The Directors have reviewed the working capital
requirements of the Company for the next 12 months from the date of
the approval of these interim financial statements and are
confident that these can be met.
3. Segment reporting
In the six months ended 30 June 2018, the Group operated in the
specific technology field of RNA therapeutics.
Business segments
The Group has identified the Chief Executive Officer as the
Chief Operating Decision Maker ("CODM"). The CODM determined the
Group had one business segment, the development of RNAi based
medicines. This is in line with reporting to the Executive
Committee and senior management. The information used internally by
the CODM is the same as that disclosed in the Financial
Statements.
UK Germany Total
Non--current assets GBP000s GBP000s GBP000s
------------------------- --------------- -------- ------------
As at 30 June 2018 550 8,692 9,242
------------------------- --------------- -------- ------------
As at 30 June 2017 9,200 8,915 18,115
------------------------- --------------- -------- ------------
As at 31 December 2017 611 8,849 9,460
------------------------- --------------- -------- ------------
6 months ended Year ended
--------------------------
30 June 30 June 31 December
2018 2017 2017
------------------------
Revenue Analysis GBP000s GBP000s GBP000s
------------------------ ---------------- -------- --------------
Research collaboration - 16 16
The country of registration of the single fee-paying party is
the USA. The revenue was billed and received in US Dollars.
4. Loss per share
The loss per share is based on the loss for the period after
taxation attributable to equity holders of GBP8.69 million (year
ended 31 December 2017 - loss GBP1.62 million; six months ended 30
June 2017 - loss GBP5.52 million) and on the weighted average of
70,033,448 ordinary shares in issue during the period (year ended
31 December 2017 - 69,924,558; six months ended 30 June 2017 -
69,876,568).
The options outstanding at 30 June 2018, 31 December 2017 and 30
June 2017 are considered to be non-dilutive in that their
conversion into ordinary shares would decrease the net loss per
share. Consequently, there is no diluted loss per share to report
for the periods reported.
5. Taxation
A GBP1.10 million current tax asset was recognised in respect of
research and development tax credits in the six months ended 30
June 2018 (six months ended 30 June 2017: GBP1.14 million).
6. Related party transactions
Transactions between the Company and its subsidiaries, which are
related parties, have been eliminated on consolidation and are not
disclosed in this note. There are no other related party
transactions which would require disclosure.
A PDF version of this announcement including pipeline graphics
can be found here:
http://www.rns-pdf.londonstockexchange.com/rns/3322A_1-2018-9-10.pdf
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END
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