to this Report on Form 6-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Overview Silence Therapeutics plc ( we , us , our , the Company or Silence ) is a

Condensed consolidated income statement (unaudited)

Condensed consolidated statement of comprehensive income (unaudited)

Condensed consolidated balance sheet (unaudited)

Condensed consolidated statement of changes in equity (unaudited)

Six Months ended June 30, 2020 (unaudited)

Six Months ended June 30, 2021 (unaudited)

Condensed consolidated statement of cash flows (unaudited)

Notes to the financial statements

Six months ended June 30, 2021

Silence Therapeutics plc and its subsidiaries (together the Group ) are primarily involved in the

discovery, delivery and development of RNA therapeutics. Silence Therapeutics plc, a public company limited by shares registered in England and Wales, with company number 02992058, is the Group s ultimate parent Company. The Company s

registered office is 27 Eastcastle Street, London, W1W 8DH and the principal place of business is 72 Hammersmith Road, London, W14 8TH.

These condensed interim financial statements were approved for issue on August 12, 2021.

Basis of Preparation and Accounting Policies

Silence Therapeutics Plc transitioned to UK-adopted international accounting standards in its

consolidated financial statements on January 1, 2021. This change constitutes a change in accounting framework. However, there is no impact on recognition, measurement or disclosure in the period reported as a result of the change in framework.

This condensed consolidated interim financial report for the half-year reporting period ended June 30, 2021 has been prepared in

accordance with International Accounting Standard 34, Interim Financial Reporting (IAS 34) as issued by the International Accounting Standards Board (IASB).

The interim report does not include all of the notes of the type normally included in an annual financial report. Accordingly, this report is

to be read in conjunction with the annual report for the year ended December 31, 2020, which was prepared in accordance with international accounting standards in conformity with the requirements of IFRS s as issued by the IASB.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application

of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results might differ from these estimates.

In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group s

accounting policies and the key sources of estimation uncertainty are disclosed in the Critical Accounting Policies, Judgments and Estimates section on Page 20.

statements have been prepared on a going concern basis that assumes that the Group will continue in operational existence for the foreseeable future.

The 2020 coronavirus (COVID-19) pandemic became increasingly prevalent in Europe, the UK and the US

where the Group s principal operations are conducted. Significant restrictions have now been imposed by the governments of those countries where the Group has operations, as well as the countries of external parties with which we conduct our

business. In compliance with these restrictions, the Group and its employees have adapted to new working arrangements to ensure business continuity as far as is reasonably practicable in the short to medium term. This has so far proven to be

effective, with Management maintaining a strong line of communication with all employees during this period.

The main risk posed to the

Group by the pandemic is the potential slowing of Research & Development activities including possible knock-on delays in clinical trial data and sustained fixed costs during periods of relative

inactivity. Whilst this would result in a lengthening of the Group s cash runway in the medium term, in the longer term these

factors could limit the Group s ability to meet its corporate objectives. This risk is mitigated by the receipt of $60m ( 47.9 million) of the upfront payments in respect of the

AstraZeneca collaboration and the $45m (net of expenses approximately $42.0 million / 30.8 million) from the private placement, both of which significantly increase the Group s baseline cash runway.

Based on the current operating forecasts and plans and, considering the cash, cash equivalents and term deposit at June 30, 2021, the

Directors are confident that the Group has sufficient funding for the foreseeable future and at least one year from the date of these condensed interim financial statements. For this reason, they continue to adopt the going concern basis in

preparing the financial statements.

Revenue from collaboration agreements for the six months ended June 30, 2021 relates to the Research collaboration agreements the Group

entered into with Mallinckrodt plc in July 2019, Takeda Pharmaceutical Company Limited in January 2020 and AstraZeneca plc in March 2020.

Revenue for the six months ended June 30, 2021 comprised 5,677k of Research collaboration income (six months to June 30,

2020: 995k) and 168k of royalty income (six months to June 30, 2020: 151k).

Under our collaboration agreement with Mallinckrodt, we received an upfront cash payment of

16.4 million ($20 million) in 2019 and are eligible to receive specified development, regulatory and commercial milestone payments. We received milestone payments of 2.9 million or $4 million during the six months ended

June 30, 2021. In addition to these payments, Mallinckrodt has agreed to fund some of our research personnel and preclinical development costs. We recognize the upfront payment, milestone payments, payments for personnel costs and other

research funding payments over time, in accordance with IFRS 15. During the six months ended June 30, 2021, we recognized a total of 3.8 million in revenue under this agreement.

Under our collaboration agreement with AstraZeneca, we received an upfront cash payment of 17.1 million ($20m) in 2020 with a

further amount of 30.8 million ($40 million) received in May 2021. We recognize the upfront payment and milestone payments over time, in accordance with IFRS 15. During the six months ended June 30, 2021, we recognized a total of

1.3m in revenue under this agreement.

We entered into a Technology Evaluation Agreement with Takeda on January 7, 2020 to

explore the potential of our platform to generate siRNA molecules against a novel, undisclosed target controlled by Takeda. Under our collaboration agreement, we received a milestone payment of 1.6 million ($2 million) during the year

ended December 31, 2020. We recognize the milestone payments over time, in accordance with IFRS 15. Our activities under the Technology Evaluation Agreement were effectively complete as of June 30, 2021. We may negotiate to enter into an

exclusive follow-on license and collaboration agreement covering the Takeda target at some point in the future.

4. Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Board. The chief operating decision maker

(CODM), who has been identified as the Chief Executive Officer responsible for allocating resources and assessing performance of the operating segments.

For the 6 months ended June 30, 2021 and 6 months ended June 30, 2020, the CODM determined that the Group had one business segment,

the development of RNAi-based medicines. This is in line with reporting to senior management. The information used internally by the CODM is the same as that disclosed in the financial statements.

5. Loss per ordinary equity share (basic and diluted)

The calculation of the loss per share is based on the loss for the six months to June 30, 2021 after taxation of 20,048k (six

months ended June 30, 2020: loss of 11,029k) and on the weighted average ordinary shares in issue during the year of 88,121,772 (6 months ended June 30, 2020: 80,619,119).

The options outstanding at June 30, 2021 and June 30, 2020 are considered to be anti-dilutive as the Group is loss-making.

7. Derivative financial instruments

Derivative financial instruments relate to an open forward currency contract measured at fair value through the income statement. The fair

value was calculated from data sourced from an independent financial market data provider using

mid-market-end-of-day data as of Close of Business date as December 31, 2020. The

derivative contract in place at December 31, 2020 was closed out on May 28, 2021.

The fair value of the derivative is

calculated based on level 2 inputs under IFRS 13.

The fair value of financial instruments that are not traded in active market, in the case of an over-the-counter derivative, is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity specific

estimates. As all significant inputs required to fair value an instrument are observable, this derivative financial instrument is included in level 2.

The specific valuation technique used to value this derivative is the present value of future cash flow based on the forward exchange rate

relative to its value based on the year-end exchange rate.

The derivative fair value movement is

disclosed in the Income Statement under Other (losses)/gains net . For the six month period to June 30, 2021 the gain on the derivative financial instrument ( 1.02 million), which was closed out in May 2021, matched the

related loss ( 1.02 million) on the receivable, resulting in a net nil impact on the Income Statement.

8. Contract liabilities

Contract liabilities comprise entirely deferred revenue in respect of the Mallinckrodt, Takeda and AstraZeneca plc Research collaborations. The

current contract liabilities represent the amount of estimated revenue to be reported in the next 12 months related to amounts invoiced to our partners. The current and non-current contract liabilities include

only recharge expenses and milestones achieved through June 30, 2021.

A 2.3 million current tax asset was recognised in respect of research and development tax credits in the six months ended

June 30, 2021 (six months ended June 30, 2020: 2.3 million). Additionally, the current tax asset expected to be received in respect of research and development tax credits for the year ended December 31, 2020 is

10. Capital reserves

The Group has only one class of share. All ordinary shares have equal voting rights and rank

pari passu for the distribution of dividends.

On February 5, 2021 the Group announced a Private Placement of 2,022,218 of the