Page 1

Exhibit 99.1 SILVERBACK THERAPEUTICS Silverback Therapeutics Reports Third Quarter 2021 Financial Results and Provides Business Update SEATTLE – November 10 , 2021 – Silverback Therapeutics , Inc. ( Nasdaq : SBTX ) ( “ Silverback ” ) , a clinical - stage biopharmaceutical company leveraging its proprietary ImmunoTAC technology platform to develop systemically delivered , tissue targeted therapeutics for the treatment of cancer , chronic viral infections , and other serious diseases , today reported financial results for the third quarter ended September 30 , 2021 and provided a business update . " In the third quarter , we provided our first interim clinical update for the dose escalation arms of the SBT6050-101 trial , establishing proof - of - mechanism for SBT6050 as evidenced by the activation of the innate and adaptive immune system in patients , ” said Laura Shawver , Ph.D. , chief executive officer of Silverback . " In a short period of time , we have accumulated a robust clinical data set that has informed our development strategy . We are focused on advancing SBT6050 in patients with HER2 - expressing cancers such as gastroesophageal and non - small cell lung , in combination with agents that we believe will maximize the therapeutic potential of our first - in - class TLR8 agonist conjugate . We also look forward to continuing to advance our pipeline , including SBT6290 for patients with bladder , triple negative breast , non - small cell lung , and head & neck cancers , and SBT8230 for patients with chronic hepatitis B virus . " Recent Business Updates : SBT6050 ( HER2 - TL8 ImmunoTAC ) Interim clinical data presented at the European Society for Medical Oncology ( ESMO ) 2021 Annual Meeting . In September 2021 , Silverback presented interim clinical results from the ongoing Phase 1 / 1b study of SBT6050 , including data that establish proof - of - mechanism through SBT6050's ability to activate myeloid , T and NK cells , as well as evidence of SBT6050 payload localization in the tumor microenvironment . Adverse events reported were consistent with on - mechanism immune activation , and early signals of anti- tumor activity were observed . Selected go forward dose of 0.3 mg / kg SBT6050 in combination with anti - PD - 1 therapy in expansion cohorts . Silverback is prioritizing combination with Libtayo in gastroesophageal and non - small cell lung cancers and plans to initiate these expansion cohorts in the fourth quarter of 2021 . SBT6050 expanded clinical development strategy announced , leveraging combination with trastuzumab - containing regimens . In the first quarter of 2022 , Silverback plans to initiate SBT6050-201 , a Phase 1/2 study of SBT6050 combined with Enhertu , or with Herceptin and Tukysa with or without capecitabine , in patients with HER2 - expressing or HER2 - amplified cancers . SBT6290 ( Nectin4 - TL8 ImmunoTAC ) SBT6290 Investigational New Drug application submitted to the U.S. Food and Drug Administration . Silverback remains on track to initiate the phase 1 / 1b trial in the first quarter of 2022 , and plans to enroll patients with bladder , non - small cell lung , triple negative breast , and head and neck cancers in dose escalation . SBT8230 ( ASGR1 - TLR8 Immuno TAC for chronic HBV ) SBT8230 preclinical development continues with GLP toxicology studies expected to commence in the first quarter of 2022. Silverback will be providing a preclinical update on the SBT8230 program at the American Association for the Study of Liver Diseases ( AASLD ) 2021 conference held from November 12-14 , 2021 .