Silence Therapeutics plc
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsSilence Therapeutics is a clinical-stage siRNA biotech advancing a pipeline of liver-targeted gene-silencing candidates across rare and cardiometabolic diseases, with no approved products and a history of net losses.
What they do
Silence Therapeutics develops novel short interfering ribonucleic acid (siRNA) therapies using its proprietary mRNAi GOLD (GalNAc Oligonucleotide Discovery) platform to silence specific disease-associated genes in the liver. Its lead candidates are divesiran (SLN124) for polycythemia vera (PV) and zerlasiran (SLN360) for cardiovascular disease. The company also has preclinical candidates SLN548, SLN365, and SLN098, and a collaboration with AstraZeneca on SLN312 (AZD1705) for dyslipidemia.
Revenue drivers
- Collaboration revenue — Primary revenue source, including the AstraZeneca collaboration on SLN312 (AZD1705). Annual revenue was $559,000 in 2025, down from $43.3M in 2024, reflecting the nature of milestone and upfront payments.
- Milestone and licensing payments — Future revenue dependent on achieving development and commercial milestones under existing collaboration agreements.
Recent performance
For Q2 2026 (three months ended June 30, 2026), the company reported revenue of $0.0, R&D expenses of $9.1M (down from $17.6M in Q2 2025), G&A expenses of $4.7M, and a net loss of $12.3M ($0.09 per share), compared to a net loss of $27.4M ($0.19 per share) in Q2 2025. For the full year 2025, net loss was $88.6M on revenue of $559,000. Cash and cash equivalents were $72.1M as of June 30, 2026, with total assets of $106.4M and shareholder equity of $38.5M.
Strategy
Silence is prioritizing clinical development of divesiran in PV, with the Phase 2 SANRECO trial fully dosed and topline results expected in August 2026. The company is also positioning zerlasiran for Phase 3 development and seeking a third-party partner to initiate clinical development of SLN548. Preclinical programs SLN365 (GPR146) and SLN098 (INHBE) are being advanced toward potential IND filings in 2027. The company expects its existing cash and future milestone payments to fund operations into 2028.
Risks
- Clinical trial failure — Divesiran Phase 2 SANRECO topline results are a near-term catalyst; failure would significantly harm the pipeline and valuation.
- Dependence on collaborations — Future revenue is heavily tied to the AstraZeneca collaboration and other partnerships; termination or delays could cut cash flows.
- No approved products — The company has not obtained marketing approval for any product candidate and may never do so.
- Cash runway uncertainty — With $72.1M cash and current burn rate, the company may need to raise capital if milestones are delayed, risking dilution.
Outlook
Management expects divesiran Phase 2 SANRECO topline results in August 2026 and anticipates presenting additional data. Zerlasiran is described as Phase 3 ready, and preclinical programs SLN365 and SLN098 are positioned for potential IND filings in 2027. The company states that existing cash, cash equivalents and future anticipated milestone payments from collaborations will fund operations into 2028.