Full Press Release Details
Silence Therapeutics Reports First Quarter 2025 Financial Results and Recent Business Highlights
Company further extends cash guidance into 2028
LONDON, Silence Therapeutics plc, Nasdaq: SLN
( Silence or the Company ), a global clinical-stage company developing novel siRNA (short interfering RNA) therapies, today reported its financial results for the first quarter ended March 31, 2025, and reviewed recent
business highlights.
Silence delivered another strong quarter focused on clinical and operational execution, said Craig Tooman, President and
Chief Executive Officer at Silence. We remain focused on advancing enrollment into the SANRECO Phase 2 study of divesiran, a first-in-class siRNA program in PV,
and continue to be on-track to complete enrollment by the end of this year. We are also looking forward to sharing additional results from the Phase 1 portion of the SANRECO study during an oral presentation
Rhonda Hellums, Chief Financial Officer at Silence, added, We ended the first quarter with over $136 million in cash,
cash equivalents, and short-term investments. To maintain a healthy financial position while prioritizing the advancement of our core PV program, we are implementing cost savings initiatives and further extending our cash guidance into 2028. We
remain committed to realizing the vast potential of our proprietary mRNAi GOLD platform and will continue to invest prudently in areas where we see the greatest opportunity to enhance value
to Silence stakeholders.
First Quarter 2025 & Recent Business Highlights
Divesiran for Polycythemia Vera (PV)
Zerlasiran for Cardiovascular Disease
First Quarter 2025 Financial Highlights
Updates to 2025 Financial Guidance
About Silence Therapeutics
Silence Therapeutics is a
global clinical-stage biotechnology company committed to transforming people s lives by silencing diseases through precision engineered medicines created with proprietary siRNA (short interfering RNA) technology. Silence leverages its mRNAi
GOLD platform to create innovative siRNAs designed to precisely target and silence disease-associated genes in the liver, which represents a substantial opportunity. Silence focuses on areas
of high unmet medical need with programs advancing in cardiovascular disease, hematology and rare diseases. For more information, please visit https://www.silence-therapeutics.com/.
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by
terminology such as aim, anticipate, assume, believe, contemplate, continue, could, design, due, estimate, expect,
goal, intend, may, objective, plan, positioned, potential, predict, seek, should, target, will,
would and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. All statements other than statements of historical facts contained
in this press release are forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the Company s business strategy and plans, including the Company s clinical development activities
and timelines; the progression and advancement of collaborations; the expected benefits of the Company s cost saving initiatives; the Company s ability to enhance stakeholder value; and the Company s anticipated extended cash runway.
Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, risks and
uncertainties related to: the company s history of net operating losses; the company s ability to obtain necessary capital to fund its clinical programs; the early stages of clinical development of the company s product candidates;
the company s ability to obtain regulatory approval of and successfully commercialize its product candidates; any undesirable side effects or other properties of the company s product candidates; the company s reliance on third-party
suppliers and manufacturers; the outcomes of any future collaboration agreements; and the company s ability to adequately maintain intellectual property rights for its product candidates. These and other risks are described in greater detail
under the section titled Risk Factors contained in the company s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and the company s
other filings with the SEC. Any forward-looking statements that the Company makes in this press release are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of this press release.
Except as required by law, the company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Silence Therapeutics plc
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)
| Period ended | ||||||||
| March 31, 2025 | December 31, 2024 | |||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 64,886 | $ | 121,330 | ||||
| Short-term investments | 71,648 | 26,004 | ||||||
| R&D benefit receivable | 16,796 | 24,396 | ||||||
| Other current assets | 16,419 | 14,664 | ||||||
| Trade receivables | 41 | 972 | ||||||
| Total current assets | 169,790 | 187,366 | ||||||
| Property, plant and equipment | 1,693 | 1,818 | ||||||
| Operating lease right-of-use assets | 107 | 157 | ||||||
| Goodwill | 9,784 | 9,392 | ||||||
| Other intangible assets | 310 | 312 | ||||||
| Other long-term assets | 3,614 | 3,590 | ||||||
| Total assets | $ | 185,298 | $ | 202,635 | ||||
| Current liabilities | ||||||||
| Contract liabilities | $ | (392 | ) | $ | (306 | ) | ||
| Trade and other payables | (18,812 | ) | (16,399 | ) | ||||
| Operating lease liabilities, current | (60 | ) | (117 | ) | ||||
| Total current liabilities | (19,264 | ) | (16,822 | ) | ||||
| Contract liabilities | (53,291 | ) | (51,790 | ) | ||||
| Total liabilities | $ | (72,555 | ) | $ | (68,612 | ) | ||
| Commitments and contingencies (Note 20) | ||||||||
| Shareholders equity | ||||||||
| Ordinary shares - par value 0.05 per share; 141,690,850 shares issued at March 31, 2025 (December 31, 2024: 141,674,074) | (10,289 | ) | (10,288 | ) | ||||
| Additional paid-in capital | (613,074 | ) | (609,560 | ) | ||||
| Accumulated deficit | 502,536 | 474,044 | ||||||
| Accumulated other comprehensive loss | 8,084 | 11,781 | ||||||
| Total shareholders equity | (112,743 | ) | (134,023 | ) | ||||
| Total liabilities and shareholders equity | $ | (185,298 | ) | $ | (202,635 | ) |
Silence Therapeutics plc
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited, in thousands, except share and per share data)
| Three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 142 | $ | 15,699 | ||||
| Cost of sales | (54 | ) | (2,800 | ) | ||||
| Gross profit | 88 | 12,899 | ||||||
| Research and development costs | (20,813 | ) | (11,845 | ) | ||||
| General and administrative expenses | (7,684 | ) | (6,635 | ) | ||||
| Operating loss | (28,409 | ) | (5,581 | ) | ||||
| Foreign currency (loss)/gain, net | (3,769 | ) | 351 | |||||
| Other income, net | 969 | 667 | ||||||
| Benefit from R&D credit | 2,679 | 2,495 | ||||||
| Loss before income tax expense | (28,530 | ) | (2,068 | ) | ||||
| Income tax expense | (244 | ) | ||||||
| Net Loss | $ | (28,530 | ) | $ | (2,312 | ) | ||
| Loss per share (basic and diluted) | $ | (0.20 | ) | $ | (0.02 | ) |