Full Press Release Details
Silence Therapeutics Reports Full Year 2024 Financial Results and Provides Business Update
The Company s cash guidance is now extended into 2027
Company to host conference call and webcast today at 8 a.m. EST / 1 p.m. GMT
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 full year ended December 31, 2024, and provided
2024 was marked by strong clinical execution and pipeline advancement, highlighting the broad potential of our mRNAi GOLD platform to silence disease causing genes, said Craig Tooman, President and CEO of Silence. In 2025, we are prioritizing investment in programs targeting rare conditions where we
believe we can deliver on clear unmet needs with first-in-class and/or best-in-class
siRNAs. We believe divesiran is a great example of this strategy and clinical commitment. We are pleased to announce today that we anticipate full enrollment in the SANRECO Phase 2 study of divesiran in PV by
year-end. While we remain confident in our zerlasiran program for high Lp(a), we will only initiate the Phase 3 cardiovascular outcomes study once a partner is secured.
We ended the year with over $147 million in cash, cash equivalents and short-term investments. said Rhonda Hellums, Chief Financial
Officer at Silence. The decision not to initiate the zerlasiran Phase 3 outcomes study without a partner extends our projected cash runway into 2027 and gives us flexibility to invest in our innovative pipeline while we continue partnering
discussions for this program.
Recent Business Highlights
Zerlasiran for Cardiovascular Disease
Divesiran for Polycythemia Vera (PV)
Other mRNAi GOLD Pipeline Updates
Financial Highlights for Year End 2024
2025 Financial Guidance
Conference Call & Webcast Details
management will host a conference call and webcast today, Thursday, February 27, 2025, at 8 a.m. EST / 1:00 p.m. GMT.
Conference call registration link:
The conference call and webcast will also be archived on the
Company s website at www.silence-therapeutics.com.
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 the safe-harbor provisions of the Private Securities Litigation Reform
Act of 1995. These statements may be identified by words such as aims, anticipates, believes, could, estimates, expects, forecasts, goal,
intends, may, plans, possible, potential, seeks, will and variations of these words or similar expressions that are intended to identify forward-looking statements,
although not all forward-looking statements contain these words. All statements in this press release, other than statements of historical facts, are forward-looking statements. These statements include, but are not limited to, statements regarding:
the Company s business strategy and plans, including its decision to prioritize the development of divesiran as the first-in-class siRNA product candidate for
treatment of PV and programs in rare conditions with high unmet needs; the Company s clinical development activities and timelines for divesiran, including patient enrollment in the SANRECO Phase 2 trial; expected clinical benefits, efficacy
and safety of divesiran and the potential to produce clinically meaningful outcomes in PV patients; the Company s plans to secure a partner to fund further clinical development of zerlasiran, including possible initiation of a Phase 3 clinical
study; the design, timing, initiation, progress and results of current and future clinical development for the Company s other product candidates; and the Company s anticipated extended cash runway due to portfolio re-prioritization. Any forward-looking statements are based on management s current expectations and beliefs of future events and are subject to a number of risks and uncertainties that could cause actual
events or results to differ materially and adversely from those set forth in or implied by such forward-looking statements, many of which are beyond the Company s control. These risks and uncertainties include, but are not limited to: the
impact of worsening macroeconomic conditions, including the conflict in Ukraine and the conflict between Israel and Hamas, heightened inflation and uncertain credit and financial markets, on the Company s business, clinical trials and financial
position; the risk that success in preclinical testing and earlier clinical trials is not replicated in later clinical trials; the delay of any current or planned clinical trials, whether due to patient enrollment delays or otherwise; the
Company s ability to successfully demonstrate the safety and efficacy of its product candidates and gain approval of its product candidates on a timely basis, if at all; competition with respect to market opportunities; unexpected safety or
efficacy data observed during preclinical studies or clinical trials; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials or future regulatory approval; clinical trial site activation or enrollment
rates that are lower than expected; the Company s ability to realize the benefits of its collaborations and license agreements; changes in expected or existing competition; changes in the regulatory environment; the uncertainties and timing of
the regulatory approval process; and unexpected litigation or other disputes. These and other risks and uncertainties are identified in the section titled Risk Factors in the Company s most recent Annual Report on Form 20-F for the year ended December 31, 2023 filed with the U.S. Securities and Exchange Commission (the SEC ) on March 13, 2024 as updated by the section titled Risk Factors in the
Company s Report on Form 6-K filed with the SEC on November 14, 2024, as well as its other documents subsequently filed with or furnished to the SEC. The Company expressly disclaims any obligation to
update any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
SILENCE THERAPEUTICS PLC
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except for loss per share)
| Year ended December 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| Revenue | $ | 43,258 | $ | 31,643 | $ | 21,655 | ||||||
| Cost of sales | (11,810 | ) | (12,867 | ) | (13,463 | ) | ||||||
| Gross profit | 31,448 | 18,776 | 8,192 | |||||||||
| Research and development costs | (67,883 | ) | (56,937 | ) | (43,550 | ) | ||||||
| General and administrative expenses | (26,884 | ) | (26,222 | ) | (25,682 | ) | ||||||
| Operating loss | (63,319 | ) | (64,383 | ) | (61,040 | ) | ||||||
| Foreign currency gain/(loss), net | 646 | (2,641 | ) | 1,294 | ||||||||
| Other income, net | 4,472 | 1,803 | 280 | |||||||||
| Benefit from R&D credit | 13,737 | 11,949 | 9,820 | |||||||||
| Loss before income tax expense | (44,464 | ) | (53,272 | ) | (49,646 | ) | ||||||
| Income tax expense | (845 | ) | (956 | ) | (688 | ) | ||||||
| Net Loss | $ | (45,309 | ) | $ | (54,228 | ) | $ | (50,334 | ) | |||
| Loss per share (basic and diluted) | $ | (0.33 | ) | $ | (0.49 | ) | $ | (0.52 | ) | |||
| Weighted average shares outstanding (basic and diluted) | 138,752,224 | 111,277,250 | 96,584,512 |
SILENCE THERAPEUTICS PLC
CONSOLIDATED BALANCE SHEETS
| Year ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 121,330 | $ | 68,789 | ||||
| Short-term investments | 26,004 | |||||||
| R&D benefit receivable | 24,396 | 22,442 | ||||||
| Other current assets | 14,664 | 11,630 | ||||||
| Trade receivables | 972 | 290 | ||||||
| Total current assets | 187,366 | 103,151 | ||||||
| Property, plant and equipment | 1,818 | 1,938 | ||||||
| Operating lease right-of-use assets | 157 | 370 | ||||||
| Goodwill | 9,392 | 9,981 | ||||||
| Other intangible assets | 312 | 362 | ||||||
| Other long-term assets | 3,590 | 3,646 | ||||||
| Total assets | $ | 202,635 | $ | 119,448 | ||||
| Current liabilities | ||||||||
| Contract liabilities | $ | (306 | ) | $ | (6,571 | ) | ||
| Trade and other payables | (16,399 | ) | (15,537 | ) | ||||
| Operating lease liabilities, current | (117 | ) | (228 | ) | ||||
| Total current liabilities | (16,822 | ) | (22,336 | ) | ||||
| Contract liabilities | (51,790 | ) | (75,001 | ) | ||||
| Operating lease liabilities, long-term | (118 | ) | ||||||
| Total liabilities | $ | (68,612 | ) | $ | (97,455 | ) | ||
| Commitments and contingencies (Note 20) | ||||||||
| Shareholders equity | ||||||||
| Ordinary shares - par value 0.05 per share; 141,674,074 shares issued at December 31, 2024 (2023: 118,846,966) | (10,288 | ) | (8,847 | ) | ||||
| Additional paid-in capital | (609,560 | ) | (455,765 | ) | ||||
| Accumulated deficit | 474,044 | 431,894 | ||||||
| Accumulated other comprehensive loss | 11,781 | 10,725 | ||||||
| Total shareholders equity | (134,023 | ) | (21,993 | ) | ||||
| Total liabilities and shareholders equity | $ | (202,635 | ) | $ | (119,448 | ) |