Full Press Release Details
Silence Therapeutics Reports Second Quarter 2025 Financial Results and Recent Business Highlights
Presented Updated SANRECO Phase 1 Data at EHA 2025 Further Supporting Potential for
Divesiran as First-in-Class siRNA in PV
SANRECO Phase 2 Study On-Track for Complete Enrollment by Year-End 2025
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 second quarter ended June 30, 2025, and reviewed recent business highlights.
The updated data we presented at EHA this past quarter were highly encouraging and supportive of the therapeutic potential of divesiran as a first-in-class siRNA in PV, said Craig Tooman, President and Chief Executive Officer at Silence. The SANRECO Phase 2 trial of divesiran in PV patients continues to
progress towards full enrollment this year and remains our top priority.
Rhonda Hellums, Silence s Chief Financial Officer, said, We are
continuing to prioritize investments in key areas where we see the highest potential to deliver near term value, including ensuring the successful completion of the SANRECO Phase 2 trial enrollment by
year-end. We ended the quarter with approximately $114.2 million in cash and cash equivalents and short-term investments and are reiterating our cash runway guidance into 2028.
Second Quarter 2025 & Recent Business Highlights
Divesiran for Polycythemia Vera (PV)
Zerlasiran for Cardiovascular Disease
Second Quarter 2025 Financial Highlights
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 therapeutic benefits of the Company s product candidates; the timing of patient enrollment of the
SANRECO Phase 2 trial; the progression and advancement of collaborations; the Company s ability to deliver near term 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)
| June 30, 2025 | December 31, 2024 | |||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 41,739 | $ | 121,330 | ||||
| Short-term investments | 72,416 | 26,004 | ||||||
| R&D benefit receivable | 19,957 | 24,396 | ||||||
| Other current assets | 14,356 | 14,664 | ||||||
| Trade receivables | 85 | 972 | ||||||
| Total current assets | 148,553 | 187,366 | ||||||
| Property, plant and equipment | 1,775 | 1,818 | ||||||
| Operating lease right-of-use assets | 58 | 157 | ||||||
| Goodwill | 10,617 | 9,392 | ||||||
| Other intangible assets | 317 | 312 | ||||||
| Other long-term assets | 3,913 | 3,590 | ||||||
| Total assets | $ | 165,233 | $ | 202,635 | ||||
| Current liabilities | ||||||||
| Contract liabilities | $ | (457 | ) | $ | (306 | ) | ||
| Trade and other payables | (14,311 | ) | (16,399 | ) | ||||
| Operating lease liabilities, current | (117 | ) | ||||||
| Total current liabilities | (14,768 | ) | (16,822 | ) | ||||
| Contract liabilities | (56,310 | ) | (51,790 | ) | ||||
| Total liabilities | $ | (71,078 | ) | $ | (68,612 | ) | ||
| Commitments and contingencies (Note 11) | ||||||||
| Shareholders equity | ||||||||
| Ordinary shares - par value 0.05 per share; 141,701,848 shares issued at June 30, 2025 (December 31, 2024: 141,674,074) | (10,290 | ) | (10,288 | ) | ||||
| Additional paid-in capital | (615,113 | ) | (609,560 | ) | ||||
| Accumulated deficit | 529,844 | 474,044 | ||||||
| Accumulated other comprehensive loss | 1,404 | 11,781 | ||||||
| Total shareholders equity | (94,155 | ) | (134,023 | ) | ||||
| Total liabilities and shareholders equity | $ | (165,233 | ) | $ | (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 June 30, | Six months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 224 | $ | 756 | $ | 366 | $ | 16,455 | ||||||||
| Cost of sales | (85 | ) | (3,333 | ) | (139 | ) | (6,133 | ) | ||||||||
| Gross profit | 139 | (2,577 | ) | 227 | 10,322 | |||||||||||
| Research and development costs | (17,647 | ) | (13,802 | ) | (38,460 | ) | (25,647 | ) | ||||||||
| General and administrative expenses | (5,131 | ) | (7,009 | ) | (12,815 | ) | (13,644 | ) | ||||||||
| Restructuring charges | (1,324 | ) | (1,324 | ) | ||||||||||||
| Operating loss | (23,963 | ) | (23,388 | ) | (52,372 | ) | (28,969 | ) | ||||||||
| Foreign currency (loss)/gain, net | (6,613 | ) | (222 | ) | (10,382 | ) | 129 | |||||||||
| Other income, net | 861 | 1,351 | 1,830 | 2,017 | ||||||||||||
| Benefit from R&D credit | 2,371 | 2,732 | 5,050 | 5,228 | ||||||||||||
| Loss before income tax expense | (27,344 | ) | (19,527 | ) | (55,874 | ) | (21,595 | ) | ||||||||
| Income tax expense | (10 | ) | (228 | ) | (10 | ) | (472 | ) | ||||||||
| Net Loss | $ | (27,354 | ) | $ | (19,755 | ) | $ | (55,884 | ) | $ | (22,067 | ) | ||||
| Loss per share (basic and diluted) | $ | (0.19 | ) | $ | (0.14 | ) | $ | (0.39 | ) | $ | (0.16 | ) | ||||
| Weighted average shares outstanding (basic and diluted) | 141,696,047 | 140,208,929 | 141,687,438 | 136,045,022 |