Silence Therapeutics Reports Full Year 2024 Financial Results and Provides Business Update
Silence Therapeutics (SLN) reported its full year 2024 financial results, ending with $147.3 million in cash and investments. The company's collaboration revenue increased to $43.1 million from $30.9 million in 2023, while net loss improved to $45.3 million ($0.33 per share) from $54.2 million in 2023.
Key developments include: positive regulatory feedback for zerlasiran's Phase 3 study design, though initiation depends on securing a partnership; anticipated full enrollment in divesiran's SANRECO Phase 2 study for PV by end of 2025; and planned Phase 1 studies for SLN548 in H2 2025. R&D expenses increased to $67.9 million from $56.9 million, while G&A expenses slightly rose to $26.9 million.
The company has extended its cash guidance into 2027, focusing on rare condition treatments where they can deliver first-in-class and/or best-in-class siRNAs.
Silence Therapeutics (SLN) ha riportato i risultati finanziari per l'intero anno 2024, chiudendo con 147,3 milioni di dollari in contante e investimenti. I ricavi da collaborazione dell'azienda sono aumentati a 43,1 milioni di dollari rispetto ai 30,9 milioni di dollari del 2023, mentre la perdita netta è migliorata a 45,3 milioni di dollari (0,33 dollari per azione) rispetto ai 54,2 milioni di dollari del 2023.
Sviluppi chiave includono: feedback normativo positivo per il design dello studio di Fase 3 di zerlasiran, anche se l'avvio dipende dal garantire una partnership; si prevede il completamento dell'arruolamento nello studio di Fase 2 di divesiran SANRECO per PV entro la fine del 2025; e studi di Fase 1 pianificati per SLN548 nel secondo semestre del 2025. Le spese per R&S sono aumentate a 67,9 milioni di dollari rispetto ai 56,9 milioni di dollari, mentre le spese generali e amministrative sono leggermente aumentate a 26,9 milioni di dollari.
L'azienda ha esteso la sua guida di liquidità fino al 2027, concentrandosi sui trattamenti per condizioni rare dove possono offrire siRNA di prima classe e/o di migliore classe.
Silence Therapeutics (SLN) informó sobre sus resultados financieros del año completo 2024, cerrando con 147,3 millones de dólares en efectivo e inversiones. Los ingresos por colaboración de la empresa aumentaron a 43,1 millones de dólares desde 30,9 millones de dólares en 2023, mientras que la pérdida neta mejoró a 45,3 millones de dólares (0,33 dólares por acción) desde 54,2 millones de dólares en 2023.
Los desarrollos clave incluyen: comentarios regulatorios positivos sobre el diseño del estudio de Fase 3 de zerlasiran, aunque el inicio depende de asegurar una asociación; se anticipa el completo enrolamiento en el estudio de Fase 2 de divesiran SANRECO para PV para finales de 2025; y estudios de Fase 1 planificados para SLN548 en la segunda mitad de 2025. Los gastos de I+D aumentaron a 67,9 millones de dólares desde 56,9 millones de dólares, mientras que los gastos generales y administrativos aumentaron ligeramente a 26,9 millones de dólares.
La empresa ha extendido su guía de efectivo hasta 2027, enfocándose en tratamientos para condiciones raras donde pueden ofrecer siARN de primera clase y/o de mejor clase.
Silence Therapeutics (SLN)는 2024년 전체 재무 결과를 발표하며 현금 및 투자액이 1억 4,730만 달러에 달했다고 보고했습니다. 회사의 협업 수익은 2023년 3,090만 달러에서 4,310만 달러로 증가했으며, 순손실은 2023년 5,420만 달러에서 4,530만 달러 (주당 0.33달러)로 개선되었습니다.
주요 개발 사항으로는: zerlasiran의 3상 연구 설계에 대한 긍정적인 규제 피드백이 있었으나, 시작은 파트너십 확보에 따라 달라질 것입니다; 2025년 말까지 PV를 위한 divesiran의 SANRECO 2상 연구에 대한 완전 등록이 예상되며; 2025년 하반기에 SLN548에 대한 1상 연구가 계획되어 있습니다. 연구개발(R&D) 비용은 6,790만 달러로 증가했으며, 일반 관리(G&A) 비용은 2,690만 달러로 약간 증가했습니다.
회사는 2027년까지 현금 가이던스를 연장하며, 1급 및/또는 최고의 siRNA를 제공할 수 있는 희귀 질환 치료에 집중하고 있습니다.
Silence Therapeutics (SLN) a annoncé ses résultats financiers pour l'année entière 2024, se terminant avec 147,3 millions de dollars en liquidités et investissements. Les revenus de collaboration de l'entreprise ont augmenté à 43,1 millions de dollars contre 30,9 millions de dollars en 2023, tandis que la perte nette s'est améliorée à 45,3 millions de dollars (0,33 dollar par action) contre 54,2 millions de dollars en 2023.
Les développements clés incluent : des retours réglementaires positifs concernant le design de l'étude de Phase 3 de zerlasiran, bien que le démarrage dépende de la sécurisation d'un partenariat ; une inscription complète attendue dans l'étude de Phase 2 de divesiran SANRECO pour PV d'ici fin 2025 ; et des études de Phase 1 prévues pour SLN548 au second semestre 2025. Les dépenses de R&D ont augmenté à 67,9 millions de dollars contre 56,9 millions de dollars, tandis que les dépenses générales et administratives ont légèrement augmenté à 26,9 millions de dollars.
L'entreprise a prolongé ses prévisions de liquidités jusqu'en 2027, en se concentrant sur les traitements des maladies rares où elle peut offrir des siARN de première classe et/ou de meilleure classe.
Silence Therapeutics (SLN) hat seine finanziellen Ergebnisse für das gesamte Jahr 2024 veröffentlicht und schloss mit 147,3 Millionen Dollar an Bargeld und Investitionen. Die Zusammenarbeitseinnahmen des Unternehmens stiegen auf 43,1 Millionen Dollar von 30,9 Millionen Dollar im Jahr 2023, während sich der Nettoverlust auf 45,3 Millionen Dollar (0,33 Dollar pro Aktie) von 54,2 Millionen Dollar im Jahr 2023 verbesserte.
Wichtige Entwicklungen umfassen: positives regulatorisches Feedback zum Studiendesign der Phase 3 von zerlasiran, wobei der Beginn von der Sicherung einer Partnerschaft abhängt; eine vollständige Einschreibung in die Phase-2-Studie von divesiran SANRECO für PV wird bis Ende 2025 erwartet; und geplante Phase-1-Studien für SLN548 im zweiten Halbjahr 2025. Die F&E-Ausgaben stiegen auf 67,9 Millionen Dollar von 56,9 Millionen Dollar, während die allgemeinen und administrativen Ausgaben leicht auf 26,9 Millionen Dollar anstiegen.
Das Unternehmen hat seine Liquiditätsprognose bis 2027 verlängert und konzentriert sich auf Behandlungen seltener Erkrankungen, bei denen sie erstklassige und/oder beste siRNAs anbieten können.
- Cash runway extended into 2027
- Collaboration revenue up 39.5% to $43.1M
- Net loss improved by 16.4% to $45.3M
- Positive regulatory feedback from FDA, EMA, and PMDA for zerlasiran Phase 3
- R&D expenses increased 19.3% to $67.9M
- Hansoh Pharma discontinued collaboration for three preclinical targets
- Phase 3 zerlasiran study delayed pending partnership
- G&A expenses increased to $26.9M
Insights
Silence Therapeutics' 2024 financial results reveal a strategic shift that significantly impacts their financial outlook and pipeline priorities. The company reported
The most significant development is Silence's decision to delay the Phase 3 cardiovascular outcomes trial (CVOT) for zerlasiran until securing a partner. This strategic pivot extends their cash runway into 2027 but also signals potential challenges in the Lp(a) space. Large-scale CVOTs typically cost
Instead, Silence is prioritizing divesiran for polycythemia vera and other rare disease programs where smaller trials, clearer regulatory pathways, and premium pricing potential create a more favorable risk-reward profile for a company of their size. The Phase 2 SANRECO study for divesiran is progressing with full enrollment expected by year-end 2025.
The termination of Hansoh Pharma's collaboration for three preclinical targets raises some concerns about platform applicability, though Silence retains these rights and can potentially find new partners. Meanwhile, their collaboration with AstraZeneca continues with SLN312 in Phase 1 trials.
For investors, this strategic realignment represents a more sustainable development approach that maximizes remaining capital while pursuing valuable niche indications. However, the delay in advancing zerlasiran without a partner suggests challenges in monetizing their most advanced asset in a competitive landscape, creating uncertainty around long-term value creation despite the improved near-term financial outlook.
Silence Therapeutics' 2024 results reveal significant strategic refinement of their siRNA platform approach, with important implications for their clinical pipeline. The company is leveraging their mRNAi GOLD™ platform, which uses GalNAc conjugation for liver delivery similar to Alnylam's approach but with proprietary modifications designed to enhance stability and reduce off-target effects.
The most notable strategic shift is their decision to prioritize rare diseases while pausing advancement of zerlasiran (their Lp(a)-lowering candidate) until securing a partner. This pivot reflects both resource constraints and recognition of intensifying competition in the Lp(a) space from Novartis (Leqvio), Amgen (olpasiran), and Ionis/AstraZeneca (eplontersen). While zerlasiran has shown promising
Instead, Silence is prioritizing divesiran for polycythemia vera, a rare blood disorder affecting approximately 160,000 patients in major markets. Current PV treatments (primarily JAK inhibitors like ruxolitinib) have limitations including incomplete hematocrit control and side effects. Divesiran's mechanism - silencing TMPRSS6 to reduce hepcidin suppression and subsequently lower iron availability for red blood cell production - represents a novel approach potentially addressing disease fundamentals rather than just symptoms.
The company's pipeline strategy now focuses on conditions where their siRNA platform offers clear advantages in tissue targeting, durability of effect, and mechanism specificity. SLN548 for complement-mediated diseases represents another application in rare diseases with potentially clearer regulatory pathways.
Hansoh Pharma's decision to return rights to three preclinical programs likely reflects Hansoh's own portfolio prioritization rather than platform limitations, as Silence maintains productive collaborations with AstraZeneca and retains financial flexibility with
This strategic refinement positions Silence to potentially deliver innovative therapies in underserved rare disease markets while preserving capital through 2027, though success still depends on clinical execution and eventual commercialization strategies in specialized markets.
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
“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
Recent Business Highlights
Zerlasiran for Cardiovascular Disease
-
Received positive regulatory feedback from the
U.S. Food and Drug Administration (FDA), European Medicines Agency (EMA) and the Pharmaceuticals and Medical Devices Agency (PMDA) inJapan on the Phase 3 cardiovascular (CV) outcomes study design for zerlasiran in patients with elevated lipoprotein(a) (Lp(a)) and at high risk of a CV event. - Progressed core activities to ensure the zerlasiran program is Phase 3 ready in the first half of 2025.
- Partnering discussions for this program are ongoing; timing for Phase 3 initiation is dependent on partnership.
Divesiran for Polycythemia Vera (PV)
- Follow-up has concluded in the SANRECO Phase 1 study of divesiran in PV patients. Data presentations at medical congresses are anticipated in 2025.
- Enrollment is underway in the SANRECO Phase 2 study of divesiran in PV patients. Full enrollment is anticipated by the end of 2025.
Other mRNAi GOLD™ Pipeline Updates
- A Phase 1 study of SLN548, Silence’s wholly owned siRNA product candidate for complement-mediated diseases, is planned for the second half of 2025.
- A Phase 1 study of SLN312 (licensed to AstraZeneca) is ongoing.
- Hansoh Pharma opted not to pursue further development under the collaboration agreement to develop siRNAs for three undisclosed preclinical targets using Silence’s mRNAi GOLD platform. Silence retains global rights to all three programs and is evaluating plans for further development.
Financial Highlights for Year End 2024
-
Cash Position: Cash, cash equivalents, and short-term investments were
$147.3 million $121.3 million $26 million -
Collaboration Revenue: Collaboration revenue was
$43.1 million $30.9 million $12.2 million -
R&D Expenses: Research and development (R&D) expenses were
$67.9 million $56.9 million -
G&A Expenses: General and administrative (G&A) expenses were
$26.9 million $26.2 million U.S. domestic reporting requirements under the Exchange Act. -
Net Loss: Net loss was
$45.3 million $0.33 $54.2 million $0.49 - Total outstanding shares were 141,674,074 ordinary shares (including shares in the form of American Depositary Shares) as of December 31, 2024.
2025 Financial Guidance
- Silence announced today that it will only initiate the zerlasiran Phase 3 CVOT study once a partner is secured. Following this announcement, Silence is extending its projected cash runway into 2027. The Company plans to prioritize development of divesiran in PV and programs in rare conditions with high unmet needs.
Conference Call & Webcast Details
Company management will host a conference call and webcast today, Thursday, February 27, 2025, at 8 a.m. EST / 1:00 p.m. GMT.
Webcast link: https://edge.media-server.com/mmc/p/73gzxc8m
Conference call registration link: https://register.vevent.com/register/BIbb8ec3d3557e47e3a4db7b8c03339124
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
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 (in thousands) |
||||||||||
|
|
|
|
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 |
|
|
|
|
(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 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250227003777/en/
Inquiries:
Silence Therapeutics plc
Gem Hopkins, VP, Head of IR and Corporate Communications
ir@silence-therapeutics.com
Tel: +1 (646) 637-3208
Source: Silence Therapeutics plc
FAQ
What is the current cash position of Silence Therapeutics (SLN) as of December 2024?
How much did Silence Therapeutics' (SLN) collaboration revenue grow in 2024?
What is the status of SLN's divesiran SANRECO Phase 2 study for PV?
When will Silence Therapeutics (SLN) initiate the zerlasiran Phase 3 study?
How long will SLN's current cash runway last?
