Silence Therapeutics Reports Third Quarter 2024 Financial Results and Recent Business Highlights
Silence Therapeutics (SLN) reported its Q3 2024 financial results with cash position of £129.0 million ($172.7 million) as of September 30, 2024. The company's collaboration revenue decreased to £1.1 million in Q3 2024 from £2.7 million in Q3 2023. R&D expenses increased to £15.3 million from £8.9 million year-over-year, while G&A expenses rose to £5.6 million from £5.0 million. Net loss widened to £27.0 million from £8.2 million in Q3 2023.
The company will present results from the ALPACAR-360 Phase 2 study of zerlasiran at AHA and Phase 1 results of divesiran at ASH in December 2024. Starting January 2025, SLN will be classified as a 'large accelerated filer' by SEC.
Silence Therapeutics (SLN) ha riportato i risultati finanziari del terzo trimestre 2024 con una posizione di cassa di £129,0 milioni ($172,7 milioni) al 30 settembre 2024. I ricavi da collaborazioni dell'azienda sono diminuiti a £1,1 milioni nel Q3 2024 rispetto a £2,7 milioni nel Q3 2023. Le spese per R&S sono aumentate a £15,3 milioni rispetto a £8,9 milioni anno su anno, mentre le spese generali e amministrative sono salite a £5,6 milioni da £5,0 milioni. La perdita netta è aumentata a £27,0 milioni rispetto a £8,2 milioni nel Q3 2023.
L'azienda presenterà i risultati dello studio di fase 2 ALPACAR-360 di zerlasiran all'AHA e i risultati di fase 1 di divesiran all'ASH a dicembre 2024. A partire da gennaio 2025, SLN sarà classificata come 'grande dichiarante accelerato' dalla SEC.
Silence Therapeutics (SLN) informó sus resultados financieros del tercer trimestre de 2024 con una posición de efectivo de £129,0 millones ($172,7 millones) al 30 de septiembre de 2024. Los ingresos por colaboraciones de la compañía disminuyeron a £1,1 millones en el Q3 2024 desde £2,7 millones en el Q3 2023. Los gastos en I+D aumentaron a £15,3 millones desde £8,9 millones interanualmente, mientras que los gastos generales y administrativos subieron a £5,6 millones desde £5,0 millones. La pérdida neta se amplió a £27,0 millones desde £8,2 millones en el Q3 2023.
La compañía presentará los resultados del estudio de fase 2 ALPACAR-360 de zerlasiran en AHA y los resultados de fase 1 de divesiran en ASH en diciembre de 2024. A partir de enero de 2025, SLN será clasificada como 'gran presentador acelerado' por la SEC.
Silence Therapeutics (SLN)는 2024년 3분기 재무 결과를 발표했으며, 2024년 9월 30일 기준으로 현금 보유액이 £129.0 백만 ($172.7 백만)에 이릅니다. 회사의 협력 수익은 2023년 3분기 £2.7 백만에서 2024년 3분기 £1.1 백만으로 감소했습니다. 연구개발(R&D) 비용은 전년 대비 £15.3 백만으로 증가했으며, 일반 및 관리 패비는 £5.0 백만에서 £5.6 백만으로 상승했습니다. 순손실은 2023년 3분기 £8.2 백만에서 £27.0 백만으로 확대되었습니다.
회사는 2024년 12월 AHA에서 zerlasiran의 ALPACAR-360 2상 연구 결과를, ASH에서 divesiran의 1상 결과를 발표할 예정입니다. 2025年 1월부터 SLN은 SEC에 의해 '대규모 가속 제출자'로 분류될 것입니다.
Silence Therapeutics (SLN) a annoncé ses résultats financiers du troisième trimestre 2024, avec une position de trésorerie de £129,0 millions ($172,7 millions) au 30 septembre 2024. Les revenus de collaboration de l'entreprise ont diminué à £1,1 million au T3 2024, contre £2,7 millions au T3 2023. Les dépenses de R&D ont augmenté à £15,3 millions, contre £8,9 millions d'une année sur l'autre, tandis que les dépenses générales et administratives ont grimpé à £5,6 millions, contre £5,0 millions. La perte nette s'est accentuée, passant de £8,2 millions au T3 2023 à £27,0 millions.
L'entreprise présentera les résultats de l'étude de phase 2 ALPACAR-360 de zerlasiran à l'AHA et les résultats de phase 1 de divesiran à l'ASH en décembre 2024. À partir de janvier 2025, SLN sera classée comme un 'déposant accéléré de grande taille' par la SEC.
Silence Therapeutics (SLN) hat die finanziellen Ergebnisse des dritten Quartals 2024 veröffentlicht und hatte zum 30. September 2024 einen Kassenstand von £129,0 Millionen ($172,7 Millionen). Die Zusammenarbeitserträge des Unternehmens sanken im dritten Quartal 2024 auf £1,1 Millionen von £2,7 Millionen im dritten Quartal 2023. Die F&E-Ausgaben stiegen von £8,9 Millionen auf £15,3 Millionen im Jahresvergleich, während die allgemeinen und Verwaltungskosten auf £5,6 Millionen von £5,0 Millionen anstiegen. Der Nettoverlust erweiterte sich von £8,2 Millionen im dritten Quartal 2023 auf £27,0 Millionen.
Das Unternehmen wird die Ergebnisse der ALPACAR-360 Phase-2-Studie zu zerlasiran auf der AHA und die Phase-1-Ergebnisse von divesiran auf der ASH im Dezember 2024 präsentieren. Ab Januar 2025 wird SLN von der SEC als 'großer beschleunigter Einreicher' klassifiziert.
- Strong cash position of $172.7 million, up from $68.8 million at end of 2023
- Market value of ordinary shares exceeded $700.0 million
- Upcoming presentation of clinical trial results at major medical conferences
- Collaboration revenue decreased 59% YoY to £1.1M in Q3 2024
- R&D expenses increased 72% YoY to £15.3M in Q3 2024
- Net loss widened to £27.0M from £8.2M in Q3 2023
Insights
The Q3 results reveal significant financial developments.
- Collaboration revenue dropped
59% to£1.1M in Q3 - R&D expenses surged
72% to£15.3M - Net loss more than tripled to
£27M
The widening losses and declining collaboration revenue suggest increasing cash burn, though the strong cash position provides adequate runway. The transition to large accelerated filer status indicates market cap growth but will increase compliance costs. The AstraZeneca collaboration remains key for revenue generation, but declining partnership income needs monitoring.
Two critical clinical milestones warrant attention: The upcoming ALPACAR-360 Phase 2 data presentation for zerlasiran in ASCVD patients with elevated Lp(a) and Phase 1 results for divesiran in polycythemia vera. These developments target significant unmet medical needs:
- ASCVD remains a leading cause of death globally, with high Lp(a) being an undertreated risk factor
- PV treatment landscape lacks targeted molecular therapies, making divesiran's siRNA approach potentially groundbreaking
The selection for late-breaking presentation at AHA suggests potentially meaningful clinical data. The expanding pipeline demonstrates strong scientific execution, though market impact depends on forthcoming efficacy data.
“The Silence team is focused on continued execution across the business,” said Craig Tooman, President and Chief Executive Officer at Silence. “We look forward to presenting additional data from our wholly owned clinical programs at upcoming medical meetings and progressing our pipeline to bring innovative gene silencing medicines to patients around the world.”
“We ended the quarter with more than
Third Quarter 2024 & Recent Business Highlights
R&D Highlights
-
Results from the ALPACAR-360 Phase 2 study of zerlasiran in atherosclerotic cardiovascular disease (ASCVD) patients with high Lp(a) will be presented during the Late-Breaking Science Session of the American Heart Association (AHA) Annual Scientific Sessions in
Chicago, Illinois , on Monday, November 18, 2024. -
Results from the Phase 1 portion of the SANRECO Phase 1/2 study of divesiran in polycythemia vera (PV) patients have been selected for oral presentation at the American Society of Hematology (ASH) Annual Meeting taking place December 7-10, 2024, in
San Diego, California . The ASH abstract and viewing details are listed below.
Presentation Title: Initial Results from a Phase 1/2 Study Evaluating Divesiran, a Novel Galnac Conjugated siRNA, in Patients with Polycythemia Vera (SANRECO)
Abstract Number: 656
Presentation Date & Time: Sunday, Dec. 5, 4:45 p.m. PST
Location: Manchester Grand Hyatt San Diego, Grand Hall D
Presenter: Dr. Marina Kremyanskaya
Additional Business Updates
-
On June 30, 2024, the market value of our ordinary shares held by non-affiliates exceeded
$700.0 million U.S. Securities and Exchange Commission (SEC) and will follow periodic disclosure and reporting requirements applicable toU.S. domestic issuers.
Financial Highlights for the Period Ended September 30,2024
-
Cash Position: Cash, cash equivalents and
U.S. Treasury Bills of£129.0 million ($172.7 million £54.0 million ($68.8 million -
Collaboration Revenue: Collaboration revenue for the three and nine months ended September 30, 2024, was
£1.1 million (September 30, 2023:£2.7 million ) and£14.0 million (September 30, 2023:£22.8 million ), respectively. Revenue from the current year period primarily related to our AstraZeneca collaboration. -
R&D Expenses: Research and development (R&D) expenses for the three and nine months ended September 30, 2024, was
£15.3 million (September 30, 2023:£8.9 million ) and£35.5 million (September 30, 2023:£34.1 million ), respectively. The increase compared to the prior year period primarily related to the timing of clinical studies and manufacturing activities. -
G&A Expenses: General and administrative (G&A) expenses for the three and nine months ended September 30, 2024, was
£5.6 million (September 30, 2023:£5.0 million ) and£16.1 million (September 30, 2023:£16.5 million ), respectively. The£0.6 million increase compared to the prior three-month period was mainly due to increased professional services costs. The£0.5 million decrease from the prior nine-month period was mainly due to decreased payroll costs and equity-based compensation. -
Net Loss: Net loss for the three and nine months ended September 30, 2024, was
£27.0 million , or19.1 pence basic and diluted net loss per share, (September 30, 2023:£8.2 million or7.4 pence ) and£44.4 million , or32.3 pence basic and diluted net loss per share (September 30, 2023:£28.9 million or26.4 pence ), respectively. - Total ADSs outstanding were approximately 47,214,829, as of September 30, 2024.
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. Silence also maintains research and development collaborations with AstraZeneca and Hansoh Pharma, among others. For more information, please visit https://www.silence-therapeutics.com/.
Forward-Looking Statements
Certain statements made in this announcement are forward-looking statements within the meaning of the
Condensed consolidated income statement (unaudited) |
|||||||||||
|
Three months ended |
Three months ended |
Nine months ended |
Nine months ended |
|||||||
September 30, 2024 |
September 30, 2023 |
September 30, 2024 |
September 30, 2023 |
||||||||
|
|
|
|
|
|||||||
Revenue |
1,142 |
|
2,798 |
|
14,146 |
|
23,276 |
|
|||
Cost of sales |
(2,774 |
) |
(1,607 |
) |
(7,625 |
) |
(8,972 |
) |
|||
Gross profit |
(1,632 |
) |
1,191 |
|
6,521 |
|
14,304 |
|
|||
Research and development costs |
(15,305 |
) |
(8,934 |
) |
(35,479 |
) |
(34,088 |
) |
|||
General and administrative expenses |
(5,600 |
) |
(4,956 |
) |
(16,058 |
) |
(16,521 |
) |
|||
Operating loss |
(22,537 |
) |
(12,699 |
) |
(45,016 |
) |
(36,305 |
) |
|||
Finance and other expenses |
(8,602 |
) |
(8 |
) |
(8,627 |
) |
(97 |
) |
|||
Finance and other income |
981 |
|
2,046 |
|
2,679 |
|
1,058 |
|
|||
Loss for the period before taxation |
(30,158 |
) |
(10,661 |
) |
(50,964 |
) |
(35,344 |
) |
|||
Taxation |
3,146 |
|
2,411 |
|
6,514 |
|
6,489 |
|
|||
Loss for the period after taxation |
(27,012 |
) |
(8,250 |
) |
(44,450 |
) |
(28,855 |
) |
|||
Loss per ordinary share (basic and diluted) |
|
|
|
|
|||||||
Condensed consolidated balance sheet (unaudited) |
||||||
September 30, 2024 |
December 31, 2023 |
|||||
|
|
|
||||
Non-current assets |
||||||
Property, plant and equipment |
1,647 |
|
1,813 |
|
||
Goodwill |
7,538 |
|
7,840 |
|
||
Other intangible assets |
258 |
|
284 |
|
||
Other long term assets |
2,144 |
|
2,580 |
|
||
Financial assets at amortized cost |
284 |
|
284 |
|
||
|
11,871 |
|
12,801 |
|
||
Current assets |
||||||
Cash and cash equivalents |
61,953 |
|
54,031 |
|
||
Financial assets at amortized cost |
67,037 |
|
- |
|
||
R&D tax credit receivable |
16,271 |
|
17,627 |
|
||
Other current assets |
11,963 |
|
9,135 |
|
||
Trade receivables |
288 |
|
228 |
|
||
|
157,512 |
|
81,021 |
|
||
Non-current liabilities |
|
|
||||
Contract liabilities |
(57,955 |
) |
(58,910 |
) |
||
Lease liability |
- |
|
(93 |
) |
||
|
(57,955 |
) |
(59,003 |
) |
||
Current liabilities |
||||||
Contract liabilities |
(2,503 |
) |
(5,161 |
) |
||
Trade and other payables |
(14,271 |
) |
(12,429 |
) |
||
Lease liability |
(139 |
) |
(179 |
) |
||
|
(16,913 |
) |
(17,769 |
) |
||
Net assets |
94,515 |
|
17,050 |
|
||
Capital and reserves attributable to the owners of the parent |
||||||
Share capital |
7,082 |
|
5,942 |
|
||
Capital reserves |
432,367 |
|
313,769 |
|
||
Translation reserve |
1,714 |
|
1,951 |
|
||
Accumulated losses |
(346,648 |
) |
(304,612 |
) |
||
Total shareholders' equity |
94,515 |
|
17,050 |
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241114343508/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
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