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
02/27/2025--LONDON--(BUSINESS WIRE)-- 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 a business update.
“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
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) in Japan 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 at the end of December 2024. This includes cash and cash equivalents of $121.3 million and short-term investments of $26 million.
Collaboration Revenue: Collaboration revenue was $43.1 million for the year ended December 31, 2024, compared to $30.9 million for the year ended December 31, 2023. The increase of $12.2 million is largely due to the cumulative catch-up following completion of required obligations under collaboration arrangements entered for development of candidates utilizing the siRNA platform.
R&D Expenses: Research and development (R&D) expenses were $67.9 million for the year ended December 31, 2024, compared to $56.9 million for the year ended December 31, 2023. The increase is a result of additional clinical studies and an increase in contract manufacturing activities for Silence’s proprietary programs.
G&A Expenses: General and administrative (G&A) expenses were $26.9 million for the year ended December 31, 2024, compared to $26.2 million for the year ended December 31, 2023. The increase was primarily as result of additional expenses required to comply with the U.S. domestic reporting requirements under the Exchange Act.
Net Loss: Net loss was $45.3 million, or $0.33 basic and diluted net loss per share for the year ended December 31, 2024, compared to a net loss of $54.2 million, or $0.49 basic and diluted net loss per share for the year ended December 31, 2023.
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.
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.