Silence Therapeutics (SLN) Q1 2026 earnings summary

Executive summary

• Focused on RNAi therapeutics, advancing siRNA candidates for rare and cardiometabolic diseases, with lead programs in Phase 2 and Phase 3 readiness and ongoing collaborations, notably with AstraZeneca.

• Advanced clinical pipeline with Phase 2 SANRECO trial for divesiran in polycythemia vera on track for topline results in August 2026; zerlasiran (SLN360) is Phase 3 ready for cardiovascular disease.

• AstraZeneca collaboration continues, but AstraZeneca will not pursue SLN312 beyond Phase 1; Silence regains global rights to SLN312.

• Presented positive Phase 1 data for divesiran and SLN312 at major scientific congresses.

Financial highlights

• Revenue for Q1 2026 was $0.4 million, up from $0.1 million in Q1 2025, driven by AstraZeneca collaboration activity.

• Net loss for Q1 2026 was $15.0 million ($0.11 per share), a significant improvement from $28.5 million ($0.20 per share) in Q1 2025, mainly due to lower R&D and administrative expenses.

• Cash, cash equivalents, and short-term investments totaled $70.1 million as of March 31, 2026.

• R&D costs decreased to $9.1 million from $20.8 million year-over-year, reflecting completion of zerlasiran Phase 3 readiness and reduced headcount.

• General and administrative expenses decreased to $7.0 million from $7.7 million year-over-year due to cost reduction efforts.

Outlook and guidance

• Cash and investments are expected to fund operations into 2028; additional funding will be needed for further clinical development.

• Topline Phase 2 results for divesiran in PV expected in August 2026; further development plans for SLN312 under evaluation.

• Ongoing investment in technology platform and pipeline, with anticipated increases in R&D as programs advance.

• Continued focus on advancing the mRNAi GOLD platform and delivering long-term value.