Silence Therapeutics (SLN) Q4 2024 earnings summary

Executive summary

• Achieved strong clinical progress in 2024, including positive Phase II results for zerlasiran in ASCVD patients with high Lp(a) and Phase I results for divesiran in polycythemia vera (PV), eliminating phlebotomy need in well-controlled patients.

• Advanced pipeline in rare diseases, with orphan drug designation for divesiran in PV and new programs entering clinical stages.

• Strategic focus for 2025 is on rare disease programs with clear unmet needs, prioritizing divesiran and advancing extrahepatic and preclinical siRNA candidates.

• Zerlasiran Phase III readiness activities are nearly complete, but initiation awaits a partnership, extending cash runway into 2027.

Financial highlights

• 2024 revenue was $43.3M, up from $31.6M in 2023, mainly due to collaboration milestones, especially a $24.6M cumulative catch-up from Hansoh.

• R&D expenses rose to $67.9M (from $56.9M), driven by proprietary program advancement and expanded clinical studies.

• Net loss for 2024 was $45.3M, improved from $54.2M in 2023, reflecting higher revenue and R&D tax credits.

• Cash, cash equivalents, and short-term investments totaled $147.3M at year-end 2024, up from $68.8M in 2023.

• Operating loss for 2024 was $63.3M, compared to $64.4M in 2023.

Outlook and guidance

• Cash runway projected to extend into 2027, supported by deferral of zerlasiran Phase III study until a partner is secured.

• Full enrollment for divesiran Phase II in PV expected by end of 2025; additional data from Phase I to be presented at medical meetings.

• Phase I study of SLN548 (complement factor B siRNA) to begin in 2H 2025.