Silence Therapeutics (SLN) Q4 2025 earnings summary

Executive summary

• Achieved expedited enrollment in Phase 2 SANRECO trial for divesiran in polycythemia vera, with topline results now expected in Q3 2026, earlier than previously anticipated.

• Completed Phase 3 readiness for zerlasiran, positioning it for potential partnership and further development in cardiovascular disease.

• AstraZeneca will not pursue SLN312 beyond Phase 1; Silence regains global rights and is evaluating next steps.

• Advanced preclinical pipeline with promising data for SLN365 (cholesterol management) and SLN098 (obesity).

• Leadership changes include appointment of interim CEO and new board members.

Financial highlights

• Cash, cash equivalents, and short-term investments totaled $85.1 million as of December 31, 2025.

• Collaboration revenue dropped to $0.6 million in 2025 from $43.3 million in 2024, mainly due to concluded Hansoh collaboration and reduced AstraZeneca revenue.

• R&D expenses were $67.8 million in 2025, nearly flat year-over-year.

• G&A expenses decreased to $22.3 million in 2025 from $26.9 million in 2024, reflecting cost-saving initiatives.

• Net loss widened to $88.6 million ($0.63 per share) in 2025 from $45.3 million ($0.33 per share) in 2024.

Outlook and guidance

• Topline results for divesiran Phase 2 SANRECO trial expected in Q3 2026.

• Additional preclinical data for SLN365 and SLN098 anticipated in Q2 2026.

• Phase 1 data presentations for SLN312 planned for 2026 medical congresses.