Silence Therapeutics plc SEC 10-Q Report

Silence Therapeutics plc, a biotechnology company focused on developing RNA interference (RNAi) therapeutics, has released its Form 10-Q report for the first quarter of 2025. The report provides a detailed overview of the company's financial performance and operational highlights, reflecting the challenges and progress made in its research and development efforts.

Financial Highlights

Revenue: $0.1 million, reflecting a decrease of $15.6 million from the same three-month period in 2024, primarily due to a decrease in revenue from the AstraZeneca collaboration.

Gross Profit: $0.1 million, a significant decrease from $12.9 million in the same period in 2024, driven by reduced revenue from collaboration agreements.

Operating Loss: $28.4 million, compared to $5.6 million in the same period in 2024, primarily due to increased research and development costs and decreased revenue.

Net Loss: $28.5 million, compared to $2.3 million in the same period in 2024, reflecting increased operating expenses and reduced revenue.

Loss per share (basic and diluted): $0.20, compared to $0.02 in the same period in 2024, due to the increased net loss.

Business Highlights

Revenue Segments

The company derives its revenue primarily from research collaboration agreements, with AstraZeneca being a significant contributor. Revenue from the AstraZeneca collaboration was $0.1 million for the three months ended March 31, 2025, compared to $14.7 million in the same period in 2024, reflecting a decrease due to the absence of milestone achievements in 2025.

Geographical Performance

The company operates in the U.S., U.K., and Germany, with non-current assets distributed across these regions. As of March 31, 2025, non-current assets were $4,068,000 in the U.S., $11,440,000 in the U.K., and $15,508,000 in Germany.

Product Development

• Divesiran (SLN124): Being evaluated in the SANRECO Phase 2 clinical trial for polycythemia vera (PV) patients, with positive interim results from Phase 1 showing reduced phlebotomy requirements and lowered hematocrit levels. The FDA has granted Fast Track and orphan drug designations for PV, and the European Commission has granted orphan drug designation in Europe.
• Zerlasiran (SLN360): Designed to lower lipoprotein(a) levels, a cardiovascular risk factor. Phase 1 and Phase 2 trials showed substantial reduction in Lp(a) levels with no major safety concerns. The company is preparing for Phase 3 development and is in discussions for potential partnerships.

Collaborations

The collaboration with AstraZeneca includes the development of siRNA therapeutics for cardiovascular, renal, metabolic, and respiratory diseases. AstraZeneca has options to extend the collaboration to additional targets, with potential milestone payments and royalties.

Future Outlook

The company expects to incur operating losses as it continues research and development efforts. It plans to advance enrollment in the Phase 2 SANRECO study and complete core Phase 3 readiness activities for zerlasiran by mid-2025. The company is also engaged in global partnership discussions for zerlasiran's Phase 3 development.

Operational Strategy

The company is focused on maximizing its mRNAi GOLD platform by advancing a pipeline of both wholly owned and partnered programs, with a focus on cardiovascular disease, hematology, and rare diseases.

SEC Filing: Silence Therapeutics plc [ SLNCF ] - 10-Q - May. 08, 2025