Silence Therapeutics plc: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 5 March 2026: press release. Guidance figures: 1 narrowed, 3 new. The quarter’s numbers.

Key takeaways

Net loss widened to $88.6M: Net loss was $88.6 million, or $0.63 basic and diluted per share, for 2025, against $45.3 million, or $0.33, in 2024. Operating loss was $91.1 million versus $63.3 million. Source
Collaboration revenue fell sharply: Collaboration revenue was $0.6 million for 2025, against $43.3 million in 2024. The company attributed the decline to the concluded Hansoh collaboration and a $17.4 million lower AstraZeneca-related revenue. Source
Topline readout pulled into Q3: SANRECO Phase 2 topline results are now anticipated in third quarter 2026, formerly second half 2026, because enrollment ran faster than expected. Source
AstraZeneca drops SLN312 after Phase 1: AstraZeneca notified Silence on March 4, 2026 that it will not pursue SLN312 beyond Phase 1. The notice is dated after the period end. Source
Cash and investments $85.1M: Cash, cash equivalents and short-term investments were $85.1 million at year end: $11.3 million of cash and equivalents and $73.8 million of short-term investments. Source
Chairman steps in as interim CEO: Iain Ross, Chairman, was announced as Interim Principal Executive Officer on December 15, 2025, after the former CEO departed. A search for a new CEO is underway. Source

“The past year was focused on clinical execution, demonstrated by the expedited enrollment in the Phase 2 SANRECO trial of divesiran in PV which is on-track for topline results in third quarter of 2026,”
Iain Ross, Chairman and Interim Principal Executive Officer at Silence

Guidance

Area	Period	Figure	Against last quarter
Divesiran SANRECO Phase 2 topline results Source	third quarter of 2026	3Q'26	Narrowed, low end up from 2H'26
SLN365 (GPR146) additional preclinical data Source	second quarter of 2026	2Q 2026	New
SLN098 (INHBE) additional preclinical data Source	second quarter of 2026	2Q 2026	New
SLN312 Phase 1 data presentations Source	2026	medical and research congresses in 2026	New

What changed from last quarter

Guidance raised: This release describes divesiran SANRECO topline timing as accelerated to 3Q 2026 from 2H 2026. The prior November 2025 release already stated 3Q 2026. Source
Ended: Iain Ross became Interim Principal Executive Officer after the former CEO departed. The prior release named Craig Tooman as President and Chief Executive Officer. Source
New: Iain Ross, Chairman of the Board, was named Interim Principal Executive Officer on December 15, 2025. Source
New: Rhonda Hellums, the company's CFO, was appointed to the Board as an Executive Director. Source
New: James Ede Golightly, a former non-executive director, was reappointed to the Board in December 2025. Source
Ended: AstraZeneca will not pursue further development of SLN312 beyond Phase 1, a development after the prior release. Source
New: Discovery pipeline now includes SLN365 (GPR146) and SLN098 (INHBE), new mRNAi GOLD programs with preclinical data. Source
New: Core Phase 3 readiness activities for zerlasiran are complete, and the program is positioned for a potential third-party partner. Source

Full-year 2025 results

Net loss widened to $88.6M: Net loss was $88.6 million, or $0.63 basic and diluted per share, for 2025, against $45.3 million, or $0.33, in 2024. Operating loss was $91.1 million versus $63.3 million. Source
Collaboration revenue fell sharply: Collaboration revenue was $0.6 million for 2025, against $43.3 million in 2024. The company attributed the decline to the concluded Hansoh collaboration and a $17.4 million lower AstraZeneca-related revenue. Source
Foreign currency loss of $8.5M: Foreign currency loss, net was $8.5 million in 2025, against a $0.6 million gain in 2024. Other income was $3.5 million, down from $4.5 million. Source

Divesiran in polycythemia vera

Topline readout pulled into Q3: SANRECO Phase 2 topline results are now anticipated in third quarter 2026, formerly second half 2026, because enrollment ran faster than expected. Source
Divesiran named highest priority: The interim principal executive officer described divesiran as a first-in-class siRNA with broad potential in blood disorders, and as the company's highest priority program. Source

“Divesiran is a first-in-class siRNA product candidate in PV with broad potential in blood disorders and this program is our highest priority.”
Iain Ross, Chairman and Interim Principal Executive Officer at Silence

Pipeline and early programs

Zerlasiran readied for partner: Core Phase 3 readiness activities for zerlasiran, a cardiovascular program for high Lp(a), are complete. The company is positioned for a potential third-party partner to start Phase 3. Source
SLN312 Phase 1 interim data reported: AstraZeneca shared interim Phase 1 results from 98 dyslipidemia patients. Reported findings included durable dose-dependent reductions in ANGPTL3, triglycerides and atherogenic lipoproteins, with no safety concerns identified. Source
Two new discovery programs: SLN365 targets GPR146 for cholesterol management, and SLN098 targets INHBE for obesity. Both have preclinical data, with additional data expected in the second quarter of 2026. Source
Extra-hepatic targeting advanced: Work on extra-hepatic cell targeting using the siRNA platform produced preliminary results in several cell types. Source

AstraZeneca and SLN312

AstraZeneca drops SLN312 after Phase 1: AstraZeneca notified Silence on March 4, 2026 that it will not pursue SLN312 beyond Phase 1. The notice is dated after the period end. Source
Silence regains global SLN312 rights: Silence will regain exclusive global rights to SLN312 after Phase 1 and is evaluating plans for further development. Source
Broader AstraZeneca collaboration continues: The two companies maintain a wider collaboration using the mRNAi GOLD platform for cardiovascular, cardiometabolic, renal and respiratory diseases. Source

“We believe we are well positioned today with excellent optionality and multiple near-term value drivers ahead.”
Iain Ross, Chairman and Interim Principal Executive Officer at Silence

Operating costs

R&D spend held flat: R&D expenses were $67.8 million in 2025, compared with $67.9 million in 2024. Source
G&A fell on fewer SEC requirements: G&A expenses were $22.3 million, down from $26.9 million. The company attributed the decrease mainly to lower SEC reporting requirements and other cost-savings initiatives. Source
Lower R&D credit benefit: Benefit from R&D credit was $7.5 million, against $13.7 million in 2024. Restructuring charges of $1.3 million were recorded in 2025. Source

Cash and share count

Cash and investments $85.1M: Cash, cash equivalents and short-term investments were $85.1 million at year end: $11.3 million of cash and equivalents and $73.8 million of short-term investments. Source
Cash down from September level: The September 30, 2025 release reported $102.2 million of cash, cash equivalents and short-term investments, compared with $85.1 million at year end.
Shares outstanding at year end: Total outstanding shares were 141,701,848 ordinary shares, including shares in the form of ADSs, at December 31, 2025. Source

Leadership and board

Chairman steps in as interim CEO: Iain Ross, Chairman, was announced as Interim Principal Executive Officer on December 15, 2025, after the former CEO departed. A search for a new CEO is underway. Source
CFO joins board as executive director: Rhonda Hellums, the company's CFO, was appointed to the Board as an Executive Director. Source
Former director rejoins board: James Ede Golightly, a former non-executive director, was reappointed to the Board in December 2025. Source

Coming up, as management said on 5 March 2026

Divesiran topline readout: Topline results from the SANRECO Phase 2 trial of divesiran in PV are expected in the third quarter of 2026. Source
SLN365 and SLN098 preclinical data: Additional preclinical data for SLN365 and SLN098 are expected in the second quarter of 2026. Source
SLN312 Phase 1 congress presentations: Phase 1 data presentations for SLN312 are planned for medical and research congresses in 2026. Source
SLN312 next steps: Silence will regain exclusive global rights after Phase 1 and is evaluating plans for further development of SLN312. Source
Chief executive search underway: A search for a new chief executive is underway, with no date given for an appointment. Source

Figures management reported

Figure	Reported
Pipeline milestone: divesiran SANRECO Phase 2 topline Source	3Q 2026
Trial readout: SLN312 Phase 1 interim analysis Source	98 patients with dyslipidemia
Pipeline milestone: SLN312 Phase 1 data presentations Source	2026, medical and research congresses
Preclinical data milestones: SLN365 and SLN098 Source	2Q 2026
R&D spend, full year 2025 Source	$67.8 million

Risks management discussed

External: AstraZeneca's decision not to pursue SLN312 beyond Phase 1 removes a partner from that asset, and the company must evaluate its own next steps. Source
Operational: The company has an interim chief executive while the search for a permanent CEO continues. Source

Earlier plans management reported on

On track: Management states the topline readout is on track for third quarter 2026. Source
Ahead: Management describes the topline timing as accelerated, citing faster than expected enrollment. Source
Met: Management states that core Phase 3 readiness activities for zerlasiran are complete. Source
Not stated: Management says Phase 1 data presentations are planned for medical and research congresses in 2026. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Silence Therapeutics Highlights Recent Business Achievements and Reports Fourth Quarter and Full Year 2025 Financial Results

Topline results for Phase 2 SANRECO trial of divesiran, a first-in-class siRNA for polycythemia vera (PV), on-track for third quarter of 2026

5 March 2026

LONDON, Silence Therapeutics plc, Nasdaq: SLN, a global clinical-stage company developing novel siRNA (short interfering RNA) therapies, today reported financial results for the fourth quarter and full year ended December 31, 2025, and provided an update on recent business achievements.

“The past year was focused on clinical execution, demonstrated by the expedited enrollment in the Phase 2 SANRECO trial of divesiran in PV which is on-track for topline results in third quarter of 2026,” said Iain Ross, Chairman and Interim Principal Executive Officer at Silence. “Divesiran is a first-in-class siRNA product candidate in PV with broad potential in blood disorders and this program is our highest priority. We believe we are well positioned today with excellent optionality and multiple near-term value drivers ahead.”

Business Highlights

Divesiran: First-in-class siRNA for PV

Accelerated timing for topline results in the Phase 2 SANRECO trial of divesiran, a first-in-class siRNA for PV; now anticipated in 3Q’26 (formerly 2H’26) due to faster than expected enrollment.

Zerlasiran: Phase 3 ready program for cardiovascular disease due to high Lp(a)

Completed core Phase 3 readiness activities; program is well positioned for a potential third-party partner to initiate Phase 3 development.

SLN312: Phase 1 siRNA with a competitive profile for dyslipidemia

AstraZeneca shared results from an interim analysis of a Phase 1 randomized, single-blind, placebo-controlled trial of SLN312, an siRNA silencing ANGPTL3 discovered using Silence’s mRNAi GOLD™ platform and developed by AstraZeneca, in 98 patients with dyslipidemia. Data highlights include:

SLN312 demonstrated durable dose-dependent reductions in ANGPTL3, triglycerides and atherogenic lipoproteins after single and multiple doses.

Strong durability profile observed supporting potential for infrequent dosing.

SLN312 was well tolerated with no safety concerns identified.

Phase 1 data presentations are planned for medical and research congresses in 2026.

On March 4, 2026, AstraZeneca notified Silence that they will not pursue further development of SLN312 beyond Phase 1. Silence will re-gain exclusive rights globally to this clinical asset following Phase 1 and is evaluating plans for further development. AstraZeneca and Silence maintain a broader collaboration leveraging Silence's mRNAi GOLD™ platform for cardiovascular, cardiometabolic, renal and respiratory diseases.

Discovery Pipeline

Generated promising preclinical data for two new mRNAi GOLD™ platform programs.

SLN365, a potential first-in-class siRNA silencing GPR146, a novel mechanism-of-action for cholesterol management independent of LDL-C receptor function.

SLN098, an siRNA silencing INHBE, a novel target for obesity supported by human genetics and strong pre-clinical data.

Advanced extra-hepatic cell targeting leveraging the Company’s proprietary siRNA platform, generating promising preliminary results in several cell types.

Anticipated 2026 Milestones

Topline results for Phase 2 SANRECO trial of divesiran in PV in third quarter of 2026.

Additional preclinical data for SLN365 (GPR146) in second quarter of 2026.

Additional preclinical data for SLN098 (INHBE) in second quarter of 2026.

Phase 1 data presentations for SLN312 at medical and research congresses in 2026.

Corporate Updates

On December 15, 2025, Iain Ross, Chairman of the Board of Directors, was announced as Interim Principal Executive Officer following the departure of the Company’s former CEO; a search is underway for a new CEO.

In December 2025, James Ede Golightly, a former Silence Non-Executive Director, was reappointed to the Board. Additionally, Rhonda Hellums, CFO of Silence, was appointed to the Board as an Executive Director.

Full Year 2025 Financial Results

Cash Position: Cash, cash equivalents, and short-term investments were $85.1 million as of December 31, 2025. This includes cash and cash equivalents of $11.3 million and short-term investments of $73.8 million.

Collaboration Revenue: Collaboration revenue was $0.6 million for the year ended December 31, 2025, compared to $43.3 million for the year ended December 31, 2024. The decrease for 2025 was primarily due to revenue associated with the Hansoh collaboration that concluded in 2024 and a $17.4 million decrease in revenue related to the AstraZeneca collaboration.

R&D Expenses: Research and development (R&D) expenses were $67.8 million for the year ended December 31, 2025, compared to $67.9 million for the year ended December 31, 2024.

G&A Expenses: General and administrative (G&A) expenses were $22.3 million for the year ended December 31, 2025, compared to $26.9 million for the year ended December 31, 2024. The decrease for 2025 was primarily a result of a decrease in SEC reporting requirements and other cost-savings initiatives.

Net Loss: Net loss was $88.6 million, or $0.63 basic and diluted net loss per share for the year ended December 31, 2025, compared to a net loss of $45.3 million, or $0.33 basic and diluted net loss per share for the year ended December 31, 2024.

Total outstanding shares were 141,701,848 ordinary shares (including shares in the form of American Depositary Shares) as of December 31, 2025.

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 siRNA therapies designed to precisely target and silence genes that cause disease. The Company is advancing a growing pipeline of siRNA product candidates targeting areas of high unmet need across rare and common diseases where treatments are limited or inadequate. For more information, please visit https://www.silence-therapeutics.com/.

Forward-Looking Statements

Forward-looking statements notice

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. All statements other than statements of historical facts contained in this press release are forward-looking statements. These forward-looking statements include, but are not limited to, statements about: the Company’s business strategy and plans, including the Company’s clinical development activities and timelines; the potential therapeutic benefits of the Company’s product candidates; the anticipated timing of initial topline and future results from the SANRECO Phase 2 trial; the Company’s ability to deliver near- or long-term value; the Company’s ability to advance additional candidates from its mRNAi GOLD™ platform; the Company’s ability to advance extra-hepatic cell targeting or identify extra-hepatic product candidates; and the Company’s ability to identify and engage potential third-party partners for one or more of its product candidates, including the Company’s preclinical and Phase 3 ready assets. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ materially from those anticipated, including, but not limited to, risks and uncertainties related to: the company’s history of net operating losses; the company’s ability to obtain necessary capital to fund its clinical programs; the early stages of clinical development of the company’s product candidates; the company’s ability to obtain regulatory approval of and successfully commercialize its product candidates either on its own or with potential partners; any undesirable side effects or other properties of the company’s product candidates; the company’s reliance on third-party suppliers and manufacturers; the outcomes of any future collaboration agreements; and the company’s ability to adequately maintain intellectual property rights for its product candidates. These and other risks are described in greater detail under the section titled “Risk Factors” contained in the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and the company’s other filings with the SEC. Any forward-looking statements that the Company makes in this press release are made pursuant to the Private Securities Litigation Reform Act of 1995, as amended, and speak only as of the date of this press release. Except as required by law, the company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

SILENCE THERAPEUTICS plc

Consolidated Statements of income (loss)

(in thousands, except for loss per share and share data)

		Year ended December 31,
	Note	2025	2024
Revenue	3	$559	$43,258
Cost of sales		(215)	(11,810)
Gross profit		344	31,448
Research and development costs		(67,753)	(67,883)
General and administrative expenses		(22,344)	(26,884)
Restructuring charges	6	(1,324)	-
Operating loss		(91,077)	(63,319)
Foreign currency (loss)/gain, net		(8,467)	646
Other income, net	7	3,480	4,472
Benefit from R&D credit		7,463	13,737
Loss before income tax expense		(88,601)	(44,464)
Income tax expense	18	(11)	(845)
Net Loss		$(88,612)	$(45,309)
Loss per share (basic and diluted)	8	$(0.63)	$(0.33)
Weighted average shares outstanding (basic and diluted)		141,694,702	138,752,224

The accompanying notes form an integral part of these consolidated financial statements.

SILENCE THERAPEUTICS plc

Consolidated balance sheets

(in thousands, except share data)

		Year ended December 31,
	Note	2025	2024
Current assets
Cash and cash equivalents	12	$11,277	$121,330
Short-term investments	12	73,837	26,004
R&D benefit receivable		22,007	24,396
Other current assets	13	11,537	14,664
Trade receivables	14	-	972
Total current assets		118,658	187,366
Property, plant and equipment, net	9	1,581	1,818
Operating lease right-of-use assets	16	167	157
Goodwill	10	10,621	9,392
Intangible assets	11	288	312
Other long-term assets	13	127	3,590
Total assets		$131,442	$202,635
Current liabilities
Contract liabilities	17	$(168)	$(306)
Trade and other payables	15	(13,356)	(16,399)
Operating lease liabilities, current	16	(89)	(117)
Total current liabilities		(13,613)	(16,822)
Contract liabilities	17	(55,454)	(51,790)
Operating lease liabilities, long-term	16	(71)	-
Total liabilities		$(69,138)	$(68,612)
Commitments and contingencies (Note 21)
Shareholders’ equity
Ordinary shares - par value £0.05 per share; 141,701,848 shares issued at December 31, 2025 (2024: 141,674,074)	19	(10,290)	(10,288)
Additional paid-in capital		(617,562)	(609,560)
Accumulated deficit		562,572	474,044
Accumulated other comprehensive loss		2,976	11,781
Total shareholders' equity		(62,304)	(134,023)
Total liabilities and shareholders' equity		$(131,442)	$(202,635)

The accompanying notes form an integral part of these consolidated financial statements.

Contacts
Silence Therapeutics plcGem Hopkins, VP, IR and Corporate Communicationsir@silence-therapeutics.com
Tel: +1 (646) 637-3208