Silence Therapeutics plc: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 10 August 2026: press release. Guidance figures: 2 new. The quarter’s numbers.

Key takeaways

Net loss was $12.3 million: Net loss was $12.3 million, or $0.09 per share, against $27.4 million, or $0.19 per share, a year earlier. Six-month net loss was $27.2 million, or $0.19 per share. Source
Cash at $72.1 million: Cash and cash equivalents were $72.1 million at June 30, 2026. Short-term investments were nil at that date, against $73.8 million at December 31, 2025. Source
R&D spend fell $8.4 million: R&D expenses were $9.1 million, against $17.6 million a year earlier. The company attributed the decrease mainly to zerlasiran Phase 3 readiness completed in 2025 and reduced personnel costs. Source
Follow-up data shown at EHA: Follow-up Phase 1 SANRECO data were presented at EHA 2026 in June. The company described them as showing durable efficacy and a potential best-in-class profile in PV. Source
Phase 2 dosing completed in June: Patient dosing in the Phase 2 SANRECO trial of divesiran 6 mg/kg, in 48 phlebotomy-dependent PV patients, was completed in June 2026. Source
Phase 1 ANGPTL3 data reported: The company reported a safety profile, dose-dependent and durable reductions in ANGPTL3 protein, and lower atherogenic lipoproteins including LDL-C, Apo-B and non-HDL-C. Source
SLN365 lipid data reproduced: Additional preclinical data showed the effect of SLN365 (GPR146) on lipids was reproduced and not altered by co-treatment with statin or ezetimibe. Source
SLN098 obesity model data: Additional preclinical data for SLN098 (INHBE) in a diet-induced obesity mouse model showed reduced visceral fat and preservation of lean body mass. Source

“Presented follow-up data from the Phase 1 SANRECO trial at the European Hematology Association (EHA) 2026 Annual Congress in June 2026 demonstrating durable efficacy results and potential best-in-class profile for divesiran in PV.”
Silence Therapeutics plc, press release

Guidance

Area	Period	Figure	Against last quarter
SLN365 (GPR146) preclinical program: potential IND filing Source	2027	potential IND filing in 2027	New
SLN098 (INHBE) preclinical program: potential IND filing Source	2027	potential IND filing in 2027	New
SANRECO Phase 2 divesiran topline results	August 2026	August 2026

What changed from last quarter

New guidance: SLN365 was described as well positioned for a potential IND filing in 2027. Source
New guidance: SLN098 was described as well positioned for a potential IND filing in 2027. Source
New: SANRECO Phase 2 patient dosing was completed in June 2026. The first-quarter release described the trial as ongoing. Source
New: AstraZeneca presented SLN312 Phase 1 results at the EAS Congress in May 2026, under the company's collaboration. Source
New: A preclinical study by Silence scientists on TMPRSS6 silencing for myelodysplastic syndrome was published in June 2026. Source

Results and cash position

No revenue in quarter: The company reported no revenue for the three months ended June 30, 2026, against $224 thousand a year earlier. Six-month revenue was $422 thousand, against $366 thousand. Source
Net loss was $12.3 million: Net loss was $12.3 million, or $0.09 per share, against $27.4 million, or $0.19 per share, a year earlier. Six-month net loss was $27.2 million, or $0.19 per share. Source
Cash at $72.1 million: Cash and cash equivalents were $72.1 million at June 30, 2026. Short-term investments were nil at that date, against $73.8 million at December 31, 2025. Source
Cash total at first quarter end: Cash, cash equivalents and short-term investments were $70.1 million at March 31, 2026, as stated in the first-quarter release.

Operating costs and net loss

R&D spend fell $8.4 million: R&D expenses were $9.1 million, against $17.6 million a year earlier. The company attributed the decrease mainly to zerlasiran Phase 3 readiness completed in 2025 and reduced personnel costs. Source
G&A expenses little changed: G&A expenses were $4.7 million, against $5.1 million a year earlier. Six-month G&A was $11.7 million, against $12.8 million. Source
No restructuring charge this quarter: No restructuring charge was recorded in the second quarter of 2026. The 2025 comparative quarter included a $1.3 million restructuring charge. Source
Currency swing and R&D credit lower: Foreign currency was a gain of $151 thousand, against a loss of $6.6 million a year earlier. The benefit from the R&D credit was $778 thousand, against $2.4 million. Source

“Generated additional preclinical data demonstrating the effect of SLN365 (GPR146) on lipids was reproduced and not altered by co-treatment with statin or ezetimibe.”
Silence Therapeutics plc, press release

Divesiran development in PV

Follow-up data shown at EHA: Follow-up Phase 1 SANRECO data were presented at EHA 2026 in June. The company described them as showing durable efficacy and a potential best-in-class profile in PV. Source
Phase 2 dosing completed in June: Patient dosing in the Phase 2 SANRECO trial of divesiran 6 mg/kg, in 48 phlebotomy-dependent PV patients, was completed in June 2026. Source
TMPRSS6 MDS study published: A preclinical study by Silence scientists on TMPRSS6 silencing for myelodysplastic syndrome was published in the American Journal of Hematology in June 2026. Source

SLN312 AstraZeneca Phase 1 data

Phase 1 ANGPTL3 data reported: The company reported a safety profile, dose-dependent and durable reductions in ANGPTL3 protein, and lower atherogenic lipoproteins including LDL-C, Apo-B and non-HDL-C. Source
EAS presentation available online: The release links to the EAS 2026 presentation of the SLN312 Phase 1 results. Source

“Results demonstrated a favorable safety profile and dose-dependent, durable reductions in ANGPTL3 protein levels as well as in atherogenic lipoproteins including LDL-C, Apo-B and non-HDL-C.”
Silence Therapeutics plc, press release

Preclinical pipeline updates

SLN365 lipid data reproduced: Additional preclinical data showed the effect of SLN365 (GPR146) on lipids was reproduced and not altered by co-treatment with statin or ezetimibe. Source
SLN098 obesity model data: Additional preclinical data for SLN098 (INHBE) in a diet-induced obesity mouse model showed reduced visceral fat and preservation of lean body mass. Source

Balance sheet and share count

Shares outstanding 141.7 million: Total outstanding shares were 141,739,180 ordinary shares, including ADSs, as of June 30, 2026. Weighted average shares for the quarter were 141,709,762. Source
R&D benefit receivable declined: The R&D benefit receivable was $9.3 million at June 30, 2026, against $22.0 million at December 31, 2025. Source
Non-current contract liabilities $55.2 million: Non-current contract liabilities were $55.2 million at June 30, 2026, against $55.5 million at December 31, 2025. Total assets were $106.4 million. Source

Coming up, as management said on 10 August 2026

Phase 2 topline results pending: The first-quarter release said topline results were on-track for August 2026. The second-quarter release does not restate the date.
IND filings planned for 2027: The company said both SLN365 and SLN098 are well positioned for potential IND filings in 2027. Source

Figures management reported

Figure	Reported
R&D expenses Source	$9.1 million for the three months ended June 30, 2026
Phase 2 trial milestone Source	SANRECO patient dosing completed June 2026
Trial readout Source	SLN312 Phase 1 results presented at EAS, May 2026

Earlier plans management reported on

Met: The first-quarter release said an EHA 2026 poster was accepted. The second-quarter release says follow-up data were presented at the June congress. Source
Not stated: The first-quarter release gave this timing. The second-quarter release does not state whether it still holds.
Met: The first-quarter release said the abstract was accepted for a late-breaking oral. The second-quarter release says AstraZeneca presented the results in May. 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 Reports Second Quarter 2026 Financial and Business Results

10 August 2026

LONDON, Silence Therapeutics plc, (Nasdaq: SLN), a global clinical-stage company developing novel siRNA (short interfering RNA) therapies, today reported its financial and business results for the second quarter ended June 30, 2026.

Business Highlights

Divesiran: First-in-class siRNA silencing TMPRSS6 for polycythemia vera (PV) and other blood disorders

Presented follow-up data from the Phase 1 SANRECO trial at the European Hematology Association (EHA) 2026 Annual Congress in June 2026 demonstrating durable efficacy results and potential best-in-class profile for divesiran in PV. The EHA 2026 poster is available here.
Completed patient dosing in the Phase 2 SANRECO double-blind, placebo-controlled trial evaluating divesiran 6 mg/kg (Q6W and Q12W dosing intervals) in 48 phlebotomy-dependent PV patients in June 2026.
American Journal of Hematology published a preclinical study authored by Silence scientists exploring the potential of TMPRSS6 silencing as a therapeutic approach for myelodysplastic syndrome (MDS) in June 2026. You can read the publication here.

SLN312 (AZD1705): Phase 1 siRNA silencing ANGPTL3 with a competitive profile for dyslipidemia

Phase 1 results generated under the Company’s AstraZeneca collaboration were presented by AstraZeneca during a late-breaking oral presentation at the European Atherosclerosis Society (EAS) Congress in May. Results demonstrated a favorable safety profile and dose-dependent, durable reductions in ANGPTL3 protein levels as well as in atherogenic lipoproteins including LDL-C, Apo-B and non-HDL-C. The EAS 2026 presentation is available here.

Pre-clinical pipeline updates:

Generated additional preclinical data demonstrating the effect of SLN365 (GPR146) on lipids was reproduced and not altered by co-treatment with statin or ezetimibe. The program is well positioned for a potential IND filing in 2027.
Generated additional preclinical data for SLN098 (INHBE) in a diet induced obesity mouse model demonstrating reduced visceral fat and preservation of lean body mass. The program is well positioned for a potential IND filing in 2027.

Second Quarter 2026 Financial Results

Cash Position: Cash and cash equivalents were $72.1 million as of June 30, 2026.
R&D Expenses: Research and development (R&D) expenses were $9.1 million for the three months ended June 30, 2026, compared to $17.6 million for the three months ended June 30, 2025. The $8.4 million decrease is mainly due to the zerlasiran Phase 3 readiness being completed in 2025 as well as reduced personnel costs.
G&A Expenses: General and administrative (G&A) expenses were $4.7 million for the three months ended June 30, 2026, compared to $5.1 million for the three months ended June 30, 2025.
Net Loss: Net loss was $12.3 million, or $0.09 basic and diluted net loss per share for the three months ended June 30, 2026, compared to a net loss of $27.4 million, or $0.19 basic and diluted net loss per share for the three months ended June 30, 2025.
Total outstanding shares were 141,739,180 ordinary shares (including shares in the form of American Depositary Shares) as of June 30, 2026.

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; and the anticipated timing of initial topline and future results from the SANRECO Phase 2 trial. 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

Gem Hopkins, VP, Head of IR and Corporate Communications

Tel: +1 (646) 637-3208 ir@silence-therapeutics.com

Silence Therapeutics plc

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share data)

	Three months ended June 30,		Six months ended June 30,
	2026	2025	2026	2025
Revenue	$ -	$224	$422	$366
Cost of sales	-	(85)	(11)	(139)
Gross profit	-	139	411	227
Research and development costs	(9,148)	(17,647)	(18,270)	(38,460)
General and administrative expenses	(4,717)	(5,131)	(11,743)	(12,815)
Restructuring charges	-	(1,324)	-	(1,324)
Operating loss	(13,865)	(23,963)	(29,602)	(52,372)
Foreign currency gain/(loss), net	151	(6,613)	(331)	(10,382)
Other income, net	669	861	1,240	1,830
Benefit from R&D credit	778	2,371	1,469	5,050
Loss before income tax expense	(12,267)	(27,344)	(27,224)	(55,874)
Income tax expense	(1)	(10)	(1)	(10)
Net Loss	$(12,268)	$(27,354)	$(27,225)	$(55,884)
Loss per share (basic and diluted)	$(0.09)	$(0.19)	$(0.19)	$(0.39)
Weighted average shares outstanding (basic and diluted)	141,709,762	141,696,047	141,706,190	141,687,438

Silence Therapeutics plc

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except share and per share data)

	June 30, 2026	December 31, 2025
Current assets
Cash and cash equivalents	$72,054	$11,277
Short-term investments	-	73,837
R&D benefit receivable	9,292	22,007
Other current assets	12,935	11,537
Total current assets	94,281	118,658
Property, plant and equipment	1,325	1,581
Operating lease right-of-use assets	117	167
Goodwill	10,325	10,621
Other intangible assets	237	288
Other long-term assets	127	127
Total assets	$106,412	$131,442
Current liabilities
Contract liabilities	$ -	$(168)
Trade and other payables	(12,611)	(13,356)
Operating lease liabilities, current	(103)	(89)
Total current liabilities	(12,714)	(13,613)
Contract liabilities	(55,218)	(55,454)
Operating lease liabilities	(9)	(71)
Total liabilities	$(67,941)	$(69,138)
Commitments and contingencies
Shareholders’ equity
Ordinary shares - par value £0.05 per share; 141,739,180 shares issued at June 30, 2026 (December 31, 2025: 141,701,848)	(10,292)	(10,290)
Additional paid-in capital	(621,152)	(617,562)
Accumulated deficit	589,632	562,572
Accumulated other comprehensive loss	3,341	2,976
Total shareholders’ equity	(38,471)	(62,304)
Total liabilities and shareholders’ equity	$(106,412)	$(131,442)