Silence Therapeutics plc: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 12 November 2026: press release. Guidance figures: 1 new. The quarter’s numbers.

Key takeaways

Net loss narrowed to $12.4 million: The company reported a third quarter 2026 net loss of $12.4 million, or $0.08 per share, versus $21.0 million, or $0.15 per share, a year earlier. Nine-month net loss was $39.7 million, versus $76.8 million. Source
SANRECO Phase 2 topline reported: Topline results from the Phase 2 SANRECO trial of divesiran in polycythemia vera were reported on August 10, 2026. Management described a potentially best-in-class profile with once-every-three-month dosing. Source
R&D spend down $11.2 million: R&D expenses were $9.3 million, versus $20.5 million a year earlier. The company attributed the $11.2 million decrease mainly to zerlasiran Phase 3 readiness completed in 2025 and reduced personnel costs. Source
Cash rose on public offering: Cash and cash equivalents were $247.7 million at September 30, 2026, against $72.1 million at June 30, 2026. The figure includes $201.3 million in gross proceeds from the August 2026 public offering. Source
Outstanding shares rose to 186.6 million: Outstanding ordinary shares, including ADS, were 186,609,073 at September 30, 2026, up from 141,739,180 at June 30, 2026. Weighted average shares for the quarter were 165,600,827. Source
Merck KGaA agreed to acquire Silence: On October 19, 2026, the company announced a definitive agreement to be acquired by Merck KGaA, Darmstadt, Germany. The transaction is expected to close in the first quarter of 2027. Source

“On August 10, 2026, Silence reported positive topline results from its Phase 2 SANRECO trial of divesiran, an investigational siRNA therapy silencing TMPRSS6, in polycythemia vera, supporting a potentially best-in-class profile with once-every-three-month dosing.”
Silence Therapeutics plc, press release

Guidance

Area	Period	Figure	Against last quarter
Transaction timing Source	Merck KGaA acquisition closing	first quarter of 2027	New

What changed from last quarter

New: The company entered into a definitive agreement to be acquired by Merck KGaA, Darmstadt, Germany on October 19, 2026. Source
New: The company reported topline results from the Phase 2 SANRECO trial of divesiran in polycythemia vera on August 10, 2026. Source
New: The company completed an upsized public offering announced on August 11, 2026, with $201.3 million in gross proceeds. Source
New: SANRECO Phase 2 results were accepted for oral presentation at the ASH 2026 Annual Meeting. Source

Quarter results and loss

Net loss narrowed to $12.4 million: The company reported a third quarter 2026 net loss of $12.4 million, or $0.08 per share, versus $21.0 million, or $0.15 per share, a year earlier. Nine-month net loss was $39.7 million, versus $76.8 million. Source
No revenue in third quarter: The company reported no revenue for the third quarter of 2026, against $159 thousand a year earlier. Nine-month revenue was $422 thousand, against $525 thousand, and cost of sales was nil in the quarter. Source

Divesiran program and milestones

SANRECO Phase 2 topline reported: Topline results from the Phase 2 SANRECO trial of divesiran in polycythemia vera were reported on August 10, 2026. Management described a potentially best-in-class profile with once-every-three-month dosing. Source
ASH oral presentation accepted: SANRECO Phase 2 results were accepted for oral presentation at the ASH 2026 Annual Meeting, held December 12-15, 2026, in New Orleans, LA. Source

“The $11.2 million decrease is mainly due to the zerlasiran Phase 3 readiness being completed in 2025 as well as reduced personnel costs.”
Silence Therapeutics plc, press release

Operating costs declined

R&D spend down $11.2 million: R&D expenses were $9.3 million, versus $20.5 million a year earlier. The company attributed the $11.2 million decrease mainly to zerlasiran Phase 3 readiness completed in 2025 and reduced personnel costs. Source
G&A down on administrative cost effort: G&A expenses were $4.9 million, versus $5.8 million a year earlier. The company attributed the $0.9 million decrease mainly to an effort to reduce administrative costs. Source
Nine-month R&D and G&A lower: Nine-month R&D costs were $27.6 million, versus $59.0 million, and nine-month G&A expenses were $16.7 million, versus $18.6 million. The prior-year nine months included a $1.3 million restructuring charge. Source

Cash, shares and capital

Cash rose on public offering: Cash and cash equivalents were $247.7 million at September 30, 2026, against $72.1 million at June 30, 2026. The figure includes $201.3 million in gross proceeds from the August 2026 public offering. Source
Outstanding shares rose to 186.6 million: Outstanding ordinary shares, including ADS, were 186,609,073 at September 30, 2026, up from 141,739,180 at June 30, 2026. Weighted average shares for the quarter were 165,600,827. Source
R&D benefit receivable declined: The R&D benefit receivable was $10.0 million at September 30, 2026, down from $22.0 million at December 31, 2025. Source

“The $0.9 million decrease is mainly due to an effort to reduce administrative costs.”
Silence Therapeutics plc, press release

Pending Merck KGaA acquisition

Merck KGaA agreed to acquire Silence: On October 19, 2026, the company announced a definitive agreement to be acquired by Merck KGaA, Darmstadt, Germany. The transaction is expected to close in the first quarter of 2027. Source
Proxy statement planned: The company intends to file a proxy statement with the SEC in connection with the proposed transaction, with a scheme of arrangement explanatory statement under the U.K. Companies Act 2006. Source

Balance sheet and other income

Total assets rose to $281.5 million: Total assets were $281.5 million at September 30, 2026, against $131.4 million at December 31, 2025. Short-term investments were nil, against $73.8 million at year-end 2025. Source
Other income and FX items: Other income, net was $1.1 million in the quarter, versus $0.8 million. The foreign currency gain was $21 thousand, versus $1.9 million, and the R&D credit benefit was $0.7 million, versus $2.6 million. Source

Upcoming events and next steps

ASH meeting in December: The company said SANRECO Phase 2 results will be presented orally at the ASH 2026 Annual Meeting, held December 12-15, 2026, in New Orleans, LA. Source
Merck transaction expected to close: The company expects the Merck KGaA acquisition to close in the first quarter of 2027, subject to customary closing conditions. Source

Coming up, as management said on 12 November 2026

ASH 2026 oral presentation: SANRECO Phase 2 results are scheduled for oral presentation at the ASH 2026 Annual Meeting, December 12-15, 2026, in New Orleans, LA. Source
Merck KGaA transaction closing: The Merck KGaA acquisition is expected to close in the first quarter of 2027, subject to customary closing conditions. Source
Proxy statement filing: The company intends to file a proxy statement with the SEC regarding the proposed transaction, once available. Source

Figures management reported

Figure	Reported
R&D expenses Source	$9.3 million, three months ended September 30, 2026
Phase 2 trial readout Source	SANRECO topline reported August 10, 2026
Revenue Source	$0 for Q3 2026 ($159 thousand for Q3 2025)
Pipeline milestone Source	SANRECO Phase 2 results accepted for ASH 2026 oral presentation

Earlier plans management reported on

Met: Management said the zerlasiran Phase 3 readiness work was completed in 2025, which it cited as a driver of lower R&D spend. Source
Not stated: Management cited an effort to reduce administrative costs as the main driver of the G&A decrease. No target was given. 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 Third Quarter 2026 Financial Results

12 November 2026

LONDON, Silence Therapeutics plc, (Nasdaq: SLN), a global clinical-stage company developing novel siRNA (short interfering RNA) therapies, today reported its financial results for the third quarter ended September 30, 2026, and provided an update on other recent business achievements.

Recent Business Highlights

On August 10, 2026, Silence reported positive topline results from its Phase 2 SANRECO trial of divesiran, an investigational siRNA therapy silencing TMPRSS6, in polycythemia vera, supporting a potentially best-in-class profile with once-every-three-month dosing.
SANRECO Phase 2 results have been accepted for oral presentation at the upcoming American Society of Hematology (ASH) 2026 Annual Meeting, being held December 12-15, 2026 in New Orleans, LA. You can find the presentation details here.
On October 19, 2026, Silence announced (press release) that it has entered into a definitive agreement to be acquired by Merck KGaA, Darmstadt, Germany. The transaction is expected to close in the first quarter of 2027, subject to the satisfaction of customary closing conditions.

Third Quarter 2026 Financial Highlights

Cash Position: Cash and cash equivalents were $247.7 million as of September 30, 2026. This includes $201.3 million in gross proceeds from an upsized public offering announced on August 11, 2026.
R&D Expenses: Research and development (R&D) expenses were $9.3 million for the three months ended September 30, 2026, compared to $20.5 million for the three months ended September 30, 2025. The $11.2 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 $4.9 million for the three months ended September 30, 2026, compared to $5.8 million for the three months ended September 30, 2025. The $0.9 million decrease is mainly due to an effort to reduce administrative costs.
Net Loss: Net loss was $12.4 million, or $0.08 basic and diluted net loss per share for the three months ended September 30, 2026, compared to a net loss of $21.0 million, or $0.15 basic and diluted net loss per share for the three months ended September 30, 2025.
Total outstanding shares were 186,609,073 ordinary shares (including shares in the form of American Depositary Shares) as of September 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/.

Additional Information and Where to Find It

This press release may be deemed to be solicitation material in respect of the proposed acquisition of Silence by Merck KGaA, Darmstadt, Germany pursuant to the transaction agreement. In connection with the proposed transaction, Silence intends to file a proxy statement with the U.S. Securities and Exchange Commission (the “SEC”). Silence may also file other relevant documents with the SEC regarding the proposed transaction. The definitive proxy statement (if and when available) (the “Proxy Statement”) will be mailed to shareholders of Silence. INVESTORS AND SECURITYHOLDERS ARE URGED TO READ THE PROXY STATEMENT (WHICH WILL INCLUDE AN EXPLANATORY STATEMENT IN RESPECT OF THE SCHEME OF ARRANGEMENT OF SILENCE, IN ACCORDANCE WITH THE REQUIREMENTS OF THE U.K. COMPANIES ACT 2006) AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors and securityholders will be able to obtain free copies of the Proxy Statement (if and when available) and other documents containing important information about Silence and the proposed transaction, once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Silence will be available free of charge on the investor relations section of Silence’s website (https://www.silence-therapeutics.com/).

Participants in the Solicitation

Silence and its directors and certain of its executive officers and other employees may be deemed to be participants in the solicitation of proxies from Silence’s securityholders in connection with the proposed transaction. Information about Silence’s directors and executive officers, including a description of their direct or indirect interests, by security holdings or otherwise, can be found under the captions “Security Ownership of Certain Beneficial Owners and Management,” “Executive Compensation,” and “Non-Executive Director Remuneration” contained in Silence’s proxy statement on Schedule 14A for its 2026 Annual General Meeting filed with the SEC on April 29, 2026. To the extent holdings of Silence’s securities by its directors or executive officers have changed since the applicable “as of” date described in its 2025 proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of Silence securityholders in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, will be set forth in the Proxy Statement when it is filed with the SEC. These filings, when available, may be obtained free of charge on the investor relations section of Silence’s website (https://www.silence-therapeutics.com/) or on the SEC’s website (https://www.sec.gov).

No Offer or Solicitation

This press release is for information purposes only and is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Forward-Looking Statements

Forward-looking statements notice

This press release contains forward-looking statements within the meaning of federal securities laws regarding the Company, including, but not limited to, statements related to the proposed acquisition of the Company by Merck KGaA, Darmstadt, Germany and the anticipated timing, results and benefits thereof, the potential therapeutic benefits of and future plans for Divesiran; and other statements that are not historical facts. These forward-looking statements can generally be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are based on each of the companies’ current plans, objectives, estimates, expectations and intentions and inherently involve significant risks and uncertainties, many of which are beyond the Company’s control. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with: (i) Merck KGaA, Darmstadt, Germany’s and the Company’s ability to complete the transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary regulatory and shareholder approvals, the sanction of the High Court of Justice of England and Wales and satisfaction of other closing conditions to consummate the acquisition; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive transaction agreement relating to the proposed transaction and the possibility that competing acquisition proposals will be made; (iii) risks related to diverting the attention of the Company’s management from ongoing business operations; (iv) significant transaction costs and/or unknown or inestimable liabilities; (v) the risk of shareholder or other litigation in connection with the proposed transaction, including resulting expense or delay; (vi) pharmaceutical product development and the uncertainty of clinical success; (vii) the regulatory approval process, including the risks that the Company may be unable to submit anticipated regulatory filings on the timeframe anticipated, or at all, or that the Company may be unable to obtain regulatory approvals of any of its product candidates in a timely manner or at all; (viii) disruption from the proposed acquisition, making it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers; (ix) costs and expenses related to the proposed acquisition; (x) effects relating to the announcement of the acquisition or any further announcements or the consummation of the acquisition on the market price of the Company’s American Depositary Shares or ordinary shares; (xi) regulatory initiatives and changes in tax laws; (xii) market volatility; and (xiii) other risks and uncertainties affecting the Company, including those described from time to time under the caption “Risk Factors” and elsewhere in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, Quarterly Reports on Form 10-Q, and other filings made by the Company from time to time with the SEC. The forward-looking statements included in this press release are made only as of the date hereof. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

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 September 30,		Nine months ended September 30,
	Note	2026	2025	2026	2025
Revenue	3	$ -	$159	$422	$525
Cost of sales		-	(64)	(11)	(203)
Gross profit		-	95	411	322
Research and development costs		(9,304)	(20,544)	(27,574)	(59,004)
General and administrative expenses		(4,920)	(5,795)	(16,663)	(18,610)
Restructuring charges		-	-	-	(1,324)
Operating loss		(14,224)	(26,244)	(43,826)	(78,616)
Foreign currency gain/(loss), net		21	1,934	(310)	(8,448)
Other income, net		1,080	770	2,320	2,600
Benefit from R&D credit	8	697	2,583	2,166	7,633
Loss before income tax expense		(12,426)	(20,957)	(39,650)	(76,831)
Income tax expense		-	(1)	(1)	(11)
Net Loss		$(12,426)	$(20,958)	$(39,651)	$(76,842)
Loss per share (basic and diluted)	5	$(0.08)	$(0.15)	$(0.26)	$(0.54)
Weighted average shares outstanding (basic and diluted)		165,600,827	141,701,848	149,758,595	141,692,294

Silence Therapeutics plc

Condensed Consolidated Balance Sheets

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

	Note	September 30, 2026	December 31, 2025
Current assets
Cash and cash equivalents		$247,659	$11,277
Short-term investments		-	73,837
R&D benefit receivable	8	9,973	22,007
Other current assets		11,944	11,537
Total current assets		269,576	118,658
Property, plant and equipment		1,222	1,581
Operating lease right-of-use assets		92	167
Goodwill	6	10,254	10,621
Other intangible assets		227	288
Other long-term assets		127	127
Total assets		$281,498	$131,442
Current liabilities
Contract liabilities	7	$ -	$(168)
Trade and other payables		(11,172)	(13,356)
Operating lease liabilities, current		(87)	(89)
Total current liabilities		(11,259)	(13,613)
Contract liabilities	7	(55,218)	(55,454)
Operating lease liabilities		-	(71)
Total liabilities		$(66,477)	$(69,138)
Commitments and contingencies (Note 11)
Shareholders’ equity
Ordinary shares - par value £0.05 per share; 186,609,073 shares issued at September 30, 2026 (December 31, 2025: 141,701,848)	9	(13,329)	(10,290)
Additional paid-in capital		(807,057)	(617,562)
Accumulated deficit		601,890	562,572
Accumulated other comprehensive loss		3,475	2,976
Total shareholders’ equity		(215,021)	(62,304)
Total liabilities and shareholders’ equity		$(281,498)	$(131,442)