Silence Therapeutics PLC(US:SLN)2025-02-27 21:13Full Year 2024 Financial Results and Business Update Business Highlights The company advanced its mRNAi GOLD™ platform with strong clinical execution, prioritizing rare disease programs and extending its cash runway into 2027 by partnering zerlasiran - The company is strategically prioritizing investments in programs for rare conditions, such as divesiran for Polycythemia Vera (PV)2 - The Phase 3 cardiovascular outcomes study for zerlasiran will only be initiated after securing a partner, a decision that extends the company's cash runway into 202726 Zerlasiran for Cardiovascular Disease The zerlasiran program received positive regulatory feedback for its Phase 3 design and is prepared for H1 2025, with initiation contingent on securing a partnership - Received positive feedback on the Phase 3 study design from major global regulatory bodies including the U.S. FDA, European EMA, and Japanese PMDA4 - The program is on track to be Phase 3 ready in H1 2025, but the study's start is dependent on securing a partner4 Divesiran for Polycythemia Vera (PV) The divesiran program is advancing with Phase 1 follow-up concluded and Phase 2 enrollment expected to complete by year-end 2025 - Follow-up has concluded in the SANRECO Phase 1 study, with data presentations anticipated in 20254 - Full enrollment in the SANRECO Phase 2 study is expected by the end of 202524 Other mRNAi GOLD™ Pipeline Updates The company plans a Phase 1 study for SLN548, continues the SLN312 study, and has regained rights to three preclinical programs from Hansoh Pharma - A Phase 1 study of SLN548, a wholly-owned siRNA candidate for complement-mediated diseases, is planned for H2 20253 - The collaboration with Hansoh Pharma has ended, and Silence has regained global rights to all three associated preclinical programs9 - A Phase 1 study of SLN312, which is licensed to AstraZeneca, is currently ongoing9 Financial Highlights and Guidance The company reported a strong cash position of $147.3 million, increased collaboration revenue, a narrowed net loss, and an extended cash runway into 2027 Key Financial Metrics for Year End 2024 | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Cash, Cash Equivalents, and Short-term Investments | $147.3 million | $68.8 million | | Collaboration Revenue | $43.1 million | $30.9 million | | R&D Expenses | $67.9 million | $56.9 million | | G&A Expenses | $26.9 million | $26.2 million | | Net Loss | $45.3 million | $54.2 million | | Net Loss Per Share | $0.33 | $0.49 | - The company's projected cash runway is now extended into 202726 Financial Statements The 2024 consolidated financial statements show increased revenue, a reduced net loss, and a significantly strengthened balance sheet with higher cash and lower liabilities Consolidated Statements of Income (Loss) For fiscal year 2024, revenue increased to $43.3 million while the net loss improved to $45.3 million, or $0.33 per share Consolidated Statements of Income (Loss) (in thousands, except for loss per share) | | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | $ 43,258 | $ 31,643 | | Gross profit | $ 31,448 | $ 18,776 | | Research and development costs | $ (67,883) | $ (56,937) | | General and administrative expenses | $ (26,884) | $ (26,222) | | Operating loss | $ (63,319) | $ (64,383) | | Net Loss | $ (45,309) | $ (54,228) | | Loss per share (basic and diluted) | $ (0.33) | $ (0.49) | Consolidated Balance Sheets As of December 31, 2024, the balance sheet reflects strong liquidity with total assets of $202.6 million and significantly reduced total liabilities Consolidated Balance Sheets (in thousands) | | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Current assets | | | | Cash and cash equivalents | $ 121,330 | $ 68,789 | | Short-term investments | $ 26,004 | $ — | | Total current assets | $ 187,366 | $ 103,151 | | Total assets | $ 202,635 | $ 119,448 | | Current liabilities | | | | Total current liabilities | $ (16,822) | $ (22,336) | | Total liabilities | $ (68,612) | $ (97,455) | | Total shareholders' equity | $ (134,023) | $ (21,993) |