Silence Therapeutics PLC(SLN) - 2025 Q1 - Quarterly Results

Report Overview Management Commentary In the first quarter of 2025, Silence Therapeutics' management highlighted strong clinical and operational execution, emphasizing advancement of the SANRECO Phase 2 study for divesiran and cost-saving initiatives extending cash guidance into 2028 - The company is focused on advancing enrollment in the SANRECO Phase 2 study of divesiran and expects to complete it by the end of 2025[2] - Additional results from the Phase 1 portion of the SANRECO study will be presented at the European Hematology Association (EHA) meeting in June 2025[2] - Cost-saving measures have been implemented to extend the company's cash runway into 2028, with a cash, cash equivalents, and short-term investments balance of over $136 million at the end of Q1 2025[2] First Quarter 2025 & Recent Business Highlights The company reported significant progress in its key clinical programs, with divesiran Phase 2 enrollment on track, zerlasiran Phase 3 readiness progressing, and a partnered Phase 1 study with AstraZeneca ongoing Divesiran for Polycythemia Vera (PV) Progress continues on the divesiran program for Polycythemia Vera (PV), with Phase 2 SANRECO study enrollment advancing and new Phase 1 data accepted for presentation at EHA 2025 - Patient enrollment into the Phase 2 portion of the SANRECO study is on track to be completed by year-end 2025[7] - Additional Phase 1 results from the SANRECO study will be presented orally at the EHA 2025 Annual Congress in June[7] Zerlasiran for Cardiovascular Disease The company is advancing its zerlasiran program for cardiovascular disease with core Phase 3 readiness activities on track for mid-2025 completion and ongoing partnering discussions - Core Phase 3 readiness activities, including manufacturing and supply scale-up, are on track to be completed by mid-2025[3] - Partnering discussions for potential Phase 3 development are ongoing[3] Collaborations The company's collaboration with AstraZeneca is active, with a Phase 1 study of the licensed product, SLN312, currently ongoing - A Phase 1 study of SLN312, which is licensed to AstraZeneca, is currently ongoing[4] Corporate Updates Silence Therapeutics strengthened its leadership by appointing Tim McInerney to its Board of Directors, effective May 5, 2025, leveraging his extensive experience - Tim McInerney, an executive with over 30 years of experience in investment and pharmaceuticals, was appointed to the Board of Directors[5] Financial Results and Guidance First Quarter 2025 Financial Highlights For the first quarter of 2025, Silence Therapeutics reported a cash position of $136.5 million, increased R&D and G&A expenses, and a significantly wider net loss of $28.5 million Q1 2025 Key Financial Metrics | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Cash, Cash Equivalents, & Short-term Investments | $136.5 million | N/A | Down from $147.3M at YE 2024 | | R&D Expenses | $20.8 million | $11.8 million | +$9.0 million | | G&A Expenses | $7.7 million | $6.6 million | +$1.0 million | | Net Loss | $28.5 million | $2.3 million | +$26.2 million | | Net Loss Per Share (basic and diluted) | $0.20 | $0.02 | +$0.18 | Updates to 2025 Financial Guidance The company has implemented strategic cost-saving initiatives, including reductions in general and administrative costs and prioritization of early-stage research, to extend its cash runway into 2028 - Cost savings initiatives have been implemented to extend the cash runway into 2028[8] - These measures involve general and administrative reductions and prioritizing early-stage research projects[8] Condensed Consolidated Statements of Operations For the three months ended March 31, 2025, revenue plummeted to $0.14 million from $15.7 million, while operating expenses increased, resulting in a significantly wider operating loss of $28.4 million and a net loss of $28.5 million Condensed Consolidated Statements of Operations (in thousands, except per share data) | | Three months ended March 31, | | | :--- | :--- | :--- | | | 2025 | 2024 | | Revenue | $ 142 | $ 15,699 | | Gross profit | 88 | 12,899 | | Research and development costs | (20,813) | (11,845) | | General and administrative expenses | (7,684) | (6,635) | | Operating loss | (28,409) | (5,581) | | Net Loss | $ (28,530) | $ (2,312) | | Loss per share (basic and diluted) | $ (0.20) | $ (0.02) | Condensed Consolidated Balance Sheets As of March 31, 2025, total assets decreased to $185.3 million from $202.6 million at year-end 2024, primarily due to reduced cash, while total liabilities slightly increased to $72.6 million, resulting in a total shareholders' equity deficit of $112.7 million Condensed Consolidated Balance Sheet Highlights (in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $ 64,886 | $ 121,330 | | Short-term investments | 71,648 | 26,004 | | Total current assets | 169,790 | 187,366 | | Total assets | $ 185,298 | $ 202,635 | | Total current liabilities | (19,264) | (16,822) | | Total liabilities | $ (72,555) | $ (68,612) | | Total shareholders' equity | (112,743) | (134,023) |