Silence Therapeutics PLC(SLN) - 2025 Q3 - Quarterly Report

Revenue and Collaborations - The company has not generated any revenue from product sales and does not expect to until regulatory approvals are obtained for its product candidates[80]. - The AstraZeneca collaboration has resulted in upfront payments totaling $60 million, with potential milestone payments of up to $140 million per target and tiered royalties on net sales[74][75][83]. - The company recognized $0.5 million in revenue under the AstraZeneca collaboration for the nine months ended September 30, 2025, a decrease from $16.3 million for the same period in 2024[83]. - The Hansoh collaboration concluded in December 2024, with the company retaining exclusive rights globally for three targets after receiving a total of $22 million in upfront and milestone payments[79][84]. - The company has not recognized any revenue under the Mallinckrodt collaboration during the nine months ended September 30, 2025, compared to $0.6 million for the same period in 2024[82]. - Revenue for the three months ended September 30, 2025, was $0.2 million, a decrease of $1.3 million compared to the same period in 2024, primarily due to reduced activity in the AstraZeneca Collaboration[107]. - Revenue for the nine months ended September 30, 2025, was $0.5 million, reflecting a decrease of $17.4 million from the same period in 2024, mainly due to a $15.7 million decline in revenue from the AstraZeneca Collaboration[108]. Research and Development - Divesiran (SLN124) is in Phase 2 development for polycythemia vera (PV) and has shown promising results in lowering hematocrit levels, with initial topline results expected in Q3 2026[70][76]. - Zerlasiran (SLN360) has demonstrated substantial lowering of Lp(a) levels in clinical trials, with positive regulatory feedback received for its Phase 3 cardiovascular outcomes study design[71][72]. - The ongoing SANRECO Phase 2 clinical trial of divesiran has fully enrolled 48 phlebotomy-dependent PV patients[76]. - The company has a third siRNA product candidate in Phase 1 development through collaboration with AstraZeneca, aiming to maximize its mRNAi GOLD platform[73]. - Research and development costs for the three months ended September 30, 2025, increased by $0.4 million to $20.5 million, driven by a $1.4 million increase in other costs[112]. - Research and development costs for the nine months ended September 30, 2025, rose by $13.2 million to $59.0 million, largely due to a $12.3 million increase in contracted development costs[113]. - The benefit from R&D tax credit decreased due to changes in the U.K. R&D tax credit regime, affecting eligible costs for claims[118]. Financial Position and Cash Flow - As of September 30, 2025, the company had cash, cash equivalents, and short-term investments of $102.2 million, expected to fund operations into 2028[121]. - The company anticipates needing additional capital to fund operations, which may come from equity financings, debt financings, or collaborations[120]. - For the nine months ended September 30, 2025, net cash outflow from operating activities was $(44.984) million, an increase of $4.8 million compared to $(40.159) million in the prior period[127][128]. - The company reported a net cash inflow from investing activities of $5.346 million for the nine months ended September 30, 2025, compared to a net cash outflow of $(88.091) million in the prior period[127]. - As of September 30, 2025, total lease liabilities amounted to $182,000, up from $117,000 as of December 31, 2024[134]. - The company has contractual obligations related to lease liabilities and payments to CROs and manufacturers, with a gross commitment of $0.6 million for office rentals in the next year[137][138]. - The company is exposed to interest rate risk, but does not expect significant impact on operating results due to the conservative nature of its investment portfolio[152]. Profitability and Expenses - The company has not achieved profitability since inception and expects to incur net losses in the future due to ongoing research and development expenses[131]. - The company anticipates that existing capital resources will be sufficient to fund operations for at least the next twelve months[132]. - General and administrative expenses decreased by $1.9 million for the three months ended September 30, 2025, and by $2.7 million for the nine months ended September 30, 2025, compared to the same periods in 2024[114]. - The company incurred non-recurring restructuring charges associated with a limited reduction in workforce implemented in June 2025[115]. - The accumulated tax losses for carry forward in the U.K. were $221.0 million as of September 30, 2025, down from $236.8 million as of September 30, 2024[102]. - In 2024, the company raised additional proceeds of $27.7 million from sales of ADSs under the Open Market Sale Agreement[123]. - The company completed a Private Placement on February 7, 2024, raising approximately $120.0 million before deducting $7.7 million in fees[124].