Silence Therapeutics plc

For the year ended December 31, 2024, Silence reported revenue of $43.3 million versus $31.6 million in 2023. Cost of sales was $11.8 million versus $12.9 million; R&D expense was $67.9 million versus $56.9 million; and G&A was $26.9 million versus $26.2 million. The company reported net operating loss of approximately $63.3 million versus $64.4 million in 2023, other income of approximately $4.5 million versus $1.8 million, R&D tax credit benefit of approximately $13.7 million versus $11.9 million, and net loss of approximately $45.3 million versus $54.2 million. Cash, cash equivalents and short-term investments were $147.3 million at December 31, 2024, including $121.3 million of cash and cash equivalents and $26 million of short-term investments. Guidance-wise, management said zerlasiran Phase 3 outcomes study will only begin once a partner is secured, which they said extends projected cash runway into 2027; SANRECO Phase 2 in PV is expected to reach full enrollment by year-end; and SLN548 Phase 1 is planned for the second half of 2025.

Craig Tooman emphasized that the company is narrowing 2025 spending toward rare diseases where it believes it can offer first-in-class or best-in-class siRNA therapies. He framed the decision to wait on zerlasiran Phase 3 until a partner is found as a way to preserve flexibility and strengthen the balance sheet into 2027, while still expressing confidence in zerlasiran’s differentiated Phase 3 design and large market opportunity. His tone was constructive and selective: optimistic about the pipeline, but disciplined about capital allocation and partnering.

Rhonda Hellums walked through the 2024 financials and tied the revenue increase to collaboration execution, especially the $24.6 million Hansoh catch-up and continued AstraZeneca progress. She noted R&D rose to $67.9 million as the company advanced zerlasiran and divesiran and invested in the platform, while G&A increased to $26.9 million largely because of the U.S. domestic issuer and U.S. GAAP transition. She also highlighted the year-end cash balance of $147.3 million and reinforced that deferring zerlasiran Phase 3 until a partner is secured extends runway into 2027.

Analysts pressed management on zerlasiran partnering, including how HORIZON data may affect talks, what deal structures they are considering, and how quickly Phase 3 could begin after a partner is signed. Craig said he would not comment on ongoing negotiations, but repeated that the company is actively engaged and that Phase 3 readiness work is on track to finish by mid-year, leaving room for some fine-tuning with a partner. Questions on divesiran focused on differentiation versus rusfertide, dose frequency, and whether the program could expand into hereditary hemochromatosis; management said the key differentiator should be convenience and potentially less frequent dosing, and that HH is under consideration but no additional trial work has been declared.