Silence Therapeutics plc (SLN)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$615.0K

Revenue growth

-97.7%

Net income, last twelve months

-$60.0M

Gross margin

85.9%

Operating margin

-11106.8%

Net margin

-9748.5%

Free cash flow

-$42.3M

Return on equity

-155.8%

Market value

$2.8B

Cash

$72.1M

Debt

$0

Debt to equity

0.00

Shares outstanding

141.7M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 10 August 2026.

• No revenue in quarter. The company reported no revenue for the three months ended June 30, 2026, against $224 thousand a year earlier. Six-month revenue was $422 thousand, against $366 thousand.
• Net loss was $12.3 million. Net loss was $12.3 million, or $0.09 per share, against $27.4 million, or $0.19 per share, a year earlier. Six-month net loss was $27.2 million, or $0.19 per share.
• Cash at $72.1 million. Cash and cash equivalents were $72.1 million at June 30, 2026. Short-term investments were nil at that date, against $73.8 million at December 31, 2025.
• Cash total at first quarter end. Cash, cash equivalents and short-term investments were $70.1 million at March 31, 2026, as stated in the first-quarter release.
• R&D spend fell $8.4 million. R&D expenses were $9.1 million, against $17.6 million a year earlier. The company attributed the decrease mainly to zerlasiran Phase 3 readiness completed in 2025 and reduced personnel costs.
• G&A expenses little changed. G&A expenses were $4.7 million, against $5.1 million a year earlier. Six-month G&A was $11.7 million, against $12.8 million.
• No restructuring charge this quarter. No restructuring charge was recorded in the second quarter of 2026. The 2025 comparative quarter included a $1.3 million restructuring charge.
• Currency swing and R&D credit lower. Foreign currency was a gain of $151 thousand, against a loss of $6.6 million a year earlier. The benefit from the R&D credit was $778 thousand, against $2.4 million.
• Follow-up data shown at EHA. Follow-up Phase 1 SANRECO data were presented at EHA 2026 in June. The company described them as showing durable efficacy and a potential best-in-class profile in PV.
• Phase 2 dosing completed in June. Patient dosing in the Phase 2 SANRECO trial of divesiran 6 mg/kg, in 48 phlebotomy-dependent PV patients, was completed in June 2026.
• TMPRSS6 MDS study published. A preclinical study by Silence scientists on TMPRSS6 silencing for myelodysplastic syndrome was published in the American Journal of Hematology in June 2026.
• Phase 1 ANGPTL3 data reported. The company reported a safety profile, dose-dependent and durable reductions in ANGPTL3 protein, and lower atherogenic lipoproteins including LDL-C, Apo-B and non-HDL-C.
• EAS presentation available online. The release links to the EAS 2026 presentation of the SLN312 Phase 1 results.
• SLN365 lipid data reproduced. Additional preclinical data showed the effect of SLN365 (GPR146) on lipids was reproduced and not altered by co-treatment with statin or ezetimibe.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

By region, FY2024

Company events

The newest 8-K filings of 23 held.

Every filing

The newest filings with the SEC of 167 held.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

76 funds held it at 30 Jun 2026: 40 added and 18 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Silence Therapeutics plc is a biotechnology company that discovers and develops medicines based on short interfering RNA, or siRNA. These molecules are designed to reduce the production of specific disease-associated proteins by degrading the messenger RNA that encodes them. Its mRNAi GOLD platform (GalNAc Oligonucleotide Discovery) is built to silence genes in the liver. The company has no approved products. It was incorporated in England and Wales, and at 31 December 2025 it had 88 full-time employees, working mainly in the United Kingdom, Germany and the United States. Its ADSs are listed on the Nasdaq Global Market under the symbol SLN.

How the platform works

The company's siRNA molecules are given by subcutaneous injection. They are either taken up by liver cells or cleared from the body within hours. They carry GalNAc, which binds to receptors on liver cells called hepatocytes and brings the siRNA inside. The platform is a toolbox of chemical modifications to sugars, to the links between nucleotides and to the ends of the molecule, plus linker chemistry for attaching GalNAc. These are applied to a double-stranded structure the filing calls blunt-ended 19-mers.

Targets are chosen by looking at human genetics, the biology of the disease, epidemiology, the current standard of care and the likely clinical path. Candidates are screened with an in silico algorithm, tested in cell lines and primary hepatocytes, and then studied in animals. A candidate must show knockdown of its target gene in non-human primates before it is selected for clinical trials. The filing notes that the protein reduction is not permanent.

Rare disease programmes

Divesiran (SLN124), which the company calls a potential first-in-class siRNA, is in Phase 2 for polycythemia vera, or PV. PV is a rare blood cancer marked by overproduction of red blood cells and affects approximately 3.5 million people worldwide. Divesiran silences the TMPRSS6 gene, which raises hepcidin and reduces the iron available to the bone marrow.

In the Phase 1 part of the SANRECO trial, 21 PV patients were dosed every six weeks (Q6W). The Phase 2 part is fully enrolled with 48 patients and compares Q6W and Q12W dosing with placebo. The company says it anticipates topline results in the third quarter of 2026. The FDA has granted divesiran Fast Track and orphan drug designations, and the European Commission has granted orphan drug designation.

SLN548 silences the complement factor B gene and is ready for Phase 1. The company is seeking a third-party partner to start clinical development.

Cardiometabolic and obesity programmes

Zerlasiran (SLN360) targets the LPA gene to lower lipoprotein(a), or Lp(a). High Lp(a) is defined as 125nmol/L or higher and is described as affecting at least 20% of the world's population. Its Phase 2 trial, ALPACAR-360, enrolled 178 patients. The company reports positive feedback from the FDA and the EMA on the Phase 3 cardiovascular outcomes trial design. It describes zerlasiran as Phase 3 ready and is seeking a third-party partner for Phase 3 development and possible commercialisation.

SLN312 silences ANGPTL3 and was developed by AstraZeneca. Its Phase 1 trial included 98 patients with dyslipidemia. The company says it will regain global rights and is evaluating plans for further development.

SLN365 (GPR146, cholesterol) and SLN098 (INHBE, obesity) are preclinical programmes with studies in non-human primates.

Partners

In March 2020 the company signed a collaboration with AstraZeneca covering cardiovascular, renal, metabolic and respiratory diseases. It began with five targets, and AstraZeneca extended it to a further five. For each selected target the company is eligible for development and commercial milestone payments and tiered royalties on net sales.

In December 2024 Hansoh said it would not pursue further development. The company retains exclusive global rights to all three targets.

Patents and competition

At 31 December 2025 the company had more than 200 granted patents and over 100 pending applications in the U.S., Europe, China and other jurisdictions. They cover the platform chemistry as well as specific siRNA sequences and their uses. Its main rivals are pharmaceutical, specialty pharmaceutical and biotechnology companies, academic institutions and research bodies. Some of them also develop chemically synthesised siRNA. Others pursue gene therapy approaches.

How it operates

The company owns no manufacturing facilities. It uses contract development and manufacturing organisations, and it has contracts with eleven third-party manufacturers for its pipeline. It has not built a commercial organisation or distribution capability. If a product is approved, it says it intends to commercialise through internal infrastructure, external partnerships or both. Of its employees, 62 work in research and development and 26 in business development, finance, information systems, facilities, human resources or administration. 26 employees hold M.D. or Ph.D. degrees.

*From Silence Therapeutics's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1479615/000119312526092591/sln-20251231.htm)*

From the company's 10-K.