Silence Therapeutics (SLN) Q2 2026 earnings summary

Executive summary

• Focused on RNAi/siRNA therapeutics with lead candidates in rare and cardiometabolic diseases, including divesiran (Phase 2 for polycythemia vera) and zerlasiran (Phase 3 ready for cardiovascular disease).

• Completed dosing in Phase 2 SANRECO trial for divesiran; topline results expected August 2026.

• AstraZeneca collaboration: SLN312 Phase 1 completed, AstraZeneca will not pursue further development; full rights to SLN312 revert back.

• Advanced clinical pipeline with key milestones in divesiran and SLN312 programs.

Financial highlights

• Revenue for six months ended June 30, 2026 was $0.4 million, flat year-over-year; Q2 2026 revenue was $224,000.

• Net loss for six months ended June 30, 2026 was $27.2 million; Q2 2026 net loss was $12.3 million, improved from $27.4 million in Q2 2025.

• Research and development costs decreased by $20.1 million year-over-year, mainly due to lower contracted development costs for zerlasiran and reduced headcount; Q2 2026 R&D expenses were $9.1 million.

• Cash and cash equivalents at June 30, 2026 were $72.1 million.

• G&A expenses were $4.7 million, down from $5.1 million year-over-year.

Outlook and guidance

• Cash and cash equivalents expected to fund operations into 2028.

• Ongoing need for additional funding to support clinical development activities; potential for future milestone payments from collaborations.

• Pipeline programs SLN365 and SLN098 are positioned for potential IND filings in 2027.