Silence Therapeutics (SLN) Q3 2026 earnings summary

Executive summary

• Q3 net loss narrowed to $12.4M from $21.0M YoY; 9M net loss fell to $39.7M from $76.8M, alongside lower R&D spending.

• Merck KGaA agreed to acquire all issued and to-be-issued shares for $20.00 per ADS in cash, with a ~$1.3B transaction value; closing is expected in Q1 2027, subject to conditions.

• Phase 2 SANRECO results for divesiran showed an 88% responder rate versus 19% for placebo, with fewer phlebotomies and no new safety findings.

Financial highlights

• Q3 revenue was $159,000 vs. $422,000 YoY; gross profit was $95,000 vs. $411,000.

• Q3 R&D expense fell to $9.3M from $20.5M; 9M R&D expense fell to $27.6M from $59.0M, mainly reflecting lower contracted development costs.

• Q3 G&A expense was $4.9M vs. $5.8M; 9M G&A was $16.7M vs. $18.6M, reflecting administrative cost reductions.

• Q3 operating loss was $14.2M vs. $26.2M YoY; 9M operating loss was $43.8M vs. $78.6M.

• 9M net cash used in operations was $26.9M, down from $45.0M; September 30 cash and cash equivalents were $247.7M.

Outlook and guidance

• Existing cash is expected to fund forecast operating expenses and capital requirements at least until 2028; forecasts exclude unachieved collaboration milestones and potential future financing.

• R&D spending is expected to increase as clinical programs advance; future funding needs depend on trial scope, manufacturing, regulatory outcomes and other development costs.

• Potential IND filings for SLN365 and SLN098 are targeted for 2027; zerlasiran is Phase 3-ready, with further development dependent on a potential third-party partner.

• Merck KGaA acquisition closing is expected in Q1 2027, subject to shareholder, court and regulatory approvals and other customary conditions.

• SANRECO results were accepted for oral presentation at the ASH 2026 Annual Meeting, scheduled for December 12–15.