Silence Therapeutics (SLN) Q4 2024 earnings summary

Executive summary

• Achieved strong clinical progress in 2024, including positive Phase II results for zerlasiran in ASCVD patients with high Lp(a) and Phase I results for divesiran in polycythemia vera (PV), with >90% Lp(a) reduction and elimination of phlebotomy need in well-controlled PV patients.

• Advanced rare disease pipeline, with orphan drug designation for divesiran in PV and new siRNA programs entering clinical stages under AstraZeneca collaboration.

• Strategic focus for 2025 on rare disease programs with clear unmet needs and first/best-in-class siRNAs, prioritizing pipeline advancement and extending cash runway into 2027.

• Hansoh Pharma collaboration concluded; Silence retains global rights to three preclinical programs.

• Transitioned to U.S. domestic issuer status, now reporting under U.S. GAAP and in USD.

Financial highlights

• 2024 revenue was $43.3M, up from $31.6M in 2023, mainly due to collaboration milestones and cumulative catch-up from completed obligations.

• R&D expenses rose to $67.9M from $56.9M, driven by advancement of proprietary programs and expanded clinical studies.

• Net loss for 2024 was $45.3M, improved from $54.2M in 2023, reflecting higher revenue and R&D tax credits.

• Cash, cash equivalents, and short-term investments totaled $147.3M at year-end 2024.

• Operating loss for 2024 was $63.3M, compared to $61.0M in 2023.

Outlook and guidance

• Phase III for zerlasiran will only begin after a partnership is secured, extending cash runway into 2027.

• Prioritization of rare disease programs, especially divesiran for PV, and selective investment in extrahepatic and preclinical pipeline.

• Anticipated full enrollment in divesiran Phase II by end of 2025; SLN548 Phase I to start in H2 2025.