Silence Therapeutics plc (SLN)

Price$11.22Cached quoteAs of 2026-09-25 08:23 UTC

AI: Fair-priced

Active RNAi developer with investigational, not approved, medicinesUK-based Silence develops liver-targeted RNA-interference medicines using its mRNAi GOLD platform. Divesiran is advancing toward Phase 3 for polycythemia vera; zerlasiran has completed Phase 2 and requires a partner for further development. Neither is commercially approved.

SLN312 remains licensed to AstraZeneca during Phase 1, but AstraZeneca will not develop it beyond that stage; Silence expects global rights to return afterward. The Hansoh collaboration has concluded, with Silence retaining worldwide rights to its three targets. Historical collaboration agreements should not be treated as guaranteed future revenue.

Speculative valuation balances clinical progress against substantial uncertaintyThe August offering price of $13.50 per ADS is not an intrinsic-value benchmark. Fair-priced is a low-confidence qualitative assessment: financing and encouraging trial results balance continued losses, competition and unresolved commercialization risks. A positive earnings multiple is not meaningful.

Nasdaq-listed ADSs each represent three ordinary shares; mixing those units can materially distort capitalization estimates. MarketWatch reports September 25 volume of approximately 953,240 ADSs versus a 65-day average of 1.07 million. Trading activity does not guarantee market depth or protection against clinical-news price gaps.

Collaboration accounting and tax receipts are not product cash generationLatest results and the Form 10-Q, published August 10 for June 30, report no second-quarter revenue and a $12.3 million quarterly net loss. First-half revenue was $422,000 from AstraZeneca collaboration recognition—not product sales. No AstraZeneca milestones were achieved during the first half.

First-half operations consumed $14.085 million, despite receiving $14.2 million relating to the 2024 UK research-tax-credit claim. That receipt helped reported cash burn and should not be assumed to recur each half-year. Prospective milestone ceilings and royalties are contingent economics, not earned revenue or cash already available.

Equity funding extends runway but substantially dilutes ownershipJune-end cash and equivalents were $72.1 million, with no reported borrowed-money debt. However, $55.2 million of deferred collaboration obligations and lease liabilities remained. These balances predate the August financing and are not verified September liquidity.

The August 14 offering issued 14,907,407 ADSs, including the full underwriter option, raising approximately $201.3 million gross before expenses. These are financing proceeds, not revenue. September's presentation projects cash runway into 2029 under management's plan—not guaranteed funding through commercial launch. Further equity issuance and outstanding awards retain dilution potential.

AI: News

September 3–16: Phase 3 planning advances, with regulatory details unresolvedSeptember's presentation targets an end-of-Phase-2 regulatory meeting by year-end and initiation of a divesiran Phase 3 trial in the first half of 2027. These are planned milestones, not completed events or marketing authorization.

At the September 16 healthcare conference, management discussed outstanding questions around trial size, safety exposure and dosing. Successful development still requires regulatory agreement and dependable manufacturing. Reliance on third-party suppliers and clinical contractors creates additional quality, capacity and execution risks.

August 10–28: Positive Phase 2 results meet an increasingly competitive marketIn the 48-patient SANRECO Phase 2 trial, Silence reported an 88% response rate for divesiran versus 19% for placebo. Response required no phlebotomy and hematocrit below 45% during weeks 18–36.

The company reported no new safety findings, but this small trial does not establish long-term safety or superiority over competing treatments. On August 28, FDA approved Takeda's Mimrylo, or rusfertide, for adults with polycythemia vera. That strengthens competition; it does not confer approval on Silence's product.

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	$559,000	$43.3M	$31.6M	$21.7M	—	—	—	—
Gross profit	$344,000	$31.4M	$18.8M	$8.2M	—	—	—	—
Gross margin	61.54%	72.70%	59.34%	37.83%	—	—	—	—
Research & development	$67.8M	$67.9M	$56.9M	$43.5M	—	—	—	—
Operating expenses	$91.4M	$94.8M	$83.2M	$69.2M	—	—	—	—
Operating income	−$91.1M	−$63.3M	−$64.4M	−$61.0M	—	—	—	—
Operating margin	−16,292.84%	−146.38%	−203.47%	−281.87%	—	—	—	—
EBITDA	−$90.8M	−$63.0M	−$64.0M	−$60.7M	—	—	—	—
EBITDA margin	−16,237.03%	−145.60%	−202.30%	−280.12%	—	—	—	—
Net income	−$88.6M	−$45.3M	−$54.2M	−$50.3M	—	—	—	—
Net profit margin	−15,851.88%	−104.74%	−171.37%	−232.44%	—	—	—	—
Basic EPSper basic share	-$0.63	-$0.33	-$0.49	-$0.52	—	—	—	—
Diluted EPSper diluted share	-$0.63	-$0.33	-$0.49	-$0.52	—	—	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of SLN
Holder	Shares held
Siren, L.L.C.	3.31M
TCG Crossover Management, LLC	3.03M
Nantahala Capital Management, LLC	2.69M
Redmile Group, LLC	2.16M
CITADEL ADVISORS LLC	1.33M
Nextech Invest Ltd.	952.4K
MILLENNIUM MANAGEMENT LLC	909.28K
Ikarian Capital, LLC	830.78K
Tetragon Partners GP Ltd	764.26K
Soleus Capital Management, L.P.	630K
Balyasny Asset Management L.P.	610.98K
5AM Venture Management, LLC	476.2K
GREAT POINT PARTNERS LLC	450K
MORGAN STANLEY	403.17K
AMERIPRISE FINANCIAL INC	370.05K
JANE STREET GROUP, LLC	369.15K
ADAR1 Capital Management, LLC	338.37K
SummitTX Capital, L.P.	326.65K
Schonfeld Strategic Advisors LLC	269.35K
UBS Group AG	243.15K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys63$0.00 disclosed value

Sells (SEC code S)2$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Oct 27, 2025Form 4	Griffiths Richard IanTenPercentOwner	BuyAmerican Depositary Shares · derivative · indirect	2.0K	—	—	11.83M
Oct 27, 2025Form 4	Griffiths Richard IanTenPercentOwner	SellAmerican Depositary Shares · derivative · indirect	2.0K	—	—	11.82M
Aug 3, 2025Form 4	Griffiths Richard IanTenPercentOwner	BuyAmerican Depositary Shares · derivative · indirect	20.0K	—	—	11.83M
Aug 3, 2025Form 4	Griffiths Richard IanTenPercentOwner	SellAmerican Depositary Shares · derivative · indirect	20.0K	—	—	11.81M
Aug 1, 2025Form 4	Griffiths Richard IanTenPercentOwner	BuyAmerican Depositary Shares · derivative · indirect	4.0K	—	—	11.83M