Silence (SLN) Q2 Revenue Drops 71%

Key Points

• GAAP revenue for the second quarter of 2025 dramatically missed estimates, coming in at $0.224 million versus the $7.03 million consensus.

• GAAP net loss increased to $27.4 million, compared to $19.8 million in the prior-year quarter.

• The clinical pipeline advanced, with over 50% enrollment in the Phase 2 Divesiran trial and ongoing partnership discussions for Zerlasiran.

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Silence Therapeutics Plc (NASDAQ:SLN), a biotechnology company focused on developing RNA interference (RNAi) therapeutics, released its second quarter results on August 7, 2025. The company reported GAAP revenue of $224 thousand, far below analyst estimates, while net loss widened year over year to $27.4 million from $19.8 million. GAAP revenue was $0.22 million, missing the $7.03 million estimate by 96.8%. The quarter showed continued investment in research and development along with some operational efficiencies in general and administrative expenses. Progress continued for the lead clinical programs, but commercial revenues remain limited.

Source: Analyst estimates for the quarter provided by FactSet.

Company Overview and Business Focus

Silence Therapeutics Plc develops RNA interference therapies using its proprietary mRNAi GOLD platform. This technology aims to silence disease-related genes, mainly targeting the liver through a special delivery mechanism called GalNAc conjugation. Its approach enables precise and durable suppression of targeted genes, potentially unlocking new treatments for cardiovascular, hematology, and rare genetic diseases.

The company’s progress depends on advancing its clinical pipeline, working with strategic partners, and achieving regulatory milestones. Lead candidates include Divesiran for polycythemia vera, a blood disorder, and Zerlasiran, aimed at cardiovascular conditions with elevated lipoprotein(a). Partnerships with companies like AstraZeneca provide support for research, help share development costs, and offer possible future commercialization pathways.

Quarter Review: Earnings, Pipeline, and Partnerships

Over the three months ended June 30, 2025, Silence Therapeutics reported sharply lower GAAP revenue of $0.224 million compared to both analyst estimates and the prior-year period. GAAP net loss increased to $27.4 million from $19.8 million in the prior-year quarter as the company invested in advancing its lead programs.

Research and development expenses rose to $17.6 million, compared to $13.8 million in the prior-year quarter. Management stated that this increase in R&D expenses was “primarily driven by the advancement of our clinical trials and an increase in contract manufacturing activities.” General and administrative expenses were $5.1 million, compared to $7.0 million in the prior-year quarter, but with management reiterating that its cash runway extends into 2028.

Pivotal clinical progress took place in the Divesiran program, the company’s investigational therapy for polycythemia vera. Updated Phase 1 results presented at the European Hematology Association (EHA) 2025 Annual Congress in June highlighted durable hematocrit control, reduced need for phlebotomies, improved iron parameters, and no new safety concerns. More than 50% of patients have now enrolled in the ongoing Phase 2 SANRECO trial, with full enrollment still targeted for completion by the end of 2025. These clinical achievements build confidence in the program’s therapeutic potential and bring the company closer to later-stage trials.

The company also advanced Phase 3 readiness for Zerlasiran, a treatment candidate for cardiovascular disease linked to high levels of lipoprotein(a). Work included scaling manufacturing and supply and keeping Phase 3 activities on schedule. However, Silence continued to seek a partner for further development and commercialization, with no agreement yet secured. In other pipeline developments, Silence decided to pause initiation of a Phase 1 study of SLN548, a siRNA candidate for complement-mediated diseases, to prioritize extra-hepatic activities. The company maintained existing collaborations, including its partnership with AstraZeneca, where a Phase 1 trial of SLN312 is ongoing. No new partnership deals were announced in the quarter, and regulatory milestones, such as Fast Track and orphan drug designations for Divesiran, remain unchanged from previous periods.

No dividend is currently paid by SLN.

Looking Ahead: Outlook and Investor Considerations

Management did not provide formal financial guidance for the upcoming quarters or for fiscal 2025. The company repeated its expectation that, with current spending levels, its available cash should fund operations into 2028. Strategic decisions already narrowed the number of early-stage programs in the pipeline, quickly allocating resources toward those seen as having the highest near-term value and clinical momentum. Investors are likely to focus on further enrollment progress for Divesiran, possible progress in partnerships for Zerlasiran, and any advancement toward regulatory filings.

Future risks center on the unpredictability of partnership and milestone revenue, the size and pace of clinical trial expense, and the concentration of value in the lead pipeline programs. Collaboration agreements, regulatory updates, and clear clinical trial milestones will be critical for both financial performance and market perception as Silence Therapeutics continues to progress its therapeutic candidates.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.

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