Silence Therapeutics Reports Significant Revenue Decline and Increased Losses in Q1 2025

Silence Therapeutics plc reported a significant decline in financial performance for the first quarter of 2025, with revenue dropping to $142,000 from $15.7 million in the same period of 2024. This decrease was primarily attributed to the absence of milestone payments from its collaboration with AstraZeneca, which had contributed $14.7 million in the previous year. The company's gross profit also fell sharply to $88,000, down from $12.9 million, while the net loss widened to $28.5 million compared to a loss of $2.3 million in the prior year.

The company's operating expenses increased, with research and development costs rising to $20.8 million from $11.8 million, reflecting heightened activity in clinical trials and contract manufacturing. General and administrative expenses also saw an uptick, reaching $7.7 million, largely due to additional compliance costs associated with its transition to a domestic filer in the U.S. The total accumulated deficit as of March 31, 2025, stood at $502.5 million, indicating ongoing financial challenges.

In terms of strategic developments, Silence Therapeutics is advancing its clinical pipeline, particularly with its siRNA product candidates. The company is currently conducting a Phase 2 clinical trial for divesiran, aimed at treating polycythemia vera, and has received positive interim results. Additionally, the company is preparing for Phase 3 readiness activities for zerlasiran, which targets cardiovascular risks associated with elevated lipoprotein(a) levels. The company is also engaged in discussions for potential partnerships to support the development of its product candidates.

Operationally, Silence Therapeutics reported a total of 141.7 million ordinary shares outstanding as of April 30, 2025. The company has maintained a strong cash position, with cash and cash equivalents totaling $64.9 million and short-term investments of $71.6 million as of March 31, 2025. This financial cushion is expected to support operations through at least 2028, although the company anticipates needing additional funding to continue its research and development efforts.

Looking ahead, Silence Therapeutics remains focused on advancing its clinical programs and exploring new collaborations to enhance its product pipeline. The company acknowledges the inherent risks and uncertainties in drug development and regulatory approval processes, which could impact its financial outlook. Despite the current losses, management believes that the existing cash reserves and anticipated milestone payments will be sufficient to fund operations in the near term.