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Silence Therapeutics plc (SLN)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 results were light on revenue and showed a wider year-over-year loss; revenue was $0.224M and EPS was $(0.19), while management reiterated cash runway into 2028 and highlighted positive divesiran PV data presented at EHA 2025 .
  • Versus Wall Street, revenue missed consensus by roughly 95% ($0.224M vs $4.63M) and EPS was modestly below consensus on the company’s per‑ordinary‑share basis (company: $(0.19) vs S&P consensus: $(0.18)); note S&P’s reported “actual” EPS appears on an ADS-equivalent basis, which differs from company reporting .
  • Guidance pivot: extra‑hepatic siRNA efforts prioritized and the planned SLN548 Phase 1 study was paused; SANRECO Phase 2 enrollment remained on track for completion by year‑end 2025; zerlasiran Phase 3 readiness completed with partnering dialogues ongoing .
  • Near-term stock narrative likely centers on the magnitude of the revenue miss vs consensus and pipeline execution milestones (Phase 2 enrollment completion, partnership progress on zerlasiran) .

What Went Well and What Went Wrong

What Went Well

  • Divesiran PV program momentum: Updated Phase 1 SANRECO data at EHA 2025 showed durable hematocrit control (<45%), elimination of phlebotomies in the targeted population, increases in hepcidin/ferritin (iron repletion), and favorable tolerability without dose‑limiting toxicities; Phase 2 enrollment exceeded 50% and remained on‑track for completion by year‑end 2025 .
  • Cost discipline: G&A decreased to $5.1M from $7.0M YoY, reflecting reduced reporting/compliance requirements and efficiency initiatives; R&D was down sequentially to $17.6M from $20.8M in Q1 2025 .
  • Liquidity and runway: Cash and short‑term investments were ~$114.2M at quarter‑end, with reiterated runway into 2028; CFO: “We are reiterating our cash runway guidance into 2028.” .

What Went Wrong

  • Revenue and estimates miss: Q2 revenue of $0.224M was far below S&P Global consensus of ~$4.63M; EPS modestly missed consensus on the company’s per‑ordinary‑share basis; YoY revenue fell from $0.756M in Q2 2024 to $0.224M .
  • Net loss widened YoY: Net loss was $(27.4)M vs $(19.8)M in Q2 2024; FX loss of $(6.6)M weighed on results, with lower “Other income” and R&D tax credit vs prior year .
  • Pipeline reprioritization headwind: The company paused initiation of SLN548 Phase 1 to focus on extra‑hepatic siRNA programs, which may delay that asset’s clinical validation timeline .

Financial Results

Reported Results vs Prior Year and Prior Quarter

MetricQ2 2024Q1 2025Q2 2025
Revenue ($USD Millions)$0.756 $0.142 $0.224
Gross Profit ($USD Millions)$(2.577) $0.088 $0.139
Operating Loss ($USD Millions)$(23.388) $(28.409) $(23.963)
Net Loss ($USD Millions)$(19.755) $(28.530) $(27.354)
EPS (basic & diluted, $USD per ordinary share)$(0.14) $(0.20) $(0.19)
  • YoY: Revenue down 70% (from $0.756M to $0.224M), net loss widened by ~$7.6M (to $(27.4)M), EPS moved from $(0.14) to $(0.19) .
  • QoQ: Revenue up $0.082M (to $0.224M), operating loss improved by ~$4.4M, net loss improved by ~$1.2M, EPS improved from $(0.20) to $(0.19) .

Actual vs Wall Street Consensus (Q2 2025)

MetricConsensus (Q2 2025)Actual (Q2 2025)
Revenue ($USD)$4,634,881.49*$224,000
EPS ($USD)$(0.1785)*$(0.19)
# of Estimates (Revenue)2*—
# of Estimates (EPS)2*—

Values marked with * retrieved from S&P Global.

  • Revenue miss: ~$4.41M vs consensus (actual $0.224M vs $4.63M, ~95% below consensus) – significant negative surprise.
  • EPS miss (company per‑ordinary‑share basis): $(0.19) vs $(0.1785) (~$0.01 below consensus). Note S&P’s “actual” EPS (-$0.5511) appears on ADS‑equivalent basis, which differs from the company’s per‑ordinary‑share reporting .

Operating KPIs

KPIQ1 2025Q2 2025
Cash & Short‑Term Investments ($USD Millions)$136.5 $114.2
R&D Expense ($USD Millions)$20.8 $17.6
G&A Expense ($USD Millions)$7.7 $5.1
ADSs Outstanding (as of period end)~47,230,283 —

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayMulti‑yearInto 2027 (post zerlasiran Phase 3 partner decision) Into 2028 (cost savings, prioritization) Raised
SANRECO Phase 2 Enrollment (PV)2025On‑track to complete by YE 2025 Exceeded 50% mid‑year; remain on‑track to complete by YE 2025 Maintained (progressed)
Zerlasiran Phase 3 ReadinessH1 2025On‑track to complete by mid‑2025; partnering ongoing Core Phase 3 readiness activities completed; partner dialogues ongoing Achieved readiness (partnership pending)
SLN548 Phase 1 (Complement)2H 2025Planned for 2H 2025 Paused initiation to prioritize extra‑hepatic work Lowered/Paused
Extra‑hepatic siRNAOngoingPipeline priority emerging (2025 plan) Prioritized; promising preclinical activity; resource reallocation Raised priority

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024, Q1 2025)Current Period (Q2 2025)Trend
Divesiran (PV) clinical progressFull enrollment anticipated by YE 2025; Phase 1 follow‑up concluded; data presentations expected in 2025 Updated Phase 1 data at EHA 2025 with durable HCT control, iron repletion, no DLTs; Phase 2 >50% enrolled; YE 2025 completion on‑track Strengthening execution; positive clinical signal
Zerlasiran partnering & Phase 3Regulatory feedback positive; Phase 3 CVOT dependent on partner; Phase 3 readiness targeted mid‑2025 Core Phase 3 readiness completed; partner dialogues continue Readiness achieved; partnership pending
Extra‑hepatic siRNAPriority area in 2025 plan Prioritized with promising preclinical activity; SLN548 Phase 1 paused to reallocate Increased strategic focus
Cash runway/financial disciplineRunway extended into 2027; commitment to disciplined investment Runway reiterated into 2028; G&A efficiencies; cost savings initiatives Further extended; improved OpEx mix
Collaborations (e.g., SLN312/AZ)Ongoing Phase 1 (licensed to AstraZeneca) SLN312 Phase 1 ongoing Stable

Note: No Q2 2025 earnings call transcript was available in our document set; themes derived from 8‑K press releases and prior quarter materials .

Management Commentary

  • CEO: “The updated data we presented at EHA this past quarter were highly encouraging and supportive of the therapeutic potential of divesiran as a first‑in‑class siRNA in PV… The SANRECO Phase 2 trial… continues to progress towards full enrollment this year and remains our top priority.”
  • CFO: “We ended the quarter with approximately $114.2 million in cash and cash equivalents and short‑term investments and are reiterating our cash runway guidance into 2028.”
  • Q1 CEO: “We remain focused on advancing enrollment into the SANRECO Phase 2 study of divesiran… on‑track to complete enrollment by the end of this year.”
  • Q1 CFO: “We ended the first quarter with over $136 million… implementing cost savings initiatives and further extending our cash guidance into 2028.”

Q&A Highlights

  • No Q2 2025 earnings call transcript was found; there are no Q&A items to report from Q2 2025 in our document set .
  • The company hosted a call for FY 2024/Q4 2024 (Feb 27, 2025) with a presentation, but Q2‑specific Q&A content is unavailable here .

Estimates Context

  • Revenue missed consensus by ~95%: actual $0.224M vs S&P Global consensus $4.63M; this suggests timing/scale of collaboration revenues were far below buy‑side/sell‑side expectations in the quarter .
  • EPS modestly missed consensus on the company’s per‑ordinary‑share basis: $(0.19) vs S&P consensus $(0.1785); note that S&P’s “actual” EPS (-$0.5511) appears on ADS‑equivalent basis, while the company reports per ordinary share, explaining the basis difference .
  • Consensus coverage was thin (two estimates for revenue and EPS), which can amplify variance and surprise magnitude. Values marked with * in tables are retrieved from S&P Global.

Key Takeaways for Investors

  • Significant revenue miss vs consensus and widened YoY loss are likely to increase near‑term scrutiny; watch for whether consensus models reset lower on collaboration revenue cadence.
  • Operating discipline is evident: G&A fell YoY and both R&D and G&A declined sequentially; this supports runway extension to 2028 and preserves strategic flexibility .
  • Divesiran PV remains the core value driver; EHA 2025 data strengthened the clinical narrative (hematocrit control, reduced phlebotomy, iron repletion, tolerability); Phase 2 enrollment completion by YE 2025 is the next major catalyst .
  • Zerlasiran is Phase 3‑ready; the partnership outcome/timing is a key medium‑term swing factor for value realization and capital requirements .
  • Portfolio reprioritization (pause SLN548 Phase 1, extra‑hepatic focus) streamlines near‑term R&D spend toward higher‑conviction assets; expect reduced near‑term pipeline breadth but improved capital efficiency .
  • FX volatility impacted net loss in Q2; investors should monitor FX sensitivity alongside R&D tax credits and other income as offsets .
  • Near‑term trading lens: watch for updates on SANRECO Phase 2 enrollment status and any partnering developments; the narrative will likely hinge on pipeline execution and validation milestones as financial results remain collaboration‑dependent .