Executive Summary

Q3 2025 delivered operational execution: SANRECO Phase 2 in polycythemia vera (PV) fully enrolled ahead of the year-end target; topline results guided for Q3 2026, and management reiterated a cash runway into 2028 .
Financially, revenue was $0.159M and net loss improved to $21.0M; EPS was $(0.15), better than Q2 $(0.19) and Q1 $(0.20), helped by a foreign currency gain and R&D credit in Q3 .
Results versus consensus: EPS was near in line (actual $(0.15) vs. $(0.148) consensus*), but revenue was a significant miss (actual $0.159M vs. $5.750M consensus*) due to minimal collaboration revenue recognition in 2025 compared to 2024 *.
Near-term stock catalysts center on the PV program (earlier-than-expected Phase 2 enrollment completion and clarity on Q3 2026 topline) and continued cash runway, offset by low current-period revenue visibility .

What Went Well and What Went Wrong

What Went Well

Completed Phase 2 enrollment for divesiran in PV (48 randomized, double-blind, placebo-controlled patients), accelerating the timeline and strengthening execution credibility .
Clear pipeline visibility: SANRECO topline results guided to Q3 2026, providing investors with a tangible data catalyst schedule .
Cost discipline: G&A declined year-over-year to $5.8M (from $7.7M), driven by reduced reporting/compliance requirements and operating efficiencies, improving opex profile .

What Went Wrong

Revenue softness continued: Q3 revenue of $0.159M is far below Street expectations* and reflects limited collaboration revenue in 2025 versus prior-year levels ($1.498M in Q3 2024; nine-month 2024 $17.953M vs. nine-month 2025 $0.525M) *.
Operating loss remained substantial at $(26.2)M; while net loss improved QoQ, the operating line widened versus Q2, underscoring ongoing R&D investment requirements .
No earnings call transcript available this quarter, limiting visibility into management Q&A context and near-term revenue drivers (if any) from collaborations [SearchDocuments: none].

Financial Results

Quarterly P&L and Operating Metrics

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	$0.142	$0.224	$0.159
Gross Profit ($USD Millions)	$0.088	$0.139	$0.095
Gross Margin (%)	62.0% (88/142)	62.1% (139/224)	59.7% (95/159)
R&D Expense ($USD Millions)	$20.8	$17.6	$20.5
G&A Expense ($USD Millions)	$7.7	$5.1	$5.8
Operating Loss ($USD Millions)	$(28.4)	$(24.0)	$(26.2)
Foreign Currency Gain/(Loss) ($USD Millions)	$(3.8)	$(6.6)	$1.9
R&D Credit Benefit ($USD Millions)	$2.7	$2.4	$2.6
Net Loss ($USD Millions)	$(28.5)	$(27.4)	$(21.0)
EPS (Basic & Diluted, $USD)	$(0.20)	$(0.19)	$(0.15)

Q3 2025 Snapshot: Actual vs Prior Quarter, Prior Year, and Consensus

Metric	Actual Q3 2025	Consensus*	Surprise	QoQ (vs Q2 2025)	YoY (vs Q3 2024)
Revenue ($USD Millions)	$0.159	$5.750*	$(5.591)M miss	$(0.065)M	$(1.339)M
EPS ($USD)	$(0.15)	$(0.148)*	$(0.002) miss	+$0.04	+$0.10

Note: QoQ revenue change = $0.159M − $0.224M; YoY revenue change = $0.159M − $1.498M. QoQ EPS change = $(0.15) − $(0.19); YoY EPS change = $(0.15) − $(0.25).
Estimates marked with * are S&P Global (Capital IQ) consensus; values retrieved from S&P Global.

KPIs and Balance Sheet Highlights

KPI	Q1 2025	Q2 2025	Q3 2025
Cash & Short-Term Investments ($USD Millions)	$136.5 (64.9 + 71.6)	$114.2 (41.7 + 72.4)	$102.2 (82.0 + 20.2)
Contract Liabilities ($USD Millions)	$53.7 (current + non-current)	$56.8	$55.6
Total Assets ($USD Millions)	$185.3	$165.2	$146.8

Segment breakdown: not applicable; the company reports consolidated results without segment disclosure .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Through 2028	Extended cash guidance into 2028	Runway into 2028 reiterated	Maintained
SANRECO Phase 2 Enrollment (PV)	2025	On-track to complete by year-end 2025	Completed (48 patients)	Accelerated completion
SANRECO Topline Timing (PV)	Q3 2026	Not specified in prior quarter	Initial topline results expected in Q3 2026	New timing disclosed
Extra-hepatic siRNA activities	2025	Prioritized extra-hepatic targeting; paused SLN548 Phase 1	Advancing extra-hepatic work	Maintained priority
Zerlasiran (CV) partnering	2025+	Core Phase 3 readiness completed; in partner discussions	No incremental update in Q3 release	No change disclosed

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript was available; themes below reflect management communications across Q1–Q3 press releases.

Topic	Previous Mentions (Q1 2025, Q2 2025)	Current Period (Q3 2025)	Trend
Divesiran (PV) clinical execution	Q1: advancing Phase 2 enrollment; EHA Phase 1 oral data planned . Q2: updated Phase 1 data at EHA; >50% Phase 2 enrollment .	Phase 2 enrollment completed; topline guided for Q3 2026 .	Improving/accelerating
Cash runway & opex discipline	Q1: >$136M cash/ST investments; extended runway into 2028; cost savings initiatives . Q2: ~$114.2M; runway into 2028 reiterated .	~$102.2M; runway into 2028 reiterated; YoY G&A down .	Stable runway; improving G&A efficiency
Zerlasiran partnering	Q1: Phase 3 readiness on-track; partner dialogues ongoing . Q2: core Phase 3 readiness activities completed; partner dialogues ongoing .	Not updated in Q3 release .	Stable/no update
Extra-hepatic targeting & pipeline	Q1: platform progress; cost prioritization . Q2: prioritizing extra-hepatic targeting; paused SLN548 Phase 1 .	Advancing extra-hepatic work .	Ongoing execution
Collaborations (e.g., AZN SLN312)	Q1: Phase 1 ongoing . Q2: Phase 1 ongoing .	Not reiterated in Q3 release .	Stable/no update

Management Commentary

CEO (Craig Tooman): “Silence continues to focus on operational execution, highlighted by the rapid achievement of full enrollment in our ongoing SANRECO Phase 2 study of divesiran… We believe… positions us well for both near and long-term value creation” .
CFO (Rhonda Hellums): “With a strong cash position providing a runway into 2028, we remain focused on executing to deliver topline Phase 2 data in PV next year… and advancing our extra-hepatic work” .
Prior quarter emphasis (CEO, Q2): “The updated data we presented at EHA this past quarter were highly encouraging… [SANRECO] continues to progress towards full enrollment this year” .
Prior quarter emphasis (CFO, Q2): “Approximately $114.2 million… reiterating our cash runway guidance into 2028” .

Q&A Highlights

No Q3 2025 earnings call transcript was available; therefore, no Q&A themes or clarifications can be provided for this period [SearchDocuments: none].

Estimates Context

EPS: Actual $(0.15) vs. consensus $(0.148)* → near in-line; minimal surprise *.
Revenue: Actual $0.159M vs. consensus $5.750M* → material miss; reflects limited collaboration revenue recognition in 2025 (nine-month 2025 revenue $0.525M vs. $17.953M in nine-month 2024) *.
Implication: Street models likely need to recalibrate revenue expectations absent near-term milestones; the 2026 PV data is the primary value inflection, not quarterly revenue.

Estimates marked with * are S&P Global (Capital IQ) consensus; values retrieved from S&P Global.

Key Takeaways for Investors

The PV program is the central near-term catalyst: Phase 2 enrollment completion and topline timing (Q3 2026) de-risk execution and provide a clearer path to value-creating data in 2026 .
Cash runway into 2028 remains intact despite sequential cash reductions, supported by disciplined G&A and targeted R&D allocation; funding appears sufficient through topline PV readout .
Quarterly revenue volatility and very low levels in 2025 vs. 2024 underscore that collaboration payments are not a reliable near-term driver; models should emphasize pipeline milestones over revenue contributions .
Net loss improvement QoQ was driven by FX gain and R&D credit; operating loss remains substantial, reflecting necessary investment in clinical development .
Without a Q3 call transcript, external visibility into partnering timelines (zerlasiran) and collaboration monetization remains limited; watch for future updates and events (e.g., investor conferences) .
For trading, the accelerated enrollment and confirmed topline timing are potential positive sentiment drivers; however, the large revenue miss vs. consensus* may temper immediate reaction until clearer monetization or partnership signals emerge *.
Medium term, thesis rests on clinical execution and data quality in PV, continued platform advancement (extra-hepatic targeting), and potential strategic partnerships to unlock non-dilutive funding .

Additional relevant press release: Participation in Jefferies Global Healthcare Conference (Nov 19, 2025) indicates ongoing investor engagement; replay available post-event .

Silence Therapeutics plc (SLN)·Q3 2025 Earnings Summary