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Silexion Therapeutics Corp (SLXN)·Q1 2025 Earnings Summary
Executive Summary
- Q1 2025 was an operationally steady quarter focused on pipeline execution and balance-sheet strengthening: net loss was $1.7M and EPS was $0.26, with cash rising to $6.2M following equity financings and warrant exercises .
- R&D execution advanced meaningfully: SIL204 demonstrated anti-tumor (~70% and ~80% reductions) and anti-metastatic activity in orthotopic models; extended systemic exposure (>56 days); and chemotherapy synergy—important de-risking data ahead of planned first-in-human initiation in H1 2026 .
- Expense mix shifted: G&A rose (public company costs, headcount), while R&D declined (lower subcontractor/consultant spend), consistent with post-de-SPAC scale-up and financing-related activities .
- No explicit financial guidance or revenue was provided; Street consensus for Q1 2025 EPS and revenue was unavailable via S&P Global, limiting beat/miss framing; near-term stock catalysts are tied to preclinical updates and the Catalent collaboration for formulation and clinical manufacturing .
What Went Well and What Went Wrong
What Went Well
- SIL204 delivered breakthrough orthotopic pancreatic cancer data: subcutaneous, systemic administration reduced primary tumor burden (~70% in AsPC‑1 KRAS G12D; ~80% in BxPC‑3) and metastases to multiple organs, signaling potential to address both primary and metastatic disease .
- Durable exposure and synergy: a single systemic dose maintained effective levels for >56 days; preclinical data showed synergistic activity with first‑line chemotherapy agents in pancreatic cancer—supporting combination strategies .
- Balance sheet strengthened: ~$5.0M gross from a public offering, ~$0.9M from warrant exercises, and ~$3.3M from a warrant inducement; retirement of a $1.25M promissory note improved capital structure and liquidity .
- Quote: “Our latest orthotopic model data demonstrated SIL204’s ability to significantly reduce both primary tumor burden and metastatic spread…representing a potential paradigm shift” — Ilan Hadar, Chairman & CEO .
What Went Wrong
- Continued losses and no commercial revenue: net loss of $1.7M; company remains pre‑revenue and flagged substantial doubt about going concern in audited FY 2024 disclosures, necessitating continued access to capital .
- G&A materially higher vs. prior year due to public company costs and headcount growth; this compresses runway absent additional financing .
- Nasdaq listing deficiency letter (Oct 29, 2024) on minimum bid price highlights market/listing risk until compliance is regained (window to Apr 28, 2025) .
Financial Results
Core P&L and EPS
Notes:
- Sequential Q4 2024 quarterly P&L detail was not furnished in the FY 2024 8‑K press release; comparisons use Q3 2024 as the latest quarterly reference available .
- Expense drivers: G&A up on public company costs and headcount; R&D down on lower subcontractor/consultant spend .
Liquidity
Segment Breakdown
Pipeline and Operating KPIs
Guidance Changes
Earnings Call Themes & Trends
No Q1 2025 earnings call transcript was available; themes below reflect press releases and 8‑K disclosures.
Management Commentary
- CEO prepared remarks: “SIL204’s ability to significantly reduce both primary tumor burden and metastatic spread…[and] expanded dual‑route development strategy…positioning us to potentially address both primary tumors and metastases…well‑positioned to advance our pipeline toward clinical development.” — Ilan Hadar, Chairman & CEO .
- CFO (FY context): “Recent successful financings…reinforce our ability to support ongoing and upcoming development initiatives…With a strengthened financial foundation, we remain focused on executing our strategic objectives and driving long‑term growth.” — Mirit Horenshtein Hadar, CFO .
Q&A Highlights
No Q1 2025 earnings call transcript was available; therefore, no Q&A themes or clarifications were furnished in primary documents [ListDocuments returned none for transcripts].
Estimates Context
- Wall Street consensus (S&P Global Capital IQ) for Q1 2025 EPS and revenue was unavailable for SLXN at the time of query; as a pre‑revenue clinical‑stage company, estimate coverage may be limited [GetEstimates returned no data]. Values retrieved from S&P Global.*
Where estimates may need to adjust:
- The orthotopic anti‑metastatic efficacy, extended exposure, and Catalent collaboration could be incremental positives for probability of success and timing assumptions embedded in medium‑term models, but formal Street numbers were not available to quantify changes .
Key Takeaways for Investors
- SIL204 orthotopic anti‑metastatic efficacy plus >56‑day exposure materially de‑risks the program entering toxicology and IND‑enabling work; supports dual‑route clinical strategy for both primary and metastatic disease .
- Liquidity improved: ~$9.2M gross across offering, warrant exercises, and inducement, plus retirement of $1.25M note; cash rose to $6.2M at quarter‑end—providing near‑term funding for R&D and CMC activities .
- Expense profile is normalizing post‑de‑SPAC: G&A elevated from public company costs and financing activities; R&D down due to reduced subcontractor/consultant spend—watch operating discipline as CMC and tox costs ramp .
- No formal financial guidance and no revenues; trading narrative will hinge on preclinical readouts, CMC progress with Catalent, and clarity on the H1 2026 clinical start .
- Listing risk persists until minimum bid deficiency is cured (window extended to late April 2025 per Nasdaq letter) .
- For near‑term positioning, catalysts include additional SIL204 preclinical/CMC updates and any regulatory process milestones; mid‑term thesis centers on KRAS‑targeted RNAi in pancreatic/colorectal settings with potentially complementary systemic and intratumoral approaches .
Sources:
Q1 2025 8-K press release and financials: **[2022416_0001178913-25-001763_exihibt_99-1.htm:1]** **[2022416_0001178913-25-001763_exihibt_99-1.htm:2]** **[2022416_0001178913-25-001763_exihibt_99-1.htm:4]** **[2022416_0001178913-25-001763_exihibt_99-1.htm:5]** **[2022416_0001178913-25-001763_zk2533189.htm:1]** **[2022416_0001178913-25-001763_zk2533189.htm:2]**
Q3 2024 8-K press release and financials: **[2022416_0001178913-24-003695_exhibit_99-1.htm:0]** **[2022416_0001178913-24-003695_exhibit_99-1.htm:1]** **[2022416_0001178913-24-003695_exhibit_99-1.htm:3]** **[2022416_0001178913-24-003695_exhibit_99-1.htm:4]**
FY 2024 8-K press release and financials: **[2022416_0001178913-25-000889_exhibit_99-1.htm:1]** **[2022416_0001178913-25-000889_exhibit_99-1.htm:2]** **[2022416_0001178913-25-000889_exhibit_99-1.htm:3]** **[2022416_0001178913-25-000889_exhibit_99-1.htm:5]** **[2022416_0001178913-25-000889_exhibit_99-1.htm:6]** **[2022416_0001178913-25-000889_zk2532884.htm:1]** **[2022416_0001178913-25-000889_zk2532884.htm:2]**
Updated unaudited and audited financial statements (reverse split; segment; going concern; Nasdaq letter): **[2022416_0001178913-25-000102_exhibit_99-1.htm:11]** **[2022416_0001178913-25-000102_exhibit_99-1.htm:12]** **[2022416_0001178913-25-000102_exhibit_99-1.htm:26]** **[2022416_0001178913-25-000102_exhibit_99-2.htm:8]** **[2022416_0001178913-25-000102_exhibit_99-2.htm:14]**
Estimates: GetEstimates (no data returned). Values retrieved from S&P Global.*