Silexion Therapeutics Corp (SLXN)·Q2 2025 Earnings Summary

Executive Summary

• Q2 2025 net loss widened to $2.50M versus $1.50M in Q2 2024, driven by higher public-company G&A and increased R&D; loss per share was $4.32 with 579,523 weighted-average shares .
• Cash and equivalents were $3.47M at June 30, 2025, down from $6.15M at March 31, 2025, reflecting operating spend; total shareholders’ equity improved to $0.12M from $(3.99)M at year-end 2024 .
• Strategic progress: Catalent collaboration for SIL204 formulation/manufacturing, maintenance of Nasdaq listing post 1-for-15 reverse split, and expanded preclinical efficacy across pancreatic, colorectal, and lung cancers (including KRAS Q61H up to 97% inhibition) .
• Clinical timeline reaffirmed: regulatory submissions planned to Israel MoH in Q4 2025 and EU in Q1 2026; Phase 2/3 initiation targeted for 1H 2026; narrative remains a development-catalyst story rather than revenue/EPS beats/misses .
• Stock-reaction catalysts: pan‑KRAS efficacy data breadth, listing-compliance clarity, and nearer-term regulatory milestones; funding actions (post‑quarter warrant exercise) modestly extend runway but dilution risk remains a watchpoint .

What Went Well and What Went Wrong

What Went Well

• Expanded SIL204 efficacy beyond pancreatic into colorectal and lung, with ~90% inhibition in GP2D colorectal cells and up to 94% in pancreatic; first evidence vs KRAS Q61H mutation up to 97% inhibition supports a pan‑KRAS profile .
• Strategic collaboration with Catalent to optimize systemic and intratumoral formulations and support clinical manufacturing—key for execution against the dual-route development plan .
• Management tone confident on platform potential: “SIL204’s impressive efficacy across pancreatic, colorectal, and lung cancers… positioned as a potentially transformative pan‑KRAS therapeutic” — Ilan Hadar, CEO .

What Went Wrong

• Operating expenses rose 64% YoY to $2.28M and G&A more than doubled to $1.3M, reflecting public‑company costs; net loss increased 66.7% YoY to $2.50M .
• Cash declined QoQ to $3.47M, tightening near‑term liquidity; while equity turned positive by Q2, the company still works toward achieving the $2.5M shareholders’ equity compliance threshold .
• Going‑concern language highlighted in FY 2024 filings underscores dependency on external capital to fund development until clinical inflection points are reached .

Financial Results

P&L vs Prior Periods and Prior Year

Note: Share and per-share amounts reflect reverse splits noted in filings .

Balance Sheet Snapshot

KPIs (Program and R&D)

Guidance Changes

No financial guidance (revenue/margins/tax rate/dividends) was provided in Q2 2025 materials .

Earnings Call Themes & Trends

Note: No Q2 2025 earnings call transcript was found after targeted searches; themes below reflect press releases and 8‑K disclosures rather than live Q&A [SearchDocuments: no results] .

Management Commentary

• “Our preclinical data now demonstrates SIL204’s impressive efficacy across pancreatic, colorectal, and lung cancers… including the newly validated Q61H and G13D variants, SIL204 is positioned as a potentially transformative pan‑KRAS therapeutic.” — Ilan Hadar, CEO .
• “Catalent’s expertise in complex formulation development will be instrumental as we work toward our goal of initiating human clinical trials in the first half of 2026.” — Ilan Hadar, CEO .
• “Our latest orthotopic model data… represent a potential paradigm shift in treating KRAS‑driven cancers… we unveiled our expanded dual‑route development strategy for SIL204.” — Ilan Hadar, CEO (Q1 update) .

Q&A Highlights

• Q2 2025 earnings call transcript was not available across SEC/press distribution and third-party transcript aggregators at time of review; therefore, no Q&A highlights or clarifications can be provided [SearchDocuments: no results] .
• Narrative clarity on timelines and program scope is taken from 8‑K/press releases; any guidance details would be refined at future calls .

Estimates Context

• Wall Street consensus (S&P Global) for Q2 2025 EPS and revenue was unavailable for SLXN at time of retrieval; as a pre‑revenue biotech, earnings comparisons to sell‑side models are not meaningful this quarter [GetEstimates: empty].
• Implication: Estimate revisions will likely focus on opex pace/runway and timeline confidence rather than revenue/EPS models; watch for changes to cash burn assumptions and required financing cadence .

*Values retrieved from S&P Global.

Key Takeaways for Investors

• Execution momentum: breadth of pan‑KRAS efficacy and Q61H coverage strengthens platform differentiation ahead of regulatory submissions in late‑2025/early‑2026 .
• Path to clinic: Catalent collaboration de‑risks formulation/CMC steps necessary for dual‑route administration, supporting the 1H 2026 clinical start .
• Liquidity watch: cash fell to $3.47M in Q2; post‑quarter $1.8M warrant proceeds help, but further capital will likely be needed before Phase 2/3 initiation .
• Cost profile: G&A scaling with public‑company operations and R&D ramp drive higher opex; near‑term focus on disciplined spend to preserve runway .
• Compliance trajectory: listing maintained via reverse split; shareholders’ equity improved to $0.12M but remains below the $2.5M threshold target—monitor equity actions and balance sheet .
• No revenue/estimate anchor: with no reported revenue and no S&P Global consensus available, trading catalysts remain clinical/regulatory rather than fundamental beats/misses [GetEstimates: empty].
• Tactical setup: upcoming Israel/EU submissions and any additional human cell‑line data readouts can drive sentiment; financing terms/dilution will be a key swing factor for medium‑term risk‑reward .