Executive Summary

Q3 2025 was execution-focused: net loss narrowed to $3.3M (vs $11.9M YoY) on sharply lower non-cash comp; EPS was ($2.88) vs ($274.25) YoY . Cash rose to $9.2M, aided by ~$9.5M gross financings; shareholders’ equity reached $7.0M, restoring Nasdaq compliance .
Scientific momentum continued: SIL204 showed broad pan-KRAS activity (83.5%–99.7% inhibition) across five cancer types with first gastric cancer data; lung and colorectal activity reinforced breadth; additional Q3 CRO selection de-risks trial startup .
Development timeline maintained: regulatory submissions targeted for Israel (Q4 2025) and EU (Q1 2026); Phase 2/3 initiation anticipated in H1 2026; manufacturing/formulation partnership with Catalent supports readiness .
Liquidity runway: management estimates current cash funds operations until end of Q2 2026; however, going-concern language remains given ongoing losses and expected future financing needs .

What Went Well and What Went Wrong

What Went Well
- Pan-KRAS preclinical validation strengthened: up to 99.7% inhibition in human cell lines; first evidence in gastric cancer; activity across KRAS G12D/V/R/C, G13D/C, Q61H, G12A .
- EU/Israel execution path: CRO (AMS) selected with deep oncology experience; scope includes regulatory strategy, design, data management for upcoming Phase 2/3 .
- Balance sheet improvement and Nasdaq compliance: cash and equivalents rose to $9.2M; shareholders’ equity $7.0M; Nasdaq confirmed compliance with bid price and equity standards (monitor through Sep-2026) .
- Management tone: “entering the next phase of development with great confidence,” citing financing and CRO selection supporting H1’26 trial start .
What Went Wrong
- Continuing losses and burn: net loss $3.3M in Q3; operating cash outflow ~$2.84M in Q3; pre-revenue profile persists .
- Going concern remains: substantial doubt about ability to continue as a going concern without additional financing despite improved liquidity .
- Capital structure risk: dispute from Moringa Sponsor on note conversion introduces potential legal/financing overhang .

Quarterly trend (oldest → newest)

Metric	Q1 2025	Q2 2025	Q3 2025
Revenues ($M)	$0.0	$0.0	$0.0
R&D Expense ($M)	$0.59	$1.02	$2.16
G&A Expense ($M)	$1.06	$1.27	$1.14
Total Operating Expenses ($M)	$1.65	$2.28	$3.29
Net Loss ($M)	$(1.74)	$(2.50)	$(3.26)
Diluted EPS ($)	$(0.26)	$(4.32)	$(2.88)
Cash & Equivalents ($M, end-period)	$6.15	$3.47	$9.24
Operating Cash Flow (CFO) ($M)	n/a	n/a	$(2.84)

YoY comparison (Q3 2025 vs Q3 2024)

Metric	Q3 2024	Q3 2025	YoY Change
Revenues ($M)	$0.0	$0.0	Flat
R&D Expense ($M)	$3.22	$2.16	Improved (lower spend)
G&A Expense ($M)	$4.82	$1.14	Improved (lower spend)
Total Operating Expenses ($M)	$8.04	$3.29	Improved
Net Loss ($M)	$(11.86)	$(3.26)	Improved
Diluted EPS ($)	$(274.25)	$(2.88)	Improved

KPIs

KPI	Q1 2025	Q2 2025	Q3 2025
Shareholders’ Equity ($M)	$2.59	$0.12	$6.98
Shares Outstanding (period end)	8,691,971*	579,536	3,126,642
Nasdaq Compliance Status	—	Hearings panel favorable decision Jul 7; reverse split Jul 29	Compliance confirmed Sep 23; 1-year monitor

*Share counts reflect reverse splits per period footnotes .

Estimates vs Actuals (S&P Global)

No S&P Global consensus EPS or revenue estimates were available for Q1–Q3 2025 for SLXN; therefore, no comparisons to Wall Street consensus can be provided (values unavailable via S&P Global) [GetEstimates].

Metric/Item	Period	Previous Guidance	Current Update (Q3)	Change
Regulatory submission – Israel MoH	Q4 2025	File in Q4 2025	Reiterated Q4 2025	Maintained
Regulatory submission – EU (Germany/EU)	Q1 2026	File in Q1 2026	Reiterated Q1 2026	Maintained
Phase 2/3 trial initiation (SIL204)	H1 2026	H1 2026	H1 2026	Maintained
Cash runway	Through Q2 2026	Not disclosed prior	Estimated sufficient to end of Q2 2026	New disclosure
Listing/compliance	2025	Reverse split to regain bid compliance	Compliance confirmed; monitor to Sep 2026	Improved status

Note: No Q3 2025 earnings call transcript was available. Thematic evolution from company disclosures:

Topic	Q1 2025 (May PR)	Q2 2025 (Aug PR)	Q3 2025 (Nov PR)	Trend
Pan-KRAS breadth	Orthotopic models: primary/metastases reduction; dual-route strategy unveiled	Expanded to lung/colorectal; Q61H coverage up to 97%	Broad human cell-line data (83.5–99.7%); first gastric cancer	Broadening/strengthening
Trial readiness	H1’26 start targeted; Catalent collaboration	On track; toxicology progressing	CRO selected; regulatory filings timetable reaffirmed	Operational de-risking
Financing/liquidity	~$9.2M gross raised Q1; cash $6.2M	Cash $3.5M; reverse split to aid listing; warrant inducement	~$9.5M raised in Q3; cash $9.2M; ATM and shelf in place; compliance regained	Improved liquidity/access
Listing status	—	Hearings panel favorable, reverse split	Compliance confirmed; panel monitor to Sep 2026	Improved but monitored
Risk language	—	—	Going concern still present	Unchanged risk

CEO: “The third quarter marked a period of strong scientific progress and continued operational momentum... the successful completion of additional financing further strengthen our readiness to initiate Phase 2/3 clinical trials in the first half of 2026.”
CFO: “$9.5 million of financings... increased our cash position and shareholders’ equity, contributing to maintaining our Nasdaq listing.”
CSO on systemic data: “These findings provide additional validation... subcutaneously delivered SIL204 to reach metastatic sites throughout the body” (liver, peritoneum, lung) with significant reductions in tumor burden at clinically relevant doses .
CEO on pan-KRAS potency: “High levels of inhibition... across different KRAS mutations substantially strengthens SIL204’s potential as a pan-KRAS therapeutic candidate” .

No earnings call transcript was furnished for Q3 2025. Clarifications from filings and press releases:

Cash runway: management estimates funding until end of Q2 2026, but going-concern language remains due to expected future financing needs .
Regulatory/clinical timeline unchanged: Israel filing Q4 2025; EU Q1 2026; Phase 2/3 initiation H1 2026 .
Listing status: compliance regained; mandatory Nasdaq panel monitor through Sep 23, 2026 .
Capital access: ATM facility ($13.17M capacity) under effective shelf (S-3) established Sep 2025 .

S&P Global consensus estimates for EPS and Revenue were not available for SLXN for Q1–Q3 2025; as a result, we cannot present beat/miss analysis against Wall Street consensus (values unavailable via S&P Global) [GetEstimates].

Execution is on track: regulatory filings (Israel/EU) and H1’26 Phase 2/3 start reaffirmed; CRO partner in place to support operational readiness .
Scientific breadth expanded: robust pan-KRAS inhibition across multiple mutations and tumor types, including first gastric cancer data, bolsters platform narrative ahead of clinical entry .
Balance sheet stabilized but not de-risked: cash to Q2 2026 and regained listing compliance; ATM and shelf provide financing avenues, yet going-concern language underscores ongoing capital dependence .
P&L optics improved YoY: sizable reductions in non-cash share-based comp and operating costs narrowed quarterly loss/elevated EPS from extreme prior-year levels; still pre-revenue .
Potential overhang: sponsor note conversion dispute introduces legal/financing uncertainty to monitor .
Near-term catalysts: Israel MoH submission (Q4 2025), EU submission (Q1 2026), any additional preclinical readouts supporting indication breadth, and financing/access-to-capital milestones .

Supporting documents: Q3 2025 8-K earnings PR -; 10-Q (Q3 2025) -; Q2/Q1 earnings 8-Ks -, -; additional PRs (clinical/ops/financing) - - - - - - - -.