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Silexion Therapeutics Corp (SLXN)·Q4 2024 Earnings Summary

Executive Summary

  • Pre-revenue biotech reported full-year 2024 alongside Q4, with net loss of $16.5M and total operating expenses of $12.6M; results were driven by one-time items (SPAC-related $4.8M loss) and elevated non-cash share-based comp ($5.8M) .
  • Cash and equivalents fell to $1.2M at year-end; subsequent financings in early 2025 raised $9.1M gross ($7.9M net), extending runway .
  • Pipeline progressed: SIL204 demonstrated significant reductions in primary tumor burden and metastasis in orthotopic pancreatic models; LODER™ Phase 2 showed 56% ORR and improved resectability to 67% in some cases .
  • Management reiterated plans to prepare SIL204 for tox studies and target Phase 2/3 initiation in H1 2026; going-concern language and Nasdaq compliance risk remain key overhangs and catalysts for stock moves .

What Went Well and What Went Wrong

What Went Well

  • SIL204 achieved “breakthrough findings” in orthotopic models, reducing primary tumor burden and metastatic spread; CEO: “These results reinforce SIL204’s potential as a novel therapeutic…bringing us closer to clinical development” .
  • LODER™ Phase 2 delivered a 56% ORR in KRAS G12D/V patients and improved resectability to 67% for some non‑resectable cases, supporting clinical promise in LAPC .
  • Funding: early-2025 transactions raised $9.1M gross ($7.9M net), with CFO noting a “strengthened financial foundation” to support development initiatives .

What Went Wrong

  • Operating expenses rose to $12.6M (vs. $4.7M in 2023), driven by public-company transition and non-cash share-based comp; net loss widened to $16.5M (vs. $5.1M) .
  • A one-time $4.8M loss tied to the business combination drove financial expense higher (financial expenses net $3.9M) .
  • Cash declined to $1.2M at year-end, and Nasdaq minimum bid deficiency letter (Oct 29, 2024) plus going-concern language heighten listing and funding risks .

Financial Results

Income Statement Highlights (USD Millions)

MetricFY 2023FY 2024
Total Operating Expenses ($)$4.681 $12.571
Net Loss ($)$5.108 $16.519
Loss per Share ($)$44.23 $26.36

Q3 2024 (Three Months Ended Sept 30, 2024) – Updated

MetricQ3 2024
Research & Development ($MM)$0.535
General & Administrative ($MM)$0.196
Total Operating Expenses ($MM)$0.731
Financial Expenses, net ($MM)$0.072
Net Loss ($MM)$0.809
Loss per Share ($)$7.04

Revenue Status

MetricFY 2023Q3 2024FY 2024
Revenues ($MM)$0.000 $0.000 $0.000

Note: Company states it “has not yet generated revenues” .

Cash & Liquidity

MetricDec 31, 2023Sept 30, 2024Dec 31, 2024Post-period Financing (Gross)Post-period Financing (Net)
Cash & Equivalents ($MM)$4.595 $1.973 $1.187 $9.1 $7.9

KPIs (Operating Detail)

MetricFY 2023FY 2024
R&D Expense ($MM)$3.708 $5.815
G&A Expense ($MM)$0.973 $6.756
Share-based Compensation (non-cash) ($MM)$0.130 $5.800+ (aggregate across R&D/G&A per press release)
Cash Used in Operations (9M) ($MM)N/A$(5.470)

Segment breakdown: The company operates a single R&D segment .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
SIL204: Phase 2/3 initiation target (LAPC)H1 2026H1 2026 (prior reiterated) H1 2026 Maintained
SIL204: Toxicology preparation2025Preparing for tox studies Preparing for tox studies Maintained
SIL204: Colorectal cancer preclinical expansion2025Initiate preclinical studies Plan to initiate preclinical studies Maintained
Funding runway (post-period)2025ELOC and ongoing raises $9.1M gross/$7.9M net proceeds received Raised

No formal financial guidance for revenue, margins, OpEx, OI&E, or tax rate was provided in Q4 materials .

Earnings Call Themes & Trends

No Q4 2024 earnings call transcript was found in the document set.

TopicPrevious Mentions (Q3 2024)Current Period (Q4/FY 2024)Trend
SIL204 preclinical efficacyExtended-release systemic dosing; necrosis; strong anti-tumor effects Orthotopic models show significant reduction in tumor burden and metastases; sustained systemic exposure over 56 days (Jan–Mar 2025 data summarized) Strengthening evidence and broader scope
LODER™ clinical outcomePhase 2: 56% ORR; resectability up to 67% Reiterated clinical promise in LAPC Narrative consistent
FinancingELOC usage; ~$0.6M Q3 and $2.5M net through date $9.1M gross ($7.9M net) raised early 2025; cash $1.2M at 12/31/24 Runway extended post-period
Regulatory/listing riskEmerging public company; SPAC; early governance notes Going-concern language and Nasdaq deficiency letter noted (Oct 29, 2024) Elevated risk disclosures
OperationsTransition to Nasdaq; build-out Public-compliance costs and share-based comp drove OpEx higher Cost base increased

Management Commentary

  • CEO (Ilan Hadar): “2024 was a transformative year… breakthrough findings from orthotopic pancreatic cancer models demonstrating SIL204’s ability to significantly reduce both primary tumor burden and metastatic spread… We remain focused on advancing SIL204 towards trials… by the first half of 2026” .
  • CFO (Mirit Horenshtein Hadar): “Recent successful financings… totaling approximately $9.1 million in gross proceeds (~$7.9 million net)… reinforce our ability to support ongoing and upcoming development initiatives… With a strengthened financial foundation, we remain focused on executing our strategic objectives” .

Q&A Highlights

No Q4 2024 earnings call transcript found; no Q&A details available in the filings reviewed.

Estimates Context

  • Wall Street consensus (S&P Global) for EPS/revenue was unavailable for SLXN for Q4 2024/FY 2024 in our retrieval. Given the company is pre-revenue and early-stage, coverage may be limited. Values retrieved from S&P Global.

Key Takeaways for Investors

  • Pre-revenue, clinical-stage profile: no product revenue yet; funding needs persist; runway extended post-period via ~$7.9M net financing .
  • Strengthening SIL204 dataset (systemic delivery, orthotopic efficacy, metastasis reduction) supports thesis on KRAS-driven tumors; timeline targets H1 2026 for Phase 2/3 initiation .
  • LODER™ Phase 2 results (56% ORR; improved resectability) provide clinical validation and potential optionality while SIL204 advances .
  • Cost structure reset post-listing: 2024 OpEx $12.6M and net loss $16.5M reflect one-time combination costs and elevated non-cash SBC; expect normalization of one-time items but public-company costs remain .
  • Balance sheet tight at year-end ($1.2M cash), but post-period raises mitigate near-term liquidity; watch additional capital sources (ELOC, converts, warrants) and potential dilution .
  • Risk overhangs: going-concern language in 2024 statements and Nasdaq bid-price deficiency letter increase sensitivity to execution and financing updates .
  • Near-term trading catalysts: additional preclinical disclosures, tox-readiness milestones, financing updates, and any listing-compliance developments; narrative strength hinges on continued data flow and runway clarity .