Silence Therapeutics plc

siRNA platform company with a strong zerlasiran Phase 2 but short runway and partner-dependent late-stage funding.

Strengths

• Zerlasiran Phase 2 strongly positive (~80% Lp(a) lowering, p<0.0001, clean tolerability) — best-in-class-competitive proof of mechanism
• Divesiran PV Phase 2 fully enrolled with 3Q 2026 readout; Fast Track/orphan designations
• Healthy current/quick ratios (76th pct)

Risks

• Cash $85M with only ~5.5 quarters runway; deeply negative margins (operating -163%, 8th pct) and revenue -99%
• AstraZeneca discontinued SLN312 and zerlasiran needs a partner for Phase 3 — late-stage value gated by financing/partnering
• No approved product; ROE 20th pct

Notable findings

• Material weakness• We may identify material weaknesses in our internal control over financial reporting
• Cash burnNegative free cash flow (-62.3M)
• Net lossNet loss (net margin -15851.9%)
• Chronic dilutionShare count +44%/yr over 1y (dilution, book value/share -68%)
• Notable holderHeld by 2 notable fund(s): CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC (as of 2026-03-31)
• Revenue declineRevenue -98.7% YoY
• Trial readout soonUpcoming trial readout ~2026-09 — PHASE1/PHASE2 · Polycythemia Vera