Second quarter 2026
Filed Aug 10, 2026Silence Therapeutics reports lower second-quarter net loss and R&D expense alongside completion of Phase 2 SANRECO patient dosing
The company materially reduced R&D expense and net loss versus the prior-year quarter, while advancing divesiran through completed Phase 2 patient dosing. However, quarterly revenue and gross profit were reported as $ —, and the filing provided no financial outlook, operating cash flow, or runway disclosure.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $ — (in thousands) | – | – |
| Cost of salesGAAP | — (in thousands) | – | – |
| Gross profitGAAP | — (in thousands) | – | – |
| Research and development costsGAAP | (9,148 ) (in thousands) | – | The $8.4 million decrease |
| General and administrative expensesGAAP | (4,717 ) (in thousands) | – | – |
| Restructuring chargesGAAP | — (in thousands) | – | – |
| Operating lossGAAP | (13,865 ) (in thousands) | – | – |
| Foreign currency gain/(loss), netGAAP | 151 (in thousands) | – | – |
| Other income, netGAAP | 669 (in thousands) | – | – |
| Benefit from R&D creditGAAP | 778 (in thousands) | – | – |
| Loss before income tax expenseGAAP | (12,267 ) (in thousands) | – | – |
| Income tax expenseGAAP | (1 ) (in thousands) | – | – |
| Net LossGAAP | $ (12,268 ) (in thousands) | – | – |
| Loss per share (basic and diluted)GAAP | $ (0.09 ) | – | – |
| Weighted average shares outstanding (basic and diluted)GAAP | 141,709,762 | – | – |
| Six-month revenueGAAP | $ 422 (in thousands) | – | – |
| Six-month cost of salesGAAP | (11 ) (in thousands) | – | – |
| Six-month gross profitGAAP | 411 (in thousands) | – | – |
| Six-month research and development costsGAAP | (18,270 ) (in thousands) | – | – |
| Six-month general and administrative expensesGAAP | (11,743 ) (in thousands) | – | – |
| Six-month restructuring chargesGAAP | — (in thousands) | – | – |
| Six-month operating lossGAAP | (29,602 ) (in thousands) | – | – |
| Six-month foreign currency gain/(loss), netGAAP | (331 ) (in thousands) | – | – |
| Six-month other income, netGAAP | 1,240 (in thousands) | – | – |
| Six-month benefit from R&D creditGAAP | 1,469 (in thousands) | – | – |
| Six-month loss before income tax expenseGAAP | (27,224 ) (in thousands) | – | – |
| Six-month income tax expenseGAAP | (1 ) (in thousands) | – | – |
| Six-month net lossGAAP | $ (27,225 ) (in thousands) | – | – |
| Six-month loss per share (basic and diluted)GAAP | $ (0.19 ) | – | – |
| Six-month weighted average shares outstanding (basic and diluted)GAAP | 141,706,190 | – | – |
| Cash and cash equivalentsGAAP | $ 72,054 (in thousands) | – | – |
| Total outstanding sharesother | 141,739,180 ordinary shares (including shares in the form of American Depositary Shares) | – | – |
What drove it
- The $8.4 million decrease in R&D expense was mainly due to zerlasiran Phase 3 readiness being completed in 2025 as well as reduced personnel costs.
- The company completed patient dosing in the Phase 2 SANRECO double-blind, placebo-controlled trial evaluating divesiran 6 mg/kg at Q6W and Q12W dosing intervals in 48 phlebotomy-dependent PV patients in June 2026.
- AstraZeneca presented Phase 1 SLN312 (AZD1705) results that demonstrated a favorable safety profile and dose-dependent, durable reductions in ANGPTL3 protein levels and atherogenic lipoproteins including LDL-C, Apo-B and non-HDL-C.
- The company generated additional preclinical data for SLN365 and SLN098 and stated that each program is well positioned for a potential IND filing in 2027.
Concerns
- Quarterly revenue and gross profit were reported as $ —.
- The company remained loss-making, reporting a net loss of $ (12,268 ) (in thousands).
- The filing identified the company’s history of net operating losses and its ability to obtain necessary capital to fund clinical programs among risks.
- The filing did not provide financial guidance, cash runway, operating cash flow, free cash flow, or debt disclosure.
What to watch
- Anticipated timing of initial topline and future results from the SANRECO Phase 2 trial.
- Development progress for divesiran following completion of patient dosing in June 2026.
- Potential IND filings in 2027 for SLN365 (GPR146) and SLN098 (INHBE).
- Further development under the AstraZeneca collaboration for SLN312 (AZD1705).
Balance sheet and cash flow
- Cash and cash equivalents were $ 72,054 (in thousands) as of June 30, 2026, compared to $ 11,277 (in thousands) as of December 31, 2025.
- Short-term investments were — (in thousands) as of June 30, 2026, compared to 73,837 (in thousands) as of December 31, 2025.
- R&D benefit receivable was 9,292 (in thousands) as of June 30, 2026, compared to 22,007 (in thousands) as of December 31, 2025.
- Total current assets were 94,281 (in thousands) as of June 30, 2026, compared to 118,658 (in thousands) as of December 31, 2025.
- Total assets were $ 106,412 (in thousands) as of June 30, 2026, compared to $ 131,442 (in thousands) as of December 31, 2025.
- Total current liabilities were (12,714 ) (in thousands) as of June 30, 2026, compared to (13,613 ) (in thousands) as of December 31, 2025.
- Total liabilities were $ (67,941 ) (in thousands) as of June 30, 2026, compared to $ (69,138 ) (in thousands) as of December 31, 2025.
- Total shareholders’ equity was (38,471 ) (in thousands) as of June 30, 2026, compared to (62,304 ) (in thousands) as of December 31, 2025.
Analysis
Silence Therapeutics reported a materially smaller second-quarter loss, with net loss of $ (12,268 ) (in thousands), compared with $ (27,354 ) (in thousands) in the prior-year period. The improvement was led by research and development costs of (9,148 ) (in thousands), versus (17,647 ) (in thousands), which the company attributed mainly to completion of zerlasiran Phase 3 readiness in 2025 and reduced personnel costs. Operating loss was (13,865 ) (in thousands), compared with (23,963 ) (in thousands).
Revenue was reported as $ — (in thousands) for the quarter, compared with $ 224 (in thousands) a year earlier, and gross profit was also reported as — (in thousands). As a result, the quarterly result was primarily determined by operating spending, foreign currency gain/(loss), other income, and the benefit from R&D credit rather than recurring revenue growth. For the six months ended June 30, 2026, revenue was $ 422 (in thousands) and net loss was $ (27,225 ) (in thousands).
Pipeline execution was the central operating development. The company completed dosing in the Phase 2 SANRECO trial of divesiran in 48 phlebotomy-dependent PV patients during June 2026. It also presented follow-up Phase 1 SANRECO data at EHA 2026, while AstraZeneca presented Phase 1 SLN312 results describing a favorable safety profile and dose-dependent, durable reductions in ANGPTL3 protein levels and atherogenic lipoproteins.
Liquidity was $ 72,054 (in thousands) of cash and cash equivalents at June 30, 2026, while short-term investments were reported as — (in thousands), compared with 73,837 (in thousands) at December 31, 2025. The filing did not provide an operating cash flow statement, free cash flow, debt figure, cash runway, or financial guidance. The next disclosed development markers are anticipated SANRECO Phase 2 results and potential IND filings in 2027 for SLN365 and SLN098.
Not in the filing
stated, not guessed- Gross margin was not reported.
- Non-GAAP revenue, earnings, EPS, margins, or cash flow measures were not reported.
- Prior-quarter comparisons were not reported for quarterly operating metrics.
- Segment revenue and segment-level profitability were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Debt was not reported.
- Capital returns, including share repurchases and dividends, were not reported.
- Financial guidance for revenue, gross margin, operating expenses, or tax rate was not reported.
- Cash runway was not reported.
- Named executive commentary and named-executive quotes were not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.