Q3 FY2026
Filed Nov 12, 2026Silence Therapeutics reports Q3 2026 net loss of $(12,426) thousand as R&D spend falls to $9.3 million; Merck KGaA acquisition agreement pending
The quarter shows lower R&D and G&A spend, a narrower net loss and a larger cash balance after an offering, but revenue was nil in the quarter, nine-month revenue fell, and the company is pending acquisition with no guidance or cash flow statement provided.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026GAAP | nil (shown as a dash) thousand | – | – |
| Cost of sales, three months ended September 30, 2026GAAP | nil (shown as a dash) thousand | – | – |
| Gross profit, three months ended September 30, 2026GAAP | nil (shown as a dash) thousand | – | – |
| Research and development costs, three months ended September 30, 2026GAAP | $9.3 million ($(9,304) thousand) | – | $11.2 million decrease |
| General and administrative expenses, three months ended September 30, 2026GAAP | $4.9 million ($(4,920) thousand) | – | $0.9 million decrease |
| Operating loss, three months ended September 30, 2026GAAP | −$14.22M | – | – |
| Foreign currency gain/(loss), net, three months ended September 30, 2026GAAP | $21K | – | – |
| Other income, net, three months ended September 30, 2026GAAP | $1.08M | – | – |
| Benefit from R&D credit, three months ended September 30, 2026GAAP | $697K | – | – |
| Net loss, three months ended September 30, 2026GAAP | $(12,426) thousand ($12.4 million) | – | – |
| Loss per share (basic and diluted), three months ended September 30, 2026GAAP | $(0.08) | – | – |
| Revenue, nine months ended September 30, 2026GAAP | $422K | – | – |
| Cost of sales, nine months ended September 30, 2026GAAP | −$11K | – | – |
| Gross profit, nine months ended September 30, 2026GAAP | $411K | – | – |
| Research and development costs, nine months ended September 30, 2026GAAP | −$27.57M | – | – |
| General and administrative expenses, nine months ended September 30, 2026GAAP | −$16.66M | – | – |
| Restructuring charges, nine months ended September 30, 2026GAAP | nil (shown as a dash) thousand | – | – |
| Operating loss, nine months ended September 30, 2026GAAP | −$43.83M | – | – |
| Foreign currency gain/(loss), net, nine months ended September 30, 2026GAAP | −$310K | – | – |
| Other income, net, nine months ended September 30, 2026GAAP | $2.32M | – | – |
| Benefit from R&D credit, nine months ended September 30, 2026GAAP | $2.17M | – | – |
| Net loss, nine months ended September 30, 2026GAAP | −$39.65M | – | – |
| Loss per share (basic and diluted), nine months ended September 30, 2026GAAP | $(0.26) | – | – |
| Cash and cash equivalents, as of September 30, 2026GAAP | $247.7 million ($247,659 thousand) | – | – |
| Total assets, as of September 30, 2026GAAP | $281.5M | – | – |
| Total liabilities, as of September 30, 2026GAAP | −$66.48M | – | – |
| Total shareholders' equity, as of September 30, 2026GAAP | $(215,021) thousand (as printed in the balance sheet) | – | – |
Capital returns
- No share repurchases or dividends are reported in the document.
- The filing reports $201.3 million in gross proceeds from an upsized public offering announced on August 11, 2026, included in the cash balance. This is a capital raise, not a return of capital.
What drove it
- Company explanation for the R&D decrease: the $11.2 million decrease is mainly due to the zerlasiran Phase 3 readiness being completed in 2025 as well as reduced personnel costs.
- Company explanation for the G&A decrease: the $0.9 million decrease is mainly due to an effort to reduce administrative costs.
- Company explanation for the cash increase: the balance includes $201.3 million in gross proceeds from an upsized public offering announced on August 11, 2026.
- Company-reported positive topline results from the Phase 2 SANRECO trial of divesiran in polycythemia vera were announced on August 10, 2026, with the company describing a potentially best-in-class profile with once-every-three-month dosing.
- On October 19, 2026, Silence announced a definitive agreement to be acquired by Merck KGaA, Darmstadt, Germany, expected to close in the first quarter of 2027.
Concerns
- Revenue was nil (shown as a dash) for the three months ended September 30, 2026, compared with $159 thousand in the prior-year quarter.
- Nine-month revenue was $422 thousand, against $525 thousand in the prior-year period.
- The R&D benefit line fell to $697 thousand for the quarter from $2,583 thousand, and to $2,166 thousand for nine months from $7,633 thousand. The filing does not explain these changes.
- The pending acquisition by Merck KGaA is subject to regulatory and shareholder approvals, the sanction of the High Court of Justice of England and Wales, and other closing conditions, and the filing lists termination and litigation risks.
- Non-current contract liabilities of $(55,218) thousand remain on the balance sheet. The filing does not describe their nature or timing in this document.
What to watch
- Completion of the proposed acquisition by Merck KGaA, Darmstadt, Germany, expected in the first quarter of 2027, including the proxy statement, shareholder and regulatory approvals, and the High Court sanction.
- Presentation of SANRECO Phase 2 divesiran results at the ASH 2026 Annual Meeting, December 12-15, 2026, in New Orleans, LA.
- Whether R&D and G&A spending remains at the reduced levels reported for the quarter.
- Any revenue recognition in future periods, given nil revenue this quarter.
Balance sheet and cash flow
- Cash and cash equivalents were $247.7 million as of September 30, 2026, per the filing text, against $247,659 thousand on the balance sheet and $11,277 thousand at December 31, 2025.
- The filing states that the $247.7 million cash figure includes $201.3 million in gross proceeds from an upsized public offering announced on August 11, 2026.
- Short-term investments were nil at September 30, 2026 (shown as a dash) against $73,837 thousand at December 31, 2025.
- Total assets were $281,498 thousand at September 30, 2026, against $131,442 thousand at December 31, 2025.
- Non-current contract liabilities were $(55,218) thousand at September 30, 2026, against $(55,454) thousand at December 31, 2025.
- Total liabilities were $(66,477) thousand at September 30, 2026, against $(69,138) thousand at December 31, 2025. The balance sheet prints liabilities and equity with negative signs, and the document presents them that way.
- No cash flow statement is included in the document, so operating and free cash flow are not reported.
Analysis
Silence Therapeutics reported a third quarter 2026 net loss of $(12,426) thousand, or $(0.08) per basic and diluted share, against a net loss of $(20,958) thousand, or $(0.15) per share, in the third quarter of 2025. Revenue for the quarter was nil (shown as a dash), compared with $159 thousand a year earlier. The loss narrowed mainly because research and development costs fell to $(9,304) thousand from $(20,544) thousand, and general and administrative expenses fell to $(4,920) thousand from $(5,795) thousand. The company attributes the R&D decrease to the completion of zerlasiran Phase 3 readiness work in 2025 and to reduced personnel costs, and the G&A decrease to an effort to reduce administrative costs.
The nine-month figures show the same direction on costs. Research and development costs were $(27,574) thousand against $(59,004) thousand, and G&A was $(16,663) thousand against $(18,610) thousand. Nine-month revenue was $422 thousand against $525 thousand, and the nine-month net loss was $(39,651) thousand against $(76,842) thousand. The prior-year nine months included a restructuring charge of $(1,324) thousand and a foreign currency loss of $(8,448) thousand, which did not recur at the same level in 2026. Nine-month foreign currency loss was $(310) thousand in 2026.
Non-operating lines moved in the other direction. The R&D credit benefit fell to $697 thousand in the quarter from $2,583 thousand, and to $2,166 thousand for nine months from $7,633 thousand. The filing does not explain these changes. Other income, net was $1,080 thousand for the quarter against $770 thousand a year earlier.
On the balance sheet, cash and cash equivalents rose to $247.7 million at September 30, 2026, from $11,277 thousand at December 31, 2025, and the filing says this balance includes $201.3 million in gross proceeds from an upsized public offering announced on August 11, 2026. Short-term investments were nil at quarter end against $73,837 thousand at year end. Total assets were $281,498 thousand against $131,442 thousand at year end. The document contains no cash flow statement and no capital return activity, so operating cash burn for the period cannot be read from it.
The filing's main event is the definitive agreement, announced October 19, 2026, for Merck KGaA, Darmstadt, Germany to acquire Silence, with closing expected in the first quarter of 2027. The release provides no guidance, so there is no basis here for comparing results with a forecast. The SANRECO Phase 2 divesiran results, announced August 10, 2026, are scheduled for oral presentation at ASH 2026 on December 12-15, 2026.
Not in the filing
stated, not guessed- No forward guidance or outlook was provided in the filing, and no previous-release outlook was supplied for comparison.
- No segment or product-line revenue breakdown is provided, as the company reports a single operating structure in this document.
- No cash flow statement is included, so operating cash flow, investing cash flow and free cash flow are not reported.
- Quarterly prior-year percentage changes for revenue, operating loss, net loss and EPS are not printed in the document.
- Prior-quarter (June 30, 2026) figures are not provided in the filing.
- Balance sheet comparisons are against December 31, 2025, not the same period of the prior year. These are reported in balance_sheet_cash_flow rather than as year-over-year changes.
- Non-GAAP measures are not reported in the document.
- Analyst consensus estimates, price targets and share-price reaction are not included in the document.
- Net loss percentage change and the nature and timing of non-current contract liabilities are not described in the document.
- Shareholders' equity is printed as $(215,021) thousand. The balance sheet presents liabilities and equity with negative signs, so the sign convention is unclear from the document.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.