Silence Therapeutics (SLN) stock price is $19.61, up 0.15% on the day, as of Oct 20, 2026. It has a market cap of $926.78Mn, and is classified in the Biotechnology industry (Healthcare sector).
Enterprise Value
Margins
P/FCF
Key Stats
Market Cap926.78 Mn
P/E-15.46
P/S1,506.96
Div. Yield0.00
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About
Silence Therapeutics plc is a biotechnology company specializing in the discovery and development of novel therapeutics using short interfering ribonucleic acid, or siRNA, to silence specific genes implicated in diseases with significant unmet medical needs. The company leverages its proprietary mRNAi GOLD™ platform to design siRNA molecules that harness the body’s natural RNA interference, or RNAi, mechanism, targeting messenger RNA to reduce the production of…
Silence Therapeutics plc is a biotechnology company specializing in the discovery and development of novel therapeutics using short interfering ribonucleic acid, or siRNA, to silence specific genes implicated in diseases with significant unmet medical needs. The company leverages its proprietary mRNAi GOLD™ platform to design siRNA molecules that harness the body’s natural RNA interference, or RNAi, mechanism, targeting messenger RNA to reduce the production of disease-associated proteins. This approach positions Silence Therapeutics at the forefront of RNAi-based drug development, focusing on rare and common diseases where existing treatments are limited or inadequate.
The company generates revenue primarily through collaborations and partnerships with pharmaceutical firms, which provide upfront payments, milestone payments, and potential royalties. Silence Therapeutics does not yet commercialize its own products, as its pipeline remains in preclinical and clinical development stages. Revenue streams include licensing agreements, option fees, and research milestones tied to the progression of its siRNA candidates through clinical trials. For example, partnerships with AstraZeneca and Hansoh have contributed upfront payments of $60 million and $16 million, respectively, alongside additional milestone payments as candidates advance.
The company operates through the following segments:
Rare Diseases: This segment focuses on developing siRNA therapeutics for rare hematological and genetic disorders. The lead candidate, divesiran (SLN124), is in Phase 2 development for polycythemia vera, a rare blood cancer characterized by the overproduction of red blood cells. Divesiran silences the TMPRSS6 gene to elevate hepcidin levels, reducing iron availability and controlling red blood cell production. The segment also includes SLN548, a Phase 1-ready candidate targeting complement factor B for complement-mediated renal diseases.
Cardiometabolic Diseases: This segment targets prevalent conditions such as cardiovascular disease and obesity. Zerlasiran (SLN360), a Phase 3-ready candidate, silences the LPA gene to lower lipoprotein(a), a genetically determined risk factor for cardiovascular events. SLN312, another candidate, targets ANGPTL3 to reduce cholesterol and triglycerides, while SLN365 and SLN098 address hypercholesterolemia and obesity, respectively. These programs aim to address large patient populations with high unmet needs.
Silence Therapeutics competes in the rapidly evolving RNAi therapeutics industry, where it faces competition from established biotechnology and pharmaceutical companies, as well as academic and research institutions. Key competitors include Alnylam Pharmaceuticals, Arrowhead Pharmaceuticals, and Dicerna Pharmaceuticals, all of which are advancing RNAi-based therapies. The company’s competitive advantages lie in its proprietary mRNAi GOLD™ platform, which enables precise targeting of liver-expressed genes with durable and potent effects. Its focus on rare diseases and cardiometabolic conditions, coupled with orphan drug and Fast Track designations for divesiran, further strengthens its market position. However, the company’s success hinges on its ability to navigate clinical development, secure regulatory approvals, and forge commercial partnerships.
The company’s customer base consists primarily of pharmaceutical partners and, ultimately, patients suffering from rare and cardiometabolic diseases. Current collaborations include AstraZeneca and Hansoh, which have licensed or evaluated Silence Therapeutics’ siRNA candidates for further development. Once products receive regulatory approval, the company’s therapies will target patients with conditions such as polycythemia vera, elevated lipoprotein(a), hypercholesterolemia, and obesity. These patient populations span both rare and large-scale indications, offering significant commercial potential upon successful commercialization.
Sector:HealthcareSector rationaleSilence Therapeutics is a biotechnology company focused on the discovery and development of siRNA therapeutics for rare and cardiometabolic diseases. Its revenue is derived from collaborations and licensing agreements with pharmaceutical firms (e.g., AstraZeneca and Hansoh) for the development of medical candidates like divesiran and zerlasiran.Industry:BiotechnologyBiotechnologyPrimarySilence Therapeutics is a biotechnology company that develops therapies derived from biological science, specifically using siRNA and its proprietary mRNAi GOLD™ platform to target messenger RNA. Its revenue is currently derived from collaboration and milestone payments from pharmaceutical partners like AstraZeneca and Hansoh for its RNAi-based drug candidates.Classified using BQ-MICSCIK: 0001479615
Bull & bear
Investment Thesis
▲ Bull case
Silence Therapeutics (SLN) is positioned for a critical inflection point with topline results from the Phase 2 SANRECO trial of divesiran in polycythemia vera (PV) expected in Q3 FY26, which could validate the first-in-class mechanism of its siRNA technology in a high-unmet-need hematologic disorder and serve as a catalyst for partnership discussions or accelerated development pathways, particularly given management’s consistent emphasis on this milestone as the company’s highest priority and the lack of approved siRNA therapies specifically for PV despite significant unmet need in the myeloproliferative neoplasm space.
The company’s mRNAi GOLD™ platform demonstrates broader applicability beyond hematology, with SLN312 (AZD1705) advancing as a competitive Phase 1 siRNA for dyslipidemia and Zerlasiran identified as a Phase 3-ready asset for elevated lipoprotein(a) [Lp(a)], a well-validated causal risk factor for atherosclerotic cardiovascular disease, creating multiple near-term value inflection points that are not fully reflected in the current market valuation despite the platform’s proven ability to generate durable gene silencing with favorable safety profiles in early clinical data.
Financial discipline is evident in the Q1 FY26 results, where operating loss improved to $15.0 million from $28.4 million in the prior year period, driven by a 56% reduction in R&D expenses to $9.1 million from $20.8 million, indicating efficient clinical execution without compromising pipeline advancement, while the R&D benefit receivable remained stable at $22.2 million, suggesting continued eligibility for UK tax credits that provide non-dilutive funding to support operations through key milestones.
The balance sheet shows resilience with $70.1 million in combined cash, cash equivalents, and short-term investments as of March 31, 2026, which, despite a sequential decline from $85.1 million at year-end 2025, remains sufficient to fund operations through the anticipated PV topline readout in Q3 FY26 and beyond, especially when combined with expected milestone payments from existing collaborations and the potential for new partnerships to emerge following positive clinical data.
Management’s consistent communication of being “well positioned” with “excellent optionality” and “multiple near-term value drivers” ahead—particularly in the context of advancing both rare disease (divesiran in PV) and cardiovascular (Zerlasiran for Lp(a)) programs—suggests an underappreciated strategic flexibility to pivot toward indications with clearer regulatory paths or larger commercial opportunities if early data supports it, reducing reliance on any single asset for value creation.
Silence Therapeutics (SLN) is positioned for a critical inflection point with topline results from the Phase 2 SANRECO trial of divesiran in polycythemia vera (PV) expected in Q3 FY26, which could validate the first-in-class mechanism of its siRNA technology in a high-unmet-need hematologic disorder and serve as a catalyst for partnership discussions or accelerated development pathways, particularly given management’s consistent emphasis on this milestone as the company’s highest priority and the lack of approved siRNA therapies specifically for PV despite significant unmet need in the myeloproliferative neoplasm space.
The company’s mRNAi GOLD™ platform demonstrates broader applicability beyond hematology, with SLN312 (AZD1705) advancing as a competitive Phase 1 siRNA for dyslipidemia and Zerlasiran identified as a Phase 3-ready asset for elevated lipoprotein(a) [Lp(a)], a well-validated causal risk factor for atherosclerotic cardiovascular disease, creating multiple near-term value inflection points that are not fully reflected in the current market valuation despite the platform’s proven ability to generate durable gene silencing with favorable safety profiles in early clinical data.
Financial discipline is evident in the Q1 FY26 results, where operating loss improved to $15.0 million from $28.4 million in the prior year period, driven by a 56% reduction in R&D expenses to $9.1 million from $20.8 million, indicating efficient clinical execution without compromising pipeline advancement, while the R&D benefit receivable remained stable at $22.2 million, suggesting continued eligibility for UK tax credits that provide non-dilutive funding to support operations through key milestones.
The balance sheet shows resilience with $70.1 million in combined cash, cash equivalents, and short-term investments as of March 31, 2026, which, despite a sequential decline from $85.1 million at year-end 2025, remains sufficient to fund operations through the anticipated PV topline readout in Q3 FY26 and beyond, especially when combined with expected milestone payments from existing collaborations and the potential for new partnerships to emerge following positive clinical data.
Management’s consistent communication of being “well positioned” with “excellent optionality” and “multiple near-term value drivers” ahead—particularly in the context of advancing both rare disease (divesiran in PV) and cardiovascular (Zerlasiran for Lp(a)) programs—suggests an underappreciated strategic flexibility to pivot toward indications with clearer regulatory paths or larger commercial opportunities if early data supports it, reducing reliance on any single asset for value creation.
Silence Therapeutics (SLN) continues to operate with significant financial constraints, as evidenced by a net loss of $15.0 million in Q1 FY26 and an accumulated deficit of $577.5 million, with limited near-term revenue visibility beyond R&D tax credits and minimal collaboration income, raising concerns about the sustainability of its cash runway despite the $70.1 million in liquid assets, particularly if clinical trials encounter delays or fail to meet endpoints, which would necessitate dilutive financing at potentially unfavorable terms given the company’s historical net operating losses and reliance on external funding.
The clinical development trajectory remains inherently high-risk, with divesiran’s Phase 2 SANRECO trial in PV representing the company’s most advanced asset, yet early-phase siRNA therapies historically face challenges in demonstrating sufficient efficacy and durability in complex hematologic disorders, and no mention of interim safety or biomarker data in the provided updates increases uncertainty about whether the Q3 FY26 topline results will be positive enough to justify further investment or partnership interest.
While Zerlasiran is cited as Phase 3-ready for elevated Lp(a), the absence of any disclosed partnership discussions, formal regulatory engagement, or plans for initiating a pivotal trial suggests that advancement may be contingent on securing external funding or a collaborator, which is not guaranteed in a competitive landscape where multiple companies (including Novartis, Eli Lilly, and Arrowhead) are advancing Lp(a)-targeted therapies, potentially diminishing Silence’s first-mover advantage or negotiating power.
The company’s reliance on third-party suppliers and manufacturers for siRNA production introduces supply chain vulnerability, particularly as scale-up for later-stage trials or commercialization requires specialized capabilities that may be constrained or costly, and no updates were provided on manufacturing readiness or tech transfer progress for either divesiran or Zerlasiran, leaving a material operational risk unaddressed in the communications.
Despite highlighting the mRNAi GOLD™ platform’s potential for extra-hepatic targeting, no concrete preclinical or clinical progress was disclosed for non-liver-directed siRNA candidates in the updates, indicating that this purported differentiator remains largely theoretical and unverified in humans, which limits the platform’s perceived novelty and reduces the likelihood of premium valuation compared to competitors with more advanced extra-hepatic delivery systems.
Silence Therapeutics (SLN) continues to operate with significant financial constraints, as evidenced by a net loss of $15.0 million in Q1 FY26 and an accumulated deficit of $577.5 million, with limited near-term revenue visibility beyond R&D tax credits and minimal collaboration income, raising concerns about the sustainability of its cash runway despite the $70.1 million in liquid assets, particularly if clinical trials encounter delays or fail to meet endpoints, which would necessitate dilutive financing at potentially unfavorable terms given the company’s historical net operating losses and reliance on external funding.
The clinical development trajectory remains inherently high-risk, with divesiran’s Phase 2 SANRECO trial in PV representing the company’s most advanced asset, yet early-phase siRNA therapies historically face challenges in demonstrating sufficient efficacy and durability in complex hematologic disorders, and no mention of interim safety or biomarker data in the provided updates increases uncertainty about whether the Q3 FY26 topline results will be positive enough to justify further investment or partnership interest.
While Zerlasiran is cited as Phase 3-ready for elevated Lp(a), the absence of any disclosed partnership discussions, formal regulatory engagement, or plans for initiating a pivotal trial suggests that advancement may be contingent on securing external funding or a collaborator, which is not guaranteed in a competitive landscape where multiple companies (including Novartis, Eli Lilly, and Arrowhead) are advancing Lp(a)-targeted therapies, potentially diminishing Silence’s first-mover advantage or negotiating power.
The company’s reliance on third-party suppliers and manufacturers for siRNA production introduces supply chain vulnerability, particularly as scale-up for later-stage trials or commercialization requires specialized capabilities that may be constrained or costly, and no updates were provided on manufacturing readiness or tech transfer progress for either divesiran or Zerlasiran, leaving a material operational risk unaddressed in the communications.
Despite highlighting the mRNAi GOLD™ platform’s potential for extra-hepatic targeting, no concrete preclinical or clinical progress was disclosed for non-liver-directed siRNA candidates in the updates, indicating that this purported differentiator remains largely theoretical and unverified in humans, which limits the platform’s perceived novelty and reduces the likelihood of premium valuation compared to competitors with more advanced extra-hepatic delivery systems.