Silence Therapeutics plc (SLN): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of a specialized biotech, trying to see past the science to the actual business engine. Well, let's look under the hood at Silence Therapeutics plc, a company betting big on its proprietary mRNAi GOLD™ platform to tackle tough diseases like Polycythemia Vera with divesiran. Honestly, understanding their model-from their $82.03 million cash position as of Q3 2025 to their reliance on big pharma partnerships for commercialization-is key to valuing their next steps. Below, I've broken down their entire nine-block Business Model Canvas, showing exactly how they plan to turn gene silencing into revenue.

Silence Therapeutics plc (SLN) - Canvas Business Model: Key Partnerships

You're looking at the structure of Silence Therapeutics plc's external relationships, which are critical since they rely on others for both funding and execution. Honestly, the partnership strategy is currently centered on de-risking the lead asset, zerlasiran, by finding a co-development partner.

Large pharmaceutical companies for co-development and commercialization (e.g., AstraZeneca)

Silence Therapeutics plc has a significant, multi-target collaboration with AstraZeneca, initiated in March 2020. AstraZeneca provided an upfront investment totaling $80 million, split into $60 million cash and a $20 million equity investment. A subsequent milestone payment of $10.0 million was triggered by AstraZeneca initiating a Phase 1 trial for the first product candidate, announced in February 2024.

This AstraZeneca deal covers up to ten targets. For each target selected, Silence is eligible to receive up to $140 million in development milestones and up to $250 million in commercialization milestones, plus tiered royalties ranging from high single digit to low double digit on net sales. Silence retains the option to co-develop two programs discovered through this alliance starting from Phase II.

Another prior collaboration, established in 2021 with Hansoh Pharma, involved three undisclosed preclinical targets and was structured for Silence to receive up to $1.3 billion in milestones. However, Hansoh Pharma opted not to pursue further development under that agreement, so Silence retains the global rights for those three programs.

Strategic partners to fund the zerlasiran Phase 3 cardiovascular outcomes trial

Silence Therapeutics plc is explicitly tying the initiation of the zerlasiran Phase 3 cardiovascular outcomes study to securing a partner. The company had progressed core activities to ensure the program was Phase 3 ready in the first half of 2025. Partnership discussions for this program are ongoing as of May 2025. The decision to wait for a partner extends the projected cash runway into 2027 (as of February 2025) and was reiterated to extend into 2028 (as of June 2025).

The financial context for this strategy is based on the company's cash position. Silence ended 2024 with $147.3 million in cash, cash equivalents, and short-term investments. By the end of the second quarter of 2025 (June 30, 2025), this balance was approximately $114.2 million. The latest reported figure, as of September 30, 2025, showed cash and cash equivalents decreased to $82.03 million.

Contract Research Organizations (CROs) for managing global clinical trials

The management of clinical trials, such as the divesiran SANRECO study, relies on external organizations. Silence Therapeutics plc anticipates full enrollment in the SANRECO Phase 2 study of divesiran in Polycythemia Vera (PV) by year-end 2025. This study is a key focus, with data from the Phase I portion presented at medical congresses in 2025.

Contract Manufacturing Organizations (CMOs) for drug substance and supply scale-up

The company has noted an increase in contract manufacturing activities contributing to Research & Development Expenses. Specifically, costs related to manufacturing for the AstraZeneca collaboration are covered by AstraZeneca. For the AstraZeneca targets, Silence retains responsibility for manufacturing material to support GLP toxicology studies and Phase I clinical studies.

Academic institutions for external innovation and early-stage research

The development pipeline, including the zerlasiran program, has generated data that was presented at external scientific forums. For instance, Phase II data for zerlasiran were presented at the American Heart Association (AHA) Scientific Sessions in late 2024 and simultaneously published in the Journal of the American Medical Association. Furthermore, Silence will present data from the concluded Phase I SANRECO study at medical congresses in 2025.

Here's a quick look at the financial structure of the major external agreements:

Partnership/Agreement	Key Financial/Scope Metric	Value/Amount
AstraZeneca Collaboration (Total Potential)	Maximum Development Milestones per Target	$140 million
AstraZeneca Collaboration (Total Potential)	Maximum Commercialization Milestones per Target	$250 million
AstraZeneca Collaboration (Initial Funding)	Upfront Cash Payment	$60 million
AstraZeneca Collaboration (Initial Funding)	Equity Investment	$20 million
AstraZeneca Collaboration (Recent Milestone)	Payment Triggered by Phase 1 Initiation (Feb 2024)	$10.0 million
AstraZeneca Collaboration (Scope)	Total Targets Covered	Up to ten
Hansoh Pharma Collaboration (Potential Value)	Maximum Milestones (Agreement terminated)	Up to $1.3 billion
Hansoh Pharma Collaboration (Scope)	Number of Retained Targets	Three

The company's focus in 2025 is prioritizing investment in programs targeting rare conditions, which impacts where R&D spend is directed, as seen in the R&D expense increase to $17.6 million for Q2 2025 from $13.8 million in Q2 2024, partly due to increased contract manufacturing.

You should track the ongoing partnership talks for zerlasiran, as securing that deal is the primary lever to unlock the Phase 3 trial and change the cash runway projection beyond 2028.

Finance: draft 13-week cash view by Friday.

Silence Therapeutics plc (SLN) - Canvas Business Model: Key Activities

You're looking at the core engine driving Silence Therapeutics plc right now, which is all about pushing the pipeline forward, especially divesiran, while managing the capital required for that journey. The key activities are laser-focused on clinical execution and maintaining platform optionality.

Research and development (R&D) of novel siRNA therapeutics.

Silence Therapeutics plc is dedicating significant resources to advancing its siRNA candidates, leveraging the proprietary mRNAi GOLD™ platform. The focus is on liver-targeted siRNAs, though extra-hepatic cell targeting is showing promising preclinical activity in mice models, leading to a strategic pause on initiating the Phase 1 study for SLN548, the wholly owned siRNA for complement-mediated diseases. The R&D spend reflects this clinical prioritization.

• R&D Expenses for the quarter ended June 30, 2025: $17.6 million.
• R&D Expenses for the quarter ended September 30, 2025: $20.54 million.
• The company is prioritizing investment in programs targeting rare conditions with high unmet needs.

Advancing divesiran Phase 2 trial enrollment in Polycythemia Vera (PV).

This is the top priority, and you can see the execution was strong. They hit the enrollment target ahead of schedule, which is a major operational win. The next big milestone for this asset is data readout.

• Patient enrollment in the SANRECO Phase 2 study of divesiran for PV was completed as of October 23, 2025.
• The global, randomized, double-blind, placebo-controlled study enrolled 48 phlebotomy-dependent PV patients.
• Initial topline results from the SANRECO Phase 2 study are anticipated in the third quarter of 2026.

Completing Phase 3 readiness activities for zerlasiran manufacturing.

For zerlasiran, the activity is currently centered on partnership discussions rather than trial initiation. The company has completed the necessary groundwork to be ready to launch the Phase 3 cardiovascular outcomes study, but the decision is to wait for a partner to commit capital for that late-stage trial.

• Core Phase 3 readiness activities, including manufacturing and supply scale up, were completed in the first half of 2025.
• The Phase 3 cardiovascular outcomes study initiation is dependent on securing a partner.
• The program received positive regulatory feedback on the Phase 3 study design from the U.S. Food and Drug Administration (FDA), European Medicines Agency (EMA), and the Pharmaceuticals and Medical Devices Agency (PMDA) in Japan.

Securing new collaboration and licensing agreements for pipeline assets.

Partnerships are a key revenue driver and risk mitigator. While one collaboration ended, the existing ones, like the one with AstraZeneca for SLN312, continue to progress, and the company is actively in dialogues for zerlasiran. The financial impact of these agreements is visible in the quarterly revenue figures.

• Hansoh Pharma opted not to pursue further development for three preclinical targets, which were part of an agreement worth up to $1.3 billion in potential milestones.
• Silence Therapeutics retains global rights to the three programs from the Hansoh opt-out.
• Phase 1 study of SLN312, licensed to AstraZeneca, is ongoing.

Protecting and expanding the proprietary mRNAi GOLD™ platform intellectual property.

The platform itself is the core asset. The activity here is about strategic deployment and protecting the innovations derived from it, which means focusing R&D spend where the near-term value is clearest, as seen by the pause on SLN548 to focus on divesiran and extra-hepatic targeting.

Here's a quick look at the financial health supporting these Key Activities as of late 2025:

Financial Metric	Amount / Date	Context
Cash & Short-Term Investments (as of June 30, 2025)	$114.2 million	Reiterated cash runway guidance into 2028.
Cash & Short-Term Investments (as of September 30, 2025)	$82.03 million	Decrease from Q2 due to ongoing operations.
Collaboration Revenue (Q3 2025)	$0.16 million (or $159,000)	Significant decrease from prior year due to lower milestone payments.
Net Loss (Q3 2025)	$20.96 million	Narrowed from $35.54 million in Q3 2024.
Market Capitalization (as of early December 2025)	$298.99 million	Reflects market sentiment around pipeline progress.

The company's current ratio was reported at 10.06, suggesting strong short-term liquidity to fund clinical development.

Silence Therapeutics plc (SLN) - Canvas Business Model: Key Resources

You're looking at the core assets Silence Therapeutics plc holds as of late 2025, the things that actually power their business engine. Honestly, for a clinical-stage biotech, the key resources boil down to proprietary tech, active pipeline assets, and the cash to fund the next data readout. Here's the quick math on what they have on the books right now.

The financial foundation is critical for making it to the next value inflection point. As of September 30, 2025, Silence Therapeutics plc held $102.2 million in cash and cash equivalents, and short-term investments. Management has reiterated that this strong balance sheet provides a cash runway expected to fund operational plans into 2028. This runway is a direct result of prioritizing development and extending guidance after making the decision not to initiate the zerlasiran Phase 3 outcomes study without a partner secured. They are definitely managing the burn rate, as evidenced by General & Administrative (G&A) expenses declining to $5.8 million for the third quarter of 2025, down from $7.7 million in the same period in 2024.

Here is a snapshot of the recent financial position:

Metric	Amount as of Q3 2025 (Sep 30, 2025)	Comparative Context
Cash & Short-Term Investments	$102.2 million	$114.2 million as of June 30, 2025
Net Loss (Q3 2025)	$21.0 million	Improved from $35.5 million for Q3 2024
Revenue (Q3 2025)	$0.159 million	Reflects limited collaboration revenue recognition
R&D Expenses (Q3 2025)	$20.5 million	Slight increase from $20.2 million in Q3 2024

The proprietary technology is the engine for their pipeline. Silence Therapeutics plc leverages its mRNAi GOLD™ platform, which is specifically designed for liver-targeted siRNA (short interfering RNA) delivery. This platform is the source of their wholly owned pipeline assets, which focus on hematology, cardiovascular disease, and rare diseases-areas of high unmet need.

The clinical-stage pipeline assets represent the near-term value drivers. You need to track these closely:

• Divesiran (SLN124) for Polycythemia Vera (PV): The SANRECO Phase 2 study completed enrollment of 48 phlebotomy-dependent PV patients; initial topline results are guided for the third quarter of 2026.
• Zerlasiran (SLN360) for Cardiovascular Disease: Regulatory feedback is positive from the FDA, EMA, and PMDA on the Phase 3 cardiovascular (CV) outcomes study design, but the study initiation is contingent on securing a partner.
• SLN312: This asset is licensed to AstraZeneca and has an ongoing Phase 1 clinical trial.
• SLN548: This wholly owned siRNA for complement-mediated diseases had a Phase 1 clinical trial planned for the second half of 2025.

The extensive intellectual property portfolio provides the defensive moat around the technology. Silence Therapeutics plc continues to build and strengthen this portfolio, believing that several third-party late-stage clinical RNAi candidates may require licenses under their patent estate. Historically, this has included patents covering proprietary structural modification techniques, such as the 'Zamore Design Rules,' which are fundamental for developing RNAi therapeutics with enhanced efficacy.

Finally, the highly specialized scientific and clinical development personnel are the human capital executing the strategy. Their expertise is necessary to advance the divesiran program to its Q3 2026 data readout and to manage the ongoing Phase 1 trials for other pipeline candidates while maintaining cost discipline across the organization. Finance: draft 13-week cash view by Friday.

Silence Therapeutics plc (SLN) - Canvas Business Model: Value Propositions

You're looking at the core value Silence Therapeutics plc (SLN) is trying to deliver to its customer segments, which are primarily patients and prescribers in rare and cardiovascular disease areas. The value is rooted in their proprietary technology and the clinical promise of their lead asset, divesiran.

First-in-class siRNA for Polycythemia Vera (divesiran) offering durable hematocrit control.

Divesiran is positioned as a first-in-class short interfering RNA (siRNA) therapy targeting the TMPRSS6 protein to treat polycythemia vera (PV). The clinical data from the Phase 1 portion of the SANRECO study strongly supports its potential for durable control. For instance, in that initial study, the 21 PV patients treated had a combined history of 79 phlebotomies before starting divesiran. The data showed that treatment led to durable hematocrit control ($\le 45\%$) and essentially eliminated the need for phlebotomies in the targeted population. Specifically, among the 8 patients who entered the trial with well-controlled hematocrit levels at baseline, none required a phlebotomy during the treatment period.

Infrequent dosing regimen for divesiran, improving patient convenience.

The dosing schedule itself is a significant value driver, aiming to reduce the burden of treatment. The Phase 1 study evaluated divesiran administered subcutaneously every 6 weeks for four doses, followed by a 16-week follow-up period. To build on this, the ongoing Phase 2 SANRECO study includes a second, longer dosing interval of every 12 weeks. This infrequent dosing potential is a major convenience improvement over standard care.

Here's a quick look at the clinical execution supporting this value proposition as of late 2025:

Trial Phase & Status	SANRECO Phase 2 enrollment completed as of October 2025
Total Patients Enrolled (Phase 2)	48 phlebotomy-dependent PV patients
Phase 1 Dosing Frequency	Subcutaneous every 6 weeks for 4 doses
Phase 2 Dosing Frequency Options	Every 6 weeks and every 12 weeks
Anticipated Topline Results	Third quarter of 2026

Precision engineered medicines that specifically silence disease-associated genes.

The underlying technology, the proprietary mRNAi GOLD™ platform, allows Silence Therapeutics plc to create precision medicines. Divesiran, for example, works by selectively targeting and 'silencing' the TMPRSS6 gene expressed in liver cells. By silencing this gene, the therapy increases hepcidin levels, which in turn reduces iron absorption and slows the excessive red blood cell production characteristic of PV. This specific gene-silencing mechanism is the technical foundation for the clinical benefit.

Potential to address high unmet medical needs in rare and cardiovascular diseases.

Silence Therapeutics plc is prioritizing investment in programs targeting rare conditions where they see clear unmet needs. PV itself carries a higher risk of thrombotic events, like heart attack and stroke, when hematocrit levels aren't controlled below 45\%. Furthermore, the company has another lead candidate, zerlasiran, for cardiovascular disease, specifically targeting high Lp(a). The company ended Q3 2025 with $102.2 million in cash and cash equivalents, guiding its runway into 2028, showing a commitment to funding these high-potential programs.

De-risked drug candidates through ongoing clinical trial data presentations.

The continuous presentation of clinical data serves to de-risk the assets for potential partners and investors. Updated Phase 1 data were presented at the European Hematology Association (EHA) 2025 Annual Meeting. The Phase 2 SANRECO study achieved full enrollment ahead of schedule, which management noted reflects ongoing momentum. Financially, the company reported a net loss of $20.96 million for the quarter ended September 30, 2025, with Research & Development expenses at $20.54 million for that quarter, demonstrating focused investment in advancing these clinical candidates.

• The Phase 1 study showed divesiran was well tolerated with no dose-limiting toxicities observed.
• White blood cell counts remained stable across the study duration.
• Platelet counts increased to a plateau with no dose-dependent effect noted.

Finance: review Q3 2025 R&D spend vs. cash burn by next Tuesday.

Silence Therapeutics plc (SLN) - Canvas Business Model: Customer Relationships

You're looking at how Silence Therapeutics plc manages its critical external relationships as of late 2025. This isn't just about selling a product; it's about managing complex, long-term scientific and financial alliances while keeping the market informed.

High-touch, collaborative relationships with pharmaceutical partners

The core of Silence Therapeutics plc's external value capture relies on these deep collaborations. You see this in the active programs, even as some older ones conclude. For instance, the Phase 1 study of SLN312, which is licensed to AstraZeneca, remains ongoing, showing a sustained relationship with a major partner. On the zerlasiran front, Silence Therapeutics plc is actively in dialogues with potential third-party partners specifically for the Phase 3 development activities. This is a key focus area, especially since the company decided to only initiate the zerlasiran Phase 3 cardiovascular outcomes study once a partner is secured. To give you a sense of the financial relationship health, revenue from collaboration agreements, which often includes milestone payments, saw a significant drop in Q3 2025 to $159,000, down from $1.5 million in the same period of 2024.

Here's a quick look at the recent cash position and guidance, which directly impacts the perceived stability of these partnerships:

Metric	Date	Amount
Cash & Short-Term Investments	March 31, 2025	$136.5 million
Cash & Short-Term Investments	June 30, 2025	$114.2 million
Cash & Short-Term Investments	September 30, 2025	$102.03 million
Cash Runway Guidance	As of Q2 2025	Into 2028

Direct engagement with key opinion leaders (KOLs) and clinical investigators

Advancing the divesiran program in Polycythemia Vera (PV) requires intense interaction with the clinical community. The SANRECO Phase 2 study, which is central to this, enrolled a total of 48 phlebotomy-dependent PV patients. The company achieved a major milestone by completing enrollment in this Phase 2 study by October 23, 2025. This progress was communicated directly to the scientific community, with updated data from the Phase 1 portion of SANRECO presented during an oral presentation at the European Hematology Association (EHA) 2025 Annual Congress, held from June 12 - 15, 2025.

The focus on clinical execution is clear, but it comes with costs. Research & Development Expenses for Q3 2025 were $20.5 million. The next key data point you're waiting for from these investigators is the initial topline results from the Phase 2 SANRECO trial, which are anticipated in the third quarter of 2026.

• Completed enrollment in SANRECO Phase 2 study by October 23, 2025.
• Phase 1 study of SLN312 ongoing with AstraZeneca.
• Phase 1 study of SLN548 was planned for the second half of 2025.

Investor relations and public reporting to maintain shareholder confidence

Silence Therapeutics plc maintains a regular cadence of public reporting to manage shareholder expectations. You saw reports for Q1, Q2, and Q3 of 2025. The company actively participates in investor conferences; for example, they were scheduled to participate in a Fireside Chat at the Jefferies Global Healthcare Conference on November 12, 2025. The narrative to shareholders centers on extending the cash runway, which management reiterated extends into 2028.

The financial performance dictates the tone of these investor communications. The net loss for Q3 2025 was $20.96 million, an improvement from the $35.54 million loss in Q3 2024. General & Administrative (G&A) expenses also showed efficiency, coming in at $5.8 million for Q3 2025, down from $7.7 million in Q3 2024.

Regulatory agency interactions (FDA, EMA) for clinical trial approvals

Interactions with global regulatory bodies shape the path for late-stage development, particularly for zerlasiran. You should note that the company received positive regulatory feedback from the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), and Japan's Pharmaceuticals and Medical Devices Agency (PMDA) regarding the design of the Phase 3 cardiovascular outcomes study for zerlasiran. This feedback was provided based on data presented in late 2024. The company's strategy for divesiran is to complete Phase 2 enrollment before seeking a partner for Phase 3, which is a direct reflection of the regulatory path chosen for that asset.

Finance: draft 13-week cash view by Friday.

Silence Therapeutics plc (SLN) - Canvas Business Model: Channels

You're looking at how Silence Therapeutics plc communicates its science and secures its future funding and development pathways as of late 2025. The channels they use are very focused on scientific validation and partnership milestones, which is typical for a clinical-stage biotech.

Direct business development team for securing strategic partnerships

The direct business development effort is clearly channeled toward securing a partner to fund the next major step for the zerlasiran program. The Phase 3 cardiovascular outcomes study design received positive regulatory feedback from the U.S. Food and Drug Administration (FDA), European Medicines Agency (EMA), and Japan's Pharmaceuticals and Medical Devices Agency (PMDA). However, management has explicitly stated that the Phase 3 CVOT study will only initiate once a partner is secured. This dependency makes the business development team's role critical for unlocking the capital required for that trial, which was on track for readiness by mid-2025.

Medical congresses (e.g., EHA 2025) for presenting clinical data to physicians

Medical congresses serve as a primary channel to present clinical validation to the medical community, which in turn supports future commercialization and partnership discussions. Silence Therapeutics plc presented updated data from the SANRECO Phase 1 study of divesiran at the European Hematology Association (EHA) 2025 Annual Meeting in Milan, Italy, on June 12, 2025. This presentation reinforced the potential for divesiran as a first-in-class siRNA treatment for Polycythemia Vera (PV).

Here's a quick look at the operational milestones tied to this channel:

Event/Program	Key Channel Activity	Status/Date
Divesiran (PV)	Presentation of updated Phase 1 data	EHA 2025 Annual Meeting (June 12, 2025)
Divesiran (PV)	Phase 2 enrollment completion	Completed in Q3 2025, ahead of year-end 2025 target
Divesiran (PV)	Anticipated Initial Topline Results	Q3 2026

Scientific publications and peer-reviewed journals

While specific 2025 publication counts aren't readily available, the presentation of data at EHA 2025 acts as a precursor to, or is supplemented by, peer-reviewed publication. The company's core technology, the mRNAi GOLD™ platform, is the foundation for their pipeline advancement, which is the substance disseminated through these scientific channels. The focus remains on translating platform science into clinical data for divesiran and zerlasiran.

Investor and corporate websites for financial and pipeline updates

The corporate website and investor relations portals are the direct channel for financial transparency and pipeline status updates to shareholders and potential investors. The third quarter 2025 financial results, reported on November 6, 2025, provided a clear picture of the company's current operational and financial standing.

The financial snapshot from the Q3 2025 report shows the immediate impact of the strategy to defer Phase 3 spend until partnership is secured:

• Cash and cash equivalents, and short-term investments as of September 30, 2025: $102.2 million.
• Reiterated cash runway guidance: Into 2028.
• Research & Development Expenses for Q3 2025: $20.5 million.
• General & Administrative Expenses for Q3 2025: $5.1 million.

Revenue recognition through this channel highlights the reliance on collaboration milestones:

Metric	Q3 2025 Amount	Q3 2024 Amount
Revenue	$159,000	$1.5 million
Nine-Month Revenue	$0.525M	$17.953M

The Q3 2025 revenue of $0.159M was a material miss versus consensus at $5.750M, driven by limited collaboration revenue recognition in 2025. The company is defintely steering investor focus toward the Q3 2026 topline data catalyst for divesiran.

Silence Therapeutics plc (SLN) - Canvas Business Model: Customer Segments

You're looking at the core groups Silence Therapeutics plc (SLN) targets with its RNA interference (RNAi) pipeline, which is heavily focused on rare conditions as of late 2025.

Large pharmaceutical and biotechnology companies seeking RNAi assets

These entities represent potential partners for late-stage development and commercialization, especially for the lead cardiovascular asset, zerlasiran. Silence Therapeutics plc (SLN) maintains active research and development collaborations with AstraZeneca and Hansoh Pharma. Silence Therapeutics plc (SLN) retains global rights to three preclinical targets after Hansoh Pharma opted not to pursue further development. The financial interaction with this segment is evident in past performance; collaboration revenue reached $43.1 million for the year ended December 31, 2024. However, recent quarterly revenue has been light, with Q2 2025 revenue at $0.224 million, and Q3 2025 revenue at $159,000, reflecting lower milestone payments. The focus remains on securing a partner to initiate the Phase 3 cardiovascular outcomes study for zerlasiran.

Patients with Polycythemia Vera (PV), a rare hematologic disorder

This segment is targeted by divesiran, which is being developed as a first-in-class siRNA for this rare, myeloproliferative neoplasm. The Phase 2 SANRECO study has completed enrollment, showing physician and patient commitment to this novel approach. The trial is designed to address the high-burden PV patient population.

Metric	Value/Target
SANRECO Phase 2 Enrollment	48 phlebotomy-dependent PV patients
SANRECO Topline Results Anticipated	Third quarter of 2026
Primary Endpoint (HCT Control)	Maintain levels below 45% without phlebotomies (Weeks 18-36)
Phase 1 Data Outcome	Mean HCT levels lowered and maintained to $\le$ 45%

The company's focus on this rare condition is supported by a strong cash position, with cash and short-term investments of approximately $82.03 million as of September 30, 2025, providing runway into 2028.

Patients with elevated Lipoprotein(a) [Lp(a)] at high cardiovascular risk

Zerlasiran targets patients with elevated Lp(a), a genetic risk factor affecting up to 20% of the global population. The Phase 2 ALPACAR-360 study focused on subjects with baseline Lp(a) levels at or over 125 nmol/L. The median baseline Lp(a) in that study was about 215 nmol/L. The clinical data supports an infrequent dosing regimen for this segment.

• Median maximum Lp(a) reduction at 48 weeks: approximately 90% or greater.
• Mean time-averaged placebo-adjusted reduction over 36 weeks: more than 80%.
• Dosing intervals supported: at least quarterly with the 300 mg dose.

The decision to pause Phase 3 development without a partner extends the projected cash runway into 2027, showing a prioritization of capital allocation based on partnership success for this indication.

Physicians and specialists (hematologists, cardiologists) treating target diseases

This group includes hematologists treating PV and cardiologists managing ASCVD risk driven by high Lp(a). The clinical trial execution speaks directly to their needs for new, effective, and convenient treatments. The Phase 2 SANRECO study for PV is a global trial, indicating an international focus on engaging treating physicians. Data for the Lp(a) program was presented at the European Hematology Association (EHA) 2025 Annual Meeting. The company's market capitalization was $340 million as of October 23, 2025, reflecting the perceived value of its pipeline assets to these prescribers.

• Divesiran Phase 2 trial design: global, randomized, double-blind, placebo-controlled.
• Zerlasiran Phase 3 readiness: FDA, EMA, and PMDA feedback received.
• Q3 2025 Net Loss: $20.96 million, with R&D expenses of $20.54 million for the quarter.

Finance: draft 13-week cash view by Friday.

Silence Therapeutics plc (SLN) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the Silence Therapeutics plc business model as of late 2025. For a clinical-stage biotech, this structure is heavily weighted toward future potential, meaning upfront cash burn is significant.

High fixed costs are dominated by Research and Development (R&D) expenses, which represent the primary investment in pipeline advancement. This is typical for companies focused on novel siRNA therapies using the mRNAi GOLD™ platform.

Research and Development spending was reported at $20.5 million for the quarter ended September 30, 2025, compared to $20.2 million for the quarter ended September 30, 2024. This spending is primarily for advancing clinical trials, such as the divesiran SANRECO Phase 2 study, which achieved full enrollment ahead of the year-end target.

The cost structure also includes significant contract manufacturing and supply scale-up costs for lead candidates like zerlasiran, where readiness for a Phase 3 study is being maintained pending partnership agreements. Increases in R&D expenses in prior periods were explicitly driven by clinical trials and contract manufacturing activities.

General and administrative (G&A) costs are also a factor, including expenses related to maintaining US compliance requirements. For instance, the G&A expenses for the third quarter ended September 30, 2025, were $5.8 million, a decrease from $7.7 million in the third quarter ended September 30, 2024. This decrease was primarily due to a reduction in reporting and compliance requirements, alongside efforts to increase operating efficiencies.

Clinical trial execution costs are embedded within R&D, covering expenses like Contract Research Organization (CRO) fees and investigator site payments necessary for running global, randomized, double-blind, placebo-controlled trials like SANRECO, which enrolled 48 phlebotomy-dependent PV patients.

Here's a quick look at the recent quarterly cost components:

Cost Component	Q3 2025 Amount (USD)	Q3 2024 Amount (USD)	Driver Context
Research & Development Expenses	$20.5 million	$20.2 million	Advancement of clinical trials; contract manufacturing activities
General & Administrative Expenses	$5.8 million	$7.7 million	US compliance requirements; operating efficiencies

The company's focus on cost discipline is evident in the G&A reduction, which helps support the reiterated cash runway guidance extending into 2028, based on a cash position of $102.2 million as of September 30, 2025.

Key cost-related activities include:

• Advancing divesiran Phase 2 trial enrollment.
• Maintaining zerlasiran Phase 3 readiness activities.
• Prioritizing investments in core programs.
• Implementing cost savings initiatives.

Finance: draft 13-week cash view by Friday.

Silence Therapeutics plc (SLN) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Silence Therapeutics plc (SLN) as of late 2025, and honestly, the story right now is about the timing of milestone payments, not consistent product sales. The bulk of recognized revenue comes from collaboration agreements, which can be lumpy from quarter to quarter.

For the third quarter ended September 30, 2025, the reported revenue was quite low at $0.159 million, which is $159,000. This compares sharply to the $1.498 million seen in Q3 2024. Looking at the longer trend, the first nine months of 2025 generated only $0.525 million in revenue, a steep drop from $17.953 million over the same period in 2024.

Here's a quick look at how the recent revenue numbers stack up:

Metric	Amount (USD)	Period
Q3 2025 Collaboration Revenue	$159,000	Quarter Ended Sep 30, 2025
Nine-Month 2025 Revenue	$0.525 million	Nine Months Ended Sep 30, 2025
Full Year 2024 Collaboration Revenue	$43.1 million	Year Ended Dec 31, 2024
Analyst Forecasted FY 2025 Revenue	$26,100,500	Full Year 2025 Estimate

The revenue softness in Q3 2025 directly reflects lower milestone payments recognized from collaboration agreements. That's the key driver you need to watch; when a partner hits a development mark, that cash hits the books, and when they don't, revenue dips. The company is prioritizing operational execution, especially around its divesiran program, which means near-term milestone recognition might be sparse until the next big data readout.

Looking further out, the long-term revenue potential is tied to the success of its pipeline and platform technology. This is where future royalty payments on net sales of partnered and commercialized products will eventually kick in, though no specific royalty forecasts are public right now. Also in the mix is the potential for future licensing fees for use of the proprietary mRNAi GOLD™ platform technology.

The mRNAi GOLD™ platform is central to this future value, as it's used to create the company's siRNA therapies. Current pipeline assets leveraging this include:

• Divesiran for Polycythemia Vera (PV).
• Zerlasiran for cardiovascular disease associated with elevated Lp(a).
• A third siRNA product candidate in Phase I development through its collaboration with AstraZeneca.

Despite the low quarterly revenue, analyst consensus for the full-year 2025 revenue is projected to be approximately $26,100,500. That figure suggests that revenue recognized in the fourth quarter of 2025, or perhaps earlier unrecorded milestones, is expected to be substantial to reach that annual number. Finance: draft 13-week cash view by Friday.