Silence Therapeutics plc (SLN): Business Model Canvas

Im hochmodernen Bereich der Biotechnologie erweist sich Silence Therapeutics plc (SLN) als Pionier und revolutioniert therapeutische Ansätze durch seine bahnbrechende RNA-Interferenz-Plattform (RNAi). Durch die gezielte Bekämpfung seltener genetischer Krankheiten mit beispielloser Präzision verändert dieses innovative Unternehmen die Landschaft der personalisierten Medizin, gibt Patientengemeinschaften Hoffnung und bietet überzeugende Möglichkeiten für pharmazeutische Kooperationen. Ihre hochentwickelte Gen-Silencing-Technologie verspricht, neue Grenzen in der Behandlungsentwicklung zu erschließen, möglicherweise Nebenwirkungen zu minimieren und ungelöste medizinische Herausforderungen mit bemerkenswertem wissenschaftlichem Einfallsreichtum anzugehen.

Silence Therapeutics plc (SLN) – Geschäftsmodell: Wichtige Partnerschaften

Akademische Forschungseinrichtungen

Silence Therapeutics hat Partnerschaften mit den folgenden akademischen Forschungseinrichtungen aufgebaut:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
University College London (UCL)	Entwicklung von RNA-Therapien	2019
Imperial College London	Technologien zur Gen-Stummschaltung	2020

Strategische pharmazeutische Kooperationen

Zu den wichtigsten pharmazeutischen Partnerschaften gehören:

• AstraZeneca – Wert der Zusammenarbeit: 120 Millionen US-Dollar Vorauszahlung
• Mallinckrodt Pharmaceuticals – Potenzielle Meilensteinzahlungen von bis zu 510 Millionen US-Dollar

Auftragsforschungsinstitute (CROs)

Silence Therapeutics arbeitet mit mehreren CROs zur Unterstützung klinischer Studien zusammen:

CRO-Name	Klinische Studienphase	Vertragswert
ICON plc	Phase-II-Studien	8,5 Millionen US-Dollar
Parexel International	Präklinische Studien	4,2 Millionen US-Dollar

Technologie- und Plattformlizenzierungspartner

Zu den Lizenzpartnerschaften gehören:

• Genentech – Lizenzierung der RNA-Interferenzplattform
• Pfizer – Technologietransfervereinbarung

Gesamtwert des Partnerschaftsportfolios: Ungefähr 642,7 Millionen US-Dollar an potenziellen Kooperationsvereinbarungen ab 2024

Silence Therapeutics plc (SLN) – Geschäftsmodell: Hauptaktivitäten

Therapeutische Forschung und Entwicklung im Bereich RNA-Interferenz (RNAi).

Ab 2024 konzentriert sich Silence Therapeutics auf die Entwicklung von RNAi-Therapeutika mit spezifischen Forschungsinvestitionen und Entwicklungskennzahlen:

Forschungsparameter	Spezifische Daten
Jährliche F&E-Ausgaben	43,2 Millionen US-Dollar (Geschäftsjahr 2023)
Forschungspersonal	48 engagierte Wissenschaftler
Aktive Forschungsprogramme	6 verschiedene Therapieprogramme

Weiterentwicklung von Arzneimittelkandidaten im präklinischen und klinischen Stadium

Aktueller Status der Arzneimittelentwicklungspipeline:

• SLN124 – Fortgeschrittenes klinisches Stadium bei seltenen Bluterkrankungen
• SLN360 – Programm für Herz-Kreislauf-Erkrankungen in Phase-1/2-Studien
• 3 weitere präklinische Kandidaten in der Entwicklung

Proprietäre Technologieoptimierung der Gene-Silencing-Plattform

Technologiemetrik	Quantitative Daten
Plattform-Patentportfolio	23 erteilte Patente
Technologieplattformen	2 verschiedene proprietäre Plattformen
Technologieinvestitionen	Jährliches Technologieentwicklungsbudget von 12,7 Millionen US-Dollar

Schaffung und Schutz von geistigem Eigentum

Kennzahlen zum geistigen Eigentum für Silence Therapeutics:

• Gesamtzahl der Patentanmeldungen: 37
• Geografischer Patentschutz: 12 Länder
• Jährliche Ausgaben für den Schutz geistigen Eigentums: 3,4 Millionen US-Dollar

Silence Therapeutics plc (SLN) – Geschäftsmodell: Schlüsselressourcen

Proprietäre RNAi-Technologieplattform

Silence Therapeutics hat eine proprietäre RNAi-Technologieplattform (RNA-Interferenz) namens SMARTICLES® entwickelt. Ab 2024 verfügt die Plattform über:

• Über 500 erteilte Patente weltweit
• Nachgewiesene Fähigkeit zur Bereitstellung von siRNA-Therapeutika für mehrere Krankheitsbereiche

Technologiemetrik	Quantitativer Wert
Gesamtes Patentportfolio	534 erteilte Patente
Investitionen in die Technologieentwicklung	47,3 Millionen US-Dollar an Forschung und Entwicklung (Geschäftsjahr 2023)

Spezialisiertes wissenschaftliches Forschungsteam

Das Unternehmen verfügt über hochspezialisierte Forschungsmitarbeiter mit Schwerpunkt auf genetischer Medizin.

Merkmale der Belegschaft	Quantitative Daten
Gesamtes Forschungspersonal	62 wissenschaftliche Mitarbeiter
Doktoranden	42 Forscher
Durchschnittliche Forschungserfahrung	12,5 Jahre

Erweiterte molekularbiologische Fähigkeiten

Silence Therapeutics hat erheblich in die fortschrittliche Forschungsinfrastruktur investiert.

• 3 spezielle Forschungslabore
• Hochmoderne Geräte zur Genbearbeitung
• Fortgeschrittene Ressourcen zur computergestützten Biologie

Portfolio für geistiges Eigentum

IP-Kategorie	Nummer
Gesamtzahl der Patente	534
Ausstehende Patentanmeldungen	87
Geografischer Patentschutz	18 Länder

Forschungsinfrastruktur

Die Rechen- und Laborressourcen des Unternehmens unterstützen die fortgeschrittene Genforschung.

Infrastrukturkomponente	Spezifikation
Rechenleistung	512 TB Speicher, 256 Kerne Verarbeitung
Investition in Laborausrüstung	12,6 Millionen US-Dollar (2023)
Genomsequenzierungskapazität	500 Genomsequenzen pro Monat

Silence Therapeutics plc (SLN) – Geschäftsmodell: Wertversprechen

Innovative Therapeutika zur Gen-Stilllegung gegen seltene genetische Krankheiten

Silence Therapeutics entwickelt RNA-Interferenz (RNAi)-Therapeutika mit Schwerpunkt auf seltenen genetischen Erkrankungen. Ab 2024 umfassen die Hauptprogramme des Unternehmens:

Programm	Zielkrankheit	Entwicklungsphase
SLN124	Seltene hämatologische Erkrankungen	Klinische Studien der Phase 2
SLN360	Herz-Kreislauf-Erkrankungen	Klinische Studien der Phase 1/2

Präzisionsmedizinischer Ansatz mithilfe der RNA-Interferenztechnologie

Die proprietäre Plattform des Unternehmens, SMART (Stabilisierte Nukleinsäure-Lipid-Partikel)ermöglicht eine gezielte Gen-Stummschaltung mit entscheidenden technologischen Vorteilen:

• Hohe Spezifität beim Gen-Targeting
• Reduzierte Effekte außerhalb des Ziels
• Verbesserter zellulärer Abgabemechanismus

Potenzial für die Entwicklung von Behandlungen mit weniger Nebenwirkungen

Die RNAi-Technologie von Silence Therapeutics zeigt Potenzial für präzisere therapeutische Interventionen im Vergleich zu herkömmlichen pharmazeutischen Ansätzen.

Technologiemetrik	Leistungsindikator
Effizienz der Gen-Stummschaltung	Bis zu 90 % Reduzierung der Zielgenexpression
Gezielte Lieferpräzision	>80 % Spezifität für beabsichtigte zelluläre Ziele

Personalisierte therapeutische Lösungen für ungedeckte medizinische Bedürfnisse

Die aktuelle Forschung konzentriert sich auf die Entwicklung personalisierter Behandlungen für genetische Störungen mit begrenzten bestehenden Therapieoptionen.

• Das Marktpotenzial für seltene genetische Krankheiten wird auf 150 Milliarden US-Dollar pro Jahr geschätzt
• Präzisionsmedizinischer Ansatz, der auf spezifische genetische Mutationen abzielt
• Potenzial, Patientenpopulationen anzusprechen, für die es derzeit keine Behandlungsalternativen gibt

Silence Therapeutics plc (SLN) – Geschäftsmodell: Kundenbeziehungen

Forschungskooperationen mit Pharmaunternehmen

Seit 2024 hat Silence Therapeutics wichtige Partnerschaften mit Pharmaunternehmen aufgebaut:

Partner	Partnerschaftsfokus	Kooperationsstatus
AstraZeneca	Entwicklung von siRNA-Therapeutika	Aktive Zusammenarbeit
Mallinckrodt	Therapeutika für seltene Krankheiten	Laufende Forschungsvereinbarung

Direkte Zusammenarbeit mit Patienteninteressengruppen

Silence Therapeutics hält sein Engagement aufrecht durch:

• Interaktionen im Netzwerk von Patienten mit seltenen Krankheiten
• Regelmäßige Kommunikationskanäle
• Programme zur Unterstützung von Teilnehmern klinischer Studien

Teilnahme an wissenschaftlichen Konferenzen und Branchenveranstaltungen

Kennzahlen zur Konferenzteilnahme für 2023–2024:

Ereignistyp	Anzahl der Präsentationen	Zielgruppenreichweite
Internationale RNA-Konferenzen	7	Über 1.200 Forscher
Symposien der Pharmaindustrie	4	Über 800 Branchenexperten

Transparente Kommunikation des klinischen Entwicklungsfortschritts

Kommunikationskanäle und Häufigkeit:

• Vierteljährliche Investorengespräche: 4 pro Jahr
• Monatliche Forschungsaktualisierungen
• Umfassende Offenlegung des Jahresberichts

Silence Therapeutics plc (SLN) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Vorträge und Veröffentlichungen

Silence Therapeutics nutzt peer-reviewte wissenschaftliche Fachzeitschriften und akademische Konferenzen für die Kanalkommunikation.

Veröffentlichungstyp	Jährliche Häufigkeit	Wichtige Plattformen
Von Experten begutachtete Zeitschriften	4-6 Veröffentlichungen	Naturbiotechnologie, Molekulartherapie
Wissenschaftliche Konferenzpräsentationen	3-5 Präsentationen	Amerikanische Gesellschaft für Gene & Zelltherapie

Investor-Relations-Kommunikation

Das Unternehmen unterhält mehrere Kommunikationskanäle für Investoren.

• Vierteljährliche Gewinnberichte
• Jährliche Aktionärsversammlungen
• Webcast-Präsentationen für Investoren
• Offenlegung der Nasdaq-Börse

Konferenzen der Pharmaindustrie

Konferenz	Anwesenheitshäufigkeit	Zweck
JPMorgan Healthcare-Konferenz	Jährlich	Vernetzung von Investoren und Partnern
BIO International Convention	Jährlich	Technologie-Schaufenster

Interaktionen mit Regulierungsbehörden

Zu den wichtigsten Kanälen für das regulatorische Engagement gehören:

• Treffen der FDA vor dem IND
• Verfahren zur wissenschaftlichen Beratung der EMA
• Einreichung von Protokollen für klinische Studien

Digitale und wissenschaftliche Medienplattformen

Plattform	Anzahl der Follower/Abonnenten	Primärer Kommunikationsschwerpunkt
LinkedIn	4.500 Follower	Professionelle Updates
Twitter	2.800 Follower	Forschungsankündigungen
Unternehmenswebsite	Monatliche Besucher: 15.000	Umfassende Unternehmensinformationen

Silence Therapeutics plc (SLN) – Geschäftsmodell: Kundensegmente

Pharma- und Biotechnologieunternehmen

Silence Therapeutics richtet sich an Pharma- und Biotechnologieunternehmen, die RNA-Interferenz-Therapeutika (RNAi) entwickeln.

Kundentyp	Potenzieller Zielmarkt	Geschätzte Marktgröße
Große Pharmaunternehmen	Novartis, AstraZeneca	15,3 Milliarden US-Dollar Markt für RNAi-Therapeutika (2023)
Biotech-Unternehmen	Alnylam, Arrowhead Pharmaceuticals	672 Millionen US-Dollar potenzieller Lizenzumsatz

Patientengemeinschaften für seltene Krankheiten

Silence Therapeutics konzentriert sich auf die Entwicklung von Therapien für seltene genetische Störungen.

• Geschätzte Patientenpopulation mit seltenen Krankheiten: 400 Millionen weltweit
• Gehen Sie auf genetische Störungen mit ungedecktem medizinischem Bedarf ein
• Zu den potenziellen Patientensegmenten zählen das hereditäre Angioödem und seltene Lebererkrankungen

Akademische Forschungseinrichtungen

Zusammenarbeit mit Forschungseinrichtungen zur Entwicklung fortschrittlicher RNAi-Technologie.

Forschungsschwerpunkt	Potenzielle Mitarbeiter	Forschungsinvestitionen
RNA-Interferenztechnologie	MIT, Harvard Medical School	Forschungspartnerschaften im Wert von 45 Millionen US-Dollar (2023)

Auf genetische Erkrankungen spezialisierte Gesundheitsdienstleister

Sprechen Sie spezialisierte Gesundheitsdienstleister an, die sich auf die Behandlung genetisch bedingter Krankheiten konzentrieren.

• Genetische Spezialkliniken: 1.200 weltweit
• Mögliche Behandlungsgebiete: Lebererkrankungen, Herz-Kreislauf-Erkrankungen
• Geschätztes Marktpotenzial: 3,2 Milliarden US-Dollar für spezialisierte Gentherapien

Silence Therapeutics plc (SLN) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Silence Therapeutics Forschungs- und Entwicklungskosten in Höhe von 24,4 Millionen Pfund.

Jahr	F&E-Ausgaben (in Mio. £)
2022	18.7
2023	24.4

Investitionen in klinische Studien

Die Investitionen in klinische Studien für Silence Therapeutics beliefen sich im Jahr 2023 auf etwa 16,2 Millionen Pfund und konzentrierten sich auf ihre führenden Programme im Bereich der genetischen Arzneimittel.

Aufrechterhaltung des geistigen Eigentums

Die jährlichen Kosten für die Aufrechterhaltung des geistigen Eigentums beliefen sich im Jahr 2023 auf etwa 1,5 Millionen Pfund.

• Kosten für die Patentanmeldung: 0,7 Mio. £
• Kosten für die Erneuerung des Patents: 0,8 Mio. £

Personal- und wissenschaftliche Talentakquise

Die gesamten Personalkosten für 2023 beliefen sich auf 12,8 Mio. £.

Personalkategorie	Jährliche Kosten (in Millionen Pfund)
Forschungswissenschaftler	7.2
Verwaltungspersonal	3.6
Management	2.0

Infrastruktur und Wartung der Technologieplattform

Die Kosten für Technologieinfrastruktur und Wartung beliefen sich im Jahr 2023 auf 3,5 Millionen Pfund.

• IT-Infrastruktur: 1,8 Mio. £
• Softwarelizenzen: 0,9 Mio. £
• Technologiewartung: 0,8 Mio. £

Silence Therapeutics plc (SLN) – Geschäftsmodell: Einnahmequellen

Mögliche Meilensteinzahlungen aus strategischen Partnerschaften

Ab 2024 hat Silence Therapeutics strategische Partnerschaften mit den folgenden potenziellen Meilensteinzahlungsstrukturen gesichert:

Partner	Mögliche Meilensteinzahlung	Programm
AstraZeneca	Bis zu 610 Millionen US-Dollar	Herz-Kreislauf-/Nierenprogramme
Mallinckrodt	Bis zu 320 Millionen US-Dollar	Programm für seltene Lungenerkrankungen

Zukünftige Lizenzvereinbarungen

Silence Therapeutics verfügt über potenzielle Lizenzvereinbarungen mit den folgenden geplanten Umsätzen:

• Potenzial für Lizenzen im präklinischen Stadium: 50–100 Millionen US-Dollar
• Potenzial für Lizenzierung im klinischen Stadium: 100–250 Millionen US-Dollar
• Potenzial für Lizenzen im fortgeschrittenen klinischen Stadium: 250–500 Millionen US-Dollar

Erwartete Einnahmen aus der Zusammenarbeit bei der Arzneimittelentwicklung

Bereich für Zusammenarbeit	Geschätzter Jahresumsatz	Status
SLN124-Programm	75–125 Millionen US-Dollar	Laufende klinische Entwicklung
Programme für seltene Krankheiten	50-80 Millionen Dollar	Frühe Entwicklungsphase

Mögliche Lizenzeinnahmen aus kommerzialisierten Therapien

Voraussichtliche Spanne der Lizenzeinnahmen:

• Niedrige Lizenzgebühren: 5–8 % des Nettoumsatzes
• Lizenzgebühren der mittleren Preisklasse: 8–12 % des Nettoumsatzes
• Hochrangige Lizenzgebühren: 12–15 % des Nettoumsatzes

Therapie	Mögliche Spitzenverkäufe	Geschätzter Lizenzgebührensatz
SLN124	500-750 Millionen US-Dollar	10-12%
Therapien für seltene Krankheiten	200-350 Millionen Dollar	8-10%

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.