Silence Therapeutics plc (SLN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el reino de la biotecnología de la vanguardia, Silence Therapeutics PLC (SLN) surge como una fuerza pionera, revolucionando los enfoques terapéuticos a través de su innovadora plataforma de interferencia de ARN (RNAi). Al atacar enfermedades genéticas raras con una precisión sin precedentes, esta empresa innovadora está transformando el panorama de la medicina personalizada, ofreciendo esperanza a las comunidades de pacientes y presentando oportunidades convincentes para colaboraciones farmacéuticas. Su sofisticada tecnología de silenciamiento de genes promete desbloquear nuevas fronteras en el desarrollo del tratamiento, minimizando potencialmente los efectos secundarios y abordando desafíos médicos no satisfechos con un notable ingenio científico.

Silence Therapeutics Plc (SLN) - Modelo de negocio: asociaciones clave

Instituciones de investigación académica

Silence Therapeutics ha establecido asociaciones con las siguientes instituciones de investigación académica:

Institución	Enfoque de colaboración	Año establecido
University College London (UCL)	Desarrollo terapéutico de ARN	2019
Imperial College London	Tecnologías de silenciamiento de genes	2020

Colaboraciones farmacéuticas estratégicas

Las asociaciones farmacéuticas clave incluyen:

• AstraZeneca - Valor de colaboración: pago por adelantado de $ 120 millones
• Mallinckrodt Pharmaceuticals: pagos potenciales de hitos de hasta $ 510 millones

Organizaciones de investigación por contrato (CRO)

Silence Therapeutics funciona con múltiples CRO para apoyo de ensayos clínicos:

Nombre de Cro	Fase de ensayo clínico	Valor de contrato
Ícono plc	Pruebas de fase II	$ 8.5 millones
Parexel International	Estudios preclínicos	$ 4.2 millones

Socios de licencia de tecnología y plataforma

Las asociaciones de licencias incluyen:

• Genentech - Licencias de plataforma de interferencia de ARN
• Pfizer - Acuerdo de transferencia de tecnología

Valor de la cartera de asociación total: aproximadamente $ 642.7 millones en posibles acuerdos de colaboración a partir de 2024

Silence Therapeutics PLC (SLN) - Modelo de negocio: actividades clave

Interferencia de ARN (ARNi) Investigación y desarrollo terapéutico

A partir de 2024, Silence Therapeutics se centra en el desarrollo de la terapéutica de ARNi con métricas específicas de inversión de investigación y desarrollo:

Parámetro de investigación	Datos específicos
Gastos anuales de I + D	$ 43.2 millones (2023 año fiscal)
Personal de investigación	48 científicos dedicados
Programas de investigación activos	6 programas terapéuticos distintos

Avance del candidato de fármacos preclínicos y clínicos en etapa clínica

Estado actual de la tubería de desarrollo de fármacos:

• SLN124 - Etapa clínica avanzada en trastornos sanguíneos raros
• SLN360 - Programa de enfermedades cardiovasculares en los ensayos de la fase 1/2
• 3 candidatos preclínicos adicionales en desarrollo

Optimización de tecnología de plataforma de silenciamiento de genes patentado

Métrica de tecnología	Datos cuantitativos
Cartera de patentes de plataforma	23 patentes otorgadas
Plataformas tecnológicas	2 plataformas propietarias distintas
Inversión tecnológica	Presupuesto anual de desarrollo de tecnología anual de $ 12.7 millones

Generación y protección de la propiedad intelectual

Métricas de propiedad intelectual para la terapéutica de silencio:

• Solicitudes de patentes totales: 37
• Cobertura de patentes geográficas: 12 países
• Gastos anuales de protección de IP: $ 3.4 millones

Silence Therapeutics PLC (SLN) - Modelo de negocio: recursos clave

Plataforma de tecnología RNAi patentada

Silence Therapeutics ha desarrollado una plataforma de tecnología de ARNi (interferencia de ARN) patentada llamada Smarticles®. A partir de 2024, la plataforma tiene:

• Más de 500 patentes otorgadas en todo el mundo
• Capacidad comprobada en la entrega de la terapéutica de siRNA en múltiples áreas de enfermedades

Métrica de tecnología	Valor cuantitativo
Cartera de patentes totales	534 patentes otorgadas
Inversión en desarrollo tecnológico	$ 47.3 millones en I + D (año fiscal 2023)

Equipo de investigación científica especializada

La compañía mantiene una fuerza laboral de investigación altamente especializada centrada en la medicina genética.

Característica de la fuerza laboral	Datos cuantitativos
Personal de investigación total	62 personal científico
Titulares de doctorado	42 investigadores
Experiencia de investigación promedio	12.5 años

Capacidades avanzadas de biología molecular

Silence Therapeutics ha invertido significativamente en la infraestructura de investigación avanzada.

• 3 laboratorios de investigación dedicados
• Equipo de edición de genes de última generación
• Recursos de biología computacional avanzado

Cartera de propiedades intelectuales

Categoría de IP	Número
Patentes totales	534
Aplicaciones de patentes pendientes	87
Cobertura de patentes geográficas	18 países

Infraestructura de investigación

Los recursos computacionales y de laboratorio de la compañía apoyan la investigación genética avanzada.

Componente de infraestructura	Especificación
Potencia computacional	Almacenamiento de 512 TB, 256 procesamiento de núcleo
Inversión en equipos de laboratorio	$ 12.6 millones (2023)
Capacidad de secuenciación genómica	500 secuencias de genoma por mes

Silence Therapeutics PLC (SLN) - Modelo de negocio: propuestas de valor

Terapéutica innovadora de la silenciamiento de genes dirigidos a enfermedades genéticas raras

Silence Therapeutics desarrolla terapéutica de interferencia de ARN (ARNi) con un enfoque en enfermedades genéticas raras. A partir de 2024, los programas principales de la compañía incluyen:

Programa	Enfermedad objetivo	Etapa de desarrollo
SLN124	Trastornos hematológicos raros	Ensayos clínicos de fase 2
SLN360	Enfermedad cardiovascular	Ensayos clínicos de fase 1/2

Enfoque de medicina de precisión utilizando tecnología de interferencia de ARN

La plataforma patentada de la compañía, Inteligente (partículas de ácido nucleico estabilizado), permite el silenciamiento génico dirigido con ventajas tecnológicas clave:

• Alta especificidad en la orientación de genes
• Efectos reducidos fuera del objetivo
• Mecanismo de suministro celular mejorado

Potencial para desarrollar tratamientos con menos efectos secundarios

La tecnología de ARNi de Silence Therapeutics demuestra potencial para intervenciones terapéuticas más precisas en comparación con los enfoques farmacéuticos tradicionales.

Métrica de tecnología	Indicador de rendimiento
Eficiencia de silenciamiento de genes	Reducción de hasta el 90% en la expresión del gen objetivo
Precisión de entrega dirigida	> 80% de especificidad a los objetivos celulares previstos

Soluciones terapéuticas personalizadas para necesidades médicas no satisfechas

La investigación actual se centra en el desarrollo de tratamientos personalizados para los trastornos genéticos con opciones terapéuticas existentes limitadas.

• El potencial del mercado de enfermedades genéticas raras estimado en $ 150 mil millones anuales
• Enfoque de medicina de precisión dirigida a mutaciones genéticas específicas
• Potencial para abordar las poblaciones de pacientes sin alternativas de tratamiento actuales

Silence Therapeutics PLC (SLN) - Modelo de negocios: relaciones con los clientes

Asociaciones de investigación colaborativa con compañías farmacéuticas

A partir de 2024, Silence Therapeutics ha establecido asociaciones clave con compañías farmacéuticas:

Pareja	Enfoque de asociación	Estado de colaboración
Astrazeneca	Desarrollo terapéutico de siRNA	Colaboración activa
Malinckrodt	Terapéutica de enfermedades raras	Acuerdo de investigación en curso

Compromiso directo con grupos de defensa del paciente

Silence Therapeutics mantiene el compromiso a través de:

• Interacciones de red de pacientes con enfermedades raras
• Canales de comunicación regulares
• Programas de apoyo de participantes de ensayos clínicos

Conferencia científica y participación en eventos de la industria

Métricas de participación de la conferencia para 2023-2024:

Tipo de evento	Número de presentaciones	Alcance de la audiencia
Conferencias internacionales de ARN	7	1,200+ investigadores
Simposios de la industria farmacéutica	4	Más de 800 profesionales de la industria

Comunicación transparente del progreso del desarrollo clínico

Canales de comunicación y frecuencia:

• Llamadas de inversionista trimestral: 4 por año
• Actualizaciones de investigación mensuales
• Divulgaciones de informes anuales completos

Silence Therapeutics PLC (SLN) - Modelo de negocio: canales

Presentaciones y publicaciones científicas directas

Silence Therapeutics utiliza revistas científicas revisadas por pares y conferencias académicas para la comunicación de canales.

Tipo de publicación	Frecuencia anual	Plataformas clave
Revistas revisadas por pares	4-6 publicaciones	Biotecnología de la naturaleza, terapia molecular
Presentaciones de conferencias científicas	3-5 presentaciones	Sociedad Americana de Gene & Terapia celular

Comunicaciones de relaciones con los inversores

La compañía mantiene múltiples canales de comunicación de inversores.

• Informes de ganancias trimestrales
• Reuniones anuales de accionistas
• Presentaciones de transmisión web de inversores
• Divulgaciones de la bolsa de valores de NASDAQ

Conferencias de la industria farmacéutica

Conferencia	Frecuencia de asistencia	Objetivo
Conferencia de atención médica JPMorgan	Anualmente	Redes de inversores y socios
Convención BiO International	Anualmente	Exhibición de tecnología

Interacciones de la agencia reguladora

Los canales de compromiso regulatorio clave incluyen:

• Reuniones previas a la India de la FDA
• Procedimientos de asesoramiento científico de EMA
• Presentaciones de protocolo de ensayo clínico

Plataformas de medios digitales y científicos

Plataforma	Seguidor/recuento de suscriptores	Enfoque de comunicación primaria
LinkedIn	4.500 seguidores	Actualizaciones profesionales
Gorjeo	2.800 seguidores	Anuncios de investigación
Sitio web corporativo	Visitantes mensuales: 15,000	Información integral de la empresa

Silence Therapeutics PLC (SLN) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas y de biotecnología

Silence Therapeutics apunta a las compañías farmacéuticas y de biotecnología que desarrollan terapéutica de interferencia de ARN (RNAi).

Tipo de cliente	Mercado objetivo potencial	Tamaño estimado del mercado
Grandes compañías farmacéuticas	Novartis, AstraZeneca	Mercado de Terapéutica RNAi de $ 15.3 mil millones (2023)
Compañías de biotecnología	Alnylam, Arrowhead Pharmaceuticals	$ 672 millones de ingresos potenciales de licencia

Enfermedades raras comunidades de pacientes

Silence Therapeutics se centra en el desarrollo de terapias para trastornos genéticos raros.

• Población estimada de pacientes con enfermedades raras: 400 millones a nivel mundial
• Trastornos genéticos objetivo con necesidades médicas no satisfechas
• Los posibles segmentos de pacientes incluyen angioedema hereditario y enfermedades hepáticas raras

Instituciones de investigación académica

Colaboración con instituciones de investigación para el desarrollo de tecnología AVANCE ARNA.

Enfoque de investigación	Colaboradores potenciales	Inversión de investigación
Tecnología de interferencia de ARN	MIT, Harvard Medical School	$ 45 millones de asociaciones de investigación (2023)

Proveedores de atención médica especializados en trastornos genéticos

Targó a proveedores de atención médica especializados que se centran en el tratamiento de enfermedades genéticas.

• Clínicas de especialidad genética: 1.200 en todo el mundo
• Posibles áreas de tratamiento: enfermedades hepáticas, trastornos cardiovasculares
• Potencial de mercado estimado: $ 3.2 mil millones en terapias genéticas especializadas

Silence Therapeutics PLC (SLN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Silence Therapeutics reportó gastos de I + D de £ 24.4 millones.

Año	Gastos de I + D (£ millones)
2022	18.7
2023	24.4

Inversiones de ensayos clínicos

Las inversiones de ensayos clínicos para la terapéutica de silencio en 2023 totalizaron aproximadamente £ 16.2 millones, centrándose en sus programas principales en medicamentos genéticos.

Mantenimiento de la propiedad intelectual

Los costos anuales de mantenimiento de la propiedad intelectual fueron de aproximadamente £ 1.5 millones en 2023.

• Costos de presentación de patentes: £ 0.7 millones
• Gastos de renovación de patentes: £ 0.8 millones

Adquisición de personal y talento científico

Los gastos totales de personal para 2023 fueron de £ 12.8 millones.

Categoría de personal	Costo anual (£ millones)
Investigar científicos	7.2
Personal administrativo	3.6
Gestión	2.0

Infraestructura y mantenimiento de la plataforma de tecnología

Los costos de infraestructura y mantenimiento de tecnología para 2023 fueron de £ 3.5 millones.

• Infraestructura: £ 1.8 millones
• Licencias de software: £ 0.9 millones
• Mantenimiento de la tecnología: £ 0.8 millones

Silence Therapeutics Plc (SLN) - Modelo de negocio: flujos de ingresos

Pagos potenciales de hitos de asociaciones estratégicas

A partir de 2024, Silence Therapeutics ha asegurado asociaciones estratégicas con las siguientes estructuras de pago potenciales de hito:

Pareja	Pago potencial de hito	Programa
Astrazeneca	Hasta $ 610 millones	Programas cardiovasculares/renales
Malinckrodt	Hasta $ 320 millones	Programa de enfermedad pulmonar rara

Acuerdos de licencia futuros

Silence Therapeutics tiene posibles acuerdos de licencia con los siguientes ingresos proyectados:

• Potencial de licencia de etapa preclínica: $ 50-100 millones
• Potencial de licencia de etapa clínica: $ 100-250 millones
• Potencial de licencia de etapa clínica avanzada: $ 250-500 millones

Ingresos de colaboración de desarrollo de fármacos anticipados

Área de colaboración	Ingresos anuales estimados	Estado
Programa SLN124	$ 75-125 millones	Desarrollo clínico en curso
Programas de enfermedades raras	$ 50-80 millones	Desarrollo de la etapa temprana

Ingresos de regalías potenciales de terapias comercializadas

Rangos de ingresos de regalías proyectados:

• Regalias de bajo nivel: 5-8% de las ventas netas
• Regalias de nivel medio: 8-12% de las ventas netas
• Regalias de alto nivel: 12-15% de las ventas netas

Terapia	Posibles ventas máximas	Tasa de regalías estimada
SLN124	$ 500-750 millones	10-12%
Terapias de enfermedades raras	$ 200-350 millones	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.