Silence Therapeutics plc (SLN): modelo de negócios [Jan-2025 Atualizado]

No reino de ponta da biotecnologia, o Silence Therapeutics PLC (SLN) surge como uma força pioneira, revolucionando as abordagens terapêuticas através de sua plataforma inovadora de interferência de RNA (RNAi). Ao direcionar doenças genéticas raras com precisão sem precedentes, esta empresa inovadora está transformando o cenário da medicina personalizada, oferecendo esperança às comunidades de pacientes e apresentando oportunidades atraentes para colaborações farmacêuticas. Sua sofisticada tecnologia de silenciamento de genes promete desbloquear novas fronteiras no desenvolvimento do tratamento, potencialmente minimizando os efeitos colaterais e enfrentando desafios médicos não atendidos com notável ingenuidade científica.

Silence Therapeutics plc (SLN) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa acadêmica

A Silence Therapeutics estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco de colaboração	Ano estabelecido
University College London (UCL)	Desenvolvimento terapêutico de RNA	2019
Imperial College London	Tecnologias de silenciamento de genes	2020

Colaborações farmacêuticas estratégicas

As principais parcerias farmacêuticas incluem:

• AstraZeneca - Valor da colaboração: US $ 120 milhões
• Mallinckrodt Pharmaceuticals - potenciais pagamentos de marcos até US $ 510 milhões

Organizações de pesquisa contratada (CROs)

O Silence Therapeutics trabalha com vários CROs para apoio aos ensaios clínicos:

Nome do CRO	Fase de ensaios clínicos	Valor do contrato
Icon plc	Ensaios de Fase II	US $ 8,5 milhões
Parexel International	Estudos pré -clínicos	US $ 4,2 milhões

Parceiros de licenciamento de tecnologia e plataforma

As parcerias de licenciamento incluem:

• Genentech - Licenciamento da plataforma de interferência de RNA
• Pfizer - Contrato de transferência de tecnologia

Valor da portfólio de parceria total: aproximadamente US $ 642,7 milhões em possíveis acordos colaborativos a partir de 2024

SILENCE THERAPEUTICS PLC (SLN) - Modelo de negócios: Atividades -chave

Interferência de RNA (RNAi) Pesquisa e Desenvolvimento Terapêutico

A partir de 2024, a Silence Therapeutics se concentra no desenvolvimento da RNAi Therapeutics com métricas específicas de investimento e desenvolvimento de pesquisa:

Parâmetro de pesquisa	Dados específicos
Despesas anuais de P&D	US $ 43,2 milhões (2023 ano fiscal)
Pessoal de pesquisa	48 cientistas dedicados
Programas de pesquisa ativa	6 programas terapêuticos distintos

Avanço de candidatos a medicamentos pré -clínicos e clínicos

Status do pipeline de desenvolvimento de medicamentos atual:

• SLN124 - estágio clínico avançado em distúrbios do sangue raros
• SLN360 - Programa de doenças cardiovasculares em ensaios de Fase 1/2
• 3 candidatos pré -clínicos adicionais em desenvolvimento

Otimização de tecnologia de silenciamento de genes

Métrica de tecnologia	Dados quantitativos
Portfólio de patentes da plataforma	23 patentes concedidas
Plataformas de tecnologia	2 plataformas proprietárias distintas
Investimento em tecnologia	US $ 12,7 milhões de orçamento anual de desenvolvimento de tecnologia

Geração e proteção de propriedade intelectual

Métricas de propriedade intelectual para terapêutica de silêncio:

• Total de pedidos de patente: 37
• Cobertura de patente geográfica: 12 países
• Despesas anuais de proteção de IP: US $ 3,4 milhões

Silence Therapeutics plc (SLN) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia RNAi proprietária

A Silence Therapeutics desenvolveu uma plataforma proprietária de tecnologia RNAi (RNA Interference) chamada Smarticles®. A partir de 2024, a plataforma possui:

• Mais de 500 patentes concedidas em todo o mundo
• Capacidade comprovada na entrega de terapêuticas de siRNA em várias áreas de doenças

Métrica de tecnologia	Valor quantitativo
Portfólio total de patentes	534 Patentes concedidas
Investimento em desenvolvimento de tecnologia	US $ 47,3 milhões em P&D (ano fiscal de 2023)

Equipe de pesquisa científica especializada

A empresa mantém uma força de trabalho de pesquisa altamente especializada focada na medicina genética.

Característica da força de trabalho	Dados quantitativos
Pessoal de pesquisa total	62 funcionários científicos
Titulares de doutorado	42 pesquisadores
Experiência média de pesquisa	12,5 anos

Capacidades avançadas de biologia molecular

A terapêutica do silêncio investiu significativamente na infraestrutura avançada de pesquisa.

• 3 laboratórios de pesquisa dedicados
• Equipamento de edição de genes de ponta
• Recursos avançados de biologia computacional

Portfólio de propriedade intelectual

Categoria IP	Número
Total de patentes	534
Aplicações de patentes pendentes	87
Cobertura de patente geográfica	18 países

Infraestrutura de pesquisa

Os recursos computacionais e laboratoriais da empresa apóiam a pesquisa genética avançada.

Componente de infraestrutura	Especificação
Poder computacional	512 armazenamento de TB, 256 processamento principal
Investimento de equipamentos de laboratório	US $ 12,6 milhões (2023)
Capacidade de sequenciamento genômico	500 sequências genômicas por mês

Silence Therapeutics plc (SLN) - Modelo de negócios: proposições de valor

Terapêutica inovadora de silenciamento de genes visando doenças genéticas raras

A terapêutica do silêncio desenvolve terapêutica de interferência de RNA (RNAi), com foco em doenças genéticas raras. A partir de 2024, os programas principais da empresa incluem:

Programa	Doença alvo	Estágio de desenvolvimento
SLN124	Distúrbios hematológicos raros	Ensaios clínicos de fase 2
SLN360	Doença cardiovascular	Fase 1/2 ensaios clínicos

Abordagem de medicina de precisão usando tecnologia de interferência de RNA

A plataforma proprietária da empresa, Smart (partículas de ácido nucleico-lipídico estabilizado), Ativa o silenciamento de genes direcionados com as principais vantagens tecnológicas:

• Alta especificidade no direcionamento de genes
• Efeitos fora do alvo reduzido
• Mecanismo de entrega celular aprimorado

Potencial para desenvolver tratamentos com menos efeitos colaterais

A tecnologia RNAi da The Silence Therapeutics demonstra potencial para intervenções terapêuticas mais precisas em comparação com as abordagens farmacêuticas tradicionais.

Métrica de tecnologia	Indicador de desempenho
Eficiência de silenciamento de genes	Até 90% de redução na expressão do gene alvo
Precisão de entrega direcionada	> 80% de especificidade para alvos celulares pretendidos

Soluções terapêuticas personalizadas para necessidades médicas não atendidas

A pesquisa atual se concentra no desenvolvimento de tratamentos personalizados para distúrbios genéticos com opções terapêuticas existentes limitadas.

• Potencial de mercado de doenças genéticas raras estimadas em US $ 150 bilhões anualmente
• Abordagem de medicina de precisão direcionada a mutações genéticas específicas
• Potencial para abordar as populações de pacientes sem alternativas atuais de tratamento

Silence Therapeutics plc (SLN) - Modelo de negócios: Relacionamentos do cliente

Parcerias de pesquisa colaborativa com empresas farmacêuticas

A partir de 2024, a Silence Therapeutics estabeleceu parcerias -chave com empresas farmacêuticas:

Parceiro	Foco em parceria	Status de colaboração
AstraZeneca	Desenvolvimento de terapêutica de siRNA	Colaboração ativa
Mallinckrodt	Terapêutica de doenças raras	Contrato de pesquisa em andamento

Engajamento direto com grupos de defesa do paciente

O Silence Therapeutics mantém o engajamento através de:

• Interações da rede de pacientes com doenças raras
• Canais de comunicação regulares
• Programas de apoio aos participantes do ensaio clínico

Conferência Científica e Participação de Eventos da Indústria

Métricas de participação na conferência para 2023-2024:

Tipo de evento	Número de apresentações	Alcance do público
Conferências Internacionais de RNA	7	1.200 mais de pesquisadores
Simpósios da indústria farmacêutica	4	Mais de 800 profissionais do setor

Comunicação transparente do progresso do desenvolvimento clínico

Canais de comunicação e frequência:

• Chamadas trimestrais de investidores: 4 por ano
• Atualizações mensais de pesquisa
• Divisão abrangente do relatório anual

Silence Therapeutics plc (SLN) - Modelo de negócios: canais

Apresentações científicas diretas e publicações

O Silence Therapeutics utiliza periódicos científicos revisados ​​por pares e conferências acadêmicas para a comunicação do canal.

Tipo de publicação	Frequência anual	Plataformas -chave
Revistas revisadas por pares	4-6 publicações	Biotecnologia da natureza, terapia molecular
Apresentações da conferência científica	3-5 apresentações	Sociedade Americana de Gene & Terapia celular

Comunicações de Relações com Investidores

A empresa mantém vários canais de comunicação de investidores.

• Relatórios de ganhos trimestrais
• Reuniões anuais de acionistas
• Apresentações de investidores no webcast
• Divulgações da Bolsa de Valores da NASDAQ

Conferências da indústria farmacêutica

Conferência	Frequência de participação	Propósito
Conferência de Saúde JPMorgan	Anualmente	Investidor e rede de parceiros
Convenção Bio Internacional	Anualmente	Vitrine de tecnologia

Interações da agência regulatória

Os principais canais de engajamento regulatório incluem:

• Reuniões da FDA pré-ilegal
• Procedimentos de aconselhamento científico da EMA
• Envios de protocolo de ensaios clínicos

Plataformas de mídia digital e científica

Plataforma	Contagem de seguidores/assinantes	Foco de comunicação primária
LinkedIn	4.500 seguidores	Atualizações profissionais
Twitter	2.800 seguidores	Anúncios de pesquisa
Site corporativo	Visitantes mensais: 15.000	Informações abrangentes da empresa

Silence Therapeutics plc (SLN) - Modelo de negócios: segmentos de clientes

Empresas farmacêuticas e de biotecnologia

O silêncio terapêutica tem como alvo as empresas farmacêuticas e de biotecnologia que desenvolvem terapêutica de interferência de RNA (RNAi).

Tipo de cliente	Potencial mercado -alvo	Tamanho estimado do mercado
Grandes empresas farmacêuticas	Novartis, AstraZeneca	US $ 15,3 bilhões no mercado de terapêutica RNAi (2023)
Empresas de biotecnologia	Alnylam, Arrowhead Pharmaceuticals	Receita potencial de licenciamento em potencial de US $ 672 milhões

Comunidades de pacientes com doenças raras

A terapêutica do silêncio se concentra no desenvolvimento de terapias para distúrbios genéticos raros.

• População de pacientes com doença rara estimada: 400 milhões globalmente
• Alvo distúrbios genéticos com necessidades médicas não atendidas
• Segmentos potenciais de pacientes incluem angioedema hereditário e doenças hepáticas raras

Instituições de pesquisa acadêmica

Colaboração com instituições de pesquisa para desenvolvimento avançado de tecnologia RNAi.

Foco na pesquisa	Colaboradores em potencial	Investimento em pesquisa
Tecnologia de interferência de RNA	MIT, Harvard Medical School	R $ 45 milhões de parcerias de pesquisa (2023)

Provedores de saúde especializados em distúrbios genéticos

Fornecedores de assistência médica especializados com alvo focando no tratamento de doenças genéticas.

• Clínicas de especialidade genética: 1.200 em todo o mundo
• Áreas de tratamento em potencial: doenças hepáticas, distúrbios cardiovasculares
• Potencial de mercado estimado: US $ 3,2 bilhões em terapias genéticas especializadas

Silence Therapeutics plc (SLN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Silence Therapeutics registrou despesas de P&D de £ 24,4 milhões.

Ano	Despesas de P&D (milhões de £)
2022	18.7
2023	24.4

Investimentos de ensaios clínicos

Os investimentos em ensaios clínicos para terapêutica de silêncio em 2023 totalizaram aproximadamente £ 16,2 milhões, concentrando -se em seus programas principais em medicamentos genéticos.

Manutenção da propriedade intelectual

Os custos anuais de manutenção da propriedade intelectual foram de aproximadamente 1,5 milhão de libras em 2023.

• Custos de arquivamento de patentes: £ 0,7 milhão
• Despesas de renovação de patentes: £ 0,8 milhão

Aquisição de funcionários e talentos científicos

As despesas totais de pessoal para 2023 foram de £ 12,8 milhões.

Categoria de pessoal	Custo anual (milhões de libras)
Cientistas de pesquisa	7.2
Equipe administrativo	3.6
Gerenciamento	2.0

Infraestrutura e manutenção da plataforma de tecnologia

Os custos de infraestrutura e manutenção de tecnologia para 2023 foram de £ 3,5 milhões.

• Infraestrutura de TI: £ 1,8 milhão
• Licenças de software: £ 0,9 milhão
• Manutenção da tecnologia: £ 0,8 milhão

Silence Therapeutics plc (SLN) - Modelo de negócios: fluxos de receita

Potenciais pagamentos marcantes de parcerias estratégicas

A partir de 2024, a Silence Therapeutics garantiu parcerias estratégicas com as seguintes estruturas de pagamento em potencial:

Parceiro	Pagamento em potencial	Programa
AstraZeneca	Até US $ 610 milhões	Programas cardiovasculares/renais
Mallinckrodt	Até US $ 320 milhões	Programa de doença pulmonar rara

Acordos de licenciamento futuros

A Silence Therapeutics possui possíveis acordos de licenciamento com as seguintes receitas projetadas:

• Potencial de licenciamento de estágio pré-clínico: US $ 50-100 milhões
• Potencial de licenciamento de estágio clínico: US $ 100-250 milhões
• Potencial de licenciamento de estágio clínico avançado: US $ 250-500 milhões

Receita de colaboração de desenvolvimento de medicamentos antecipados

Área de colaboração	Receita anual estimada	Status
Programa SLN124	US $ 75-125 milhões	Desenvolvimento clínico em andamento
Programas de doenças raras	US $ 50-80 milhões	Desenvolvimento em estágio inicial

Receita de royalties potenciais de terapias comercializadas

Intervalos de renda de royalties projetados:

• Royalties de baixa camada: 5-8% das vendas líquidas
• Royalties de nível intermediário: 8-12% das vendas líquidas
• Royalties de alto nível: 12-15% das vendas líquidas

Terapia	Vendas de pico potencial	Taxa de royalties estimada
SLN124	US $ 500-750 milhões	10-12%
Terapias de doenças raras	US $ 200-350 milhões	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.