Silence Therapeutics Plc
SLN evidence brief
What we can confirm
- BioSniper Score:
- 4.8 / 10
- Market Cap:
- $809.2M
- Lead Asset:
- Divesiran (Phase 2)
What it means
What to watch
Prepared research question
What matters most for SLN—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · SLN
Silence Therapeutics plc (SLN) is a global clinical-stage biotechnology company developing novel siRNA therapies, with a lead program in polycythemia vera (divesiran) and a partnered program in dyslipidemia (zerlasiran/SLN360).
Key risk: No revenue, net loss
BioSniper Score
Based on 4 of 6 signals
Market Cap
$809.2M
Cash Runway
—
Lead Asset
Divesiran (Phase 2)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 6 clinical trials for Silence Therapeutics Plc.
Similar companies
Silence Therapeutics plc (SLN) is a global clinical-stage biotechnology company developing novel siRNA therapies, with a lead program in polycythemia vera (divesiran) and a partnered program in dyslipidemia (zerlasiran/SLN360).
- Cash & equivalents of $72.1M as of 2026-06-30 [sec].
- Total revenue $0.0M and net income -$12.3M as of 2026-06-30 [sec].
- Phase 2 SANRECO trial of divesiran in polycythemia vera met its primary endpoint, supporting advancement to Phase III [news · 2026-08-11].
- Zerlasiran (SLN360) is a Phase 3 ready program for cardiovascular disease due to high Lp(a) [sec_mda · as of 2026-03-05].
- FDA has granted divesiran Fast Track and orphan drug designation [sec_mda · as of 2026-05-07].
What works
- Divesiran demonstrated durable hematocrit control and reduced phlebotomy use in Phase 1, with Phase 2 topline results positive and supporting quarterly dosing [sec_mda · as of 2026-08-10].
- Zerlasiran showed an 85.6% reduction in lipoprotein(a) concentration from baseline to week 36 in a Phase 2 trial [catalyst].
- The company has a broad collaboration with AstraZeneca leveraging its mRNAi GOLD platform for multiple diseases [sec_mda · as of 2026-03-05].
- Cash position of $72.1M as of 2026-06-30 provides a runway for ongoing development [sec].
What to weigh
- The company has no revenue and a net loss of $12.3M as of 2026-06-30, indicating reliance on external funding [sec].
- Shareholders' equity of $38.5M as of 2026-06-30 is relatively low compared to cash, suggesting potential dilution risk [sec].
- The zerlasiran program is Phase 3 ready but has not yet entered Phase 3, with no guaranteed regulatory or commercial success [sec_mda · as of 2026-03-05].
- Divesiran's Phase 2 trial enrolled only 48 patients, and broader efficacy/safety data from larger Phase III trials are still needed [sec_mda · as of 2026-08-10].
From the filings
Quoted directly from source documents.
Divesiran Phase 2 SANRECO trial met its primary endpoint and supports Phase III.
“Silence Therapeutics (NASDAQ:SLN) reported top-line results from its Phase II SANRECO trial of divesiran in patients with phlebotomy-dependent polycythemia vera, or PV, with the study meeting its primary endpoint and supporting the company’s plan to advance a quarterly dosing regimen into Phase III.”
News · August 11, 2026
Zerlasiran achieved an 85.6% reduction in Lp(a) at week 36.
“the least-squares mean time-averaged percent change in lipoprotein(a) concentration from baseline to week 36 was -85.6% (95% CI, -90.9% to -80.3%), -82.8% (95% CI, -88”
Catalysts
FDA granted divesiran Fast Track and orphan drug designation.
“The U.S. Food and Drug Administration, or FDA, has granted divesiran Fast Track and orphan drug designation”
SEC MD&A · May 7, 2026
Catalyst timeline
- 2022-12-13 · Phase2_Start: SLN360 Phase 2 trial in participants with elevated Lp(a) — A multi-centre, randomised, double-blind, placebo-controlled Phase 2 study of SLN360 in participants with elevated lipoprotein(a) at high risk of atherosclerotic cardiovascular disease events.
- 2023-01-26 · Phase2_Start: SLN124 Phase 1/2 trial in polycythemia vera patients — Phase 1/2 study with open-label dose escalation followed by randomized, double-blind phase of SLN124 in patients with polycythemia vera.
- 2024-12-17 · Trial_Readout: Zerlasiran Phase 2 clinical trial results — Reported least-squares mean time-averaged percent change in lipoprotein(a) concentration from baseline to week 36 of -85.6%.
Risks & what to watch (4)›
Key risks
- No revenue, net loss — Total revenue $0.0M and net income -$12.3M as of 2026-06-30 [sec].
- Low shareholders' equity — Shareholders' equity of $38.5M as of 2026-06-30, indicating potential dilution risk [sec].
- Phase 3 not yet started — Zerlasiran is Phase 3 ready but has not entered Phase 3; no guarantee of success [sec_mda · as of 2026-03-05].
- Small Phase 2 sample size — Divesiran Phase 2 enrolled only 48 patients; larger Phase III data needed [sec_mda · as of 2026-08-10].
What to watch
- Initiation of Phase III trial for divesiran following positive Phase 2 results [news · 2026-08-11].
- Potential Phase 3 start for zerlasiran program [sec_mda · as of 2026-03-05].
- Cash runway and any financing or dilution events given $72.1M cash and $0 revenue [sec].
- Progress of AstraZeneca collaboration programs, including SLN312 (AZD1705) [sec_mda · as of 2026-08-10].
Sources: Catalysts · News · SEC filings · SEC MD&A · Generated October 13, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 1.77 · 0% dilution
Lead: Phase 2
3 candidates
No upcoming catalysts tracked
0 buys · 17 sells (180d)
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
56
Total value held
$100.5M
| Holder | Shares | Value |
|---|---|---|
| tcg crossover management, llc | 3,033,560 | $16.0M |
| siren, l.l.c. | 2,911,438 | $15.3M |
| redmile group, llc | 2,164,777 | $11.4M |
| nantahala capital management, llc | 2,146,731 | $11.3M |
| citadel advisors llc | 1,234,807 | $6.5M |
| millennium management llc | 1,074,191 | $5.7M |
| great point partners llc | 1,020,489 | $5.4M |
| nextech invest, ltd. | 952,400 | $5.0M |
| tetragon partners gp ltd | 630,161 | $3.3M |
| 5am venture management, llc | 476,200 | $2.5M |
Showing top 10 of 56 institutional holders of Silence Therapeutics Plc. Open the full 13F history after sign-in.
Short Interest
as of May 22, 2026- % of float
- 6.0%
- Days to cover
- 5.1
- Shares short
- 2,156,496
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
SLN short interestGovernance
Frequently asked questions
What is the AI investment thesis for Silence Therapeutics Plc?
Silence Therapeutics plc (SLN) is a global clinical-stage biotechnology company developing novel siRNA therapies, with a lead program in polycythemia vera (divesiran) and a partnered program in dyslipidemia (zerlasiran/SLN360).
What is Silence Therapeutics Plc's lead drug candidate?
Silence Therapeutics Plc's most advanced tracked candidate is Divesiran (Phase 2) for Polycythemia vera (PV).
Who is the CEO of Silence Therapeutics Plc?
Mr. Iain Gladstone Ross B.Sc., BSc (Hons), C.DIR, CH.D is the chief executive officer of Silence Therapeutics Plc (SLN).
Where is Silence Therapeutics Plc headquartered?
Silence Therapeutics Plc (SLN) is headquartered in London, United Kingdom.
What therapeutic areas does Silence Therapeutics Plc focus on?
Silence Therapeutics Plc develops therapies across Oncology, Cardiovascular, Metabolic.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.