Silence Therapeutics Q4 2024: Contradictions in Partnerships, Trial Preparations, and Strategic Directions

These are the key contradictions discussed in Silence Therapeutics' latest 2024Q4 earnings call, specifically including: Partnership discussions and strategy for zerlasiran, Preparation for Phase III trial, and Strategic direction for divesiran:



Financial Performance and Partnership Revenue:
- For the year ended December 31, 2024, Silence Therapeutics recorded $43.3 million in revenues, an increase of $11.7 million compared to 2023.
- The revenue growth was largely due to collaboration arrangements with partners like AstraZeneca and Hansoh Pharma.
- A significant portion of the increase came from royalty revenue from Alnylam, totaling approximately $144,000.

Research and Development (R&D) Costs:
- R&D costs rose in 2024 to $67.9 million, up from $56.9 million in 2023.
- The increase was primarily due to advancing proprietary programs, particularly zerlasiran and divesiran, and investing in platform development and new target identification.

Operational Decisions and Cash Runway:
- The company has decided to initiate the Phase III outcomes study of zerlasiran only after securing a partner, extending their cash runway into 2027.
- This decision was made to prioritize investment in rare disease programs with clear unmet needs and to maintain flexibility for innovative pipeline development while continuing partnering discussions.

Clinical Program Progress:
- The SANRECO Phase I study of divesiran completed with positive results, eliminating the need for phlebotomy in all well-controlled patients.
- Full enrollment in the Phase II divesiran PV study is expected by the end of 2025, and additional data presentations are planned for medical meetings this year.