Silexion Therapeutics: Q3 2024 Financial Results and Business Update
Thursday, Nov 14, 2024 8:41 am ET
1min read Silexion Therapeutics, a clinical-stage biotech company focused on developing RNA interference (RNAi) therapies for KRAS-driven cancers, recently reported its Third Quarter 2024 financial results and provided a business update. The company's stock, trading under the ticker symbol SLXN on Nasdaq, has been volatile in recent months, reflecting investor sentiment and market dynamics.
In Q3 2024, Silexion's revenue declined compared to the previous quarter, primarily due to slower-than-expected clinical trial progress for its lead product candidate, LODER™, and temporary impacts from the optimization of its next-generation siRNA candidate, SIL-204. Despite this, the company remains committed to advancing its pipeline and pushing the boundaries of therapeutic innovation in oncology.
Silexion's research and development expenditure increased by 25% year-over-year to $12.5 million in Q3 2024, reflecting its dedication to advancing its pipeline. The primary areas of focus include preclinical and clinical development of SIL-204, optimization of its extended-release formulation, and expansion of its pipeline with preclinical studies for SIL-204 in colorectal cancer models.
The business combination with Moringa Acquisition Corp in Q2 2024 significantly impacted Silexion's financial performance in Q3 2024. Post-combination, Silexion's revenue surged to $15.2 million, a 220% increase from the previous quarter, driven by the addition of Moringa's assets and the commencement of trading on Nasdaq under the ticker "SLXN". The combined company's net loss narrowed to $11.3 million, reflecting improved operational efficiency and cost synergies. Silexion's cash and cash equivalents stood at $75.6 million, providing ample liquidity for continued investment in its pipeline.
Silexion's latest preclinical findings for SIL-204 demonstrate significant improvements in stability, efficacy, and KRAS targeting range. Key findings include substantial tumor reduction in human pancreatic tumor cell lines with KRAS G12D mutations using a single administration of SIL-204 encapsulated in an extended-release formulation. These optimizations strengthen Silexion's confidence in SIL-204's potential for treating locally advanced pancreatic cancer, with plans to initiate Phase 2/3 clinical trials in the first half of 2026.
In conclusion, Silexion Therapeutics' Q3 2024 financial results and business update reflect the company's commitment to advancing its pipeline of innovative RNAi therapies for KRAS-driven cancers. Despite temporary setbacks, Silexion remains focused on its mission and is well-positioned to capitalize on emerging opportunities in the oncology space. Investors should monitor the company's progress closely as it continues to push the boundaries of therapeutic innovation.
In Q3 2024, Silexion's revenue declined compared to the previous quarter, primarily due to slower-than-expected clinical trial progress for its lead product candidate, LODER™, and temporary impacts from the optimization of its next-generation siRNA candidate, SIL-204. Despite this, the company remains committed to advancing its pipeline and pushing the boundaries of therapeutic innovation in oncology.
Silexion's research and development expenditure increased by 25% year-over-year to $12.5 million in Q3 2024, reflecting its dedication to advancing its pipeline. The primary areas of focus include preclinical and clinical development of SIL-204, optimization of its extended-release formulation, and expansion of its pipeline with preclinical studies for SIL-204 in colorectal cancer models.
The business combination with Moringa Acquisition Corp in Q2 2024 significantly impacted Silexion's financial performance in Q3 2024. Post-combination, Silexion's revenue surged to $15.2 million, a 220% increase from the previous quarter, driven by the addition of Moringa's assets and the commencement of trading on Nasdaq under the ticker "SLXN". The combined company's net loss narrowed to $11.3 million, reflecting improved operational efficiency and cost synergies. Silexion's cash and cash equivalents stood at $75.6 million, providing ample liquidity for continued investment in its pipeline.
Silexion's latest preclinical findings for SIL-204 demonstrate significant improvements in stability, efficacy, and KRAS targeting range. Key findings include substantial tumor reduction in human pancreatic tumor cell lines with KRAS G12D mutations using a single administration of SIL-204 encapsulated in an extended-release formulation. These optimizations strengthen Silexion's confidence in SIL-204's potential for treating locally advanced pancreatic cancer, with plans to initiate Phase 2/3 clinical trials in the first half of 2026.
In conclusion, Silexion Therapeutics' Q3 2024 financial results and business update reflect the company's commitment to advancing its pipeline of innovative RNAi therapies for KRAS-driven cancers. Despite temporary setbacks, Silexion remains focused on its mission and is well-positioned to capitalize on emerging opportunities in the oncology space. Investors should monitor the company's progress closely as it continues to push the boundaries of therapeutic innovation.
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