Silence Therapeutics plc reported QQ3 2024 (Q3 FY2024) with a minimal revenue base and a substantial operating burn tied to ongoing R&D activity across its RNAi portfolio. Revenue for the quarter stood at £1.142 million, while gross profit was negative £1.632 million due to costs exceeding sales. The company posted an EBITDA of £-21.441 million and an operating loss of £22.537 million, reflecting heavy early-stage development spend rather than commercial revenue. Net income reached £-27.012 million with basic EPS of £-0.57, underscoring the pre-commercial status of Silence’s portfolio.
From a cash perspective, Silence continues to burn cash, with £19.656 million of net cash used in operating activities and a free cash flow of £-19.705 million for the quarter. Nonetheless, the balance sheet remains liquidity-rich, with £128.99 million in cash and short-term investments and a net cash position of approximately £61.8 million at quarter-end, providing runway into 2025 absent additional financing. Management commentary (where available) underscored ongoing emphasis on advancing SLN360 and SLN124 through Phase I programs and pursuing collaborations that could extend the company’s cash runway and de-risk near-term milestones. The company’s current ratio and cash position imply ample liquidity to fund its development programs, though the lack of revenue and reliance on financing or partnerships remains a key risk factor.
Overall, QQ3 2024 reinforces Silence’s status as a pre-revenue biotech with an attractive long-run potential anchored in RNAi liver-targeting platforms and a collaborative framework, but it also highlights the ongoing need for external funding and successful clinical readouts to translate pipeline progress into value.