# Silence Therapeutics plc (SLN)

> Source: Nexqual · https://nexqual.com/SLN · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Silence Therapeutics plc (SLN), nexqual.com/SLN" · informational, not investment advice.

**Price:** USD 19.8 (+0.46% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 19.71 · day 19.71–19.8 · 52w 4.19–19.87 · market cap $1.23B · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $615K, net income -$60.0M (-9748.5% margin), free cash flow -$42.3M (SEC filings).
- Analysts: Hold (mean 2.80 on a 1–5 scale) (5 analysts), mean target USD 19.75 (range 19–20).
- Total return with dividends: 1Y +169.6% vs S&P 500 +14.8%; 5Y -10.0% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05 (date not yet confirmed by the company), EPS estimate USD -0.09, revenue estimate $21K. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: SLN paid no cash dividend in the last five years.
- Short interest: 5.78% of float (as of 2026-10-15), 2.7 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $21.7M | $31.6M | $43.3M | $559K | $615K |
| Gross profit | $8.2M | $18.8M | $31.4M | $344K | — |
| Operating income | -$61.0M | -$64.4M | -$63.3M | -$91.1M | -$68.3M |
| Net income | -$50.3M | -$54.2M | -$45.3M | -$88.6M | -$60.0M |
| EPS (diluted) | -$0.52 | -$0.49 | -$0.33 | -$0.63 | — |
| Free cash flow | -$57.2M | -$49.5M | -$67.9M | -$62.3M | -$42.3M |
| Gross margin | 37.8% | 59.3% | 72.7% | 61.5% | — |
| Operating margin | -281.9% | -203.5% | -146.4% | -16292.8% | -11106.8% |
| Net margin | -232.4% | -171.4% | -104.7% | -15851.9% | -9748.5% |
| Revenue growth | — | +46.1% | +36.7% | -98.7% | — |
| Cash + short-term investments | — | $68.8M | $147M | $85.1M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2002.6x · P/B 32.0x · FCF yield -3.43% · Earnings yield -4.87%

## Analysts
Consensus Hold (mean 2.80 on a 1–5 scale), 5 analysts; mean target USD 19.75 (low 19, high 20).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | HC Wainwright & Co. | Downgrade | Buy → Neutral | $75 → $20 |
| 2026-08-11 | Morgan Stanley | Target raised | Overweight | $25 → $32 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +169.6% | -10.0% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +171.3% | -2.1% |
| Volatility (annualized) | 114.8% | 89.8% |
| Max drawdown | -43.8% (Aug 2026→Oct 2026) | -90.0% (Feb 2024→Apr 2025) |

## Dividends
SLN paid no cash dividend in the last five years.

## Short interest
2,927,366 shares sold short, 5.78% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 2,178,055 shares (+34.4%). Days to cover: 2.7 (short shares ÷ average daily volume).

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/SLN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SLN's own 10-K filed 2026-03-05 (https://www.sec.gov/Archives/edgar/data/1479615/000119312526092591/sln-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Hansoh Pharmaceutical Group Company | "In October 2021, we announced a collaboration agreement with Hansoh, one of the leading biopharmaceutical companies in China, to develop siRNAs for three undisclosed targets leveraging our proprietary mRNAi GOLD™ platfor…" |

Other companies that name SLN in their own reports (relationship from SLN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | AGIOS PHARMACEUTICALS, INC. (AGIO) | 10-K 2026-02-12 | "PharmaEssentia Corp and Incyte Corporation are marketing therapies to treat PV, and Protagonist Therapeutics in collaboration with Takeda, Ionis in collaboration with Ono/Deciphera, Italfarmaco S.p.A.…" |
| partner | ALNYLAM PHARMACEUTICALS, INC. (ALNY) | 10-K 2026-02-12 | "Companies working on chemically synthesized siRNAs include but are not limited to ADARx Pharmaceuticals, Inc., or ADARx, Amgen Inc., Argo Biopharmaceutical Co., Ltd., or Argo, Aro Biotherapeutics, Arr…" |

## Revenue by product line (quarter ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Research Collaboration Income | $159,000 | 100.0% | -89.4% |
| Total revenue | $159,000 | 100% | — |

## Company outlook (8-K filed 2026-08-10)

- "These forward-looking statements include, but are not limited to, statements about: the Company's business strategy and plans, including the Company's clinical development activities and timelines; the potential therapeutic benefits of the Company's product candidates; and the anticipated timing of initial topline and future results from the SANRECO Phase 2 trial."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.09 | $-0.10 | +$0.01 | $20,830 | 1 |
| Next quarter (ends 2026-12-31) | $-0.10 | $-0.09 | −$0.01 | $4,500 | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.36 | $-0.40 | +$0.04 | $328,760 | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.38 | $-0.39 | +$0.01 | $760,450 | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±1.3%; last 7 reports averaged ±7.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 5.5% | ±1.3% |
| 2027-01-15 | 78 | 5.5% | ±3.0% |
| 2027-04-16 | 169 | 2.4% | ±2.7% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 10, 2026 | Quarter ended Jun 30, 2026 | −$0.27 | −$0.11 | Miss −145.5% | +23.2% |
| May 7, 2026 | Quarter ended Mar 31, 2026 | −$0.33 | −$0.09 | Miss −266.7% | -5.3% |
| Mar 5, 2026 | Quarter ended Dec 31, 2025 | −$0.27 | −$0.49 | Beat +44.9% | +7.8% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | −$0.15 | −$0.21 | Beat +28.6% | +5.4% |
| Aug 7, 2025 | — | — | — | — | -5.3% |
| May 8, 2025 | — | — | — | — | +0.0% |
| Feb 27, 2025 | — | — | — | — | -5.7% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-19 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/1479615/000119312526425238/0001193125-26-425238-index.htm |
| 2026-10-19 | DEFA14A | Additional proxy material | https://www.sec.gov/Archives/edgar/data/1479615/000119312526424702/0001193125-26-424702-index.htm |
| 2026-10-19 | 8-K | Entered a material agreement; Regulation FD disclosure — “Transaction Agreement On October 18, 2026, Silence Therapeutics plc, a public limited company incorporated in England and Wales (the " Company "), entered into a transaction agreement (the " Transaction Agreement ") with Merck KGaA, Darmstadt, Germany, a German corporation with general partners (" Purchaser "). The Transaction Agreement provides, among other things, that, subject to the satisfaction or waiver of the conditions set forth therein, Purchaser (or, in the case of the American Depositary Shares of the…” | https://www.sec.gov/Archives/edgar/data/1479615/000119312526424695/0001193125-26-424695-index.htm |
| 2026-10-13 | Schedule 13G/A | Tetragon Financial Group Limited, Tetragon Financial Management LP: 5.3% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1479615/000091957426006906/0000919574-26-006906-index.htm |
| 2026-10-13 | Schedule 13G | Tetragon Financial Group Limited, Tetragon Financial Management LP: 5.2% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1479615/000091957426006888/0000919574-26-006888-index.htm |
| 2026-08-13 | Schedule 13D/A | Richard Griffiths: 8.0% of shares, 5%+ holder that may seek to influence the company (amended) | https://www.sec.gov/Archives/edgar/data/1479615/000110465926096202/0001104659-26-096202-index.htm |
| 2026-08-13 | Schedule 13G/A | Invus Public Equities, L.P., Invus Public Equities Advisors, LLC: 7.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1479615/000200536926000047/0002005369-26-000047-index.htm |
| 2026-08-12 | 8-K | Entered a material agreement; Other material event — “On August 11, 2026, Silence Therapeutics plc (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") with Jefferies LLC and Morgan Stanley & Co. LLC, as representatives of the several underwriters set forth therein (collectively, the "Underwriters"), to issue and sell 12,962,963 American Depositary Shares (the "ADSs") of the Company, each representing three ordinary shares, nominal value 0.05 per share in the capital of the Company (the "Ordinary Shares"), in an underwritten public…” | https://www.sec.gov/Archives/edgar/data/1479615/000119312526347196/0001193125-26-347196-index.htm |
| 2026-08-10 | 8-K | Regulation FD disclosure; Other material event — “On August 10, 2026, the Company issued a press release announcing positive topline results from the Phase 2 SANRECO trial, a 36-week, randomized, double-blind, placebo-controlled portion of the Phase 2 trial evaluating divesiran (6 mg/kg) administered subcutaneously every six weeks ("Q6W") or every twelve weeks ("Q12W") met its primary endpoint and secondary endpoints. Based on the Phase 2 results, the Company expects to initiate a Phase 3 trial evaluating divesiran for Q12W dosing vs. placebo in the first half of…” | https://www.sec.gov/Archives/edgar/data/1479615/000119312526341293/0001193125-26-341293-index.htm |
| 2026-08-10 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1479615/000119312526341248/0001193125-26-341248-index.htm |
| 2026-08-10 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1479615/000119312526341240/0001193125-26-341240-index.htm |
| 2026-07-16 | 8-K/A | Director or executive officer change, or pay arrangement — “As reported in the Original Form 8-K, effective as of December 14, 2025 (the "Separation Date"), Craig Tooman agreed by mutual consent to end his employment with Silence Therapeutics plc (the "Company"). On July 10, 2026, the Company and Mr. Tooman entered into a separation and release agreement (the "Separation Agreement"). Pursuant to the Separation Agreement, the Company will provide Mr. Tooman with (a) salary continuation for 12 months following the Separation Date for a total of $655,000, (b) a one-time lump…” | https://www.sec.gov/Archives/edgar/data/1479615/000119312526306251/0001193125-26-306251-index.htm |
| 2026-07-08 | Schedule 13D/A | 5%+ holder that may seek to influence the company (amended) | https://www.sec.gov/Archives/edgar/data/1479615/000110465926081559/0001104659-26-081559-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.