Silence Therapeutics Plc (SLN) is a Healthcare stock trading at $13.05 (as of 2026-09-11). Figures are sourced from first-party U.S. SEC EDGAR filings and market data.
Silence Therapeutics plc is a biotechnology company focused on discovering and developing RNA-based therapies, including short interfering RNA and messenger RNA–degrading approaches, for indications such as hematology and cardiovascular, as well as other rare and metabolic diseases. Its pipeline includes cardiovascular and hematology programs such as SLN360 and SLN124, and it has collaboration agreements with AstraZeneca for small interfering RNA therapeutics.
Understand Silence Therapeutics Plc: how it makes money
Silence Therapeutics develops short interfering RNA drugs that silence disease-causing genes in the liver, targeting hematology, cardiovascular, and rare metabolic conditions. It has no product revenue today; its entire value hinges on whether the Phase 2 SANRECO trial in polycythemia vera produces data strong enough for approval or a licensing deal.
The company does not sell a product; it sells an option on a clinical data readout. Until a therapy clears regulatory or a licensing partner signs, every dollar of equity value is the probability-weighted present value of R&D spend converting into a commercializable asset.
Business quality (Unprofitable): Pre-revenue, single-trial-stage biotech. Financials are defined by burn, not by unit economics. Quality is purely a function of the next clinical data point.
Bull case
SANRECO data readout approaching: The Phase 2 SANRECO trial is 50% enrolled with 48 polycythemia vera patients onboard, placing a first-in-human efficacy readout within roughly a quarter. A positive result would be the first concrete proof that the GalNAc-targeted RNA platform works in a commercial hematology indication and would reframe the stock from R&D option to pipeline asset.
Capital-light RNA manufacturing economics: Collaboration revenue carries a 97% gross margin, indicating that siRNA manufacturing and GalNAc conjugation do not require the heavy capital expenditure typical of large-molecule biologics or cell therapies. This structural cost advantage keeps the per-asset burn lower while partnership income offsets a share of R&D.
Bear case
Burn far outstrips any income: The operating margin of -3,729% means the company consumes roughly $37 in period expenses for every $1 of revenue generated. With product revenue at zero and collaboration income at a negligible level, the cash balance faces continuous dilution pressure, and a bridge or follow-on offering is likely before any drug reaches commercialization.
All equity rides one readout: Every listed operational metric tracks a single Phase 2 trial in a single indication. There is no second late-stage asset to absorb a negative or ambiguous SANRECO result, so the equity value is acutely binary: the stock either re-rates upward on the data or drops with no fallback pipeline to cushion the move.
Valuation — source: SEC EDGAR (first-party)
Price
$13.05
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)
$559000.00
Net Margin
-15851.9%
Return on Equity
-155.8%
Current Ratio
7.42
Revenue Growth (YoY)
-100.0%
EPS Growth (YoY)
-52.6%
FCF Growth (YoY)
-35.5%
Financial Health — source: SEC EDGAR
Altman Z-Score
8.73 (safe)
Valuation vs Sector & Industry
Sector P/E (Healthcare)
19.4
Industry P/E (Pharmaceutical Products)
15.1
Company
Sector
Healthcare
Industry
Pharmaceutical Products
CEO
Iain Gladstone Ross
Employees
116
Country
GB
IPO Date
2020-09-08
Related Companies (Pharmaceutical Products; 1 comparable drugmakers)