Silence Therapeutics Gains Momentum as Divesiran Study Nears Key Data Readout

Key Points

• Silence Therapeutics reported $72.1 million in cash and cash equivalents at the end of Q2 2026.
• Net loss narrowed to $12.3 million, or $0.09 per share, compared with a $27.4 million loss, or $0.19 per share, in the prior-year quarter.
• The company completed dosing in its Phase 2 SANRECO trial of divesiran for polycythemia vera and advanced multiple partnered and wholly owned siRNA programs.

Silence Therapeutics (NASDAQ: SLN) reported a productive second quarter in 2026, combining lower operating expenses with meaningful clinical progress across its RNA interference pipeline. The company’s most important near-term milestone is upcoming Phase 2 data for divesiran, its lead wholly owned treatment candidate for polycythemia vera.

Divesiran Phase 2 trial completes dosing in polycythemia vera

Silence has completed patient dosing in the Phase 2 SANRECO trial of Divesiran, an investigational siRNA therapy for people with phlebotomy-dependent polycythemia vera. The placebo-controlled study enrolled 48 patients and is evaluating a 6 mg/kg dose administered either every six weeks or every 12 weeks.

Divesiran targets TMPRSS6, a gene involved in iron regulation and red blood cell production. The goal is to reduce the need for phlebotomy—blood removal used to manage elevated red blood cell levels—and provide a potentially more convenient treatment option for patients with this rare blood cancer.

Upcoming SANRECO data represent the company’s most important catalyst

The upcoming topline data from SANRECO will be a major inflection point for Silence Therapeutics. Investors will be looking for evidence that divesiran can reduce phlebotomy requirements while maintaining an acceptable safety and tolerability profile across both dosing schedules.

Earlier Phase 1 findings, presented at the European Hematology Association’s 2026 meeting, suggested durable activity and supported the company’s view that divesiran could have a differentiated profile. However, those early results must be confirmed in the larger, controlled Phase 2 study before the program’s potential can be assessed with greater confidence.

AstraZeneca collaboration adds validation for SLN312

Silence also highlighted Phase 1 progress for SLN312, also known as AZD1705, an siRNA therapy partnered with AstraZeneca. Data presented at the European Atherosclerosis Society Congress showed dose-dependent and durable reductions in ANGPTL3 protein and atherogenic lipoproteins, including LDL cholesterol, ApoB, and non-HDL cholesterol.

The collaboration provides third-party validation for Silence’s siRNA platform and creates potential future value through development and commercialization milestones. Still, the pace of the program and its ultimate commercial potential remain dependent on continued clinical success and AstraZeneca’s development decisions.

Earlier-stage obesity and lipid programs target 2027 IND milestones

Silence is also moving forward with two wholly owned preclinical programs. SLN365, which targets GPR146, showed lipid-lowering effects that were maintained when paired with statin or ezetimibe treatment, while SLN098, which targets INHBE, produced obesity-model data showing lower visceral fat and preservation of lean mass.

The company expects both candidates could be ready for potential investigational new drug filings in 2027. These programs broaden Silence’s opportunity in cardiometabolic disease and obesity, but their results remain preclinical and cannot establish human safety or effectiveness.

Lower R&D costs help narrow quarterly net loss

Research and development expense declined to $9.1 million from $17.6 million in the prior-year quarter, primarily because zerlasiran Phase 3 readiness activities were completed in 2025 and personnel expenses declined. General and administrative costs also fell, to $4.7 million from $5.1 million.

These lower expenses helped reduce net loss to $12.3 million in Q2 2026 from $27.4 million a year earlier. The company reported no revenue during the quarter, reinforcing that Silence remains a clinical-stage biotechnology company dependent on cash reserves, partnerships, and future financing to fund operations.

What SLN investors should watch after Q2 2026

Silence ended the second quarter with $72.1 million in cash and cash equivalents, providing flexibility as it approaches the SANRECO data readout. The most important factors to monitor are divesiran efficacy and safety results, cash burn, updates on zerlasiran partnering efforts, and the timing of development milestones for SLN312, SLN365, and SLN098.