Silence Therapeutics plc
Silence Therapeutics plc is a biotechnology company focused on discovering and developing siRNA-based medicines that silence disease-associated genes through RNA interference. The company is headquartered in London, operates as a UK public limited company, and has its ADSs listed on Nasdaq in the United States.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueDiscovery and development of short interfering RNA molecules designed to silence specific genes.
Out-licensing of RNAi targets and programs to pharmaceutical partners under collaboration agreements.
Products
Reported · share of revenue- Research Collaboration Income99.7 %
- Royalty Income0.3 %
Source: 10-K FY2024, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Silence Therapeutics primarily sells to large pharmaceutical partners through collaboration and licensing agreements rather than to end patients. Its partners use the company’s RNAi programs and target rights to advance drug development in defined therapeutic areas and geographies. If approved in the future, its medicines would ultimately be used by physicians, patients, and third-party payers in the relevant disease markets.
License RNAi targets and programs to advance internal pipelines and share development rights.
Partner on specific targets or programs where Silence contributes platform technology and discovery capability.
Would prescribe approved therapies in rare or specialty disease settings if products reach market.
End users of any approved RNAi medicines, especially in diseases with limited treatment options.
Determine coverage and reimbursement for any commercialized therapies, affecting adoption.
Strategy
Silence Therapeutics is focused on advancing its siRNA platform into partnered and proprietary programs aimed at diseases with significant unmet need. The company’s strategy relies on using collaborations to validate the platform, fund development, and expand the number of RNAi targets while preserving optionality for future commercialization. It also intends to build commercial capabilities only if and when product candidates reach approval.
A broader pipeline increases partnering opportunities and future product optionality.
Partner funding helps offset development costs and validates target selection.
Clinical progress is required to create value and support future approvals.
Approved products would require sales, distribution, reimbursement, and manufacturing capabilities.
Geography
Silence Therapeutics is based in London and maintains a corporate presence in the United Kingdom, with additional operations and office rental exposure in Berlin and the United States. Its collaboration model is global in scope, including worldwide licenses and a Greater China, Hong Kong, Macau and Taiwan option structure with Hansoh. Commercialization, if achieved, is intended for the United States and other key markets.
Risks
The company faces the typical risks of a clinical-stage biotech: development failure, regulatory delays, and dependence on third-party collaborators, manufacturers, and payers. It also has exposure to data privacy and security obligations, foreign exchange movements, and the challenge of proving that RNAi medicines can achieve market acceptance and reimbursement.
- Partner concentration and collaboration dependenceImpact: HighLikelihood: High
A significant portion of revenue comes from collaboration agreements and milestones.
Exposure - Pipeline and clinical development failureImpact: HighLikelihood: Medium
The business depends on proving that siRNA candidates are safe and effective in humans.
Exposure: Clinical-stage programs
- Reimbursement and market access riskImpact: MediumLikelihood: Medium
Even approved RNAi therapies may face payer resistance or pricing pressure.
Exposure: Future commercial products
- Manufacturing and supply chain constraintsImpact: MediumLikelihood: Medium
The company does not own manufacturing facilities and relies on cGMP contractors.
Exposure: Clinical and commercial supply
- Data privacy and security complianceImpact: MediumLikelihood: Low
Failure to comply with evolving privacy laws can lead to investigations, fines, and disruption.
Exposure: U.S. and foreign operations
Accounting
Judgemental itemsMilestones, licenses, and partner obligations determine when revenue is recorded.
Impact: Affects quarterly revenue volatility and comparability
CRO and manufacturing contracts involve estimates and contingent obligations.
Impact: Affects expense recognition and cash planning
The company operates across the UK, Europe, and the U.S., creating FX exposure.
Impact: Can materially affect reported earnings and cash flow
Treasury bills and cash equivalents require fair value and interest income assessment.
Impact: Affects other income and liquidity presentation
Similar listed companies
Publicly listed companies with a comparable business focus.
Rani Therapeutics Holdings, Inc.
RANI · Pharmaceutical Preparations
Silexion Therapeutics Corp
SLXNW · Biological Products, (No Diagnostic Substances)
Silexion Therapeutics Corp is a U.S.-listed holding company whose operations are conducted primarily through its subsidiary Silexion, a clinical-stage…
Oncotelic Therapeutics, Inc.
OTLC · Pharmaceutical Preparations
Pasithea Therapeutics Corp.
KTTA · Pharmaceutical Preparations
Vir Biotechnology, Inc.
VIR · Biological Products, (No Diagnostic Substances)
Royalty Pharma plc
RPRX · Pharmaceutical Preparations
Royalty Pharma plc is a U.S.-listed biopharmaceutical royalty company organized through a holding-company structure in England and Wales.
Last updated: 24/09/2026