Silence Therapeutics Plc (NASDAQ:SLN) shares are trading lower in the morning session on Wednesday.

The company reported a loss per share of (38.9) pence for 2023, narrower than the (41.9) pence loss per share a year ago. Collaboration revenues were £25.4 million versus £17.501 million a year ago.

Net loss was £(43.3) million for 2023, compared to a net loss of £(40.5) million in 2022.

"We ended December 2023 with approximately $68.8 million and significantly increased our cash position in early 2024 to over $200 million," said Rhonda Hellums, Chief Financial Officer of Silence.

In March 2024, Mallinckrodt (OTC:MNKTQ) notified Silence that they will not pursue further development of SLN501 following the completion of the phase 1 clinical trial. This will conclude all activities and commitments under the collaboration agreement.

Silence also announced topline 36-week data from the ongoing ALPACAR-360 phase 2 study of zerlasiran in patients with a median baseline Lp(a) of approximately 215 nmol/L.

Zerlasiran was administered at 300 mg subcutaneously every 16 or 24 weeks and 450 mg every 24 weeks. The company said the study demonstrated highly significant reductions in Lp(a) compared with placebo to week 36 (primary endpoint).

"We are excited to have multiple programs advancing in the clinic, supported by a substantial cash position that extends our estimated runway into 2026," Hellums added.

Last month, Silence Therapeutics said that the initiation by AstraZeneca PLC (NASDAQ:AZN) of phase 1 clinical trial of the first product candidate under its siRNA (short interfering RNA) collaboration had triggered a $10.0 million milestone payment to the firm.

Price Action: SLN shares are trading lower by 5.61% to $24.45 on the last check Wednesday.

Illustration of Phrama lab worker created with MidJourney.