Divesiran's 88% Phase 2 response rate in polycythemia vera positions Silence for Phase 3, but ~$72M cash and no partner fund the pivotal trial

Updated 36d ago

Silence Therapeutics is a clinical-stage company developing divesiran, a gene silencing drug for polycythemia vera that is not yet approved.

Divesiran, a GalNAc-siRNA silencing hepcidin to reduce phlebotomy burden in polycythemia vera, posted an 88% clinical response rate versus 19% placebo in Phase 2 SANRECO, with durable efficacy confirmed at EHA 2026. The thesis works if Silence secures a partner or financing to fund Phase 3 before cash, running at roughly $14M per quarter, is exhausted. Running lean with no approved products and a Phase 3 not yet initiated, the company faces a structural funding gap as its most acute near-term risk.

Status

Challenged

Conviction

Current Thesis Drivers

SANRECO Phase 2: 88% response vs. 19% placebo, p<0.0001
Phlebotomy rate: 0.2 vs. 2.1 on placebo, secondary endpoint met
Fast Track and Orphan designations secured in polycythemia vera
Phase 3 funding path unresolved: ~$72M cash, ~$14M/qtr burn, no partner

What could change the thesis?

Phase 3 partnership or financing: deal secures runway, failure forces dilutive raise or pause
Phase 3 SANRECO initiation: on-track start validates path, delay signals funding breakdown
SLN312 rights reacquisition from AstraZeneca: clean handoff adds pipeline value, complications distract

Generated from public SEC filings and disclosures. For informational purposes only — not investment advice. Always conduct your own research before making investment decisions.

Thesis log

Tracked in real time as it happened — not reconstructed after the fact

Key value driver

The most decisive event ahead

Bull and bear case

Both sides of the thesis, argued

Pipeline

5 programs · 9 catalysts

Stress Test