Persistent free cash flow deficits, which reached an outflow of $24.9 million in 2024Q4, highlight a structural inability to self-fund operations without relying on stock-based compensation, which added $7.3 million in 2025Q4 alone.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -65.56M | -62.27M | -67.64M | -39.35M | -57.04M | 9.19M | -10.78M | 1.73M | -16.76M | -9.6M | -10.07M | -8.26M | -9.46M | -6.76M | -4.88M | -5.11M | -10.55M | -4.65M | -6.98M | -3.83M | -4.03M | -2.78M | -2.48M | -2.04M | -1.84M | -2.28M | -2.86M | -1.13M | -1.81M | -1.52M | -727K |
| Operating CF Margin % | - | -11139.71% | -156.36% | -155.07% | -323.14% | 73.99% | -196.68% | 707.79% | - | -59993.75% | -1307.27% | - | -63053.33% | -5774.36% | -2991.41% | -736.31% | -445.98% | -269.76% | -316.06% | -94.71% | -206.99% | -546.56% | -1560.38% | -151.41% | -159.95% | -1654.35% | -298.23% | -82.77% | -860.48% | - | - |
| Operating CF Growth % | -263.26% | 7.94% | -71.89% | 31.02% | -721.01% | 185.24% | -723.97% | 110.3% | -74.6% | 4.64% | -21.94% | 12.72% | -39.99% | -38.56% | 4.58% | 51.57% | -127.02% | 33.43% | -82.15% | 4.89% | -44.86% | -12.13% | -21.92% | -10.54% | 19.36% | 20.17% | -152.2% | 37.24% | -18.96% | -108.94% | 4.47% |
| Net Income | -75.01M | -88.61M | -36.19M | -50.31M | -50.33M | -61.89M | -36.04M | -22.87M | -20.53M | -3.77M | -10.36M | -9.43M | -11.98M | -9M | -26.28M | -5.79M | -8.66M | -7.55M | -7.79M | -5.79M | -4.27M | -3.9M | -3.31M | -2.67M | -2M | -3.03M | -2.73M | -2.18M | -1.9M | -2.16M | -1.24M |
| Depreciation & Amortization | 885K | 555K | 593K | 498K | 596K | 576.29K | 496K | 482K | 399K | 433K | 310K | 182K | 332K | 297K | 252K | 305K | 323K | 371K | 423K | 318K | 353K | 216K | 38K | 44K | 56K | 42K | 29K | 6K | 36K | 34K | 34K |
| Stock-Based Compensation | 14.34M | 8.07M | 13.03M | 13.05M | 12.69M | 11.65M | 4.39M | 584K | 681K | 638K | 475K | 777K | 1.13M | 1.59M | 656K | 121K | 659K | 662K | 544K | 1.22M | 491K | 490K | 113K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 21K | 11K | 845K | 0 | 688K | 5.95M | 3.02M | 2.31M | 1.82M | -8.4M | 1.59M | 1.51M | 892K | 80K | 20.47M | -13K | 2.91M | 268K | 133.3K | -191K | 57K | 262K | 238K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 70.22M | 7.54M | -12.89M | 9.07M | -1.28M | 468.32K | -1.3M | 136K | -45K | -206K | -1.54M | -175K | 119K | 158K | 14K | 1K | -2.89M | -3K | 74K | 303K | -17K | 64K | -134K | 510K | 582K | 851K | 491K | 39K | 324K | 398K | 278K |
| Working Capital Changes | -5.6M | 10.16M | -33.02M | -11.66M | -19.4M | 52.43M | 18.66M | 21.09M | 913K | 1.71M | -539K | -1.12M | 52K | 125K | 12K | 262K | -2.89M | 1.61M | -364K | 303K | -646K | 84K | 570K | 84K | -474K | -149K | -645K | 1M | -264K | 208K | 205K |
| Change in Receivables | -8.33M | 5.07M | -904K | 314K | -10.54M | 37.09M | -29.3M | -4K | 691K | 664K | -1.03M | -228K | -15K | -212K | 17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27K | -28K | 0 | 0 | 0 | 82K | -14K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -5.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 6.39M | -47.99M | -21.97M | 16.43M | -20.5M | 11.71M | 9.62M | -15.02M | -4.83M | 13.01M | -4.67M | 4.33M | -201K | -5.1M | -133K | -244K | 559K | -179K | 13K | 12K | 218K | -212K | 15K | -43K | 7.94M | 1.51M | -926K | -6.19M | 1.47M | -7K | -97K |
| Capital Expenditures | -106K | -55K | -211K | -45K | -173K | -1.77M | -511K | -9K | -188K | -173K | -537K | -850K | -338K | -138K | -202K | -275K | -292K | -225K | -272K | -531K | -129K | -84K | -19K | -31K | -74K | -6K | -116K | -4K | -5K | -7K | -97K |
| CapEx % of Revenue | 12.64% | 9.84% | 0.49% | 0.18% | 0.98% | 14.25% | 9.33% | 3.69% | - | 1081.25% | 69.74% | - | 2253.33% | 117.95% | 123.93% | 39.63% | 12.34% | 13.06% | 12.31% | 13.12% | 6.63% | 16.5% | 11.95% | 2.31% | 6.43% | 4.35% | 12.1% | 0.29% | 2.38% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -58K | -13.22M | 0 | 0 | 0 | 0 | 0 | 0 | 746K | 0 | 0 | 0 | 0 | -330K | 0 | 0 | -3K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 137.99M | 0 | 117.41M | 958K | -372K | -17.55K | 129K | -6K | 97K | 13.2M | 161K | 175K | 137K | 40K | 30K | 37K | 105K | 46K | 285K | 543K | 347K | 202K | 34K | -12K | 8.01M | 1.58M | -810K | -6.18M | 1.47M | 0 | 0 |
| Cash from Financing | 986 | 15K | 142.09M | 25.16M | 52.58M | 41.45M | 15.43M | 5.27M | 341K | 48K | -101K | 39.15M | 10.84M | 18.78M | 10.25M | 5.52M | 12.42M | 2.67M | 4K | 5.17M | 3.54M | 9.45M | 5K | 0 | 0 | 0 | 3.87M | 8M | 289K | 6K | 6.27M |
| Debt Issued (Net) | 0 | 0 | 0 | -174K | 0 | -284.77K | -402K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M | 0 | -1.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 986 | 15K | 142.09M | 25.33M | 52.58M | 41.73M | 15.83M | 5.27M | 341K | 48K | 0 | 39.15M | 10.84M | 18.78M | 9.25M | 5.52M | 14.36M | 2.67M | 3K | 5.17M | 3.54M | 9.45M | 5K | 0 | 0 | 0 | 3.99M | 8.82M | 289K | 6K | 6.34M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -101K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -101K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -120K | -821K | 0 | 0 | -70K |
| Net Change in Cash | -59.21M | -110.05M | 52.54M | -785K | -33.08M | 62.2M | 13.93M | -7.98M | -21.25M | 3.73M | -12.89M | 35.05M | 967K | 6.98M | 5.22M | 121K | 2.44M | -2.22M | -6.82M | 1.35M | -267K | 6.46M | -2.46M | -9.25M | 5.03M | -772K | 88K | 684K | -49K | -1.52M | 5.45M |
| Free Cash Flow | -65.67M | -62.33M | -67.85M | -39.4M | -57.59M | 7.39M | -11.29M | 1.72M | -16.95M | -9.77M | -10.6M | -9.11M | -9.8M | -6.89M | -5.08M | -5.38M | -10.84M | -4.87M | -7.25M | -4.36M | -4.16M | -2.87M | -2.5M | -2.07M | -1.92M | -2.29M | -2.98M | -1.14M | -1.81M | -1.53M | -824K |
| FCF Margin % | -7833.91% | -11149.55% | -156.85% | -155.25% | -326.23% | 59.49% | -206.06% | 704.1% | - | -61075% | -1377.01% | - | -65306.67% | -5892.31% | -3115.34% | -775.94% | -458.33% | -282.82% | -328.37% | -107.83% | -213.61% | -563.06% | -1572.33% | -153.72% | -166.38% | -1658.7% | -310.32% | -83.07% | -862.86% | - | - |
| FCF Growth % | -5.19% | 8.14% | -72.23% | 31.59% | -879.79% | 165.41% | -757.16% | 110.14% | -73.43% | 7.84% | -16.45% | 7.05% | -42.09% | -35.76% | 5.7% | 50.34% | -122.53% | 32.82% | -66.22% | -4.93% | -45.12% | -14.64% | -21.01% | -7.89% | 16.34% | 23.08% | -161.51% | 37.2% | -18.74% | -85.19% | -7.99% |
| FCF per Share | -1.39 | -1.32 | -4.40 | -3.19 | -5.37 | 0.25 | -0.41 | 0.07 | -0.72 | -0.42 | -0.46 | -0.43 | -0.58 | -0.47 | -0.77 | -1.62 | -5.20 | -4.83 | -8.07 | -5.00 | -5.83 | -6.28 | -13.97 | -12.99 | -12.04 | -14.39 | -19.55 | -8.29 | -13.77 | -11.86 | -6.48 |
| FCF Conversion (FCF/Net Income) | 0.88x | 0.70x | 1.49x | 0.91x | 1.39x | -0.23x | 0.33x | -0.09x | 0.91x | 5.93x | 1.19x | 1.24x | 0.85x | 0.75x | 0.19x | 0.89x | 1.20x | 0.62x | 0.94x | 0.75x | 1.05x | 0.78x | 0.84x | 0.89x | 1.24x | 1.04x | 1.47x | 0.53x | 1.14x | 0.86x | 0.75x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 561K | 637K | 433K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to quarterly cash flow data, the relationship between net income and operating cash flow is highly volatile, with OCF/NI ratios fluctuating between 0.35 and 3.95, suggesting that reported net income provides little insight into the actual cash requirements of the company's ongoing clinical development programs.
The significant divergence between net income and operating cash flow indicates that non-cash items and working capital swings are the primary drivers of the reported bottom line. Investors should monitor this disconnect, as it implies that accounting profitability—or lack thereof—is secondary to the raw cash burn required to sustain the GOLD platform.
As reported in financial statements, Silence Therapeutics has consistently generated negative free cash flow, with quarterly outflows reaching as high as $24.9 million, highlighting a structural inability to self-fund operations through existing partnership milestones or internal revenue generation during the current clinical development cycle.
The persistent negative FCF margins, which have frequently exceeded 100% of revenue, underscore the company's reliance on external capital markets. This trajectory suggests that until a major clinical milestone or commercial partnership triggers a substantial inflow, the company will remain in a state of perpetual cash depletion.
Based on the provided cash flow tables, working capital changes have been highly erratic, swinging from a $26.3 million outflow in 2024Q4 to a $6.7 million inflow in 2025Q1, which complicates the predictability of the company's short-term cash position and overall liquidity management.
These sharp fluctuations in working capital appear to be tied to the timing of milestone-related receivables and the settlement of clinical trial liabilities. Such volatility warrants further investigation, as it suggests that the company's cash runway is highly sensitive to the timing of partner payments and vendor obligations.
Data from recent filings indicates that stock-based compensation consistently adds back millions to the cash flow statement, with quarterly figures reaching $7.3 million, effectively masking the true economic cost of talent retention required to maintain the company's proprietary mRNAi GOLD platform.
While SBC is a non-cash expense, it represents a significant dilution risk to shareholders that is not fully captured in the headline operating cash flow figures. Analysts should adjust for these figures to understand the true cash-equivalent cost of operations, which appears higher than the reported operating cash flow suggests.
Quick answers to the most common questions about buying SLN stock.
Silence Therapeutics plc (SLN) generated $-62.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Silence Therapeutics plc (SLN) reported negative free cash flow of $62.3M in 2025, indicating capital requirements exceeded cash from operations.
Silence Therapeutics plc (SLN) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.