Silence Therapeutics plc

SLNdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Silence Therapeutics plc earns about -186% on invested capital, but has diluted owners by 47% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$21.7M¹	$31.6M²	$43.3M²	$559,000²
Net income	−$50.3M³	−$54.2M³	−$45.3M⁴	−$88.6M⁴
Operating cash flow	−$57M⁵	−$49.5M⁵	−$67.6M⁶	−$62.3M⁶
Capital expenditure	$173,000⁷	$56,000⁷	$211,000⁸	$55,000⁸
Free cash flow (derived)	−$57.2M⁵	−$49.5M⁵	−$67.9M⁶	−$62.3M⁶
Total debt	—	—	—	—
Cash & equivalents	—	$68.8M⁹	$121.3M¹⁰	$11.3M¹⁰
Diluted shares	96.6M	111.3M	138.8M	141.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$4.4

your share of equity

Profit it earned you last year

−$6.25

Free cash flow it threw off

−$4.4

Debt you’d be carrying

—

10 shares is a claim on $4.4 of net worth that earned you −$6.25 and generated −$4.4 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-186% avg · 4y

FY22 -144%FY23 —FY24 -277%FY25 -137%

It earned an average -186% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+47% shares · 4y

Share count is up 47% over 4 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2022-12-31 · accession 0000950170-25-029129 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2023-12-31 · accession 0001193125-26-092591 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2022-12-31 · accession 0000950170-25-029129 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001193125-26-092591 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0000950170-25-029129 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001193125-26-092591 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0000950170-25-029129 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001193125-26-092591 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0000950170-25-029129 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001193125-26-092591 (CashAndCashEquivalentsAtCarryingValue)