Silexion Boosts Cash, Equity Amidst R&D Cuts and Reverse Splits

TL;DR

**Silexion's cash infusion and equity turnaround are a lifeline, but declining R&D spending raises red flags about their pipeline's future.**

AI Summary

Silexion Therapeutics Corp (SLXNW) reported a significant increase in cash and cash equivalents to $9.243 million as of September 30, 2025, up from $1.187 million at December 31, 2024. The company's total assets rose to $11.614 million from $2.863 million over the same period. Shareholder equity improved dramatically, moving from a capital deficiency of $(3.989) million at December 31, 2024, to positive equity of $6.977 million by September 30, 2025. This was primarily driven by an increase in additional paid-in capital to $57.689 million from $39.263 million. However, the accumulated deficit widened to $(50.754) million from $(43.254) million, indicating continued operating losses. Research and development expenses decreased to $3.765 million for the nine months ended September 30, 2025, compared to $4.944 million for the same period in 2024. The company also reduced its Related Party Promissory Note liability to $1.540 million from $2.961 million. The company completed a business combination on August 15, 2024, and subsequently executed two reverse share splits on November 27, 2024 (1-for-9) and July 28, 2025 (1-for-15).

Why It Matters

Silexion's substantial increase in cash and shareholder equity, despite ongoing losses, suggests successful capital raises, which is critical for a development-stage biotech. The reduction in R&D spending could signal a strategic shift or a pause in certain programs, impacting future product pipeline and competitive positioning against larger pharmaceutical companies. Investors should scrutinize the source of the increased capital and the implications of reduced R&D on the company's ability to bring its RNAi therapeutics, particularly SIL204, to market. Employees and customers will be watching for signs of stability and progress in drug development, while the broader market will assess if Silexion can translate its financial maneuvers into tangible clinical advancements.

Risk Assessment

Risk Level: high — Silexion is a development-stage company with a limited operating history and has never generated revenue from product sales, as stated in the 'Special Note Regarding Forward-Looking Statements'. The accumulated deficit increased to $(50.754) million as of September 30, 2025, from $(43.254) million at December 31, 2024, indicating continued losses. The company explicitly states it will need to raise substantial additional funding, which may not be available on acceptable terms, or at all, and would likely cause dilution to shareholders.

Analyst Insight

Investors should exercise extreme caution and thoroughly investigate the source and sustainability of Silexion's recent capital raises. Given the high risk and development-stage nature, consider this a highly speculative investment; monitor R&D expenditure trends closely for signs of renewed investment in their pipeline, especially for SIL204, before committing significant capital.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

$11.614M

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

$9.243M

revenue Growth

N/A

Key Numbers

• $9.243M — Cash and cash equivalents (Increased from $1.187M at Dec 31, 2024, indicating successful capital raises.)
• $11.614M — Total Assets (Increased from $2.863M at Dec 31, 2024, reflecting asset growth.)
• $6.977M — Total Shareholders' Equity (Improved from a capital deficiency of $(3.989)M at Dec 31, 2024, a significant financial turnaround.)
• $(50.754)M — Accumulated Deficit (Widened from $(43.254)M at Dec 31, 2024, indicating continued operating losses.)
• $3.765M — Research and Development Expenses (Decreased for the nine months ended Sep 30, 2025, from $4.944M in the prior year period.)
• $1.540M — Related Party Promissory Note (Reduced from $2.961M at Dec 31, 2024, decreasing related party debt.)
• 3,126,642 — Ordinary shares outstanding (As of November 9, 2025, after two reverse share splits.)
• $13.170M — ATM Agreement capacity (Maximum ordinary shares available for sale under At The Market Offering Agreement.)
• $100.0M — Shelf Registration Statement capacity (Registered for primary offerings of ordinary shares, warrants, and/or units.)
• $1.633M — A&R Sponsor Promissory Note outstanding (Remaining amount convertible into ordinary shares.)

Key Players & Entities

• Silexion Therapeutics Corp (company) — registrant filing the 10-Q
• Nasdaq Stock Market LLC (regulator) — exchange where SLXN and SLXNW are registered
• H.C. Wainwright & Co., LLC (company) — sales agent for ATM Agreement and placement agent for public offerings
• White Lion Capital, LLC (company) — provider of equity line of credit
• Moringa Acquisition Corp (company) — former SPAC, now inactive wholly-owned subsidiary
• Moringa Sponsor, LP (company) — sponsor of Moringa and holder of A&R Sponsor Promissory Note
• EarlyBirdCapital, Inc. (company) — representative of underwriters for Moringa's IPO
• SEC (regulator) — U.S. Securities and Exchange Commission
• SIL204 (product) — product candidate mentioned in forward-looking statements
• Cayman Islands (country) — jurisdiction of incorporation for Silexion Therapeutics Corp

FAQ

Risk Factors

• Dependence on Future Financing [high — financial]: The company has a significant accumulated deficit of $(50.754) million and has historically incurred operating losses. Future operations and the ability to achieve profitability are dependent on the company's ability to secure additional funding through equity or debt financing, which may not be available on favorable terms or at all.
• Execution of Business Strategy [high — operational]: The company's success hinges on the effective execution of its business strategy, including the development and commercialization of its therapeutic candidates. Delays or failures in research and development, clinical trials, or regulatory approvals could materially impact the company's prospects.
• Biopharmaceutical Regulatory Hurdles [high — regulatory]: As a biopharmaceutical company, Silexion is subject to extensive and evolving regulatory requirements from agencies like the FDA. Obtaining and maintaining regulatory approvals for its products is a complex, lengthy, and expensive process with no guarantee of success.
• Competition in the Therapeutics Market [medium — market]: The biopharmaceutical industry is highly competitive, with numerous companies developing therapies for similar conditions. Silexion faces competition from established pharmaceutical companies and emerging biotechnology firms, which could affect market share and pricing.
• Dilution from Equity Offerings [medium — financial]: The company has substantial capacity under its ATM Agreement ($13.170M) and Shelf Registration Statement ($100.0M). Future sales of shares under these agreements could significantly dilute existing shareholders' ownership interests.
• Related Party Transactions [medium — financial]: The company has outstanding related party promissory notes, with a balance of $1.540 million as of September 30, 2025. While reduced, these obligations and any future related party transactions require careful scrutiny for potential conflicts of interest and fair terms.

Industry Context

Silexion Therapeutics operates in the highly competitive and capital-intensive biopharmaceutical sector. The industry is characterized by long development cycles, significant R&D investment, and stringent regulatory oversight. Success often depends on innovation, clinical trial outcomes, and the ability to secure substantial funding to bring therapies to market.

Regulatory Implications

As a biopharmaceutical company, Silexion is subject to rigorous regulatory scrutiny from bodies like the FDA. Any delays or failures in clinical trials or the approval process can have severe financial and operational consequences. Compliance with evolving regulations is critical for market access and product viability.

What Investors Should Do

1. Monitor R&D Pipeline Progress
2. Assess Future Capital Needs and Dilution Risk
3. Analyze Operating Expense Trends
4. Evaluate Management's Execution of Strategy

Key Dates

• 2024-08-15: Completion of Business Combination — Marks the effective date of the combined company's operations and financial reporting basis.
• 2024-11-27: First Reverse Share Split (1-for-9) — Adjusted the number of outstanding shares, impacting per-share metrics and potentially share price perception.
• 2025-07-28: Second Reverse Share Split (1-for-15) — Further adjusted the share count, with similar implications to the first reverse split.
• 2025-09-30: Quarter End for Reporting — Key date for financial statement reporting, showing significant improvements in cash and equity.

Glossary

Additional Paid-In Capital

Represents the amount investors have paid for stock above its par or stated value. It reflects capital raised from equity issuances. (A significant increase in APIC to $57.689M drove the positive shareholder equity, indicating successful capital raises.)

Accumulated Deficit

The cumulative net losses of a company since its inception, less any cumulative net income. A negative balance indicates the company has not yet achieved profitability. (The widening deficit to $(50.754)M highlights ongoing operating losses despite capital infusions.)

Reverse Share Split

A corporate action where a company reduces the number of its outstanding shares by consolidating them into fewer, proportionally more valuable shares. (Silexion executed two reverse splits (1-for-9 and 1-for-15), which impacts share count and per-share calculations.)

ATM Agreement

At The Market agreement, allowing a company to sell its shares on a stock exchange over a period of time at prevailing market prices. (The company has $13.170M in capacity under its ATM agreement, representing potential future equity issuance.)

Shelf Registration Statement

A filing with the SEC that allows a company to register securities for future sale over a period of time, providing flexibility in raising capital. (Silexion has a $100.0M shelf registration statement, indicating significant potential for future capital raises.)

Related Party Promissory Note

A loan made by an individual or entity that has a close relationship with the company (e.g., officers, directors, major shareholders). (The reduction of this note to $1.540M indicates a decrease in debt owed to related parties.)

Year-Over-Year Comparison

Compared to the prior year period, Silexion Therapeutics has seen a substantial increase in its cash position ($9.243M vs. $1.187M) and a turnaround from a capital deficiency to positive shareholder equity ($6.977M vs. $(3.989)M). This improvement is largely due to increased paid-in capital, indicating successful fundraising. However, the accumulated deficit has widened to $(50.754)M from $(43.254)M, signifying continued operating losses. Research and development expenses for the nine-month period decreased to $3.765M from $4.944M, potentially reflecting a shift in focus or cost management.

Key Financial Figures

• $0.0135 — registered Ordinary shares, par value $0.0135 per share SLXN The Nasdaq Stock Mar
• $1,552.50 — ordinary shares at an exercise price of $1,552.50 per share SLXNW The Nasdaq Stock Ma
• $3,433,000 — note in an original principal amount of $3,433,000 that our company issued to the Moringa
• $1,633,000 — g of the Business Combination, of which $1,633,000 remains outstanding currently; " ATM
• $13,170,000 — for the sale from time to time of up to $13,170,000 of our ordinary shares; " Business Co
• $100,000,000 — tement on Form S3 that registered up to $100,000,000 of primary offerings of ordinary shares
• $11.9 million — nts and private warrants; and (h) up to $11.9 million of ordinary shares that remain issuable
• $1 — 1(g) * Represents an amount less than $1 ** Net of 28 treasury shares held by

Filing Documents

• zk2533926.htm (10-Q) — 1975KB
• exhibit_31-1.htm (EX-31.1) — 13KB
• exhibit_31-2.htm (EX-31.2) — 13KB
• exhibit_32-1.htm (EX-32.1) — 6KB
• exhibit_32-2.htm (EX-32.2) — 7KB
• 0001178913-25-003753.txt ( ) — 8525KB
• slxn-20250930.xsd (EX-101.SCH) — 125KB
• slxn-20250930_cal.xml (EX-101.CAL) — 31KB
• slxn-20250930_def.xml (EX-101.DEF) — 251KB
• slxn-20250930_lab.xml (EX-101.LAB) — 1371KB
• slxn-20250930_pre.xml (EX-101.PRE) — 337KB
• zk2533926_htm.xml (XML) — 1248KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets (unaudited) F-3 Condensed Consolidated Statements of Operations (unaudited) F-5 Convertible Preferred Shares and Shareholders' Equity (Capital Deficiency) (unaudited) F-6 Condensed Consolidated Statements of Cash Flows (unaudited) F-8 Notes to the Condensed Consolidated Financial Statements (unaudited) F-10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 2 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 21 Item 4. Control and Procedures 21

- OTHER INFORMATION

PART II - OTHER INFORMATION 21 Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 23

SIGNATURES

SIGNATURES 24 i CERTAIN TERMS Unless otherwise stated in this quarterly report on Form 10-Q (this " quarterly report " or " Form 10-Q "), references to: " we ", " us ", " our ", " the company ", " the Company ", " our company ", " the combined company ", " New Silexion ", or the " registrant " are to Silexion Therapeutics Corp (formerly known as Biomotion Sciences), a Cayman Islands exempted company, which is filing this quarterly report; " A&R Sponsor Promissory Note " are to the convertible promissory note in an original principal amount of $3,433,000 that our company issued to the Moringa sponsor at the Closing, in amendment and restatement of all promissory notes previously issued by Moringa to the sponsor for funds borrowed by Moringa from the sponsor between the initial public offering and the Closing of the Business Combination, of which $1,633,000 remains outstanding currently; " ATM Agreement " are to our At The Market Offering Agreement, dated September 26, 2025, with H.C. Wainwright, as sales agent or principal, providing for the sale from time to time of up to $13,170,000 of our ordinary shares; " Business Combination " are to the business combination transactions completed pursuant to the Business Combination Agreement, whereby, among other things: (i) Merger Sub 2 merged with and into Moringa, with Moringa continuing as the surviving company and a whollyowned subsidiary of New Silexion; (ii) Merger Sub 1 merged with and into Silexion, with Silexion continuing as the surviving company and a whollyowned subsidiary of New Silexion; (iii) the security holders of each of Moringa and Silexion exchanged their securities for securities of New Silexion at alternate, set exchange rates; (iv) the ordinary shares, warrants and units of Moringa were delisted from the Nasdaq Capital Market and deregistered under the Exchange Act; and (v) the ordinary shares and warrants of New Silexion issued in the Business Combination commenced trading on the Nasdaq

- FI NANCIAL INFORMATION

PART I - FI NANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Explanatory Notes Financial Information Included in this Quarterly Report New Silexion has operated as the combined company since the Closing of the Business Combination on August 15, 2024. Consequently, the financial condition and results of operations presented in this quarterly report (including in the unaudited condensed consolidated financial statements that are part of this report) as of, and for the three and nine-month periods ended on, September 30, 2025, solely reflect the information of New Silexion on a consolidated basis. As to the corresponding three- and nine- month periods ended on September 30, 2024 for which financial information is presented for comparative purposes in this quarterly report, certain parts of those periods preceded the Closing of the Business Combination, while other parts of those periods followed the Closing. Prior to the Closing (from the formation of New Silexion on April 2, 2024 until the Closing), New Silexion had no operations and had been formed for the sole purpose of entering into the Business Combination and serving as the publicly traded registrant resulting from the Business Combination, while our wholly-owned subsidiary Silexion (which was the accounting acquirer in the Business Combination and our predecessor entity from an accounting perspective) had full operations. Consequently, the financial condition and results of operations presented in this quarterly report (including in the unaudited condensed consolidated financial statements that are part of this report) as of, and for the three- and nine-month periods ended on, September 30, 2024, reflect the following: (i) as to the unaudited condensed consolidated balance sheets, the information of New Silexion (as the combined company following the Business Combination) as of September 30, 2024; and (ii) as to each of the unaudited condensed consolidated statements of operations, unaudited condensed consolidated statements of ch

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