Biomotion Sciences Inc. Warrant

Company Overview

Business Model: Silexion Therapeutics Corp is a clinical-stage, oncology-focused biotechnology company engaged in the discovery and development of proprietary treatments for KRAS-driven cancers. The company's core value proposition lies in its RNA-interference (RNAi) therapeutics platform, which utilizes small interfering RNAs (siRNA) to silence the KRAS oncogene, thereby preventing the production of oncogenic proteins. Its lead product candidate, SIL204, is a second-generation siRNA therapy designed for an integrated treatment approach combining intratumoral and systemic administration with standard-of-care chemotherapy. The primary revenue generation mechanism is contingent upon the successful development, regulatory approval, and commercialization of these therapeutic candidates.

Market Position: Silexion Therapeutics Corp targets a significant unmet medical need in KRAS-driven cancers, which are prevalent oncogenic drivers across solid tumors. The company differentiates its approach by targeting the root cause of oncogenic signaling—silencing the KRAS oncogene itself—in contrast to existing small molecule KRAS inhibitors that target the protein after it is functioning. The initial clinical focus is on non-resectable locally advanced pancreatic cancer (LAPC) patients with KRAS G12D/V mutations, a subset representing approximately 20% of all pancreatic cancer patients. Pancreatic cancer is projected to become the second most deadly cancer within the next decade.

Recent Strategic Developments:

• Clinical Advancement: In 2025, Silexion Therapeutics Corp progressed operational readiness for clinical studies, including the onboarding of external vendors.
• Regulatory Discussions: Held a meeting with the Federal Institute for Drugs and Medical Devices in Germany (BfArM) in 2025, which agreed in principle to the planned Phase 2/3 trial design for SIL204.
• Toxicology Studies: Completed two-species toxicology studies for SIL204 in 2025, confirming no systemic organ toxicity.
• Regulatory Submissions: Submitted an application to the Israeli Ministry of Health in Q4 2025 to initiate an adaptive Phase 2/3 trial in Israel. Plans include submitting an application to BfArM in Q1 2026 for clinical studies in Germany, and an investigational new drug application (IND) to the U.S. Food and Drug Administration (FDA) in Q1 2027.
• Business Combination: Completed a business combination on August 15, 2024, with Moringa Acquisition Corp and Silexion Therapeutics Ltd., establishing Silexion Therapeutics Corp as a publicly traded holding company.
• Financing Activities: Successfully raised capital through public offerings and warrant exercise inducement transactions in 2025. Established an At-The-Market Offering Agreement in September 2025, allowing for the potential sale of up to $13.17 million in ordinary shares.

Geographic Footprint: Silexion Therapeutics Corp's principal executive offices, employees, and management personnel are located in Ramat-Gan, Israel. Research and development, clinical, and regulatory activities are conducted both in Israel and internationally. Clinical studies are planned to commence in Israel and Germany, with future expansion to other European Union countries and the U.S. The company also maintains a Chinese subsidiary, Silenseed (China) Ltd., which is currently inactive.

Financial Performance

Revenue Analysis

Profitability Metrics:

• Gross Margin: Not applicable (no revenue generated)
• Operating Margin: Not applicable (no revenue generated)
• Net Margin: Not applicable (no revenue generated)

Investment in Growth:

• R&D Expenditure: $7,140 thousand (2025) vs. $5,815 thousand (2024) (+22.8% YoY)
• Capital Expenditures: $9 thousand (2025) vs. $22 thousand (2024) (-59.1% YoY)
• Strategic Investments: Significant investment in GMP production batches of active pharmaceutical ingredient (API) and formulation development for SIL204, as well as onboarding external vendors and conducting toxicology studies to support planned clinical trials.

Business Segment Analysis

Silexion Therapeutics Corp operates as a single operating segment, focusing on the discovery and development of RNAi therapeutics for KRAS-driven cancers.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: $0 (2025)
• Dividend Payments: $0 (2025). Silexion Therapeutics Corp has not paid any cash dividends to date and does not intend to pay cash dividends for the foreseeable future.
• Dividend Yield: Not applicable
• Future Capital Return Commitments: No current plans for cash dividends.

Balance Sheet Position:

• Cash and Equivalents: $5,991 thousand (2025)
• Total Debt: $1,568 thousand (2025) vs. $3,965 thousand (2024)
• Net Cash Position: $4,423 thousand (2025)
• Credit Rating: Not disclosed
• Debt Maturity Profile: The Related Party Promissory Note, with a remaining principal of $1,633 thousand as of September 30, 2025, is due February 15, 2027, and is repayable via conversion into ordinary shares. The Underwriters Promissory Note was retired on March 18, 2025.

Cash Flow Generation:

• Operating Cash Flow: $(10,819) thousand (2025) vs. $(8,396) thousand (2024)
• Free Cash Flow: $(10,828) thousand (2025) vs. $(8,418) thousand (2024)
• Cash Conversion Metrics: Recurring losses and negative operating cash flows indicate a continuous reliance on external funding to support operations.

Operational Excellence

Production & Service Model: Silexion Therapeutics Corp operates as a clinical-stage biotechnology company, primarily focused on discovery and development. It relies on third-party contract manufacturing organizations (CMOs) for the production of drug substance and drug products required for its clinical trials. SIL204 has been manufactured under GMP production for the initiation of clinical trials, with plans to scale manufacturing to a commercial level at a third-party site.

Supply Chain Architecture: Key Suppliers & Partners:

• Contract Manufacturing Organizations (CMOs): Responsible for manufacturing SIL204 drug substance and drug products for clinical development and future commercialization.
• Clinical Research Organizations (CROs): Engaged to monitor and manage data for ongoing preclinical and clinical programs.

Facility Network:

• Manufacturing: No internal manufacturing facilities are disclosed; reliance is placed on third-party CMOs.
• Research & Development: Conducted both internally and through collaborations with third parties.
• Distribution: Not applicable at the current pre-commercial stage of development.

Operational Metrics:

• GMP API for Segment 1 manufactured, Segment 2 manufacturing in process.
• GMP formulation selected, manufacturing in process.
• Toxicology for Segment 1 completed, for Segment 2 in process.
• Scientific Advice from national European authorities received.
• Go ahead from ethics committee for Phase 2/3 from Israel.
• Submitted to Israel Ministry of Health to initiate Phase 2/3 trial.
• Submission to German Ministry of Health for Phase 2/3 trial planned.

Market Access & Customer Relationships

Go-to-Market Strategy: Distribution Channels: Not applicable at the current pre-commercial stage of development. Customer Portfolio: Not applicable at the current pre-commercial stage of development. Geographic Revenue Distribution: Not applicable, as no revenue has been generated to date.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics: The biotechnology and pharmaceutical industries, particularly within the oncology sector, are characterized by rapid technological advancements, intense competition, and robust intellectual property defense. The KRAS target is highly sought after, with numerous pharmaceutical companies pursuing various strategies to inhibit or degrade the KRAS protein.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors:

• KRAS G12C Inhibitors: Amgen, Bristol-Myers Squibb Company (via Mirati Therapeutics, Inc.).
• Pan-KRAS Activity Projects: Revolution Medicines, Inc., Chengdu Hyperway, GenFleet, Erasca (ex Joyo), Jacobio/AstraZeneca, Pfizer, BeOne, Lilly, Amgen, Chugai (Roche), Astellas, BridgeBio Oncology, Adlai Nortye, Jiangsu HengRui, 280Bio, Treeline Biosciences, Alterome Therapeutics.
• Selective KRAS Inhibitors: AstraZeneca (in collaboration with Usynova), BioNTech, Roche, Merck/Moderna, Boehringer Ingelheim, Gilead Sciences, Inc.
• Other Targeted Therapies: Novartis International AG (SHP2 inhibitors), Boehringer Ingelheim and Bayer (SOS1 inhibitors), Threshold Pharmaceuticals (therapies targeting tumor hypoxia).
• RNAi Therapeutics Companies: Alnylam Pharmaceuticals, Inc., Biomea Fusion Inc., Tekmira Pharmaceuticals Corporation, Arrowhead Research Corporation, Silence Therapeutics plc, RXi Pharmaceuticals Corporation, Quark Pharmaceuticals, Inc., Marina Biotech, Inc.
• Antisense-based Drug Companies: Ionis Pharmaceuticals, Inc. (currently marketing an antisense drug, none in oncology).
• Drug Delivery Systems: Various companies developing nanoparticle technologies and local drug delivery systems (e.g., SurModics, Inc.).

Emerging Competitive Threats: The company faces threats from new market entrants, disruptive technologies, and alternative solutions in oncology, particularly for KRAS mutations and RNAi-based therapies. Academic research departments and public/private research institutions also contribute to the competitive landscape.

Competitive Response Strategy: Silexion Therapeutics Corp's strategy centers on advancing the clinical development of SIL204, expanding its platform to other oncological indications, progressing SIL204 towards commercialization, and forming strategic alliances and collaborations. The company believes its siRNA technology, which prevents KRAS protein production, offers a fundamentally differentiated approach to KRAS-driven cancers.

Risk Assessment Framework

Strategic & Market Risks

Market Dynamics:

• Unproven Technology: RNAi therapeutics for oncology remain an unproven modality, with preliminary and limited scientific evidence, potentially leading to market skepticism or failure to develop marketable products.
• Regulatory Uncertainty: The FDA has limited experience with RNAi and siRNA-based therapeutics, which may increase the complexity, uncertainty, and duration of the regulatory approval process.
• Small Target Patient Populations: The initial focus on relatively rare diseases like LAPC with specific KRAS mutations necessitates successful patient identification and significant market share