aibioSilexion had $2.2 million in cash at June 30 and flags going-concern doubt
Tickers SLXN
Management said cash would last through the fourth quarter of 2026. The company has leaned on at-the-market sales and small offerings, and a Nasdaq delisting notice followed on August 18.
Key facts
- Company
- Silexion Therapeutics Corp (NASDAQ: SLXN)
- News type
- Distress
- Primary source
- SEC EDGAR: Silexion 10-Q
Silexion Therapeutics Corp (Nasdaq: SLXN) reported cash and cash equivalents of $2,229 thousand at June 30, 2026 in its quarterly report filed August 14. Management concluded there is substantial doubt about the company's ability to continue as a going concern. Management says current cash and anticipated cash flow will not cover the next 12 months, but rather "through the fourth quarter of 2026" under its current business plan. The company reported a net loss of $6,284 thousand for the six months and $3,551 thousand for the second quarter.
Cash going out faster than it comes in
Net cash used in operating activities was $6,571 thousand for the six months, up from $4,960 thousand a year earlier, and $2,925 thousand in the second quarter. Research and development expense rose to $3,582 thousand from $1,608 thousand, and general and administrative expense to $2,847 thousand from $2,326 thousand. Silexion is a clinical-stage company developing SIL204, an RNA interference therapy for locally advanced pancreatic cancer, in a Phase 2/3 trial in Israel and Germany. It has never generated product revenue.
Total shareholders' equity fell to $44 thousand from $2,603 thousand at the end of 2025, and the accumulated deficit reached $61,450 thousand. A related party promissory note to Moringa Sponsor, L.P. appears as a current liability of $985 thousand. The sponsor sued the company in Tel Aviv on June 22, 2026 over how part of that note was converted into shares, and Silexion denies wrongdoing.
Raising money in small pieces
The company says it has leaned on registered public offerings with H.C. Wainwright in January 2025, September 2025 and August 2026, induced warrant exercises in January 2025, August 2025 and May 2026, and an at-the-market program. Under that program it raised approximately $0.08 million in the first quarter and $1.9 million in the second, net, and another $0.3 million afterward. About $10.9 million of the $13.17 million facility remained available at the filing date. Earlier, it raised $2.0 million from a PIPE at the business combination and $3.1 million under an equity line in 2024.
The August 2026 offering closed on August 13. It sold 2,028,619 ordinary shares and 1,817,542 pre-funded warrants, each with a Series E warrant, at $0.65 and $0.6499, for gross proceeds of approximately $2.5 million and net proceeds of approximately $2.1 million. H.C. Wainwright & Co., LLC was sole placement agent on a best-efforts basis. It received a cash fee of 7.0% of gross proceeds, a management fee of 1.0%, $7,500 for non-accountable expenses and up to $70,000 for legal and other costs, plus 269,231 warrants at $0.8125 a share. The 8-K says the company will use the proceeds to advance its SIL204 trial and for general corporate purposes, and agreed to a one-year bar on variable rate transactions.
On the same day Silexion converted $750,001 of the sponsor note into 1,153,848 shares at $0.65, leaving $206,462 outstanding. The company estimated that, after the August transactions and ATM sales, shareholders' equity was approximately $3.2 million, a preliminary figure not audited or reviewed.
The Nasdaq problem
That estimate did not hold. In an 8-K, Silexion said it received a delisting notice from Nasdaq on August 18, 2026 for failing the $2,500,000 minimum shareholders' equity requirement under Listing Rule 5550(b)(1). The 10-Q had reported equity of $44,000, and the company says that, based on net losses since June 30, it does not currently meet the requirement.
Because a Panel decision dated September 23, 2025 put it under a Mandatory Hearings Panel Monitor, Nasdaq staff could not grant more time. Silexion intends to appeal to a Hearings Panel by August 25, 2026. It says there is no assurance the appeal will succeed, and that if it fails trading in its shares and warrants would be suspended and a Form 25-NSE filed. The company also effected a 1-for-10 reverse share split on May 28, 2026.