New York, May 20, 2026, 18:02 (EDT)
Silexion Therapeutics Corp (SLXN) shares soared on Nasdaq Wednesday, ending the session up 96.95% at $0.5298. Shares had finished at $0.269 the day before. After the close, the stock dropped 9.5% in after-hours action. Volume topped 325 million shares as the low-priced cancer drug developer drew heavy trading.
Nasdaq’s normal hours are 9:30 a.m. to 4:00 p.m. Eastern, but this move happened after New York’s regular session closed. After-hours trading goes to 8:00 p.m. May 20 was a regular trading day, not a U.S. market holiday.
Silexion wants to get its main drug, SIL204, into a Phase 2/3 clinical trial for locally advanced pancreatic cancer. At the same time, it’s trying to hold on to enough cash and equity to keep its listing. SIL204 uses RNA interference, the company says. That means it uses small RNA molecules to cut gene activity, going after KRAS—a gene tied to many pancreatic tumors.
Silexion said in its May 18 update that Israel’s Ministry of Health approved starting the Phase 2/3 trial and that Silexion had filed a clinical trial application in Germany using the EU system. The planned study begins with a safety run-in of around 18 patients, then moves to a randomized main group of about 166 patients, and will test SIL204 together with standard chemotherapy.
Silexion CEO Ilan Hadar said in an update the company is still planning to start its Phase 2/3 trial in the second quarter of 2026. CFO Mirit Horenshtein Hadar said Silexion is “evaluat[ing] financing alternatives” as it works to advance SIL204 into the clinic. markets.businessinsider.com
Silexion is feeling the pressure from its balance sheet. The company posted a first-quarter net loss of about $2.7 million, wider than the $1.7 million loss in the same period last year. Cash and cash equivalents fell to $2.4 million as of March 31, down from $6.0 million at 2025’s close.
Silexion said a warrant exercise in May pulled in around $1 million in gross proceeds. A warrant lets holders buy shares at a fixed price—raising money but also boosting the share count. The company’s quarterly filing shows nearly 2 million existing warrants were exercised at a lower cash price of 50 cents per share. Silexion also gave out new warrants for up to roughly 4 million more shares.
Silexion’s latest filing puts dilution risk in front of traders again. The company listed 4,189,954 ordinary shares outstanding as of May 14. It’s moving forward with a 1-for-10 reverse share split, which could happen in late May or early June, depending on logistics. Reverse splits cut share counts and bump up the trading price, a common tactic for stocks that need to hit exchange minimums.
Competitive pressure is heating up. Revolution Medicines is in focus after its RAS-targeting drug daraxonrasib almost doubled median survival compared to chemo in late-stage pancreatic cancer, drawing attention in the space. J.P. Morgan’s Brian Cheng called the numbers strong enough that daraxonrasib could be “the next standard of care” for pancreatic ductal adenocarcinoma. Reuters
Amgen’s Lumakras and Bristol Myers Squibb’s Krazati are still key KRAS drugs, but they’re being used for different cases. The FDA cleared Lumakras with Vectibix last year for some KRAS G12C-mutated colorectal cancer patients. The year before, regulators gave a similar approval for Bristol Myers’ Krazati in colorectal cancer.
The wider market had a lift, but that alone doesn’t cover this jump. U.S. indexes all rose Wednesday. The Nasdaq Composite added 1.55%, the S&P 500 gained 1.08% and the Dow picked up 1.31%. “Technology is driving the bus again today,” Carol Schleif, chief market strategist at BMO Private Wealth, told Reuters. Reuters
But the risks are just as obvious. Silexion needs to kick off and manage the trial, shore up or conserve cash, and deal with possible dilution from warrants and equity lines, all while staying in line with Nasdaq rules. Any hitch with the trial schedule, funding deals, or the listing could see Wednesday’s gains unwind in what’s already been a volatile stock, stuck under $1 most of May.
