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On August 20, 2025, NuCana plc (the “Company”) issued a press release announcing its second quarter 2025 financial results. The Company’s unaudited condensed consolidated financial statements as of June 30, 2025 are attached as Exhibit 99.1 and are incorporated by reference herein. The Company’s Management’s Discussion and Analysis of Financial Condition and Results of Operations is attached hereto as Exhibit 99.2, and is incorporated by reference herein. The press release is attached as Exhibit 99.3 hereto and is incorporated by reference herein.
The information in the attached Exhibits 99.1 and 99.2 shall be deemed to be incorporated by reference into the registration statements on Form F-3, as amended (File Number 333-281576), and Form S-8 (File Number 333-223476 and File Number 333-248135), and related prospectuses, as such registration statements and prospectuses may be amended from time to time, and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
The information in the attached Exhibit 99.3 is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise set forth herein or as shall be expressly set forth by specific reference in such a filing.
Exhibits
| Exhibit |
Description |
|
| 99.1 | Unaudited Condensed Consolidated Financial Statements as of June 30, 2025 and for the Three and Six Months Ended June 30, 2025 and 2024 | |
| 99.2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three and Six Months Ended June 30, 2025 and 2024 | |
| 99.3 | Press Release Dated August 20, 2025 | |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
| 101.SCH | INLINE XBRL Taxonomy Extension Schema Document | |
| 101.DEF | INLINE XBRL Taxonomy Extension Calculation Linkbase Document | |
| 101.CAL | INLINE XBRL Taxonomy Extension Definition Linkbase Document | |
| 101.LAB | INLINE XBRL Taxonomy Extension Label Linkbase Document | |
| 101.PRE | INLINE XBRL Taxonomy Extension Presentation Linkbase Document | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
| NuCana plc | ||
| By: | /s/ Ian Webster | |
| Name: | Ian Webster | |
| Title: | Interim Chief Financial Officer (Principal Financial and Accounting Officer) | |
Date: August 20, 2025
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||||||
Notes |
2025 |
2024 |
2025 |
2024 |
||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||
£ |
£ |
£ |
£ |
|||||||||||||||||
Research and development expenses |
(7,104 | ) | (6,769 | ) | (8,829 | ) | (13,552 | ) | ||||||||||||
Administrative expenses |
(4,523 | ) | (1,509 | ) | (5,590 | ) | (3,090 | ) | ||||||||||||
Net foreign exchange (losses) gains |
(202 | ) | (74 | ) | (261 | ) | 21 | |||||||||||||
Operating loss |
(11,829 |
) |
(8,352 |
) |
(14,680 |
) |
(16,621 |
) |
||||||||||||
Finance income |
35 | 85 | 60 | 211 | ||||||||||||||||
Finance expense |
3 | (12,648 | ) | — | (12,648 | ) | — | |||||||||||||
Loss before tax |
(24,442 |
) |
(8,267 |
) |
(27,268 |
) |
(16,410 |
) |
||||||||||||
Income tax credit |
4 | 328 | 1,272 | 681 | 2,577 | |||||||||||||||
Loss for the period |
(24,114 |
) |
(6,995 |
) |
(26,587 |
) |
(13,833 |
) |
||||||||||||
Basic and diluted loss per ordinary share |
5 | (0.00 | ) | (0.12 | ) | (0.01 | ) | (0.25 | ) | |||||||||||
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
(in thousands) |
||||||||||||||||
£ |
£ |
£ |
£ |
|||||||||||||
Loss for the period |
(24,114 |
) |
(6,995 |
) |
(26,587 |
) |
(13,833 |
) |
||||||||
Other comprehensive (expense) income: |
||||||||||||||||
Items that may be reclassified subsequently to profit or loss: |
||||||||||||||||
Exchange differences on translation of foreign operations |
(49 | ) | — | (76 | ) | 7 | ||||||||||
Other comprehensive (expense) income for the period |
(49 | ) | — | (76 | ) | 7 | ||||||||||
Total comprehensive loss for the period |
(24,163 |
) |
(6,995 |
) |
(26,663 |
) |
(13,826 |
) |
||||||||
Attributable to: |
||||||||||||||||
Equity holders of the Company |
(24,163 |
) |
(6,995 |
) |
(26,663 |
) |
(13,826 |
) |
||||||||
|
June 30, 2025 |
December 31, 2024 |
|||||||||||
(in thousands) |
||||||||||||
Notes |
£ |
£ |
||||||||||
Assets |
||||||||||||
Non-current assets |
||||||||||||
Intangible assets |
6 | 2,199 | 2,199 | |||||||||
Property, plant and equipment |
178 | 197 | ||||||||||
Deferred tax asset |
4 | 112 | 113 | |||||||||
2,489 |
2,509 |
|||||||||||
Current assets |
||||||||||||
Prepayments, accrued income and other receivables |
1,020 | 922 | ||||||||||
Current income tax receivable |
4 | 4,266 | 4,594 | |||||||||
Cash and cash equivalents |
7 | 8,443 | 6,749 | |||||||||
13,729 |
12,265 |
|||||||||||
Total assets |
16,218 |
14,774 |
||||||||||
Equity and liabilities |
||||||||||||
Capital and reserves |
||||||||||||
Share capital and share premium |
9 | 171,673 | 151,827 | |||||||||
Other reserves |
86,407 | 78,421 | ||||||||||
Accumulated deficit |
(250,696 | ) | (224,294 | ) | ||||||||
Total equity attributable to equity holders of the Company |
7,384 |
5,954 |
||||||||||
Non-current liabilities |
||||||||||||
Provisions |
58 | 37 | ||||||||||
Lease liabilities |
79 | 117 | ||||||||||
137 |
154 |
|||||||||||
Current liabilities |
||||||||||||
Trade payables |
1,098 | 2,705 | ||||||||||
Payroll taxes and social security |
185 | 134 | ||||||||||
Accrued expenditure |
4,735 | 5,714 | ||||||||||
Lease liabilities |
75 | 73 | ||||||||||
Provisions |
— | 40 | ||||||||||
Derivative financial instruments |
10 | 2,604 | — | |||||||||
8,697 |
8,666 |
|||||||||||
Total liabilities |
8,834 |
8,820 |
||||||||||
Total equity and liabilities |
16,218 |
14,774 |
||||||||||
For the Six Months Ended June 30, |
||||||||||||||||||||||||||||||||
Share capital |
Share premium |
Own share reserve |
Share option reserve |
Foreign currency translation reserve |
Capital reserve |
Accumulated deficit |
Total equity attributable to equity holders |
|||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||||||||||
£ |
£ |
£ |
£ |
£ |
£ |
£ |
£ |
|||||||||||||||||||||||||
Balance at January 1, 2024 |
2,114 |
141,306 |
(339 |
) |
37,043 |
3 |
42,466 |
(207,706 |
) |
14,887 |
||||||||||||||||||||||
Loss for the period |
— | — | — | — | — | — | (13,833 | ) | (13,833 | ) | ||||||||||||||||||||||
Other comprehensive income for the period |
— | — | — | — | 7 | — | — | 7 | ||||||||||||||||||||||||
Total comprehensive loss for the period |
— | — | — | — | 7 | — | (13,833 | ) | (13,826 | ) | ||||||||||||||||||||||
Share-based payments |
— | — | — | 1,292 | — | — | — | 1,292 | ||||||||||||||||||||||||
Exercise of share options |
2 | 1 | — | (156 | ) | — | — | 153 | — | |||||||||||||||||||||||
Lapse of share options |
— | — | — | (1,943 | ) | — | — | 1,943 | — | |||||||||||||||||||||||
Issue of share capital |
150 | 1,342 | — | — | — | — | — | 1,492 | ||||||||||||||||||||||||
Share issue expenses |
— | (45 | ) | — | — | — | — | — | (45 | ) | ||||||||||||||||||||||
Balance at June 30, 2024 |
2,266 |
142,604 |
(339 |
) |
36,236 |
10 |
42,466 |
(219,443 |
) |
3,800 |
||||||||||||||||||||||
Balance at January 1, 2025 |
5,681 |
146,146 |
(339 |
) |
36,276 |
18 |
42,466 |
(224,294 |
) |
5,954 |
||||||||||||||||||||||
Loss for the period |
— | — | — | — | — | — | (26,587 | ) | (26,587 | ) | ||||||||||||||||||||||
Other comprehensive expense for the period |
— | — | — | — | (76 | ) | — | — | (76 | ) | ||||||||||||||||||||||
Total comprehensive loss for the period |
— | — | — | — | (76 | ) | — | (26,587 | ) | (26,663 | ) | |||||||||||||||||||||
Share-based payments |
— | — | — | 8,247 | — | — | — | 8,247 | ||||||||||||||||||||||||
Exercise of share options |
1 | — | — | (43 | ) | — | — | 43 | 1 | |||||||||||||||||||||||
Lapse of share options |
— | — | — | (142 | ) | — | — | 142 | — | |||||||||||||||||||||||
Issue of share capital |
419 | 803 | — | — | — | — | — | 1,222 | ||||||||||||||||||||||||
Exercise of warrants |
3,731 | 15,188 | — | — | — | — | — | 18,919 | ||||||||||||||||||||||||
Share issue expenses |
— | (296 | ) | — | — | — | — | — | (296 | ) | ||||||||||||||||||||||
Balance at June 30, 2025 |
9,832 |
161,841 |
(339 |
) |
44,338 |
(58 |
) |
42,466 |
(250,696 |
) |
7,384 |
|||||||||||||||||||||
For the Six Months Ended June 30, |
||||||||
2025 |
2024 |
|||||||
(in thousands) |
||||||||
£ |
£ |
|||||||
Cash flows from operating activities |
||||||||
Loss for the period |
(26,587 | ) | (13,833 | ) | ||||
Adjustments for: |
||||||||
Income tax credit |
(681 | ) | (2,577 | ) | ||||
Amortization and depreciation |
136 | 272 | ||||||
Movement in provisions |
(40 | ) | — | |||||
Finance income |
(60 | ) | (211 | ) | ||||
Finance expense |
12,648 | — | ||||||
Interest expense on lease liabilities |
5 | 10 | ||||||
Share-based payments |
8,247 | 1,292 | ||||||
Net foreign exchange losses (gains) |
387 | (112 | ) | |||||
| (5,945 | ) | (15,159 | ) | |||||
Movements in working capital: |
||||||||
(Increase) decrease in prepayments, accrued income and other receivables |
(113 | ) | 625 | |||||
(Decrease) increase in trade payables |
(1,607 | ) | 2,734 | |||||
(Decrease) increase in payroll taxes, social security and accrued expenditure |
(929 | ) | 725 | |||||
Movements in working capital |
(2,649 | ) | 4,084 | |||||
Cash used in operations |
(8,594 |
) |
(11,075 |
) |
||||
Net income tax received |
999 | 4,015 | ||||||
Net cash used in operating activities |
(7,595 |
) |
(7,060 |
) |
||||
Cash flows from investing activities |
||||||||
Interest received |
57 | 218 | ||||||
Payments for property, plant and equipment |
— | (3 | ) | |||||
Payments for intangible assets |
(96 | ) | (176 | ) | ||||
Net cash (used in) from investing activities |
(39 |
) |
39 |
|||||
Cash flows from financing activities |
||||||||
Payments for lease liabilities |
(41 | ) | (127 | ) | ||||
Proceeds from exercise of share options |
1 | 3 | ||||||
Proceeds from issue of share capital |
1,222 | 1,492 | ||||||
Proceeds from exercise of warrants |
4,436 | — | ||||||
Proceeds from issue of warrants |
4,439 | — | ||||||
Share issue expenses |
(296 | ) | (45 | ) | ||||
Net cash from financing activities |
9,761 |
1,323 |
||||||
Net increase (decrease) in cash and cash equivalents |
2,127 | (5,698 | ) | |||||
Cash and cash equivalents at beginning of period |
6,749 |
17,225 |
||||||
Effect of exchange rate changes on cash and cash equivalents |
(433 | ) | 112 | |||||
Cash and cash equivalents at end of period |
8,443 |
11,639 |
||||||
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
(in thousands) |
||||||||||||||||
£ |
£ |
£ |
£ |
|||||||||||||
Revaluation loss from derivative financial instruments |
(12,648 | ) | — | (12,648 | ) | — | ||||||||||
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
(in thousands) |
||||||||||||||||
£ |
£ |
£ |
£ |
|||||||||||||
Current tax: |
||||||||||||||||
In respect of current period U.K. |
301 | 1,260 | 648 | 2,532 | ||||||||||||
In respect of prior period U.K. |
24 | — | 24 | 22 | ||||||||||||
In respect of current period U.S. |
— | — | — | (1 | ) | |||||||||||
| 325 | 1,260 | 672 | 2,553 | |||||||||||||
Deferred tax: |
||||||||||||||||
In respect of current period U.S. |
3 | 12 | 9 | 24 | ||||||||||||
In respect of prior period U.S. |
— | — | — | — | ||||||||||||
Income tax credit |
328 |
1,272 |
681 |
2,577 |
||||||||||||
|
June 30, 2025 |
December 31, 2024 |
|||||||
(in thousands) |
||||||||
£ |
£ |
|||||||
Current income tax receivable |
||||||||
U.K. tax |
4,263 | 4,591 | ||||||
U.S. tax |
3 | 3 | ||||||
4,266 |
4,594 |
|||||||
Deferred tax asset |
||||||||
U.S. deferred tax asset |
112 |
113 |
||||||
|
For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
2025 |
2024 |
2025 |
2024 |
|||||||||||||
(in thousands, except per share data) |
||||||||||||||||
£ |
£ |
£ |
£ |
|||||||||||||
Loss for the period |
(24,114 | ) | (6,995 | ) | (26,587 | ) | (13,833 | ) | ||||||||
Basic and diluted weighted average number of ordinary shares |
5,173,376 | 56,660 | 2,676,461 | 55,119 | ||||||||||||
Basic and diluted loss per ordinary share |
(0.00 | ) | (0.12 | ) | (0.01 | ) | (0.25 | ) | ||||||||
|
June 30, 2025 |
December 31, 2024 |
|||||||
(in thousands) |
||||||||
£ |
£ |
|||||||
Cash and cash equivalents |
8,443 | 6,749 | ||||||
Grant date |
Jun-20-2025 |
Jun-20-2025 |
Jun-20-2025 |
|||||||||
Vesting dates |
Jun-20-2026 |
Jun-20-2026 |
Jun-20-2026 |
|||||||||
Jun-20-2027 |
Jun-20-2027 |
— | ||||||||||
Jun-20-2028 |
Jun-20-2028 |
— | ||||||||||
Jun-20-202 9 |
Jun-20-2029 |
— | ||||||||||
Volatility 1
|
190.44 | % | 211.97 | % | 253.88 | % | ||||||
Dividend yield |
0 | % | 0 | % | 0 | % | ||||||
Risk-free investment rate 1
|
3.91 | % | 3.84 | % | 3.75 | % | ||||||
Fair value of option at grant date 1
|
£ | 0.004 | £ | 0.004 | £ | 0.004 | ||||||
Fair value of share at grant date |
£ | 0.004 | £ | 0.004 | £ | 0.004 | ||||||
Exercise price at date of grant |
£ | 0.004 | £ | 0.0004 | £ | 0.0004 | ||||||
Lapse date |
Jun-20-2035 |
Jun-20-2035 |
Jun-20-2035 |
|||||||||
Expected option life (years) 1
|
4.5 | 3.5 | 2.0 | |||||||||
Number of options granted |
196,266,198 | 1,108,027,715 | 157,982,220 | |||||||||
Grant date |
Jun-20-2025 |
Jun-20-2025 |
||||||||||
Vesting dates |
Jun-20-2025 |
Jun-20-2025 |
||||||||||
Volatility 1
|
348.99 | % | 253.88 | % | ||||||||
Dividend yield |
0 | % | 0 | % | ||||||||
Risk-free investment rate 1
|
3.62 | % | 3.75 | % | ||||||||
Fair value of option at grant date 1
|
£ | 0.004 | £ | 0.004 | ||||||||
Fair value of share at grant date |
£ | 0.004 | £ | 0.004 | ||||||||
Exercise price at date of grant |
£ | 0.0004 | £ | 0.004 | ||||||||
Lapse date |
Jun-20-2035 |
Jun-20-2035 |
||||||||||
Expected option life (years) 1
|
1.0 | 2.0 | ||||||||||
Number of options granted |
1,304,702,251 | 711,098,349 | ||||||||||
|
1. |
Represents the average for the options granted. |
|
June 30, 2025 |
December 31, 2024 |
|||||||
(in thousands) |
||||||||
£ |
£ |
|||||||
Share capital |
9,832 | 5,681 | ||||||
Share premium |
161,841 | 146,146 | ||||||
171,673 |
151,827 |
|||||||
|
Number (in thousands) |
||||||||
|
Nominal value £0.0004 |
Nominal value £0.04 |
|||||||
Issued share capital comprises: |
||||||||
Ordinary shares |
9,540,891 | 142,037 | ||||||
Deferred shares |
15,040,466 | — | ||||||
24,581,357 |
142,037 |
|||||||
Number |
Ordinary share capital |
Deferred share capital |
Share premium |
|||||||||||||
(in thousands) |
||||||||||||||||
Fully paid shares: |
£ |
£ |
£ |
|||||||||||||
Balance at December 31, 2024 |
142,037 | 5,681 | — | 146,146 | ||||||||||||
Exercise of share options |
29 | 1 | — | — | ||||||||||||
Issue of share capital |
9,858 | 394 | — | 81 | ||||||||||||
Share issue expenses |
— | — | — | (14 | ) | |||||||||||
Balance pre-subdivision and reclassification |
151,924 | 6,076 | — | 146,213 | ||||||||||||
Subdivision and reclassification of share capital |
15,040,466 | (6,016 | ) | 6,016 | — | |||||||||||
Issue of share capital |
61,323 | 25 | — | 722 | ||||||||||||
Exercise of warrants |
9,327,644 | 3,731 | — | 15,188 | ||||||||||||
Share issue expenses |
— | — | — | (282 | ) | |||||||||||
Balance at June 30, 2025 |
24,581,357 |
3,816 |
6,016 |
161,841 |
||||||||||||
|
June 30, 2025 |
December 31, 2024 |
|||||||
(in thousands) |
||||||||
£ |
£ |
|||||||
Opening Balance |
— | — | ||||||
Initial recognition on issuance of warrants |
4,439 | — | ||||||
Losses on warrant remeasurement |
12,648 | — | ||||||
Exercise of warrants |
(14,483 | ) | — | |||||
Closing Balance |
2,604 |
— |
||||||
Exhibit 99.2
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You should read the following discussion and analysis of financial condition and results of operations together with the unaudited condensed consolidated financial statements and the related notes to those statements included as Exhibit 99.1 to this Report on Form 6-K submitted to the Securities and Exchange Commission, or the SEC, on August 20, 2025. We also recommend that you read our discussion and analysis of financial condition and results of operations together with our audited financial statements and the notes thereto, and the section entitled “Risk Factors”, each of which appear in our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on March 20, 2025 (the “Annual Report”), as well as the “Supplemental Risk Factors” filed with our Form 6-Ks from time to time with the SEC.
We present our unaudited condensed consolidated financial statements in pounds sterling and in accordance with International Accounting Standard 34, “Interim Financial Reporting,” or IAS 34, which may differ in material respects from generally accepted accounting principles in other jurisdictions, including generally accepted accounting principles in the United States, or U.S. GAAP.
Unless otherwise indicated or the context otherwise requires, all references to “NuCana,” the “Company,” “we,” “our,” “us” or similar terms refer to NuCana plc and its consolidated subsidiaries.
The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of our Annual Report and any subsequent reports that we file with the SEC.
Company Overview
We are a clinical-stage biopharmaceutical company focused on significantly improving treatment outcomes for patients with cancer by applying our ProTide technology to transform some of the most widely prescribed chemotherapy agents, nucleoside analogs, into more effective and safer medicines. While these conventional agents remain part of the standard of care for the treatment of many solid and hematological tumors, they have significant shortcomings that limit their efficacy and they are often poorly tolerated. Utilizing our proprietary technology, we are developing new medicines, ProTides, designed to overcome the key limitations of nucleoside analogs and generate much higher concentrations of anti-cancer metabolites in cancer cells. NuCana’s pipeline includes NUC-7738 and NUC-3373. NUC-7738 is a novel anti-cancer agent that disrupts RNA polyadenylation, profoundly impacts gene expression in cancer cells and targets multiple aspects of the tumor microenvironment. NUC-7738 is in the Phase 2 part of a Phase 1/2 trial which is evaluating NUC-7738 as a monotherapy in patients with advanced solid tumors and in combination with pembrolizumab in patients with melanoma. NUC-3373 is a new chemical entity derived from the nucleoside analog 5-fluorouracil, a widely used chemotherapy agent. NUC-3373 is currently being evaluated in a Phase 1b/2 modular trial (NuTide:303) of NUC-3373 in combination with the PD-1 inhibitor pembrolizumab for patients with advanced solid tumors and in combination with docetaxel for patients with lung cancer.
Financial Operations Overview
Revenues
We do not have any approved products. Accordingly, we have not generated any revenue, and we do not expect to generate any revenue from the sale of any products unless and until we obtain regulatory approvals for, and commercialize any of, our product candidates. In the future, we will seek to generate revenue primarily from product sales and, potentially, regional or global collaborations with strategic partners.
Operating Expenses
We classify our operating expenses into two categories: research and development expenses and administrative expenses. Personnel costs, including salaries, benefits, bonuses and share-based payment expense, comprise a component of each of these expense categories. We allocate expenses associated with personnel costs based on the function performed by the respective employees.
Research and Development Expenses
The largest component of our total operating expenses since our inception has been costs related to our research and development activities, including the preclinical and clinical development of our product candidates.
Research and development costs are expensed as incurred. Our research and development expense primarily consists of:
| • | costs incurred under agreements with contract research organizations, or CROs, and investigative sites that conduct preclinical studies and clinical trials; |
| • | costs related to manufacturing active pharmaceutical ingredients and drug products for preclinical studies and clinical trials; |
| • | salaries and personnel-related costs, including bonuses, benefits and any share-based payment expense, for our personnel performing research and development activities or managing those activities that have been outsourced; |
| • | fees paid to consultants and other third parties who support our product candidate development; |
| • | costs of maintaining and defending patents; |
| • | other costs incurred in seeking regulatory approval for our product candidates; and |
| • | payments under our license agreements. |
The successful development of our ProTides is highly uncertain. Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later stage clinical trials. However, we do not believe that it is possible at this time to accurately project total program specific expenses through commercialization. We are also unable to predict when, if ever, material net cash inflows will commence from our product candidates to offset these expenses. Our expenditures on current and future preclinical and clinical development programs are subject to numerous uncertainties in timing and cost to completion.
The duration, costs and timing of clinical trials and development of our product candidates will depend on a variety of factors including:
| • | the scope, rate of progress, results and expenses of our ongoing and future clinical trials, preclinical studies and research and development activities; |
| • | the potential need for additional clinical trials or preclinical studies requested by regulatory agencies; |
| • | potential uncertainties in clinical trial enrollment rates or drop-out or discontinuation rates of patients; |
| • | competition with other drug development companies in, and the related expense of, identifying and enrolling patients in our clinical trials and contracting with third-party manufacturers for the production of the drug product needed for our clinical trials; |
| • | the achievement of milestones requiring payments under in-licensing agreements; |
| • | any significant changes in government regulation; |
| • | the terms and timing of any regulatory approvals; |
| • | the expense of filing, prosecuting, defending and enforcing patent claims and other intellectual property rights; and |
| • | the ability to market, commercialize and achieve market acceptance for any of our product candidates, if approved. |
We track research and development expenses on a program-by-program basis for both clinical-stage and preclinical product candidates. Where appropriate, manufacturing and non-clinical research and development expenses are assigned or allocated to individual product candidates.
Administrative Expenses
Administrative expenses consist of personnel costs, depreciation, amortization and other expenses for outside professional services, including legal, audit and accounting services. Personnel costs consist of salaries, bonuses, benefits and share-based payment expense. Other administrative expenses include office related costs, professional fees and costs of our information systems. We anticipate that our administrative expenses will continue to increase in the future as we increase our headcount to support our continued research and development and potential commercialization of our product candidates. We also incur expenses as a public company, including expenses related to compliance with the rules and regulations of the SEC and Nasdaq, additional insurance expenses, and expenses related to investor relations and other administrative and professional services.
Net Foreign Exchange (Losses) Gains
Net foreign exchange (losses) gains primarily relates to cash held in U.S. dollars.
Finance Income
Finance income relates to interest earned on our cash and cash equivalents.
Finance Expense
Finance expense relates to revaluation losses from derivative financial instruments.
Income Tax Credit
We are subject to corporate taxation in the United Kingdom and our wholly owned U.S. subsidiary, NuCana, Inc., is subject to corporate taxation in the United States. Due to the nature of our business, we have generated losses in the United Kingdom since our inception. Our income tax credit recognized represents the sum of the research and development tax credits recoverable in the United Kingdom and in the United States, and income tax payable in the United States.
As a company that carries out extensive research and development activities, we benefit from the U.K. and U.S. research and development tax credit regimes. In the United Kingdom, we are able to surrender some of our losses for a cash rebate of up to 26.97% of eligible expenditures on qualifying research and development projects incurred. In the United States, we are able to offset the research and development credits against corporation tax payable. Our qualifying expenditures in the United Kingdom largely comprise clinical trial and manufacturing costs, employment costs for relevant staff and consumables incurred as part of research and development projects. In the United Kingdom, where we receive the larger proportion of the research and development credits, certain subcontracted qualifying research and development expenditures are eligible for a cash rebate of up to 17.53%. A large proportion of costs relating to our research and development, clinical trials and manufacturing activities are currently eligible for inclusion within these tax credit cash rebate claims.
We may not be able to continue to claim research and development tax credits in the United Kingdom in the future under the current research and development tax credit scheme because we may no longer qualify as a R&D-intensive loss-making small or medium-sized company. However, in that scenario, we may be able to file under the merged scheme R&D expenditure credit.
Results of Operations
Comparison of the Three Months Ended June 30, 2025 and June 30, 2024
The following table summarizes the results of our operations for the three months ended June 30, 2025 and 2024.
| For the Three Months Ended June 30, |
||||||||
| 2025 | 2024 | |||||||
| (unaudited) | ||||||||
| (in thousands) | ||||||||
| £ | £ | |||||||
| Research and development expenses |
(7,104 | ) | (6,769 | ) | ||||
| Administrative expenses |
(4,523 | ) | (1,509 | ) | ||||
| Net foreign exchange losses |
(202 | ) | (74 | ) | ||||
|
|
|
|
|
|||||
| Operating loss |
(11,829 | ) | (8,352 | ) | ||||
| Finance income |
35 | 85 | ||||||
| Finance expense |
(12,648 | ) | — | |||||
|
|
|
|
|
|||||
| Loss before tax |
(24,442 | ) | (8,267 | ) | ||||
| Income tax credit |
328 | 1,272 | ||||||
|
|
|
|
|
|||||
| Loss for the period |
(24,114 | ) | (6,995 | ) | ||||
| Other comprehensive expense: |
||||||||
| Items that may be reclassified subsequently to profit or loss: |
||||||||
| Exchange differences on translation of foreign operations |
(49 | ) | — | |||||
|
|
|
|
|
|||||
| Total comprehensive loss for the period |
(24,163 | ) | (6,995 | ) | ||||
|
|
|
|
|
|||||
Research and Development Expenses
Research and development expenses were £7.1 million for the three months ended June 30, 2025 as compared to £6.8 million for the three months ended June 30, 2024. Share-based payment expenses increased by £5.3 million in the three months ended June 30, 2025, compared with the three months ended June 30, 2024 primarily due to options granted. Clinical trial expenses decreased by £4.5 million in the three months ended June 30, 2025, compared with the three months ended June 30, 2024, due to reduced expenditure across all clinical trials, predominantly NuTide:323. Other research and development costs decreased by £0.5 million in the three months ended June 30, 2025 compared with the three months ended June 30, 2024, principally due to lower personnel costs.
The following table gives a breakdown of the research and development costs incurred by product candidate for the three months ended June 30, 2025 and 2024:
| For the Three Months Ended June 30, |
||||||||
| 2025 | 2024 | |||||||
| (in thousands) | ||||||||
| £ | £ | |||||||
| NUC-7738 |
4,486 | 779 | ||||||
| NUC-3373 |
2,295 | 5,584 | ||||||
| Acelarin |
127 | 102 | ||||||
| Other |
196 | 304 | ||||||
|
|
|
|
|
|||||
| 7,104 | 6,769 | |||||||
|
|
|
|
|
|||||
Administrative Expenses
Administrative expenses were £4.5 million for the three months ended June 30, 2025 as compared to £1.5 million for the three months ended June 30, 2024. Share-based payment expenses increased by £2.1 million in the three months ended June 30, 2025, compared with the three months ended June 30, 2024 primarily due to options granted. Professional fees related to the issue of warrants were £1.4 million in the three months ended June 30, 2025, with no such cost in the three months ended June 30, 2024. Other administrative expenses decreased by £0.5 million in the three months ended June 30, 2025 compared with the three months ended June 30, 2024, principally due to lower personnel and insurance costs.
Net Foreign Exchange Losses
For the three months ended June 30, 2025, we reported a net foreign exchange loss of £0.2 million as compared to a net foreign exchange loss of £0.1 million for the three months ended June 30, 2024. In the three months ended June 30, 2025, the US dollar depreciated more, relative to the UK pound sterling, compared with the three months ended June 30, 2024.
Finance Income
Finance income represents bank interest and was £35,000 for the three months ended June 30, 2025 and £0.1 million for the three months ended June 30, 2024. The decrease in bank interest resulted from lower cash deposits.
Finance Expense
Finance expense relates to revaluation losses from derivative financial instruments being remeasured at fair value through profit or loss and was £12.6 million for the three months ended June 30, 2025 with no such expense for the three months ended June 30, 2024.
Income Tax Credit
The income tax credit for the three months ended June 30, 2025, which is largely comprised of U.K. research and development tax credits, amounted to £0.3 million as compared to £1.3 million for the three months ended June 30, 2024. The decrease in the income tax credit was primarily attributable to a decrease in our eligible research and development expenses.
Results of Operations
Comparison of the Six Months Ended June 30, 2025 and June 30, 2024
The following table summarizes the results of our operations for the six months ended June 30, 2025 and 2024.
| For the Six Months Ended June 30, |
||||||||
| 2025 | 2024 | |||||||
| (unaudited) | ||||||||
| (in thousands) | ||||||||
| £ | £ | |||||||
| Research and development expenses |
(8,829 | ) | (13,552 | ) | ||||
| Administrative expenses |
(5,590 | ) | (3,090 | ) | ||||
| Net foreign exchange (losses) gains |
(261 | ) | 21 | |||||
|
|
|
|
|
|||||
| Operating loss |
(14,680 | ) | (16,621 | ) | ||||
| Finance income |
60 | 211 | ||||||
| Finance expense |
(12,648 | ) | — | |||||
|
|
|
|
|
|||||
| Loss before tax |
(27,268 | ) | (16,410 | ) | ||||
| Income tax credit |
681 | 2,577 | ||||||
|
|
|
|
|
|||||
| Loss for the period |
(26,587 | ) | (13,833 | ) | ||||
| Other comprehensive (expense) income: |
||||||||
| Items that may be reclassified subsequently to profit or loss: |
||||||||
| Exchange differences on translation of foreign operations |
(76 | ) | 7 | |||||
|
|
|
|
|
|||||
| Total comprehensive loss for the period |
(26,663 | ) | (13,826 | ) | ||||
|
|
|
|
|
|||||
Research and Development Expenses
Research and development expenses were £8.8 million for the six months ended June 30, 2025 as compared to £13.6 million for the six months ended June 30, 2024. Clinical trial expenses decreased by £8.5 million in the six months ended June 30, 2025, compared with the six months ended June 30, 2024, due to reduced expenditure across all clinical trials, predominantly NuTide:323. Share-based payment expenses increased by £5.0 million in the six months ended June 30, 2025, compared with the six months ended June 30, 2024 primarily due to options granted. Other research and development costs decreased by £1.3 million in the six months ended June 30, 2025 compared with the six months ended June 30, 2024, principally due to lower personnel costs.
The following table gives a breakdown of the research and development costs incurred by product candidate for the six months ended June 30, 2025 and 2024:
| For the Six Months Ended June 30, |
||||||||
| 2025 | 2024 | |||||||
| (in thousands) | ||||||||
| £ | £ | |||||||
| NUC-7738 |
5,173 | 1,686 | ||||||
| NUC-3373 |
3,171 | 11,005 | ||||||
| Acelarin |
163 | 278 | ||||||
| Other |
322 | 583 | ||||||
|
|
|
|
|
|||||
| 8,829 | 13,552 | |||||||
|
|
|
|
|
|||||
Administrative Expenses
Administrative expenses were £5.6 million for the six months ended June 30, 2025 as compared to £3.1 million for the six months ended June 30, 2024. Share-based payment expenses increased by £2.0 million in the six months ended June 30, 2025, compared with the six months ended June 30, 2024 primarily due to options granted. Professional fees related to the issue of warrants were £1.4 million in the six months ended June 30, 2025, with no such cost in the six months ended June 30, 2024. Other administrative expenses decreased by £0.9 million in the six months ended June 30, 2025 compared with the six months ended June 30, 2024, principally due to lower personnel costs and insurance costs.
Net Foreign Exchange (Losses) Gains
For the six months ended June 30, 2025, we reported a net foreign exchange loss of £0.3 million as compared to a net foreign exchange gain of £21,000 for the six months ended June 30, 2024. In the six months ended June 30, 2025, the loss arose from cash balances held in U.S. dollars and the U.S. dollar depreciating relative to the U.K. pound sterling. Conversely in the six months ended June 30, 2024, the gain arose from cash balances held in U.S. dollars and the U.S. dollar appreciating relative to the U.K. pound sterling.
Finance Income
Finance income represents bank interest and was £0.1 million for the six months ended June 30, 2025 and £0.2 million for the six months ended June 30, 2024. The decrease in bank interest resulted from lower cash deposits.
Finance Expense
Finance expense relates to revaluation losses from derivative financial instruments being remeasured at fair value through profit or loss and was £12.6 million for the six months ended June 30, 2025 with no such expense for the six months ended June 30, 2024.
Income Tax Credit
The income tax credit for the six months ended June 30, 2025, which is largely composed of U.K. research and development tax credits, amounted to £0.7 million as compared to £2.6 million for the six months ended June 30, 2024. The decrease in the income tax credit was primarily attributable to a decrease in our eligible research and development expenses.
Liquidity and Capital Resources
Overview
Since our inception, we have incurred significant operating losses and negative cash flows. We anticipate that we will continue to incur losses for at least the next several years. As a result, we will need additional capital to fund our operations, which we may obtain from additional equity financings, debt financings, research funding, collaborations, contract and grant revenue or other sources.
As of June 30, 2025 and December 31, 2024, we had cash and cash equivalents of £8.4 million and £6.7 million, respectively. We do not currently have any approved products and have never generated any revenue from product sales. To date we have financed our operations primarily through the issuances of our equity securities. We expect that our existing cash and cash equivalents together with the gross cash proceeds subsequently raised from the “at-the-market” (ATM) offering of £19.0 million will be sufficient to meet our anticipated cash requirements into 2029.
In June 2025, we entered into an ATM sales agreement with A.G.P./Alliance Global Partners, or A.G.P., and Laidlaw & Company (UK) Ltd., or Laidlaw, pursuant to which we may periodically sell ADSs having an aggregate offering price of up to $100.0 million through A.G.P. and Laidlaw acting as our agents. Sales of our ADSs pursuant to this ATM program are subject to certain conditions specified in the sales agreement. In connection with entering into the agreement with A.G.P. and Laidlaw, we terminated the ATM sales agreement from August 2021 between us and Jefferies LLC, or Jefferies. Sales under the ATM program are registered on a shelf registration statement on Form F-3 that we filed with the SEC in June 2025, and which permits the offering, issuance and sale by us of up to a maximum aggregate offering price of $150.0 million of our securities, inclusive of our ADSs sold under the ATM program. During the six months ending June 30, 2025 we sold and issued 394,303 ADSs, representing 9,857,575 ordinary shares, under the ATM program with Jefferies, raising gross proceeds of £0.5 million. Subsequent to June 30, 2025 and through the date hereof, we sold and issued 450,758,552 ADSs, representing 11,268,963,800 ordinary shares, under the ATM program with A.G.P. and Laidlaw, raising gross proceeds of £19.0 million.
Cash Flows Comparison of the Six Months Ended June 30, 2025 and June 30, 2024
The following table summarizes the results of our cash flows for the six months ended June 30, 2025 and 2024.
| For the Six Months Ended June 30, |
||||||||
| 2025 | 2024 | |||||||
| (unaudited) | ||||||||
| (in thousands) | ||||||||
| £ | £ | |||||||
| Net cash used in operating activities |
(7,595 | ) | (7,060 | ) | ||||
| Net cash (used in) from investing activities |
(39 | ) | 39 | |||||
| Net cash from financing activities |
9,761 | 1,323 | ||||||
|
|
|
|
|
|||||
| Net increase (decrease) in cash and cash equivalents |
2,127 | (5,698 | ) | |||||
|
|
|
|
|
|||||
Operating Activities
Net cash used in operating activities was £7.6 million for the six months ended June 30, 2025 as compared to £7.1 million for the six months ended June 30, 2024, a net increase in cash outflows of £0.5 million. Operating loss cash outflows were lower by £9.2 million for the six months ended June 30, 2025. Working capital outflows were £2.7 million in the six months ended June 30, 2025 as compared to working capital inflows of £4.1 million in the six months ended June 30, 2024. In addition, a tax refund of £1.0 million was received in the six months ended June 30, 2025 compared to £4.0 million in the six months ended June 30, 2024.
Investing Activities
Net cash used in investing activities was £39,000 for the six months ended June 30, 2025 as compared to net cash from investing activities of £39,000 for the six months ended June 30, 2024. Interest received for the six months ended June 30, 2025 was £0.1 million compared with £0.2 million for the six months ended June 30, 2024. For the six months ended June 30, 2025, cash used to acquire intangible assets was £0.1 million lower than in the six months ended June 30, 2024.
Financing Activities
Net cash from financing activities was £9.8 million for the six months ended June 30, 2025 as compared to £1.3 million for the six months ended June 30, 2024 primarily reflecting the proceeds from the issue and exercise of warrants.
Operating and Capital Expenditure Requirements
We have not achieved profitability on an annual basis since our inception, and we expect to continue to incur net losses in the future.
We believe that our existing capital resources together with the gross cash proceeds subsequently raised from the ATM offering of £19.0 million will be sufficient to fund our operations, including currently anticipated research and development activities and planned capital spending, into 2029. We carefully manage our capital resources and have sufficient controllable mitigating actions identified to manage our expenditure, including management of third-party expenses, such as timing of clinical trial activities, and internal resource costs.
However, our future funding requirements will depend on many factors, including but not limited to:
| • | the scope, rate of progress and cost of our clinical trials taking place in the near term, preclinical programs and other related activities; |
| • | the extent of success in our early preclinical and clinical stage research programs, which will determine the amount of funding required to further the development of our product candidates; |
| • | the progress that we make in developing new product candidates based on our proprietary ProTide technology; |
| • | the cost of manufacturing clinical supplies and establishing commercial supplies of our product candidates and any products that we may develop; |
| • | the costs involved in filing and prosecuting patent applications and enforcing and defending potential patent claims; |
| • | the timing of receipt of our U.K. research and development tax credit cash rebates; |
| • | the outcome, timing and cost of regulatory approvals of our ProTide product candidates; |
| • | the cost and timing of establishing sales, marketing and distribution capabilities; and |
| • | the costs of hiring additional skilled employees to support our continued growth and the related costs of leasing additional office space. |
Exhibit 99.3
NuCana Reports Second Quarter 2025 Financial Results and Provides Business Update
First Patients Dosed on Expansion Study of NUC-7738 in Combination with Pembrolizumab for Patients with PD-1 Inhibitor-Resistant Melanoma
Initial Data from the Expansion Study of NUC-7738 Expected in Q4 2025 with Final Data in 2026
Additional Data from the Ongoing Phase 1b/2 Study of NUC-3373 in Combination with Pembrolizumab Remain on track for 2025
Strategic Execution of ATM Offering Extends Anticipated Cash Runway into 2029
Edinburgh, United Kingdom, August 20, 2025 (GLOBE NEWSWIRE)—NuCana plc (NASDAQ: NCNA) (“NuCana” or the “Company”) announced financial results for the second quarter ended June 30, 2025 and provided an update on its clinical development program with its two lead anti-cancer medicines.
“We are pleased to announce that the first patients have been dosed on the expansion of our ongoing Phase 1/2 NuTide:701 study in patients with PD-1 inhibitor-resistant melanoma,” said Andrew Kay, NuCana’s Executive Chairman. “Our lead program, NUC-7738 is a novel agent that profoundly impacts gene expression in cancer cells and targets multiple aspects of the tumor microenvironment. We remain encouraged by the clinical observations witnessed so far. We have observed a favorable safety profile, meaningful tumor volume reduction and prolonged progression free-survival in patients with PD-1 inhibitor refractory and resistant metastatic melanoma. The expansion study is expected to enroll an additional 28 patients, increasing the planned patient population treated in combination with pembrolizumab to 40 and further supporting our registrational path.”
Mr. Kay continued, “Turning to our second program, NUC-3373 is a targeted thymidylate synthase inhibitor with immune modulating properties. We are encouraged by the data from the Phase 1b/2 NuTide:303 study, which is evaluating NUC-3373 in combination with pembrolizumab in patients with advanced solid tumors, and NUC-3373 with docetaxel in patients with lung cancer. Notable tumor volume reductions and prolonged progression free survival have been observed in these patients so far. We look forward to announcing additional data from this study later this year.”
Mr. Kay concluded, “Lastly, we strengthened our balance sheet with a financing in May and the strategic execution of an at-the-market (“ATM”) offering, extending our cash runway into 2029 and through key value-driving milestones. To date in 2025, these initiatives have raised gross proceeds of $38.4 million and with multiple data readouts ahead, we are well-positioned to deliver on our mission of improving treatment outcomes for patients with cancer.”
Anticipated Milestones
| • | NUC-7738 |
| • | Announce initial data from the Phase 1/2 expansion study (NuTide:701) of NUC-7738 in combination with pembrolizumab in 2025; |
| • | Obtain regulatory guidance from the U.S. Food and Drug Administration on pivotal study design for NUC-7738 in melanoma in 2026; and |
| • | Announce final data from the Phase 1/2 expansion study (NuTide:701) of NUC-7738 in combination with pembrolizumab in 2026. |
| • | NUC-3373 |
| • | Announce additional data from the Phase 1b/2 modular study (NuTide:303) of NUC-3373 in combination with pembrolizumab in patients with solid tumors in 2025. |
Second Quarter 2025 Financial Highlights and Cash Position
As of June 30, 2025, NuCana had cash and cash equivalents of £8.4 million compared to £4.0 million as of March 31, 2025 and £6.7 million at December 31, 2024. Subsequent to June 30, 2025, NuCana has raised, through the ATM offering, an additional £19.0 million in gross proceeds before expenses and commission.
On July 21, 2025, having raised the full amount of capital required, NuCana announced it had successfully canceled all remaining Series A Warrants issued in the May 2025 financing, in exchange for payments of $3.6 million. This initiative fully eliminated all overhanging rights from the May 2025 financing.
NuCana expects that its cash and cash equivalents as of June 30, 2025, together with amounts raised via the ATM offering, will be sufficient to fund its planned operations into 2029.
NuCana continues to advance its clinical programs and reported a net loss of £24.1 million for the quarter ended June 30, 2025, which includes a loss on revaluation of the warrants issued in the May 2025 financing of £12.6 million, as compared to a net loss of £7.0 million for the quarter ended June 30, 2024. Basic and diluted loss per ordinary share was £0.00 for the quarter ended June 30, 2025, as compared to £0.12 per ordinary share for the comparable quarter ended June 30, 2024.
About NuCana
NuCana is a clinical-stage biopharmaceutical company focused on significantly improving treatment outcomes for patients with cancer by applying our ProTide technology to transform some of the most widely prescribed chemotherapy agents, nucleoside analogs, into more effective and safer medicines. While these conventional agents remain part of the standard of care for the treatment of many solid and hematological tumors, they have significant shortcomings that limit their efficacy and they are often poorly tolerated. Utilizing our proprietary technology, we are developing new medicines, ProTides, designed to overcome the key limitations of nucleoside analogs and generate much higher concentrations of anti-cancer metabolites in cancer cells. NuCana’s pipeline includes NUC-7738 and NUC-3373. NUC-7738 is a novel anti-cancer agent that disrupts RNA polyadenylation, profoundly impacts gene expression in cancer cells and targets multiple aspects of the tumor microenvironment. NUC-7738 is in the Phase 2 part of a Phase 1/2 study which is evaluating NUC-7738 as a monotherapy in patients with advanced solid tumors and in combination with pembrolizumab in patients with melanoma. NUC-3373 is a new chemical entity derived from the nucleoside analog 5-fluorouracil, a widely used chemotherapy agent. NUC-3373 is currently being evaluated in a Phase 1b/2 modular study (NuTide:303) of NUC-3373 in combination with the PD-1 inhibitor pembrolizumab for patients with advanced solid tumors and in combination with docetaxel for patients with lung cancer.
Forward-Looking Statements
This press release may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on the beliefs and assumptions and on information currently available to management of the Company. All statements other than statements of historical fact contained in this press release are forward-looking statements, including statements concerning the Company’s planned and ongoing clinical studies for the Company’s product candidates and the potential advantages of those product candidates, including NUC-7738 and NUC-3373; the initiation, enrollment, timing, progress, release of data from and results of those planned and ongoing clinical studies; the Company’s goals with respect to the development, regulatory pathway and potential use, if approved, of each of its product candidates; the utility of prior non-clinical and clinical data in determining future clinical results; and the sufficiency of the Company’s current cash and cash equivalents to fund its planned operations into 2029. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, our ability to raise additional capital sufficient to fund our planned operations and the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on March 20, 2025, and subsequent reports that the Company files with the SEC. Forward-looking statements represent the Company’s beliefs and assumptions only as of the date of this press release. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by law, the Company assumes no obligation to publicly update any forward-looking statements for any reason after the date of this press release to conform any of the forward-looking statements to actual results or to changes in its expectations.
Unaudited Condensed Consolidated Statements of Operations
| For the Three Months Ended June 30, |
For the Six Months Ended June 30, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (in thousands, except per share data) | ||||||||||||||||
| £ | £ | £ | £ | |||||||||||||
| Research and development expenses |
(7,104 | ) | (6,769 | ) | (8,829 | ) | (13,552 | ) | ||||||||
| Administrative expenses |
(4,523 | ) | (1,509 | ) | (5,590 | ) | (3,090 | ) | ||||||||
| Net foreign exchange (losses) gains |
(202 | ) | (74 | ) | (261 | ) | 21 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating loss |
(11,829 | ) | (8,352 | ) | (14,680 | ) | (16,621 | ) | ||||||||
| Finance income |
35 | 85 | 60 | 211 | ||||||||||||
| Finance expense |
(12,648 | ) | — | (12,648 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Loss before tax |
(24,442 | ) | (8,267 | ) | (27,268 | ) | (16,410 | ) | ||||||||
| Income tax credit |
328 | 1,272 | 681 | 2,577 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Loss for the period |
(24,114 | ) | (6,995 | ) | (26,587 | ) | (13,833 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Basic and diluted loss per ordinary share |
(0.00 | ) | (0.12 | ) | (0.01 | ) | (0.25 | ) | ||||||||
Unaudited Condensed Consolidated Statements of Financial Position As At
| June 30, 2025 |
December 31, 2024 |
|||||||
| (in thousands) | ||||||||
| £ | £ | |||||||
| Assets |
||||||||
| Non-current assets |
||||||||
| Intangible assets |
2,199 | 2,199 | ||||||
| Property, plant and equipment |
178 | 197 | ||||||
| Deferred tax asset |
112 | 113 | ||||||
|
|
|
|
|
|||||
| 2,489 | 2,509 | |||||||
| Current assets |
||||||||
| Prepayments, accrued income and other receivables |
1,020 | 922 | ||||||
| Current income tax receivable |
4,266 | 4,594 | ||||||
| Cash and cash equivalents |
8,443 | 6,749 | ||||||
|
|
|
|
|
|||||
| 13,729 | 12,265 | |||||||
|
|
|
|
|
|||||
| Total assets |
16,218 | 14,774 | ||||||
|
|
|
|
|
|||||
| Equity and liabilities |
||||||||
| Capital and reserves |
||||||||
| Share capital and share premium |
171,673 | 151,827 | ||||||
| Other reserves |
86,407 | 78,421 | ||||||
| Accumulated deficit |
(250,696 | ) | (224,294 | ) | ||||
|
|
|
|
|
|||||
| Total equity attributable to equity holders of the Company |
7,384 | 5,954 | ||||||
|
|
|
|
|
|||||
| Non-current liabilities |
||||||||
| Provisions |
58 | 37 | ||||||
| Lease liabilities |
79 | 117 | ||||||
|
|
|
|
|
|||||
| 137 | 154 | |||||||
| Current liabilities |
||||||||
| Trade payables |
1,098 | 2,705 | ||||||
| Payroll taxes and social security |
185 | 134 | ||||||
| Accrued expenditure |
4,735 | 5,714 | ||||||
| Lease liabilities |
75 | 73 | ||||||
| Provisions |
— | 40 | ||||||
| Derivative financial instruments |
2,604 | — | ||||||
|
|
|
|
|
|||||
| 8,697 | 8,666 | |||||||
| Total liabilities |
8,834 | 8,820 | ||||||
|
|
|
|
|
|||||
| Total equity and liabilities |
16,218 | 14,774 | ||||||
|
|
|
|
|
|||||
Unaudited Condensed Consolidated Statements of Cash Flows
| For the Six Months Ended June 30, |
||||||||
| 2025 | 2024 | |||||||
| (in thousands) | ||||||||
| £ | £ | |||||||
| Cash flows from operating activities |
||||||||
| Loss for the period |
(26,587 | ) | (13,833 | ) | ||||
| Adjustments for: |
||||||||
| Income tax credit |
(681 | ) | (2,577 | ) | ||||
| Amortization and depreciation |
136 | 272 | ||||||
| Movement in provisions |
(40 | ) | — | |||||
| Finance income |
(60 | ) | (211 | ) | ||||
| Finance expense |
12,648 | — | ||||||
| Interest expense on lease liabilities |
5 | 10 | ||||||
| Share-based payments |
8,247 | 1,292 | ||||||
| Net foreign exchange losses (gains) |
387 | (112 | ) | |||||
|
|
|
|
|
|||||
| (5,945 | ) | (15,159 | ) | |||||
| Movements in working capital: |
||||||||
| (Increase) decrease in prepayments, accrued income and other receivables |
(113 | ) | 625 | |||||
| (Decrease) increase in trade payables |
(1,607 | ) | 2,734 | |||||
| (Decrease) increase in payroll taxes, social security and accrued expenditure |
(929 | ) | 725 | |||||
|
|
|
|
|
|||||
| Movements in working capital |
(2,649 | ) | 4,084 | |||||
|
|
|
|
|
|||||
| Cash used in operations |
(8,594 | ) | (11,075 | ) | ||||
|
|
|
|
|
|||||
| Net income tax received |
999 | 4,015 | ||||||
|
|
|
|
|
|||||
| Net cash used in operating activities |
(7,595 | ) | (7,060 | ) | ||||
|
|
|
|
|
|||||
| Cash flows from investing activities |
||||||||
| Interest received |
57 | 218 | ||||||
| Payments for property, plant and equipment |
— | (3 | ) | |||||
| Payments for intangible assets |
(96 | ) | (176 | ) | ||||
|
|
|
|
|
|||||
| Net cash (used in) from investing activities |
(39 | ) | 39 | |||||
|
|
|
|
|
|||||
| Cash flows from financing activities |
||||||||
| Payments for lease liabilities |
(41 | ) | (127 | ) | ||||
| Proceeds from exercise of share options |
1 | 3 | ||||||
| Proceeds from issue of share capital |
1,222 | 1,492 | ||||||
| Proceeds from exercise of warrants |
4,436 | — | ||||||
| Proceeds from issue of warrants |
4,439 | — | ||||||
| Share issue expenses |
(296 | ) | (45 | ) | ||||
|
|
|
|
|
|||||
| Net cash from financing activities |
9,761 | 1,323 | ||||||
|
|
|
|
|
|||||
| Net increase (decrease) in cash and cash equivalents |
2,127 | (5,698 | ) | |||||
| Cash and cash equivalents at beginning of period |
6,749 | 17,225 | ||||||
|
|
|
|
|
|||||
| Effect of exchange rate changes on cash and cash equivalents |
(433 | ) | 112 | |||||
|
|
|
|
|
|||||
| Cash and cash equivalents at end of period |
8,443 | 11,639 | ||||||
|
|
|
|
|
|||||
For more information, please contact:
NuCana plc
Andrew Kay
Executive Chairman
+44 131-357-1111
info@nucana.com
ICR Healthcare
Chris Brinzey
+1 339-970-2843
Chris.Brinzey@ICRHealthcare.com