EDINBURGH, United Kingdom, July 21, 2025 (GLOBE NEWSWIRE) -- NuCana plc (NASDAQ: NCNA) (“NuCana” or the “Company”) announces it has successfully canceled all remaining Series A Warrants, issued in the registered direct offering on May 7, 2025, pursuant to its letter agreements with the holders of the Series A Warrants, having raised the full amount of capital required to complete the cancellation through its at-the-market offering. This follows the Company’s June 27, 2025 announcement of the agreements to c ...

Core Viewpoint - NuCana plc plans to change the ratio of its American Depository Shares (ADSs) from 1 ADS representing 25 ordinary shares to 1 ADS representing 5,000 ordinary shares, effective around August 8, 2025, to support liquidity and regain compliance with Nasdaq's minimum bid price requirement [1][2]. Company Overview - NuCana is a clinical-stage biopharmaceutical company focused on improving cancer treatment outcomes through its ProTide technology, which aims to enhance the efficacy and safety of widely prescribed chemotherapy agents [4]. - The company's pipeline includes NUC-7738, a novel anti-cancer agent in Phase 2 studies, and NUC-3373, currently in a Phase 1b/2 modular study, both targeting advanced solid tumors [4]. ADS Ratio Change Details - The change in the ADS Ratio will effectively act as a one-for-two hundred reverse ADS split, with no impact on the proportional equity interest of ADS holders [2]. - Registered holders of certificated ADSs must surrender their existing ADSs for cancellation to receive new ADSs, while holders of uncertificated ADSs will have their ADSs automatically exchanged [2]. - No fractional new ADSs will be issued; instead, fractional entitlements will be aggregated and sold, with net cash proceeds distributed to ADS holders [2]. Expected Impact - The trading price of ADSs is expected to increase proportionally due to the change in the ADS Ratio, although the company cannot guarantee that the new trading price will be equal to or greater than the previous price [3].

[Nucana PLC First Quarter 2025 Financial Report](index=1&type=section&id=Nucana%20PLC%20First%20Quarter%202025%20Financial%20Report) [Unaudited Condensed Consolidated Financial Statements](index=1&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The company significantly reduced its net loss and operating cash burn, driven by lower R&D expenses [Statements of Operations](index=1&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Operating and net losses narrowed significantly due to a substantial decrease in R&D expenses Key Operating Results | Financial Metric | Q1 2025 (£ thousands) | Q1 2024 (£ thousands) | Change | | :--- | :--- | :--- | :--- | | Research and development expenses | (1,725) | (6,783) | Decreased 74.6% | | Operating loss | (2,851) | (8,269) | Decreased 65.5% | | Loss for the period | (2,473) | (6,838) | Decreased 63.8% | | Basic and diluted loss per share | (£0.02) | (£0.13) | Improved | [Statements of Comprehensive Loss](index=2&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20LOSS) Total comprehensive loss improved to £2.5 million from £6.8 million year-over-year Comprehensive Loss Summary | Item | Q1 2025 (£ thousands) | Q1 2024 (£ thousands) | | :--- | :--- | :--- | | Loss for the period | (2,473) | (6,838) | | Exchange differences on translation | (27) | 7 | | **Total comprehensive loss** | **(2,500)** | **(6,831)** | [Statements of Financial Position](index=3&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20FINANCIAL%20POSITION) Total assets and equity declined, primarily driven by a reduction in cash and cash equivalents Key Balance Sheet Items | Balance Sheet Item | March 31, 2025 (£ thousands) | Dec 31, 2024 (£ thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | 3,953 | 6,749 | | Total assets | 11,601 | 14,774 | | Total liabilities | 7,427 | 8,820 | | Total equity | 4,174 | 5,954 | [Statements of Changes in Equity](index=4&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20EQUITY) Total equity decreased by £1.8 million due to comprehensive loss, partly offset by share issuance - Total equity decreased by **£1.8 million** during Q1 2025, from £5,954 thousand to £4,174 thousand[10](index=10&type=chunk) - The decrease was mainly driven by a **total comprehensive loss of £2,500 thousand**[10](index=10&type=chunk) - Positive contributions to equity included **£475 thousand from the issuance of share capital** and £258 thousand from share-based payments[10](index=10&type=chunk) [Statements of Cash Flows](index=5&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash used in operations was £3.1 million, leading to a £2.8 million decrease in total cash Cash Flow Summary | Cash Flow Activity | Q1 2025 (£ thousands) | Q1 2024 (£ thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (3,109) | (5,883) | | Net cash (used in) from investing activities | (11) | 43 | | Net cash from financing activities | 442 | 1,386 | | **Net decrease in cash** | **(2,678)** | **(4,454)** | - Cash and cash equivalents at the end of the period stood at **£3,953 thousand**, down from £6,749 thousand at the beginning of the period[13](index=13&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, going concern reliance on post-period financing, and other key disclosures [Note 1: General Information](index=6&type=section&id=1%2E%20General%20information) The company is a clinical-stage biopharmaceutical firm that recently changed its ADS to share ratio - The company is a clinical-stage biopharmaceutical firm developing new medicines (ProTides) to treat cancer[15](index=15&type=chunk) - On April 16, 2024, the company changed the ratio of its American Depository Shares (ADSs) from one ADS representing one ordinary share to **one ADS representing 25 ordinary shares**[16](index=16&type=chunk) [Note 2: Material Accounting Policies](index=6&type=section&id=2%2E%20Material%20accounting%20policies) The going concern basis is supported by £8.8 million in post-period financing - The company has incurred recurring losses, with an **accumulated deficit of £226.7 million** and cash of £4.0 million as of March 31, 2025[23](index=23&type=chunk) - The going concern assessment is based on the current operating plan and includes the gross cash proceeds of **£8.8 million raised in May 2025**, which is expected to fund operations for the next 12 months[24](index=24&type=chunk) [Note 3: Income Tax](index=7&type=section&id=3%2E%20Income%20tax) An income tax credit of £353 thousand was recognized from U.K. R&D tax incentives - The income tax credit of **£353 thousand** for Q1 2025 primarily represents U.K. research and development tax credits[27](index=27&type=chunk) - The company can surrender some losses for a cash rebate of up to **26.97%** of eligible R&D expenditure[27](index=27&type=chunk) [Note 4: Basic and Diluted Loss Per Share](index=8&type=section&id=4%2E%20Basic%20and%20diluted%20loss%20per%20ordinary%20share) Loss per share improved to £0.02 from £0.13 year-over-year Loss Per Share Calculation | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Loss for the period (£ thousands) | (2,473) | (6,838) | | Weighted average shares (thousands) | 151,802 | 53,577 | | **Loss per share (£)** | **(0.02)** | **(0.13)** | [Note 5: Intangible Assets](index=8&type=section&id=5%2E%20Intangible%20assets) Intangible assets, consisting of patents, had a carrying value of £2.2 million - Intangible assets, comprising patents, had a carrying value of **£2.2 million** at March 31, 2025[31](index=31&type=chunk) [Note 6: Cash and Cash Equivalents](index=8&type=section&id=6%2E%20Cash%20and%20cash%20equivalents) Cash and cash equivalents decreased to £4.0 million due to operational cash burn Cash Position | Date | Cash and Cash Equivalents (£ thousands) | | :--- | :--- | | March 31, 2025 | 3,953 | | December 31, 2024 | 6,749 | [Note 7: Share-based Payments](index=8&type=section&id=7%2E%20Share-based%20payments) Share-based payment expense decreased to £0.3 million, with no new options granted - Share-based payment expense was **£0.3 million** for Q1 2025, compared to £0.6 million for Q1 2024[34](index=34&type=chunk) - **No share options were granted in Q1 2025**, whereas 6,273,782 options were granted in Q1 2024[34](index=34&type=chunk) [Note 8: Share Capital and Share Premium](index=9&type=section&id=8%2E%20Share%20capital%20and%20share%20premium) Issued ordinary shares increased to 151.9 million from 142.0 million during the quarter Share Capital Summary | Share Capital | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Issued ordinary shares (thousands) | 151,924 | 142,037 | | Share capital (£ thousands) | 6,076 | 5,681 | | Share premium (£ thousands) | 146,213 | 146,146 | [Note 9: Events After the Reporting Period](index=9&type=section&id=9%2E%20Events%20after%20the%20reporting%20period) The company raised total gross proceeds of £8.8 million through financing activities in May 2025 - In May 2025, a registered direct offering raised gross proceeds of **£5.3 million**[37](index=37&type=chunk) - Subsequent exercise of Series B Warrants raised additional gross proceeds of **£3.5 million**[38](index=38&type=chunk) - On April 23, 2025, the company executed a share capital subdivision and redesignation[36](index=36&type=chunk)

Core Insights - NuCana plc is advancing its clinical development programs for its lead anti-cancer medicines, NUC-7738 and NUC-3373, with a focus on key milestones towards commercialization [2][4][7] - The company has initiated an expansion study of NUC-7738 in combination with pembrolizumab for patients with PD-1 inhibitor-resistant melanoma, with initial data expected in Q4 2025 and final data in 2026 [1][2] - Financial results for Q1 2025 show a net loss of £2.5 million, a significant reduction from £6.8 million in Q1 2024, indicating improved financial performance [6][10] Clinical Development Updates - NUC-7738 has shown a favorable safety profile and meaningful tumor volume reduction in patients with PD-1 inhibitor refractory metastatic melanoma, leading to the initiation of an expansion trial [2][4] - NUC-3373 is being evaluated in a Phase 1b/2 study in combination with pembrolizumab for advanced solid tumors and with docetaxel for lung cancer, with notable tumor volume reductions reported [2][4] - The company plans to meet with the U.S. FDA to discuss the regulatory strategy for NUC-7738 based on the promising results from ongoing studies [2][4] Financial Position - As of March 31, 2025, NuCana had cash and cash equivalents of £4.0 million, down from £6.7 million at the end of 2024, but has since raised an additional £8.8 million to extend its cash runway into Q4 2026 [4][5][6] - The company reported a basic and diluted loss per ordinary share of £0.02 for Q1 2025, compared to £0.13 for the same period in 2024, reflecting improved financial health [6][10] - Total assets decreased from £14.774 million at the end of 2024 to £11.601 million as of March 31, 2025, primarily due to cash outflows [11][12]

Financial Performance - Research and development expenses for 2024 were £18,017 thousand, a decrease of 28% from £25,062 thousand in 2023[29]. - Administrative expenses decreased to £4,988 thousand in 2024 from £6,063 thousand in 2023, representing a reduction of 18%[29]. - The operating loss for 2024 was £22,809 thousand, down 30% from £32,784 thousand in 2023[29]. - The net loss for the year 2024 was £18,997 thousand, a 31% improvement compared to £27,632 thousand in 2023[29]. - The basic and diluted loss per ordinary share improved to £0.26 in 2024 from £0.53 in 2023[29]. - The company has an accumulated deficit totaling £224.3 million and cash flows used in operating activities of £19.1 million for the year ended December 31, 2024[67]. - The company has cumulative carry forward tax losses of £104.2 million as of December 31, 2024, which may be subject to restrictions limiting their utilization[77]. Cash and Assets - As of December 31, 2024, cash and cash equivalents were £6,749 thousand, a significant decrease from £17,225 thousand in 2023[30]. - Total assets decreased to £14,774 thousand in 2024 from £27,811 thousand in 2023, reflecting a decline of 47%[30]. - As of December 31, 2024, the company had cash and cash equivalents of £6.7 million, indicating a need for substantial additional funding to continue operations[67]. Future Financial Outlook - The company expects to continue incurring losses for the foreseeable future, indicating ongoing financial challenges[44]. - The company expects to incur significant expenses and operating losses for the foreseeable future, with net losses fluctuating significantly from quarter to quarter[45]. - The company may require additional capital to continue operations, which could dilute ownership interests[50]. - The company plans to commence an equity financing process to raise additional capital, but there is no assurance of success, and failure to raise funds could lead to operational wind down or bankruptcy[70]. - The company faces uncertainty regarding its ability to raise additional capital within the going concern period, which may negatively impact its trading price and relationships with third parties[68]. Product Development and Regulatory Challenges - The company is currently evaluating product candidates NUC-7738 and NUC-3373 in ongoing clinical trials, which are critical for future revenue generation[44]. - The company has invested substantially in the development of product candidates NUC-7738 and NUC-3373, with no revenues generated from product sales expected for at least the next several years[51]. - The company plans to seek regulatory approval for NUC-7738 and NUC-3373 in the United States and the European Union, facing varying regulatory requirements across jurisdictions[55]. - The company may face significant delays or inability to commercialize product candidates if it does not overcome various development and regulatory challenges[53]. - The company anticipates that expenses will increase substantially as it completes ongoing clinical trials and initiates additional trials for its product candidates[48]. - The company has not submitted any New Drug Applications (NDA) or Marketing Authorization Applications (MAA) for its product candidates and does not expect to do so in the foreseeable future[51]. - The company must obtain marketing approvals in multiple jurisdictions, which requires substantial investment and significant marketing efforts[103]. Clinical Trials and Market Risks - NUC-7738 is currently in the Phase 2 part of a Phase 1/2 clinical trial (NuTide:701) for advanced solid tumors and melanoma, with favorable results from Phase 1 not guaranteed to replicate[100]. - NUC-3373 is being evaluated in a Phase 1b/2 modular clinical trial (NuTide:303) in combination with pembrolizumab and docetaxel for advanced solid tumors and lung cancer, respectively[100]. - The risk of failure in drug development is high, with significant delays or inability to complete clinical trials potentially harming business prospects[110]. - Delays in patient enrollment for clinical trials could significantly impact the development timeline and increase costs[109]. - The FDA may require additional studies or impose new requirements that could delay or prevent marketing approval for product candidates[112]. Compliance and Regulatory Environment - The company is subject to the GDPR and U.K. GDPR when conducting clinical trials involving U.K.- or E.E.A.-based data subjects, which imposes strict requirements for handling personal data[118]. - The GDPR allows for fines of up to €20 million or 4% of total worldwide annual turnover for non-compliance, with the potential for increased fines based on turnover[128]. - The company faces increasing complexity and costs due to various U.S. state privacy laws, such as California's CCPA and the recently enacted "My Health My Data" Act in Washington State[131][132]. - The company must navigate potential legal challenges and regulatory scrutiny related to data transfers between the E.E.A. and the U.S., which may affect service provision and financial results[120][123]. - The company is subject to healthcare laws and regulations that could expose it to criminal sanctions and civil penalties[155]. Market Competition and Commercialization - The company faces substantial competition from major pharmaceutical and biotechnology companies, which may hinder the commercialization of its product candidates[206]. - If product candidates receive marketing approval, their market acceptance will depend on factors such as efficacy, safety, pricing, and reimbursement availability[205]. - The company currently lacks marketing capability or a sales force, which may impede its ability to effectively sell or market approved product candidates[215]. - There is a risk that competitors may develop safer, more effective, or less expensive products, potentially reducing the company's market opportunity[209]. - The company may face delays in obtaining reimbursement for newly approved drugs, which could negatively impact revenue generation[214]. Cybersecurity and Operational Risks - Cybersecurity incidents pose a risk to the company's internal systems and could disrupt product development programs[217]. - The company has implemented cybersecurity measures to prevent and respond to incidents, but vulnerabilities remain, which could lead to significant operational disruptions and financial harm[219]. - Loss of clinical trial data could delay development and regulatory approval efforts, significantly increasing recovery costs and exposing the company to regulatory enforcement and reputational damage[219]. - Product liability lawsuits pose substantial risks, potentially leading to significant liabilities and limiting commercialization of developed products[220]. Intellectual Property and Collaboration - Intellectual property protection is crucial for the company's technology and products; failure to secure adequate patents could impair commercialization efforts[223]. - The company's patent portfolio includes both patents and applications covering novel product candidates, formulations, and manufacturing processes[224]. - The company is required to maintain compliance with various obligations under its collaboration agreement, failure of which could result in loss of rights to essential intellectual property[204]. - Collaborations with third parties for product development may not be successful, impacting the company's ability to generate additional product candidates[198].

[Q4 and Full-Year 2024 Financial Results and Business Update](index=1&type=section&id=NuCana%20Reports%20Fourth%20Quarter%20and%20Year-End%202024%20Financial%20Results%20and%20Provides%20Business%20Update) This report details NuCana's Q4 and full-year 2024 financial performance, highlighting significant progress in its NUC-7738 and NUC-3373 clinical programs and its cash position [Business Update & CEO Remarks](index=1&type=section&id=Business%20Update%20%26%20CEO%20Remarks) NuCana reported encouraging 2024 data for its lead anti-cancer medicines, NUC-7738 and NUC-3373, alongside strengthening its intellectual property - NUC-7738, in combination with pembrolizumab, showed a **75% disease control rate** (9/12 patients) in a study on PD-1 inhibitor-resistant metastatic melanoma, with plans to initiate an expansion study in 2025[3](index=3&type=chunk) - NUC-3373 demonstrated significant tumor volume reductions in the NuTide:303 study, including **two Partial Responses**. However, the NuTide:323 study in advanced colorectal cancer yielded a surprising and disappointing outcome[3](index=3&type=chunk) - The company's intellectual property was enhanced with a new granted patent from the USPTO covering NUC-7738's composition of matter[4](index=4&type=chunk) [NUC-7738 Program Update](index=1&type=section&id=NUC-7738%20Program%20Update) NUC-7738 demonstrated significant potential in the NuTide:701 study for PD-1 inhibitor-resistant metastatic melanoma, with plans for an expansion study and FDA guidance NuTide:701 Study Highlights (NUC-7738 + Pembrolizumab) | Metric | Result | | :--- | :--- | | Patient Population | PD-1 inhibitor refractory/resistant metastatic melanoma | | Disease Control Rate | 75% (9 out of 12 patients) | | Tumor Reductions | 5 out of 12 patients | | Partial Responses | 2 patients | | Progression-Free Survival | > 5 months for 7 out of 12 patients | - NuCana plans to initiate an expansion of the NuTide:701 study and meet with the U.S. FDA to discuss the optimal registration strategy for NUC-7738[3](index=3&type=chunk) [NUC-3373 Program Update](index=1&type=section&id=NUC-3373%20Program%20Update) NUC-3373 showed encouraging results in the NuTide:303 study for solid tumors, despite a disappointing outcome in the NuTide:323 colorectal cancer study - The NuTide:303 study is evaluating NUC-3373 in two modules: in combination with pembrolizumab for advanced solid tumors and with docetaxel for lung cancer[3](index=3&type=chunk) - Encouraging data from NuTide:303 includes significant tumor volume reductions, prolonged progression-free survival, and **two Partial Responses**[3](index=3&type=chunk) - The company acknowledged the surprising and unexpected disappointing outcome of the NuTide:323 study of NUC-3373 in patients with advanced colorectal cancer[3](index=3&type=chunk) [2025 Anticipated Milestones](index=2&type=section&id=2025%20Anticipated%20Milestones) NuCana anticipates advancing its NUC-7738 program with an expansion study and FDA guidance, while also announcing further NUC-3373 data in 2025 - **NUC-7738 Milestones:** - Initiate an expansion of the Phase 1/2 study (NuTide:701) in combination with pembrolizumab for melanoma patients - Announce data from the NuTide:701 expansion study - Obtain regulatory guidance from the FDA on a pivotal study design for melanoma[7](index=7&type=chunk) - **NUC-3373 Milestones:** - Announce data from the Phase 1b/2 modular study (NuTide:303) in combination with pembrolizumab for solid tumor patients[7](index=7&type=chunk) [Financial Highlights and Cash Position](index=2&type=section&id=Fourth%20Quarter%20and%20Year-End%202024%20Financial%20Highlights%20and%20Cash%20Position) NuCana ended 2024 with **£6.7 million** in cash, significantly reducing its net loss and extending its cash runway into Q3 2025 Cash Position (in million GBP) | Date | Cash and Cash Equivalents (million GBP) | | :--- | :--- | | Dec 31, 2024 | 6.7 | | Sep 30, 2024 | 11.4 | | Dec 31, 2023 | 17.2 | - The company's cash runway is expected to fund planned operations into **Q3 2025**, supported by cash on hand and proceeds from its ATM offering[5](index=5&type=chunk) Net Loss and Loss Per Share Comparison | Period | Net Loss (million GBP) | Loss Per Share (GBP) | | :--- | :--- | :--- | | Q4 2024 | 0.7 | 0.01 | | Q4 2023 | 7.7 | 0.14 | | FY 2024 | 19.0 | 0.26 | | FY 2023 | 27.6 | 0.53 | [Financial Statements](index=4&type=section&id=Financial%20Statements) This section presents the condensed consolidated financial statements for 2024 and 2023, including the Statement of Operations, Financial Position, and Cash Flows [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) NuCana reported a net loss of **£19.0 million** in 2024, a significant improvement from 2023, primarily due to reduced research and development expenses Annual Statement of Operations Highlights (in thousand GBP) | Line Item | 2024 (thousand GBP) | 2023 (thousand GBP) | | :--- | :--- | :--- | | Research and development expenses | (18,017) | (25,062) | | Operating loss | (22,809) | (32,784) | | Loss for the period | (18,997) | (27,632) | | Basic and diluted loss per ordinary share | (0.26) | (0.53) | [Condensed Consolidated Statements of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Position) As of December 31, 2024, total assets decreased to **£14.8 million**, primarily due to reduced cash and cash equivalents, with total equity also declining Statement of Financial Position Highlights (in thousand GBP) | Line Item | As of Dec 31, 2024 (thousand GBP) | As of Dec 31, 2023 (thousand GBP) | | :--- | :--- | :--- | | Cash and cash equivalents | 6,749 | 17,225 | | Total assets | 14,774 | 27,811 | | Total liabilities | 8,820 | 12,924 | | Total equity | 5,954 | 14,887 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to **£19.1 million** in 2024, with financing activities generating **£8.2 million**, resulting in a year-end cash balance of **£6.7 million** Annual Cash Flow Summary (in thousand GBP) | Cash Flow Activity | For the Year Ended Dec 31, 2024 (thousand GBP) | For the Year Ended Dec 31, 2023 (thousand GBP) | | :--- | :--- | :--- | | Net cash used in operating activities | (19,118) | (26,439) | | Net cash from investing activities | 79 | 2,888 | | Net cash from financing activities | 8,184 | (53) | | **Net decrease in cash** | **(10,855)** | **(23,604)** | | **Cash at end of year** | **6,749** | **17,225** | [About NuCana](index=3&type=section&id=About%20NuCana) NuCana is a clinical-stage biopharmaceutical company leveraging its ProTide technology to develop more effective and safer cancer treatments, with NUC-3373 and NUC-7738 as lead candidates - The company's core strategy is applying its ProTide technology to transform existing nucleoside analog chemotherapies into more effective and safer medicines[8](index=8&type=chunk) - The pipeline is led by NUC-3373, derived from 5-fluorouracil, and NUC-7738, a novel anti-cancer agent targeting RNA polyadenylation[8](index=8&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section provides a legal disclaimer, noting that statements about future events are forward-looking and subject to risks and uncertainties detailed in SEC filings - Statements concerning planned clinical studies, potential advantages of product candidates, timelines, and results are considered forward-looking[9](index=9&type=chunk) - The company's statement that its current cash is sufficient to fund operations into **Q3 2025** is a forward-looking statement and subject to risk[9](index=9&type=chunk) - The company assumes no obligation to update forward-looking statements and directs investors to the "Risk Factors" section of its Annual Report on Form 20-F for more details[9](index=9&type=chunk)

Core Insights - NuCana plc is advancing its clinical development programs for two lead anti-cancer medicines, NUC-7738 and NUC-3373, with significant data updates shared throughout 2024 [2][3] - The company plans to initiate an expansion study of NUC-7738 in combination with pembrolizumab for patients with PD-1 inhibitor-resistant melanoma in 2025, aiming to gather data to support regulatory strategy with the FDA [1][4] Clinical Development - NUC-7738 has shown promising results in the NuTide:701 study, with 75% of patients demonstrating disease control and notable tumor reductions [3] - NUC-3373 is being evaluated in a Phase 1b/2 study (NuTide:303) with two modules: one combining it with pembrolizumab for advanced solid tumors and another with docetaxel for lung cancer [3][9] - The company is encouraged by the significant tumor volume reductions observed in the NuTide:303 study, including a patient with 100% reduction in target lesions [3] Financial Performance - As of December 31, 2024, NuCana reported cash and cash equivalents of £6.7 million, down from £17.2 million a year prior, primarily due to cash used in operating activities [5][6] - The net loss for Q4 2024 was £0.7 million, a significant reduction from £7.7 million in Q4 2023, while the annual net loss decreased to £19.0 million from £27.6 million [6][11] - Basic and diluted loss per ordinary share for the year ended December 31, 2024, was £0.26, compared to £0.53 for the previous year [6][11] Future Outlook - The company anticipates key milestones in 2025, including the initiation of the expansion study for NUC-7738 and data announcements from the NuTide:303 study for NUC-3373 [4][9] - NuCana has strengthened its intellectual property portfolio with a new patent granted for NUC-7738's composition of matter [3]

Financial Performance - For the three months ended September 30, 2024, the operating loss was £5.3 million, a decrease of 35% compared to £8.3 million for the same period in 2023[3]. - The loss for the period attributable to equity holders of the Company for the nine months ended September 30, 2024, was £18.3 million, compared to £20.0 million in 2023, reflecting a 8.2% improvement[3]. - The Company reported a total comprehensive loss of £18.4 million for the nine months ended September 30, 2024, compared to £20.0 million in 2023[5]. - For the three months ended September 30, 2024, the company reported a loss of £4.5 million, compared to a loss of £6.7 million for the same period in 2023, indicating a 32.6% improvement[28]. - The basic and diluted loss per ordinary share for the nine months ended September 30, 2024, was £0.32, an improvement from £0.38 in 2023[3]. - The basic and diluted loss per share for the three months ended September 30, 2024, was £0.07, compared to £0.13 for the same period in 2023, reflecting a 46.2% reduction in loss per share[28]. Cash and Assets - Cash and cash equivalents at the end of the period were £11.4 million, down from £17.2 million at the end of 2023[7]. - Total assets decreased to £19.5 million as of September 30, 2024, from £27.8 million at December 31, 2023[7]. - The accumulated deficit increased to £223.7 million as of September 30, 2024, compared to £207.7 million at the end of 2023[7]. - Cash and cash equivalents decreased to £11.4 million as of September 30, 2024, from £17.2 million as of December 31, 2023, representing a decline of 33.8%[31]. Operating Activities - The Company has not generated any revenues from operations to date and does not expect to in the foreseeable future[22]. - The Company incurred cash flows used in operating activities of £11.7 million for the nine months ended September 30, 2024[22]. Going Concern - The company has a going concern period of 12 months, and current cash and cash equivalents are insufficient to fund anticipated operations during this period[23]. - There is substantial doubt about the company's ability to continue as a going concern, raising uncertainty regarding the realization of assets and discharge of liabilities[24]. Research and Development - Research and development expenses for the nine months ended September 30, 2024, were £17.3 million, down 5% from £18.2 million in 2023[3]. - The company intends to seek additional capital through equity or debt financing to fund ongoing research and development activities[23]. Share Capital - Share capital as of December 31, 2023, was £2,860,000, with a premium of £1,414,000[37]. - The number of issued shares is 98,630,052, with an ordinary share value of £0.004 each[37]. - Balance at September 30, 2024, was £9,630,303, with a share capital of £5,662,145[37]. - The exercise of share options resulted in an increase of £1,825,543 in share capital[37]. - The company reported a fully paid ordinary share balance of £5,286,602 as of December 31, 2023[37]. Tax Credits - The income tax credit recognized primarily represents U.K. research and development tax credits, with a total income tax credit of £740,000 for the three months ended September 30, 2024[26]. - The company has a current income tax receivable of £4.4 million as of September 30, 2024, down from £5.1 million as of December 31, 2023[27]. Share-Based Payments - The company recognized £0.4 million in share-based payment expense for the three months ended September 30, 2024, down from £0.9 million for the same period in 2023, a decrease of 55.6%[36]. Intangible Assets - The company acquired intangible assets related to patents at a cost of £0.2 million during the nine months ended September 30, 2024[30].

Core Insights - NuCana plc presented encouraging Phase 2 data for NUC-7738 in combination with pembrolizumab at the ESMO Congress 2024, showing a median progression-free survival of over five months in PD1 inhibitor-resistant melanoma patients [2][3] - The company also announced promising Phase 1b/2 data for NUC-3373, indicating significant tumor volume reductions and prolonged progression-free survival in patients with advanced solid tumors [2][5] - NuCana's cash position as of September 30, 2024, was £11.4 million, with expectations to fund operations into Q2 2025 [6][7] Clinical Development Updates - NUC-7738: The Phase 2 part of the NuTide:701 study demonstrated that 9 out of 12 patients achieved disease control, with one patient showing a 55% reduction in tumor volume [2] - NUC-3373: Initial data from the NuTide:303 study showed that NUC-3373 may enhance anti-tumor immune responses when combined with pembrolizumab or docetaxel, including a patient with urothelial bladder cancer achieving a 100% reduction in target lesions [2][5] Financial Performance - For Q3 2024, NuCana reported a net loss of £4.5 million, an improvement from a net loss of £6.7 million in Q3 2023, with a basic and diluted loss per share of £0.07 compared to £0.13 in the prior year [7][11] - The company had cash and cash equivalents of £11.4 million as of September 30, 2024, down from £17.2 million at the end of 2023, primarily due to cash used in operating activities [6][11] Future Milestones - For NUC-7738, the company plans to initiate an expansion of the Phase 1/2 study and announce data from this expansion in 2025 [3] - For NUC-3373, the company aims to expand the Phase 1b/2 study and announce data from this study in the upcoming year [5]

Core Insights - Baillie Gifford has acquired 917,600 shares of NuCana PLC at $3.66 per share, indicating a strategic investment in the biotechnology sector [1] - The firm is known for its long-term investment approach, focusing on companies with growth potential, particularly in technology and consumer cyclical sectors [2] Company Overview - Baillie Gifford, established over a century ago, manages assets for large professional investors and emphasizes fundamental analysis and proprietary research [2] - NuCana PLC specializes in developing cancer treatments using its ProTide technology, which aims to enhance the efficacy of nucleotide analogs [4] Financial Metrics - NuCana's current market capitalization is approximately $4.235 million, with a significant stock price decline of 48.57% since the acquisition [4] - The company has a Profitability Rank of 1/10 and an ROE of -181.32%, indicating struggles with profitability, although it maintains a strong balance sheet with a cash-to-debt ratio of 41.36 [5] Strategic Rationale - The acquisition aligns with Baillie Gifford's strategy of investing in innovative technologies with substantial growth potential, despite the immediate financial impact being minimal [6] - NuCana's focus on niche technology differentiates it from competitors, although it faces high R&D costs and regulatory challenges [7] Future Prospects - The success of NuCana's ProTide technology could redefine its market position or lead to further financial strain, making the investment a calculated risk for Baillie Gifford [8] - The long-term implications of this acquisition will depend on NuCana's ability to advance its technology and achieve commercial success [9]