Core Viewpoint - NuCana plc has confirmed compliance with Nasdaq's continued listing criteria, closing a previously disclosed listing matter, and is well-positioned for future operations and clinical milestones [1][2]. Company Overview - NuCana is a clinical-stage biopharmaceutical company focused on improving cancer treatment outcomes through its ProTide technology, which enhances the efficacy and safety of widely prescribed chemotherapy agents [3]. - The company's pipeline includes NUC-7738, currently in Phase 2 trials for advanced solid tumors and melanoma, and NUC-3373, being evaluated in a Phase 1b/2 study for advanced solid tumors and lung cancer [3]. Financial Position - The company anticipates that its existing cash resources, bolstered by proceeds from an ATM offering, will be sufficient to fund operations into 2029 [2].

Core Points - NuCana plc will present at the ESMO Congress 2025, focusing on the synergy between NUC-7738 and PD-1 inhibition in renal cell cancer [1] - The presentation is scheduled for October 19, 2025, and will be part of the Investigational Immunotherapy session [1] - NuCana is a clinical-stage biopharmaceutical company utilizing ProTide technology to enhance chemotherapy agents [3] Company Overview - NuCana aims to improve cancer treatment outcomes by transforming nucleoside analogs into more effective and safer medicines [3] - The company's pipeline includes NUC-7738, which is in Phase 2 of a Phase 1/2 study, and NUC-3373, currently in a Phase 1b/2 modular study [3] - NUC-7738 targets multiple aspects of the tumor microenvironment and disrupts RNA polyadenylation [3]

Financial Performance - For the six months ended June 30, 2025, the loss for the period was £26,587,000, compared to £13,833,000 for the same period in 2024, representing a 92% increase in losses[4] - The total comprehensive loss for the period was £26,663,000 for the six months ended June 30, 2025, compared to £13,826,000 in 2024, marking a 93% increase[4] - The basic and diluted loss per ordinary share for the six months ended June 30, 2025, was £0.01, compared to £0.25 for the same period in 2024[31] - The company has not generated any revenues from operations to date and does not expect to in the foreseeable future[22] - The company may never achieve profitability and will continue to need additional capital unless it does[24] Expenses - Research and development expenses for the three months ended June 30, 2025, were £7,104,000, up from £6,769,000 in 2024, indicating a 5% increase[3] - Administrative expenses for the six months ended June 30, 2025, rose to £5,590,000 from £3,090,000 in 2024, reflecting an 81% increase[3] - The company reported finance expenses of £12,648,000 for the three months ended June 30, 2025, with no finance expenses reported in the same period of 2024[3] - The company recognized £8.2 million of share-based payment expense for the six months ended June 30, 2025, compared to £1.3 million for the same period in 2024[40] Assets and Cash Flow - Cash and cash equivalents at the end of the period were £8,443,000, an increase from £6,749,000 at the beginning of the period, representing a 25% increase[10] - The total assets as of June 30, 2025, were £16,218,000, compared to £14,774,000 as of December 31, 2024, showing a 10% increase[5] - The accumulated deficit increased to £250,696,000 as of June 30, 2025, from £224,294,000 at the end of 2024, indicating a 12% increase[5] - The company has incurred an accumulated deficit totaling £250.7 million and cash flows used in operating activities of £7.6 million for the six months ended June 30, 2025[22] - The board of directors is satisfied that the company has sufficient cash and cash equivalents to fund anticipated operations for the next 12 months[23] Capital and Financing Activities - The company completed a registered direct offering in May 2025, which included ADSs and warrants, impacting the financial position significantly[18] - The company’s share capital increased to £171,673,000 as of June 30, 2025, from £151,827,000 at the end of 2024, reflecting a 13% increase[5] - The company completed a registered direct offering in May 2025, raising initial proceeds of £5.2 million, with £4.4 million allocated to derivative financial instruments[42] - A total of 8,393,050 pre-funded warrants were exercised for gross proceeds of £0.1 million, resulting in the issuance of 356,412,705 ADSs, representing 8,901,317,625 ordinary shares, and gross proceeds of £3.5 million[43] - Subsequent to June 30, 2025, the company raised gross proceeds of £19.0 million by selling 450,758,552 ADSs under the ATM program[45] Derivative Financial Instruments - The company recognized a revaluation loss from derivative financial instruments of £12.6 million related to the remeasurement of Series A and Series B warrants[28] - As of June 30, 2025, the closing balance of £2.6 million reflects the fair value of outstanding Series A warrants[44] - The total fair value of all options exercised during the period was £14.5 million[43] - The exercise price of Series B warrants was reset from $1.61 to $0.1291, increasing the number of Series B warrants to 118,804,235[43] - In July 2025, the company cancelled all remaining Series A warrants, totaling 59,481,105, for a payment of £2.7 million ($3.6 million)[45] Intangible Assets - The company acquired intangible assets with a cost of £0.1 million in relation to patents during the six months ended June 30, 2025[33] - Share capital increased to £9.8 million as of June 30, 2025, from £5.7 million at December 31, 2024[41]

Core Insights - NuCana plc has initiated the dosing of the first patients in the 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] - The company reported a net loss of £24.1 million for Q2 2025, which includes a significant loss on revaluation of warrants, compared to a net loss of £7.0 million in Q2 2024 [7][11] - NuCana's cash and cash equivalents increased to £8.4 million as of June 30, 2025, up from £4.0 million at the end of Q1 2025, with additional funds raised through an ATM offering expected to extend the cash runway into 2029 [4][6] Clinical Development - NUC-7738 is designed to impact gene expression in cancer cells and has shown a favorable safety profile, meaningful tumor volume reduction, and prolonged progression-free survival in patients with PD-1 inhibitor refractory metastatic melanoma [2] - NUC-3373, another lead program, is a targeted thymidylate synthase inhibitor with immune-modulating properties, currently in a Phase 1b/2 study, showing notable tumor volume reductions and prolonged progression-free survival in patients with advanced solid tumors [2][5] Financial Position - As of June 30, 2025, NuCana's total assets were £16.2 million, with total equity attributable to equity holders amounting to £7.4 million [12][13] - The company has raised gross proceeds of £38.4 million in 2025 through various financing initiatives, positioning it well for upcoming clinical milestones [2][6] Anticipated Milestones - Initial data from the Phase 1/2 expansion study of NUC-7738 is expected in 2025, with regulatory guidance from the FDA anticipated in 2026 [5] - Additional data from the ongoing Phase 1b/2 study of NUC-3373 is also expected to be announced later in 2025 [5]

Core Points - NuCana plc will change the ratio of its American Depository Shares (ADSs) from one ADS representing twenty-five ordinary shares to one ADS representing five thousand ordinary shares, effective August 11, 2025 [1][2] - This change is equivalent to a one-for-two hundred reverse ADS split and aims to support liquidity and regain compliance with Nasdaq's minimum bid price requirement [2][3] - The exchange will occur automatically for holders of uncertificated ADSs, while certificated holders must surrender their ADSs for cancellation [2] - The change will not affect shareholders' proportional equity interests, except for fractional ADSs, which will be aggregated and sold [2] - The trading price of ADSs is expected to increase proportionally, although no assurance can be given regarding the actual trading price post-change [3] Company Overview - NuCana is a clinical-stage biopharmaceutical company focused on improving cancer treatment outcomes through its ProTide technology [4] - The company is developing new medicines, ProTides, to enhance the efficacy and safety of conventional chemotherapy agents [4] - NuCana's pipeline includes NUC-7738, currently in Phase 2 studies for advanced solid tumors, and NUC-3373, being evaluated in a Phase 1b/2 study for advanced solid tumors and lung cancer [4]

Core Viewpoint - NuCana plc has successfully canceled all remaining Series A Warrants, raising the necessary capital through its at-the-market offering, thereby eliminating overhanging rights from its May 2025 registered direct offering [1][2]. Company Overview - NuCana is a clinical-stage biopharmaceutical company focused on improving cancer treatment outcomes using its ProTide technology to enhance the efficacy and safety of widely prescribed chemotherapy agents [3]. - 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 [3].

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]

Core Viewpoint - NuCana plc has announced a registered direct offering of 10,845,985 American Depository Shares (ADSs) to raise approximately $7 million for advancing its drug discovery and development programs and general corporate purposes [1]. Group 1: Offering Details - The offering consists of ADSs or pre-funded warrants, each accompanied by Series A and Series B warrants with initial exercise prices of $0.8068 and $1.61 respectively [1]. - The combined public offering price for each ADS and the accompanying warrants is set at $0.6454, with a similar price for pre-funded warrants [1]. - The closing of the offering is expected to occur on or about May 7, 2025, pending customary closing conditions [1]. Group 2: Use of Proceeds - The gross proceeds from the offering are intended to fund activities related to drug discovery and development, as well as general corporate purposes including working capital, capital expenditures, investments, and potential acquisitions [1]. Group 3: 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 conventional chemotherapy agents [5]. - The company's pipeline includes NUC-7738, currently in Phase 2 trials for advanced solid tumors, and NUC-3373, being evaluated in a Phase 1b/2 study in combination with pembrolizumab and docetaxel for various cancers [5].