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]

Core Viewpoint - NuCana plc has received a new patent for NUC-7738, enhancing its intellectual property protection and supporting its ongoing clinical studies for this novel anti-cancer agent [1][2]. Group 1: Patent and Intellectual Property - The United States Patent and Trademark Office (USPTO) issued a new patent (US12,054,510) for NUC-7738's composition of matter, which is a significant addition to the company's existing portfolio of over 80 issued patents worldwide [1][2]. - The new patent strengthens the intellectual property protection for NUC-7738, which is crucial for the company's competitive positioning in the biopharmaceutical market [2]. Group 2: Clinical Development and Efficacy - NUC-7738 is currently in a Phase 2 clinical study in combination with pembrolizumab for patients with PD-1 inhibitor resistant melanoma, with encouraging data presented at the ESMO Congress 2024 [1][2]. - The majority of patients with PD-1 inhibitor resistant metastatic melanoma achieved a progression-free survival of more than 5 months when treated with NUC-7738 plus pembrolizumab, compared to a median progression-free survival of 2-3 months with the current standard of care [2]. - NUC-7738 targets multiple aspects of the tumor microenvironment, which may contribute to its ability to make previously resistant tumors sensitive to treatment [2]. Group 3: Company Overview and Technology - NuCana is a clinical-stage biopharmaceutical company focused on improving cancer treatment outcomes through its ProTide technology, which transforms conventional chemotherapy agents into more effective and safer medicines [3]. - The company's pipeline includes NUC-3373 and NUC-7738, with NUC-3373 currently being evaluated in multiple clinical studies for various cancer types [3].

Core Insights - NuCana plc's shares surged by 150.8% following positive final data from the mid-stage study of its candidate NUC-7738 in combination with Merck's Keytruda for treating metastatic melanoma [1] Study Results - In the phase II NuTide:701 study, 75% of the 12 patients treated with the NUC-7738/Keytruda combination achieved disease control, including two partial responses [2] - One patient, previously treated with two rounds of PD-1 inhibitors, showed a 55% reduction in tumor size, and seven patients had progression-free survival exceeding five months, compared to a median of 2-3 months with standard treatments [3] Safety Profile - The combination therapy of NUC-7738 and Keytruda exhibited a favorable safety profile [4] Mechanism of Action - NUC-7738 disrupts RNA polyadenylation, sensitizing PD-1-resistant tumors to PD-1 inhibitors, with data showing increases in genes related to antigen presentation and T-cell activation [5] Future Development Plans - NuCana believes NUC-7738's mechanism may extend beyond melanoma to other PD-1 inhibitor-resistant tumors, with further development plans to be announced soon [8] Other Pipeline Programs - NuCana is also developing NUC-3373, which is being evaluated in combination with other agents for colorectal cancer, lung cancer, and advanced solid tumors, with data readouts expected by the end of 2024 [9] Market Context - Merck's Keytruda, a leading anti-PD-1 therapy, accounted for 47% of the company's pharmaceutical sales in 2023 and continues to expand into new indications and markets [7]

Core Insights - NuCana plc presented final data from the Phase 2 NuTide:701 study at the ESMO Congress, focusing on NUC-7738 in combination with pembrolizumab for patients with metastatic melanoma who were refractory to or had relapsed on prior PD-1 inhibitor therapy [1][4] Efficacy Results - In a cohort of 12 patients, 75% (9 patients) achieved disease control, with two patients showing Partial Responses. One patient experienced a 55% reduction in tumor volume after progressing on previous treatments [2] - Seven out of the 12 patients had a progression-free survival time exceeding five months, which is significantly better than the typical 2-3 months seen with current standard care [4] Mechanism of Action - NUC-7738 is believed to sensitize PD-1 resistant tumors to PD-1 inhibitors by targeting multiple aspects of the tumor microenvironment through the disruption of RNA polyadenylation and subsequent changes in gene expression [3] - Data from tumor biopsies indicated increases in genes related to antigen presentation and T-cell activation following NUC-7738 treatment [3] Company Overview - NuCana is a clinical-stage biopharmaceutical company focused on improving cancer treatment outcomes through its ProTide technology, which transforms nucleoside analogs into more effective and safer medicines [5] - The company's pipeline includes NUC-3373 and NUC-7738, with NUC-3373 currently evaluated in two ongoing clinical studies for metastatic colorectal cancer and advanced solid tumors [5]

Core Insights - NuCana plc announced the discontinuation of the NuTide:323 study based on a pre-planned initial analysis, indicating that the combination of NUC-3373 with other agents was unlikely to meet its primary objective of superior Progression Free Survival compared to the control arm [1][2] - Despite the setback with NuTide:323, ongoing studies NuTide:701 and NuTide:303 continue, with promising data on NUC-7738 plus pembrolizumab to be presented at the ESMO Annual Conference in September 2024 [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 nucleoside analogs [3] - The company's pipeline includes NUC-3373, derived from 5-fluorouracil, and NUC-7738, a novel agent targeting multiple aspects of the tumor microenvironment [3] Study Details - The NuTide:323 study aimed to develop NUC-3373 as a replacement for 5-FU in combination with other agents for second-line colorectal cancer treatment, but the results were disappointing [2] - The ongoing NuTide:303 study evaluates NUC-3373 in combination with pembrolizumab for advanced solid tumors and docetaxel for lung cancer [3]

Financial Performance - The net loss for the six months ended June 30, 2024, was £13.83 million, compared to a loss of £13.28 million for the same period in 2023, reflecting a 4.1% increase in losses[5] - The total comprehensive loss for the six months ended June 30, 2024, was £13.83 million, compared to £13.32 million for the same period in 2023, indicating a 3.8% increase in comprehensive losses[5] - Operating loss for Q2 2024 was £8.35 million, compared to £6.28 million in Q2 2023, reflecting a 33% increase in operating losses[4] - For the three months ended June 30, 2024, the Company reported a loss of £6.995 million, compared to a loss of £5.414 million for the same period in 2023, resulting in a basic and diluted loss per share of £0.12[28] Cash and Cash Equivalents - Cash and cash equivalents decreased to £11.64 million as of June 30, 2024, down from £17.23 million at the end of 2023, representing a decline of 32.5%[7] - Cash and cash equivalents decreased to £11.639 million as of June 30, 2024, down from £17.225 million as of December 31, 2023[31] - The Company has a going concern period of 12 months, but current cash and cash equivalents are insufficient to fund anticipated operations during this period, necessitating additional capital[23] - There is substantial doubt about the Company's ability to continue as a going concern due to uncertainty in raising sufficient additional capital before cash balances are exhausted[24] Research and Development - Research and development expenses for Q2 2024 were £6.77 million, an increase of 71% compared to £3.96 million in Q2 2023[4] - The Company recognized an income tax credit of £1.272 million for the three months ended June 30, 2024, primarily from U.K. research and development tax credits[26] Share Capital and Equity - Share capital as of June 30, 2024, was £2,266,200, and as of December 31, 2023, it was £2,114,000, indicating an increase of approximately 7.2%[37] - The premium share capital was £1,426,604 as of June 30, 2024, compared to £1,413,430 as of December 31, 2023, reflecting a growth of about 0.9%[37] - The exercise of share options resulted in an issuance of share capital of £3,740,015, which shows active management of equity compensation[37] - The balance at June 30, 2024, was £5,566,660, compared to £2,266,140 as of December 31, 2023, representing a significant increase in total equity[37] Assets and Deficits - Total assets decreased to £20.07 million as of June 30, 2024, from £27.81 million at the end of 2023, a decline of 27.7%[7] - The accumulated deficit reached £219.44 million as of June 30, 2024, up from £207.71 million at the end of 2023, marking a 5.7% increase[7] - The Company has a deferred tax asset of £168,000 as of June 30, 2024, compared to £143,000 as of December 31, 2023[27] Revenue Generation - The company has not generated any revenues from operations to date and does not expect to in the foreseeable future, indicating ongoing financial challenges[22] Share Options - The Company granted 6,273,782 share options under the 2020 Long-Term Incentive Plan during the six months ended June 30, 2024, compared to 2,695,639 options granted in the same period of 2023[33] - Share-based payment expense for the three months ended June 30, 2024, was £0.7 million, a decrease from £1.1 million for the same period in 2023[36]

Key Data Readouts on Track for All Programs in 2024 Anticipated Cash Runway into Q1 2025 EDINBURGH, United Kingdom, Aug. 15, 2024 (GLOBE NEWSWIRE) -- NuCana plc (NASDAQ: NCNA) announced financial results for the second quarter ended June 30, 2024 and provided an update on its broad clinical development program with its transformative ProTide therapeutics. As of June 30, 2024, NuCana had cash and cash equivalents of £11.6 million compared to £12.9 million as of March 31, 2024 and £17.2 million at December 31 ...

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 of ...