Financial Performance - For the year ended December 31, 2023, the company reported a net loss of £27.6 million, a decrease from £32.0 million in 2022, representing a 13.6% improvement year-over-year[31]. - The basic and diluted loss per share for 2023 was £0.53, an improvement from £0.61 in 2022, reflecting a 13.1% reduction in loss per share[31]. - The total comprehensive loss for the year was £27.7 million, slightly improved from £31.9 million in 2022, showing a 12.9% reduction[31]. - The accumulated deficit increased to £207.7 million as of December 31, 2023, compared to £180.6 million in 2022, representing a 15% increase[32]. - Cash and cash equivalents stood at £17.2 million as of December 31, 2023, raising concerns about the ability to continue as a going concern[68]. - The company has cash flows used in operating activities of £26.4 million for the year ended December 31, 2023[68]. Research and Development - Research and development expenses for 2023 were £25.1 million, down from £36.4 million in 2022, indicating a 31.2% reduction[31]. - The company has invested substantially all efforts and financial resources in the development of product candidates NUC-3373 and NUC-7738, with no expected revenue generation for at least several years[54]. - The company is currently evaluating its product candidate NUC-3373 in three ongoing clinical trials for advanced colorectal cancer, indicating a focus on expanding its clinical pipeline[48]. - NUC-7738 is in the Phase 2 part of a Phase 1/2 clinical trial for advanced solid tumors, highlighting the company's commitment to advancing its product candidates[48]. - The company has discontinued the NuTide:121 clinical trial for Acelarin in March 2022, focusing resources on NUC-3373 and NUC-7738[104]. Regulatory and Compliance Risks - The company must obtain marketing approvals in multiple jurisdictions before generating any revenues from drug sales[104]. - The process of obtaining marketing approvals is expensive and can take several years, with significant regulatory requirements involved[135]. - The company may face additional costs and risks due to the divergence in data protection laws between the U.K. and the E.U. following Brexit[125]. - 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[117]. - The company faces regulatory scrutiny and potential liability related to the privacy of health information obtained from clinical trials, which may lead to increased compliance costs[122]. Financial Challenges and Funding - The company anticipates continued significant expenses and operating losses for the foreseeable future, indicating ongoing financial challenges[48]. - The company may require substantial additional funding to complete the development and commercialization of its product candidates, which may not be available on acceptable terms[63]. - The ability to raise additional capital is uncertain, which could hinder research and development programs and commercialization efforts[69]. - The company expects expenses to increase significantly as it conducts larger-scale clinical trials and seeks marketing approval for its product candidates[63]. - The company may need to raise additional capital sooner if it chooses to pursue additional indications or geographies for its product candidates[63]. Market and Competitive Landscape - The commercialization of product candidates may face significant risks, including failure to achieve market acceptance necessary for commercial success[200]. - Competition in the pharmaceutical industry is substantial, with major companies potentially developing or commercializing competing products more successfully[201]. - If NUC-3373 and NUC-7738 are approved, they will compete with existing chemotherapies and multiple approved drugs, which are often less expensive due to the presence of generic alternatives[202]. - The commercial opportunity could be diminished if competitors develop safer, more effective, or less expensive products, or if they obtain marketing approval more rapidly[203]. - The ability to successfully commercialize products will depend on factors such as pricing regulations, reimbursement availability, and the competitive landscape[206][207]. Operational Risks - The company relies on third-party contract research organizations (CROs) for clinical trials, which may lead to delays in marketing approval if these parties do not comply with regulatory requirements[180]. - Manufacturing and shipment of product candidates are outsourced to third parties, increasing risks related to supply and compliance with current Good Manufacturing Practices (cGMP)[183]. - The company does not own any manufacturing facilities and is dependent on third-party manufacturers, which could impact the ability to meet market demand and regulatory standards[184]. - There is a risk of delays in clinical development or marketing approval if current contract manufacturers fail to perform as agreed[187]. - Collaborations with third parties for product development may not yield successful outcomes, potentially affecting future funding and resource allocation[196]. Intellectual Property and Legal Risks - Intellectual property protection is critical; failure to secure adequate protection could allow competitors to commercialize similar technologies, impairing the company's market position[218]. - The company currently owns or exclusively licenses its patents and patent applications, controlling the prosecution of in-licensed applications[222]. - The patent prosecution process is expensive and time-consuming, with potential costs impacting the company's ability to file necessary patent applications[220]. - The company may not pursue patent protection in certain jurisdictions, which could limit its ability to protect innovations[221]. - The time required for development and regulatory review may lead to patents expiring before commercialization[226].

[Executive Summary](index=1&type=section&id=Executive%20Summary) NuCana plc reported its fourth quarter and full-year 2023 financial results, highlighting a reduced net loss and a cash runway extending into 2025. The company also provided encouraging updates on its transformative ProTide therapeutics, NUC-3373 and NUC-7738, with key data readouts anticipated for all programs in 2024 [Financial Highlights (Q4 & FY 2023)](index=1&type=section&id=Financial%20Highlights%20%28Q4%20%26%20FY%202023%29) NuCana ended 2023 with £17.2 million in cash and cash equivalents, a decrease from £41.9 million at the end of 2022. The company significantly reduced its net loss for both the fourth quarter and the full year 2023 compared to the previous year | Metric | Q4 2023 (£M) | Q4 2022 (£M) | FY 2023 (£M) | FY 2022 (£M) | | :------------------------- | :----------- | :----------- | :----------- | :----------- | | Net Loss | (7.7) | (15.2) | (27.6) | (32.0) | | Basic & Diluted Loss per Share | (0.14) | (0.29) | (0.53) | (0.61) | - Cash and cash equivalents as of December 31, 2023, were **£17.2 million**, compared to £17.8 million as of September 30, 2023, and **£41.9 million** as of December 31, 2022[3](index=3&type=chunk) - Anticipated cash runway is expected to extend **into 2025**[1](index=1&type=chunk)[4](index=4&type=chunk) [Business & Pipeline Update Overview](index=1&type=section&id=Business%20%26%20Pipeline%20Update%20Overview) NuCana announced encouraging efficacy signals and favorable safety profiles for its ProTides, NUC-3373 and NUC-7738, in 2023. The development programs are progressing well, with a randomized Phase 2 study for NUC-3373 fully recruited and key data readouts expected across the pipeline in 2024 - Encouraging signals of efficacy and **favorable safety profiles** demonstrated for ProTides NUC-3373 and NUC-7738 in 2023[1](index=1&type=chunk)[4](index=4&type=chunk) - The randomized Phase 2 study of NUC-3373 in 171 second-line colorectal cancer patients is **fully recruited**, with data expected in 2024[1](index=1&type=chunk)[4](index=4&type=chunk) - Key data readouts are expected for **all pipeline programs in 2024**[1](index=1&type=chunk)[4](index=4&type=chunk) [Company Profile](index=2&type=section&id=Company%20Profile) NuCana is a clinical-stage biopharmaceutical company dedicated to significantly improving cancer treatment outcomes by applying its proprietary ProTide technology to transform conventional chemotherapy agents into more effective and safer medicines [Mission and Technology](index=2&type=section&id=Mission%20and%20Technology) NuCana's mission is to develop more effective and safer medicines for cancer patients by utilizing its proprietary ProTide technology. This technology aims to overcome the key limitations of widely prescribed nucleoside analog chemotherapy agents by generating much higher concentrations of anti-cancer metabolites directly in cancer cells - NuCana is a **clinical-stage biopharmaceutical company** focused on significantly improving treatment outcomes for patients with cancer[7](index=7&type=chunk) - The company applies its **ProTide technology** to transform nucleoside analogs, widely prescribed chemotherapy agents, into **more effective and safer medicines**[7](index=7&type=chunk) - ProTides are designed to overcome limitations of conventional agents and generate **much higher concentrations of anti-cancer metabolites** in cancer cells[7](index=7&type=chunk) [Clinical Development Programs](index=1&type=section&id=Clinical%20Development%20Programs) NuCana's pipeline includes two main ProTide candidates, NUC-3373 and NUC-7738, both advancing through multiple clinical studies for various solid and hematological tumors, with promising early efficacy and safety data reported [NUC-3373 Program](index=1&type=section&id=NUC-3373%20Program) NUC-3373, a ProTide transformation of 5-FU, is being evaluated in three ongoing clinical studies for colorectal cancer and solid tumors/lung cancer. Recent data from a Phase 1b/2 study demonstrated a favorable safety profile and encouraging efficacy, including tumor volume reductions and prolonged progression-free survival in some patients - NUC-3373 is a new chemical entity derived from the nucleoside analog 5-fluorouracil, currently being evaluated in **three ongoing clinical studies**[4](index=4&type=chunk)[7](index=7&type=chunk) - The randomized Phase 2 study (NuTide:323) comparing NUC-3373-based regimen (NUFIRI + bev) with standard of care (FOLFIRI + bev) for second-line advanced colorectal cancer has **fully recruited all 171 patients**[4](index=4&type=chunk)[7](index=7&type=chunk) - Phase 1b/2 study (NuTide:302) in metastatic colorectal cancer showed a **favorable safety profile and encouraging signs of efficacy**, including **tumor volume reductions and longer progression-free survival** in some patients[4](index=4&type=chunk)[7](index=7&type=chunk) [NUC-7738 Program](index=1&type=section&id=NUC-7738%20Program) NUC-7738, a transformation of 3'-deoxyadenosine, is in the Phase 2 part of a Phase 1/2 study for advanced solid tumors, including melanoma. Recent data from the melanoma cohort showed tumor volume reductions and prolonged time on treatment, indicating NUC-7738 may potentiate the activity of anti-PD-1 agents in patients refractory to prior immunotherapy - NUC-7738 is a ProTide transformation of 3'-deoxyadenosine, currently in the **Phase 2 part of a Phase 1/2 study** in patients with advanced solid tumors[4](index=4&type=chunk)[7](index=7&type=chunk) - Data from the Phase 2 part of the study of NUC-7738 in combination with pembrolizumab in melanoma patients showed **tumor volume reductions and prolonged time on treatment**[4](index=4&type=chunk)[7](index=7&type=chunk) - The data indicated that NUC-7738 may **potentiate the activity of anti-PD-1 agents** in patients who were **refractory to, or progressed on, prior immunotherapy**[4](index=4&type=chunk) [2024 Anticipated Milestones](index=2&type=section&id=2024%20Anticipated%20Milestones) NuCana expects to announce significant clinical data readouts across its NUC-3373 and NUC-7738 programs throughout 2024, advancing its pipeline of transformative ProTide therapeutics [NUC-3373 Milestones](index=2&type=section&id=NUC-3373%20Milestones) In 2024, NuCana plans to release data from three key NUC-3373 studies, including the randomized Phase 2 study in colorectal cancer and two Phase 1b/2 studies in metastatic colorectal cancer and solid tumors/lung cancer - Announce data from the **randomized Phase 2 (NuTide:323) study** of NUFIRI + bev compared to FOLFIRI + bev for second-line advanced colorectal cancer[8](index=8&type=chunk) - Announce data from the **Phase 1b/2 (NuTide:302) study** of NUFIRI + bev and NUFOX + bev for second-line advanced colorectal cancer[8](index=8&type=chunk) - Announce data from the **Phase 1b/2 (NuTide:303) modular study** of NUC-3373 in combination with pembrolizumab in solid tumors and with docetaxel in lung cancer[8](index=8&type=chunk) [NUC-7738 Milestones](index=2&type=section&id=NUC-7738%20Milestones) NuCana anticipates announcing data from the Phase 2 part of the Phase 1/2 study of NUC-7738 in combination with pembrolizumab in melanoma patients in 2024 - Announce data from the **Phase 2 part of the Phase 1/2 study (NuTide:701)** of NUC-7738 in combination with pembrolizumab in patients with melanoma[6](index=6&type=chunk) [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The report includes the condensed consolidated statements of operations, financial position, and cash flows, providing a detailed view of NuCana's financial performance and health for the fourth quarter and full year ended December 31, 2023, compared to the prior year [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the year ended December 31, 2023, NuCana reported a net loss of £27.6 million, an improvement from £32.0 million in 2022, primarily driven by a significant reduction in research and development expenses | Metric | Q4 2023 (£'000) | Q4 2022 (£'000) | FY 2023 (£'000) | FY 2022 (£'000) | | :--------------------------------- | :---------- | :---------- | :---------- | :---------- | | Research and development expenses | (6,859) | (13,188) | (25,062) | (36,426) | | Administrative expenses | (1,286) | (1,535) | (6,063) | (7,291) | | Operating loss | (9,107) | (17,248) | (32,784) | (39,122) | | Loss for the period | (7,655) | (15,199) | (27,632) | (32,021) | | Basic and diluted loss per share | (0.14) | (0.29) | (0.53) | (0.61) | - Research and development expenses decreased by **approximately 31.2%** from **£36.4 million** in FY 2022 to **£25.1 million** in FY 2023[10](index=10&type=chunk) [Condensed Consolidated Statements of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Position) As of December 31, 2023, NuCana's total assets decreased to £27.8 million from £58.3 million in 2022, primarily driven by a significant reduction in cash and cash equivalents. Total equity attributable to equity holders also decreased from £38.5 million to £14.9 million | Metric | Dec 31, 2023 (£'000) | Dec 31, 2022 (£'000) | | :---------------------------------------- | :--------------- | :--------------- | | Total assets | 27,811 | 58,254 | | Cash and cash equivalents | 17,225 | 41,912 | | Total equity attributable to equity holders | 14,887 | 38,502 | | Total liabilities | 12,924 | 19,752 | - Cash and cash equivalents decreased by **approximately 58.9%** year-over-year, from **£41.9 million** in 2022 to **£17.2 million** in 2023[11](index=11&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the year ended December 31, 2023, net cash used in operating activities increased to £26.4 million from £23.2 million in 2022. Net cash from investing activities was positive at £2.9 million, a significant increase from the prior year, primarily due to the repayment of other assets | Metric | FY 2023 (£'000) | FY 2022 (£'000) | | :-------------------------------- | :---------- | :---------- | | Net cash used in operating activities | (26,439) | (23,158) | | Net cash from investing activities | 2,888 | 120 | | Net cash used in financing activities | (53) | (161) | | Net decrease in cash and cash equivalents | (23,604) | (23,199) | | Cash and cash equivalents at end of year | 17,225 | 41,912 | - Net cash from investing activities **significantly increased** from **£120 thousand** in FY 2022 to **£2,888 thousand** in FY 2023, largely driven by the **repayment of other assets**[12](index=12&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements based on current beliefs and assumptions, which involve known and unknown risks and uncertainties that could cause actual results to differ materially. The company explicitly states it assumes no obligation to publicly update these statements after the date of the press release - This press release contains "**forward-looking" statements** based on the beliefs and assumptions of NuCana plc's management[9](index=9&type=chunk) - Forward-looking statements involve **known and unknown risks, uncertainties, and other factors** that may cause actual results to be materially different from those expressed or implied[9](index=9&type=chunk) - The company assumes **no obligation to publicly update** any forward-looking statements for any reason after the date of this press release[9](index=9&type=chunk) [Contact Information](index=7&type=section&id=Contact%20Information) This section provides contact details for NuCana plc's Chief Executive Officer and investor relations through ICR Westwicke for further inquiries - For more information, contact **Hugh S. Griffith, Chief Executive Officer** of NuCana plc, at +44 131-357-1111 or info@nucana.com[13](index=13&type=chunk) - For investor relations, contact **Chris Brinzey of ICR Westwicke** at +1 339-970-2843 or chris.brinzey@westwicke.com[13](index=13&type=chunk)

Exhibit 99.1 NUCANA PLC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | | | For the Three Months Ended | | For the Nine Months Ended | | | --- | --- | --- | --- | --- | --- | | | | September 30, | | September 30, | | | | Notes | 2023 | 2022 | 2023 | 2022 | | | | | (in thousands, except per share data) | | | | | | ਣ | | キ | ਦੇ | | Research and development expenses | | (7,439) | (7,386) | (18,203) | (23,238) | | Administrative expenses | | (1,375) | (1,715) | (4,777) | (5,756) | | Net foreign exch ...

Exhibit 99.1 NUCANA PLC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | | | For the Three Months Ended March 31, | | | --- | --- | --- | --- | | | Notes | 2023 | 2022 | | | | (in thousands, except per share data) | | | | | £ | £ | | Research and development expenses | | (6,805) | (9,446) | | Administrative expenses | | (1,648) | (2,152) | | Net foreign exchange (losses) gains | | (695) | 1,131 | | Operating loss | | (9,148) | (10,467) | | Finance income | | 287 | 31 | | Loss before tax | | (8,86 ...

A New Era in Oncology Limitations of Nucleoside Analogs Peak Year Sales 16 FDA Approved Anti-Cancer Nucleoside Drugs Activation Inefficient generation of anti-cancer metabolites 4 HIV Genvoya® 150 mg / 150 mg 200 mg / 10 mg film-coated tablets Elvitegravir/cobicistat/ Genvoya® emtricitabine/ tenofovir alafenamide 50 mg / 150 mg 30 film-coated tablets ericitabin Grail use (I GILEAD ¹ Sovaldi + Harvoni + Epclusa + Vosevi cumulative sales through 31 December 2022 2 Genvoya + Descovy + Odefsey + Biktarvy + Symt ...

Financial Performance - For the year ended December 31, 2022, the company reported a net loss of £32.0 million, compared to a net loss of £40.5 million in 2021, reflecting a decrease of 21%[32] - Research and development expenses for 2022 were £36.4 million, slightly down from £36.8 million in 2021[32] - As of December 31, 2022, the company had cash and cash equivalents of £41.9 million, a decrease from £60.3 million in 2021[33] - The total assets of the company as of December 31, 2022, were £58.3 million, down from £77.5 million in 2021[33] - The accumulated deficit increased to £180.6 million as of December 31, 2022, compared to £149.7 million in 2021[33] - The basic and diluted loss per share for 2022 was £0.61, an improvement from £0.78 in 2021[32] - As of December 31, 2022, the company had £41.9 million in cash and cash equivalents, which is projected to fund operations for at least the next twelve months[64] - The company has not yet generated any product revenues and relies on the successful development and commercialization of its product candidates, which may take several years[100] Clinical Trials and Product Development - The company is currently conducting clinical trials for its product candidates NUC-3373 and NUC-7738, with NUC-3373 in a Phase 1b/2 trial for advanced colorectal cancer[47] - The company expects to continue incurring significant operating losses for the foreseeable future due to ongoing clinical trials and development expenses[48] - The company has invested substantially in the development of product candidates NUC-3373 and NUC-7738, with no current revenues from product sales expected for several years, if ever[53] - The company plans to seek regulatory approval for NUC-3373 and NUC-7738 in the United States and the European Union, facing varying regulatory requirements across jurisdictions[57] - 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[56] - The success of NUC-3373 and NUC-7738 is contingent upon demonstrating safety and efficacy to regulatory authorities, which may require additional trials and increase costs[54] - The company may face significant delays or inability to commercialize product candidates if it cannot overcome regulatory and manufacturing challenges[55] - Clinical trials for NUC-3373 and NUC-7738 are ongoing, with NUC-3373 in two Phase 1b/2 trials and a Phase 2 trial, while NUC-7738 is in the Phase 2 part of a Phase 1/2 trial[105] - The company faces significant risks in drug development, including potential delays and increased costs due to unforeseen events during clinical trials[107] - The FDA's guidance on "Project Optimus" may impact the company's ability to initiate pivotal clinical trials if dose efficacy and safety are not sufficiently demonstrated[107] - The company may incur additional costs if required to conduct more clinical trials or studies beyond current plans, impacting product development costs[110] Regulatory and Compliance Risks - The company relies on third parties for clinical trials and manufacturing, which poses risks to its ability to commercialize product candidates[44] - The company anticipates substantial additional funding will be required to complete the development and commercialization of its product candidates[63] - The company may need to raise additional capital, which could dilute shareholder ownership and restrict operational flexibility[69] - The company has not yet demonstrated the ability to successfully complete large-scale clinical trials or obtain marketing approvals, which are critical for future revenue generation[62] - The company is dependent on third parties for clinical trials and commercialization, which may impact its ability to bring products to market[59] - The company faces risks associated with international operations, including economic weakness, differing regulatory requirements, and potential reduced protection for intellectual property rights[81] - Disruptions at the FDA and other regulatory agencies could slow the review and approval process for new drugs, adversely affecting the company's business[73] - Regulatory changes could impose new costs and challenges that may adversely affect the company's operations and development plans[96] - The company must successfully manage clinical trial enrollment and completion to avoid delays in product development and commercialization[103] - The company may face delays in obtaining marketing approval for product candidates due to regulatory requirements and potential safety concerns[109] Tax and Financial Incentives - As of December 31, 2022, the company had cumulative carry forward tax losses of £84.6 million, which may be utilized to offset future operating profits subject to certain restrictions[74] - The UK government announced a new tax credit rate for R&D intensive companies, which will amount to a payable tax credit of up to 26.97% for eligible expenditures incurred on or after April 1, 2023[75] - The company expects to qualify as an R&D intensive company for 2022 and 2023, benefiting from enhanced tax relief on qualifying R&D expenditures[75] - The company may benefit from the UK's "patent box" regime, allowing certain profits from patented products to be taxed at an effective rate of 10%[77] - Changes in the tax system could materially adversely affect the company's financial condition and results of operations[80] Market and Competitive Landscape - The company faces substantial competition from major pharmaceutical and biotechnology companies, which may hinder its market position[201] - If NUC-3373 and NUC-7738 are approved, they will compete with existing chemotherapies and multiple approved drugs, which are often less expensive[202] - The company may face unfavorable pricing regulations and reimbursement policies that could delay product launches and impact revenue generation[206] - Coverage and adequate reimbursement from government and private insurers are critical for the successful commercialization of product candidates[207] - Future growth may depend on the ability to penetrate foreign markets, which presents additional risks and uncertainties[163] Manufacturing and Supply Chain Risks - The company does not own manufacturing facilities and is dependent on third-party manufacturers, which could impact the ability to meet market demand[183] - There is a risk that the company may not successfully scale up manufacturing of product candidates, potentially delaying development and commercialization[189] - The company relies on single-source suppliers for active pharmaceutical ingredients, which poses a risk if these suppliers cannot meet demand[190] - The company intends to identify and qualify additional manufacturers for API, formulations, and drug products prior to NDA submission, which may cause delays if replacement suppliers are needed[192] Intellectual Property and Legal Risks - The company relies on obtaining and maintaining patents to protect proprietary technology, with the current patent portfolio including both patents and applications[216] - The patent prosecution process is expensive and time-consuming, and the company may not be able to file all necessary patent applications in a timely manner[217] - Third-party patent applications may conflict with the company's patents, potentially restricting commercial viability and leading to costly litigation[226] - BrightGene has pursued patent claims related to Acelarin, with some claims rejected by the USPTO but issued in other jurisdictions, which may require costly legal challenges[227] - Changes in patent laws and recent court rulings may weaken patent protection, impacting the company's ability to secure and enforce patents[222]

Financial Performance - The net loss for Q4 2022 was £15.2 million, compared to a net loss of £13.6 million for Q4 2021; the net loss for the year 2022 was £32.0 million, an improvement from £40.5 million in 2021[3]. - Basic and diluted loss per share for Q4 2022 was £0.29, compared to £0.26 for Q4 2021; for the year 2022, it was £0.61, down from £0.78 in 2021[3]. - The operating loss for the year was £17,248,000, compared to £15,737,000 in 2021, indicating an increase in losses of 10%[10]. - The loss for the period was £15,199,000, compared to £13,644,000 in 2021, which is an increase of 11%[10]. - Basic and diluted loss per share for the year was £0.29, compared to £0.26 in the previous year, indicating a worsening of 12%[10]. - The company reported a net loss for the period of £40.5 million, compared to £33.3 million in the previous year, indicating a year-over-year increase of approximately 21.6% in losses[12]. Cash and Liquidity - As of December 31, 2022, NuCana reported cash and cash equivalents of £41.9 million, down from £50.8 million as of September 30, 2022, and £60.3 million at December 31, 2021[3]. - NuCana's cash runway is anticipated to fund operations into 2025, supporting ongoing clinical programs[4][9]. - Cash used in operations was £30.4 million, a decrease from £33.7 million in the prior year, reflecting an improvement in operational efficiency[12]. - The company experienced a net cash used in investing activities of £120,000, compared to £3.5 million in the previous year, showing a significant reduction in investment outflows[12]. - Interest received was £6.3 million, a notable increase from £1.2 million year-over-year, indicating improved cash management strategies[12]. - The company reported a decrease in prepayments and accrued income of £30.7 million, reflecting tighter cash flow management[12]. - The net cash from financing activities was £66.2 million, indicating strong capital raising efforts through share issuance[12]. - Cash and cash equivalents at the beginning of the year were $60.26 million, with an effect of exchange rate changes on cash and cash equivalents amounting to $4.84 million[9]. - Cash and cash equivalents at the end of the year were $41.91 million, reflecting a decrease of $23.19 million[9]. Assets and Liabilities - Total assets as of December 31, 2022, amounted to £58,254,774, which is an increase from £57,474,000 in 2021[11]. - Non-current assets, including intangible assets, were valued at £23,652,410, compared to £24,100,000 in the previous year[11]. - Current assets totaled £39,574,161, showing a growth from £41,616,000 in 2021[11]. - Total equity attributable to equity holders of the company was £38,502,265, up from £35,548,000 in 2021[11]. - Current liabilities, including trade payables, were £48,031,829, reflecting an increase from £48,290,000 in the previous year[11]. - Total liabilities amounted to £19,752,121, which is an increase from £19,926,000 in 2021[11]. - The company reported accumulated deficit of £180,573, compared to £149,726 in the previous year[11]. - Provisions for liabilities were recorded at £4,100,000, consistent with the previous year[11]. - The company’s total equity and liabilities were £58,254,774, indicating a stable financial position[11]. Research and Development - NuCana plans to announce data from three clinical studies of NUC-3373 in 2023, including a Phase 2 study with 171 patients comparing NUFIRI plus bevacizumab to standard care[4][7]. - The company expects to provide updates on the Phase 2 part of the NuTide:701 study for NUC-7738, investigating its use as a monotherapy and in combination with pembrolizumab[4][7]. - The company achieved significant development milestones for NUC-3373 and NUC-7738 in 2022, progressing both to Phase 2 development[4]. - NUC-3373 is being evaluated for its potential to replace 5-FU across multiple tumor types, with ongoing studies aimed at optimizing treatment combinations[4][6]. - The NuTide:323 study aims to provide meaningful data for second-line colorectal cancer patients, potentially influencing future Phase 3 study designs[4][7]. Expenses - Research and development expenses for the year ended December 31, 2022, were £13,188,000, compared to £10,634,000 for the previous year, representing a 24% increase[10]. - Administrative expenses increased to £1,535,000 in 2022 from £2,073,000 in 2021, showing a decrease of 26%[10].

Favorable Pharmacokinetic Profile Number of patients | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------|----------------------------------------------------------| | Metastatic Colorectal Cancer | Metastatic Basal Cell Carci ...

Exhibit 99.1 NUCANA PLC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | | | For the Three Months Ended | | For the Nine Months Ended | | | --- | --- | --- | --- | --- | --- | | | | September 30, | | September 30, | | | | Notes | 2022 | 2021 | 2022 | 2021 | | | | | (in thousands, except per share data) | | | | | | £ | £ | £ | £ | | Research and development expenses | | (7,386) | (8,971) | (23,238) | (26,200) | | Administrative expenses | | (1,715) | (2,277) | (5,756) | (6,456) | | Net foreign exc ...

| --- | --- | |-------|--------------------------------------| | | | | | | | | | | | Corporate Presentation | | | February 2021 Corporate Presentation | | | September 2022 | Disclaimer Forward-Looking Statements This presentation contains "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 NuCana plc (the "Company"). All statements other than statements of ...