NuCana(NCNA)2024-08-15 20:09Financial 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]