NuCana(NCNA)2024-11-25 12:50Financial 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].