NuCana(NCNA) - 2025 Q1 - Quarterly Report

Nucana PLC First Quarter 2025 Financial Report Unaudited Condensed Consolidated Financial Statements The company significantly reduced its net loss and operating cash burn, driven by lower R&D expenses Statements of Operations 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 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 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 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] - The decrease was mainly driven by a total comprehensive loss of £2,500 thousand[10] - Positive contributions to equity included £475 thousand from the issuance of share capital and £258 thousand from share-based payments[10] Statements of Cash Flows 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] Notes to the Financial Statements Notes detail accounting policies, going concern reliance on post-period financing, and other key disclosures Note 1: General Information 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] - 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] Note 2: Material Accounting Policies 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] - 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] Note 3: Income Tax 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] - The company can surrender some losses for a cash rebate of up to 26.97% of eligible R&D expenditure[27] Note 4: Basic and Diluted Loss Per Share 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 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] Note 6: Cash and Cash Equivalents 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 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] - No share options were granted in Q1 2025, whereas 6,273,782 options were granted in Q1 2024[34] Note 8: Share Capital and Share Premium 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 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] - Subsequent exercise of Series B Warrants raised additional gross proceeds of £3.5 million[38] - On April 23, 2025, the company executed a share capital subdivision and redesignation[36]