NuCana(US:NCNA)2025-08-20 20:20Financial Performance - For the six months ended June 30, 2025, the loss for the period was £26,587,000, compared to £13,833,000 for the same period in 2024, representing a 92% increase in losses[4] - The total comprehensive loss for the period was £26,663,000 for the six months ended June 30, 2025, compared to £13,826,000 in 2024, marking a 93% increase[4] - The basic and diluted loss per ordinary share for the six months ended June 30, 2025, was £0.01, compared to £0.25 for the same period in 2024[31] - The company has not generated any revenues from operations to date and does not expect to in the foreseeable future[22] - The company may never achieve profitability and will continue to need additional capital unless it does[24] Expenses - Research and development expenses for the three months ended June 30, 2025, were £7,104,000, up from £6,769,000 in 2024, indicating a 5% increase[3] - Administrative expenses for the six months ended June 30, 2025, rose to £5,590,000 from £3,090,000 in 2024, reflecting an 81% increase[3] - The company reported finance expenses of £12,648,000 for the three months ended June 30, 2025, with no finance expenses reported in the same period of 2024[3] - The company recognized £8.2 million of share-based payment expense for the six months ended June 30, 2025, compared to £1.3 million for the same period in 2024[40] Assets and Cash Flow - Cash and cash equivalents at the end of the period were £8,443,000, an increase from £6,749,000 at the beginning of the period, representing a 25% increase[10] - The total assets as of June 30, 2025, were £16,218,000, compared to £14,774,000 as of December 31, 2024, showing a 10% increase[5] - The accumulated deficit increased to £250,696,000 as of June 30, 2025, from £224,294,000 at the end of 2024, indicating a 12% increase[5] - The company has incurred an accumulated deficit totaling £250.7 million and cash flows used in operating activities of £7.6 million for the six months ended June 30, 2025[22] - The board of directors is satisfied that the company has sufficient cash and cash equivalents to fund anticipated operations for the next 12 months[23] Capital and Financing Activities - The company completed a registered direct offering in May 2025, which included ADSs and warrants, impacting the financial position significantly[18] - The company’s share capital increased to £171,673,000 as of June 30, 2025, from £151,827,000 at the end of 2024, reflecting a 13% increase[5] - The company completed a registered direct offering in May 2025, raising initial proceeds of £5.2 million, with £4.4 million allocated to derivative financial instruments[42] - A total of 8,393,050 pre-funded warrants were exercised for gross proceeds of £0.1 million, resulting in the issuance of 356,412,705 ADSs, representing 8,901,317,625 ordinary shares, and gross proceeds of £3.5 million[43] - Subsequent to June 30, 2025, the company raised gross proceeds of £19.0 million by selling 450,758,552 ADSs under the ATM program[45] Derivative Financial Instruments - The company recognized a revaluation loss from derivative financial instruments of £12.6 million related to the remeasurement of Series A and Series B warrants[28] - As of June 30, 2025, the closing balance of £2.6 million reflects the fair value of outstanding Series A warrants[44] - The total fair value of all options exercised during the period was £14.5 million[43] - The exercise price of Series B warrants was reset from $1.61 to $0.1291, increasing the number of Series B warrants to 118,804,235[43] - In July 2025, the company cancelled all remaining Series A warrants, totaling 59,481,105, for a payment of £2.7 million ($3.6 million)[45] Intangible Assets - The company acquired intangible assets with a cost of £0.1 million in relation to patents during the six months ended June 30, 2025[33] - Share capital increased to £9.8 million as of June 30, 2025, from £5.7 million at December 31, 2024[41]