NuCana(US:NCNA)2025-11-13 21:18Financial Performance - The net loss for the period attributable to equity holders was £281,000 for Q3 2025, significantly improved from £4,511,000 in Q3 2024, representing a reduction of 94%[5] - Total comprehensive loss for the nine months ended September 30, 2025, was £26,930,000, compared to £18,389,000 for the same period in 2024, an increase of 46%[5] - The Company reported an accumulated deficit of £250.3 million and cash flows used in operating activities of £6.3 million for the nine months ended September 30, 2025[27] - The basic and diluted loss per ordinary share for the nine months ended September 30, 2025, was £0.00, compared to £0.32 for the same period in 2024[37] Expenses - Research and development expenses decreased to £2,172,000 for Q3 2025 from £3,736,000 in Q3 2024, a reduction of 42%[3] - Administrative expenses increased to £1,399,000 for Q3 2025 compared to £1,358,000 in Q3 2024, a rise of 3%[3] - Share-based payment expenses totaled £9.1 million for the nine months ended September 30, 2025, significantly up from £1.7 million for the same period in 2024[46] - The Company incurred a non-cash revaluation loss of £12.6 million from derivative financial instruments related to Series A and Series B warrants for the nine months ended September 30, 2025[33] Cash and Assets - Cash and cash equivalents at the end of the period increased to £25,249,000 as of September 30, 2025, up from £6,749,000 at the beginning of the period, reflecting a net increase of £18,707,000[12] - Total assets rose to £32,315,000 as of September 30, 2025, compared to £14,774,000 as of December 31, 2024, an increase of 118%[8] - The accumulated deficit increased to £250,259,000 as of September 30, 2025, from £224,294,000 at the end of 2024, an increase of 12%[8] - Cash and cash equivalents increased to £25.2 million as of September 30, 2025, compared to £6.7 million as of December 31, 2024[40] Capital and Shareholder Equity - Share capital and share premium increased to £189,586,000 as of September 30, 2025, from £151,827,000 at the end of 2024, a growth of 25%[8] - The company’s share premium rose to £175.246 million as of September 30, 2025, compared to £146.146 million at the end of 2024, reflecting a growth of approximately 19.9%[47] - As of September 30, 2025, the company had issued share capital of £189.586 million, an increase from £151.827 million as of December 31, 2024, representing a growth of approximately 24.9%[47] - 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 related to warrants[50] Future Outlook - The Company has not generated any revenues from operations to date and does not expect to in the foreseeable future[27] - The Company continues to require additional capital to achieve profitability, which is dependent on the successful development and commercialization of its product candidates[29] - The Company’s board of directors is satisfied that cash and cash equivalents on hand will be sufficient to fund anticipated operations for the next 12 months[28] Share Transactions - The total fair value of warrants exercised or cancelled during 2025 amounted to £17.1 million, with no derivative warrant liabilities remaining outstanding as of September 30, 2025[52] - The exercise price of Series B warrants was reset multiple times, ultimately to a floor price of $0.1291, resulting in the issuance of 356,412,705 ADSs, representing 8,901,317,625 ordinary shares, and gross proceeds of £3.5 million[53] - The exercise of Series A warrants resulted in gross proceeds of £0.8 million, with 8,300,000 warrants exercised for 207,500,000 ordinary shares[53] - The company issued 11,330,287 ordinary shares and 9,327,644 warrants during the share capital issuance process, contributing to the overall increase in share capital[47] Other Income - The Company recognized £2.7 million in total other income for the nine months ended September 30, 2025, including £1.9 million from ADR depositary contributions and £0.8 million from insurance proceeds[32]